Exhibit 10.13


 


Promissory
Note


 


Basic
Information


 


Effective
Date: November 30, 2016


 


Borrower:
Southland Holdings, LLC, a Texas limited liability company


 


Borrower’s
Mailing Address: 1100 Kubota Drive, Grapevine, Texas 76051


 


Lender:
Rudy V. Renda


 


Place
for Payment: 1100 Kubota Drive, Grapevine, Texas 76051


 


Principal
Amount: $2,762,140


 


Annual
Interest Rate: 1.29%


 


Maturity
Date: December 31, 2025


 


Annual
Interest Rate on Matured, Unpaid Amounts: 10.00%


 


	Terms of
Payment (principal and interest):	 	The
Principal Amount is due and payable on the Maturity Date, and the interest is due and payable annually as it accrues. Payments
will be applied first to accrued interest and the remainder to reduction of the Principal Amount.



 


	Security for Payment: 	 	This
note is secured by a security interest created in a Security Agreement executed of even date herewith by Borrower, as the debtor,
and Lender, as the secured party. Such Security Agreement covers certain shares of common stock in and to Oscar Renda Contracting,
Inc., a Texas corporation, which interests were purchased by Borrower from Lender pursuant to that certain Stock Purchase Agreement
by and between Borrower, as the Purchaser, and Lender, as the Seller.



 


Promise
to Pay


 


Borrower
promises to pay to the order of Lender the Principal Amount plus interest at the Annual Interest Rate. This note is payable at
the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. If any amount is
not paid either when due under the Terms of Payment or on acceleration of maturity, Borrower promises to pay any unpaid amount
plus interest from the date the payment was due to the date of payment at the Annual Interest Rate on Matured, Unpaid Amounts.


 





     


     


    

 


Defaults
and Remedies


 


If
Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral
to this note, Lender may declare the unpaid principal balance, earned interest, and any other amounts owed on the note immediately
due.


 


Waivers


 


Borrower
and each surety, endorser, and guarantor waive, to the extent permitted by law, all (1) demand for payment, (2) presentation for
payment, (3) notice of intention to accelerate maturity, (4) notice of acceleration of maturity, and (5) protest.


 


Attorney’s
Fees


 


Borrower
also promises to pay reasonable attorney’s fees and court and other costs if this note is placed in the hands of an attorney
to collect or enforce the note. These expenses will bear interest from the date of advance at the Annual Interest Rate on Matured,
Unpaid Amounts. Borrower will pay Lender these expenses and interest on demand at the Place for Payment. These expenses and interest
will become part of the debt evidenced by the note and will be secured by any security for payment.


 


Usury
Savings


 


Interest
on the debt evidenced by this note will not exceed the maximum rate or amount of nonusurious interest that may be contracted for,
taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the Principal
Amount or, if the Principal Amount has been paid, refunded. On any acceleration or required or permitted prepayment, any excess
interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid,
credited on the Principal Amount or, if the Principal Amount has been paid, refunded. This provision overrides any conflicting
provisions in this note and all other instruments concerning the debt.


 





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Other
Clauses


 


Borrower
may prepay this note in any amount at any time before the Maturity Date without penalty or premium.


 


Each
Borrower is responsible for all obligations represented by this note.


 


When
the context requires, singular nouns and pronouns include the plural.


 







	 	SOUTHLAND HOLDINGS, LLC
	 	 
	 	By:	/s/ Teressa Fields
	 	Name: 	Teressa Fields
	 	Title: 	Controller







 





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