Exhibit 10.3





 


J W KORTH & COMPANY


 


J. W. KORTH & COMPANY LIMITED PARTNERSHIP


SUBSCRIPTION AGREEMENT FOR


LIMITED PARTNER CAPITAL ACCOUNT


 


	X	Initial Subscription	Account No:
		Additional Investment	2017-01


 

 



 


1.        CAPITAL CONTRIBUTION


 


I want to contribute $ 250,000 to a Capital
Account with J. W. Korth & Company Limited Partnership to be applied toward the purchase
of a: (check one)


 


		Common Capital Interest
	X	Preferred Capital Interest in the Company


 




Form of payment: (check one) ___check ____money order ____wire
__x__ other1


 





MAKE CHECKS PAYABLE TO:J. W. Korth & Company


MAIL TO: J. W. Korth
& Company, 2937 SW 27th Avenue, Ste 307, Miami, FL 33133


 


		2.	INVESTOR INFORMATION



(Use name of trust and address of the trustee, custodian,
or administration where applicable.) Please Print.


 


	Name(s): Korth Direct Mortgage Inc. 	Tax ID: 27-0644172
	Address: 2937 SW 27th Avenue 	Mailing Address:
	Phone:    786 693 8651	Email: jwkorth@jwkorth.com


 

 



 


		3.	TYPE OF REGISTRATION



See instructions for registration requirements


 


		Individual Ownership		Partnership Ownership
		Joint Tenants with Right of Survivorship		 
		Community Property	FOR TRUST:
		Tenants in Common 	 	Trust
		Tenants in Entirety		Date Established
	X	Corporate Ownership	Name of Trustee or Administrator:


____________________________


__________________________


1
Internal transfer between KDM account and JW Korth & Company Account at RBC


 






    	 	 	 



    	 



    

 


J W KORTH & COMPANY


 


 



 


		4.	CAPITAL COMMITMENT: EFFECTIVE DATE OF VOLUNTARY WITHDRAWAL






 


Pursuant
to ARTICLE XIII of the Partnership Agreement, the undersigned subscriber hereby commits his/its above referenced Capital Contribution
to the Partnership, and allocation of certain Profits and Losses to the Capital Account, for a minimum term of 1  year,
or until the 13 day of May, 2021.


 


 



 


		5.	REDEMPTION VALUE FOR PREFERRED CAPITAL ACCOUNTS



 


Pursuant
to section 10.3.1 of the Partnership Agreement, the undersigned Subscriber hereby stipulates and agrees that any redemption of
Preferred Capital committed hereby during the term of this Agreement, pursuant to the Redemption Rights granted by operation of
Section 10.2, shall be valued at a multiple of one times the book value of the Capital Account No. 2017-01 on the date the Notice
of Redemption is delivered to the Redeemed Partner.


 


 



 


		6.	SPECIAL TERMS



 


Purpose
of the Agreement: This Capital Contribution is made this day to support the net capital position of J. W. Korth & Company
as consideration for all its development and underwriting efforts in behalf of Korth Direct Mortgage Inc and in anticipation of
completion of the pending purchase of J. W. Korth & Company Limited Partnership by Korth Direct Mortgage Inc.


 


Status
of Account: With respect to any winding up or liquidation of J W Korth & Company, this Preferred Capital Account No. 2017-01
will be senior to the Common Capital Accounts and parri pasu with all other Preferred Capital Accounts in accordance with the Terms
of the Limited Partnership Agreement of J W Korth & Company.


 


Statements
and Reporting: Audited Financial Statements of J W Korth & Company will be emailed annually. Quarterly FOCUS reports are
available upon request. Trading reports and profit and loss statements will be provided monthly. Statements for account 76399831
will be available monthly.


 


 



 


		7.	NOTICES



 


Any notice to Korth Direct Mortgage Inc.
shall be sent to the email above or any subsequent email address specified for notices and provided to JW Korth & Company by
email. Notices to JW Korth & Company should be sent to hkorth@jwkorth.com and jwkorth@jwkorth.com.


 






    	 	 	 



    	 



    

 


J W KORTH & COMPANY


 


 



 


		8.	AUTHORIZATIONS AND SUBSCRIPTIONS



 


This
will evidence the agreement of the subscriber identified on the previous page (the "Subscriber") to become a Limited
Partner of J. W. Korth & Company Limited Partnership, a Michigan Limited Partnership (the "Partnership") through
an investment into a capital account (the "Capital Accounts") in the Partnership under the terms of the offering contained
in the Limited Partnership Agreement dated February 20, 1990, receipt of a copy of which is hereby acknowledged and to contribute
to the capital of the Partnership, in the amount, as set forth on the previous pages hereof (the "Capital Contribution")
in accordance with the terms of the Partnership Agreement included in the Partnership Agreement.


 


The
subscriber hereby irrevocably constitutes and appoints the General and Managing Partners, each with full power of substitution,
as his true and lawful attorney to execute, acknowledge, swear to, and file in his name, place, and stead the certificate of Limited
Partnership, the Partnership Agreement and/or any Amendment necessary to reflect the Subscriber's admission as a Limited Partner
having a Capital Contribution in the amount set forth on the previous pages hereof. The power of attorney hereby granted is irrevocable
and shall be deemed to be coupled with an interest and it shall survive the Subscriber's death, disability, dissolution, or termination.


 


The subscription
Agreement is irrevocable, but is subject to all the terms and provisions of the Limited Partnership Agreement. This Subscription
is subject to acceptance on behalf of the Partnership by the General Partner.


 


Any disparity between language
or terms used in this Subscription Agreement and those in the Partnership Agreement shall be resolved in favor of the Partnership
Agreement, and all parties shall be bound thereby.


 


 



 


		9.	SIGNATURE



 


The
undersigned has the authority to enter into this subscription agreement on behalf of the person(s) or entity registered above.
I (We) certify under penalty of perjury that this is my (our) correct Social Security Number (or Tax Identification Number) and
that the interest on this account should be reported on this number; I have read and understood the statements on the following
page hereof.


 


	Signature:          	/w/James W. Korth	 	Date:	 	5-13-2020
	 	 	 	 	 	 
	Name:	 James W. Korth	 	Its:	 	CEO


 


The foregoing subscription accepted
this 13 day of May, 2020.


 


	 	J.W. KORTH & COMPANY
	 	 /s/ James W. Korth
	 	James W. Korth, Managing Partner