Exhibit
10.3


PROMISSORY
NOTE


 


	 $3,500,000 	Seattle,
                                         Washington

    April
    15, 2021



 


FOR
VALUE RECEIVED, COLPITTS SUNSET, LLC, a Washington limited liability company (“Borrower”), promises to pay, in lawful
money of the United States of America, to the order of Vault Holding, LLC, a Delaware limited liability company (“Lender”),
at 3535 Factoria Boulevard SE, Suite 500, Bellevue, Washington 98006, or such other place as Lender may designate in writing from
time to time, the principal sum of Three Million Five Hundred Thousand and no/100 Dollars ($3,500,000.00) the principal sum of
Three Million Five Hundred Thousand and no/100 Dollars ($3,500,000.00), with interest on the unpaid principal balance as provided
herein.


 


1.           
INTEREST AND PAYMENTS. The unpaid principal balance of this Note, together with all additions thereto and any other sums
owing under this Note shall bear interest at a rate equal to ten percent (10%) per annum. All computations of interest under this
Note shall be made on the basis of a year of 360 days comprised of twelve 30-day months The entire principal balance of this Note
and all unpaid accrued interest thereon, if any, shall be due and payable in full on or before April 1, 2023 (the “Maturity
Date”); provided, however, Borrower may extend the Maturity Date for up to two (2) additional consecutive terms of three
(3) months each by delivering written notice of such extension on or before the Maturity Date then in effect.


 


	2.	PREPAYMENT.



 


At
Borrower’s option, this Note may be prepaid in whole or in part, without penalty. Any partial prepayment shall not extend,
postpone or change the due date of the payment required by Paragraph 1 above or change the amounts thereof.


 


	3.	LATE
                                         CHARGE.



 


If
any payment hereunder is not made within five (5) days of the due date, Borrower shall pay to Lender on demand a late charge equal
to five percent (6%) of the amount of the payment to defray the expenses of Lender incident to the delay.


 


	4.	SECURITY.



 


This
Note is secured by a Second Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Deed
of Trust”) of even date made by Borrower and covering real and personal property located in the City of Renton, King County,
State of Washington. The Deed of Trust contains provisions requiring Lender’s prior written consent to a transfer or further
encumbrance of such property.


 




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	5.	EVENTS
                                         OF DEFAULT.



 


The
occurrence of any one or more of the following shall be an Event of Default under this Note:


 


		(a)	The
                                         failure to make any payment under this Note or the Deed of Trust when due.
	 	 	 
		(b)	The
                                         occurrence of any other default under the Deed of Trust.



 


	6.	REMEDIES;
                                         DEFAULT INTEREST.



 


Upon
any Event of Default, Lender may declare the entire principal balance and all accrued interest immediately due and payable. Whether
or not Lender exercises such option to accelerate, and so long as the Event of Default continues, the entire principal balance,
all accrued interest, and all other amounts payable under the Note and the Deed of Trust shall bear interest from the date of
such Event of Default at the lesser of (i) twelve percent per annum, or (ii) the maximum per annum rate permissible under applicable
law. Such default interest shall be payable on demand. Lender’s failure to exercise any right or remedy shall not be a waiver
of the right to exercise the same. The foregoing remedies shall be in addition to all other rights and remedies of Lender under
the Note and Deed of Trust or at law or in equity.


 


	7.	COLLECTION
                                         EXPENSES.



 


Borrower
shall reimburse Lender on demand for all reasonable legal fees and other costs and expenses incurred in collecting or enforcing
this Note or the Deed of Trust, in protecting or realizing on any collateral, or in otherwise protecting or enforcing Lender’s
rights under this Note or the Deed of Trust. Such fees, costs and expenses shall include those incurred with or without suit and
in any appeal, any petition for review, any arbitration or mediation, any action contesting or seeking to restrain, enjoin, stay
or postpone the exercise of any remedy of Lender, any post-judgment collection proceedings, any probate proceedings, any state
or federal bankruptcy or insolvency or receivership proceedings, and in connection with all negotiations, documentation, and other
actions relating to any workout, compromise, settlement or satisfaction of any of the indebtedness evidenced by this Note or any
obligations of Borrower under the Deed of Trust. All such costs, expenses and fees shall bear interest from the date of disbursement
at the Default Rate and payment of the same shall be secured by the Deed of Trust.


 


	8.	WAIVERS.



 


Borrower
waives all notices required by law, including without limitation presentment and demand for payment, protest, and notice of demand,
protest, dishonor and nonpayment.


 


	9.	ASSIGNMENT
                                         OF NOTE BY LENDER.



 


The
term “Lender” shall include any subsequent holder of or participant in this Note and the Deed of Trust. Lender may
assign the Note and the Deed of Trust in whole or in part. Lender may make available to any proposed assignee or participant all
credit and financial data with respect to Borrower as may be in the possession of Lender. Borrower agrees to provide any additional
information that any proposed assignee or participant may reasonably request.


 




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	10.	COMPLIANCE
                                         WITH LAWS.



 


It
is the intent of Borrower and Lender to comply at all times with the usury and other applicable United States federal laws or
laws of the State of Washington (to the extent not preempted by federal law, if any) now or hereafter governing the interest payable
on this Note or the Deed of Trust, to the extent any of the same are applicable hereto. If the laws of the State of Washington
or the United States are revised, repealed, or judicially interpreted so as to render usurious any amount called for under this
Note or the Deed of Trust, or any other instrument contracted for, charged, taken, reserved, or received with respect to the indebtedness
secured or evidenced hereby, or the maturity of this Note is accelerated as herein provided, or if any prepayment by Borrower
results in Borrower’s having paid any interest in excess of that permitted by law, then it is Borrower’s and Lender’s
intent that, notwithstanding any provision to the contrary contained in this Note or in the Deed of Trust (a) all excess amounts
theretofore collected by Lender be credited to the principal balance of this Note (or, if this Note has been paid in full, refunded
to Borrower), and (b) the provisions of this Note immediately be deemed reformed, and the amount thereafter collectible hereunder
and thereunder reduced, without necessity of the execution of any new document, so as to comply with the then applicable law.


 


	11.	MISCELLANEOUS.



 


(a)
This Note shall be construed, enforced and otherwise governed by the laws of the State of Washington.


 


(b)
Any notice to Borrower under this Note shall be given in the manner specified in the Deed of Trust and shall be effective as
provided therein.


 


(c)
Time is of the essence of this Note and of the payments and performances hereunder and under the Deed of Trust.


 


(d)
Each person executing this Note as Borrower shall be jointly and severally liable for all obligations of Borrower
hereunder


 


[signature
page follows]


 




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BORROWER
ACKNOWLEDGES AND AGREES THAT LENDER DOES NOT HAVE TO FORECLOSE THE DEED OF TRUST OR ANY OTHER LIENS ON ANY COLLATERAL BEFORE DEMANDING
FULL PAYMENT FROM BORROWER UNDER THIS NOTE.


 


ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING PAYMENT OFA DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW.


 


BORROWER:


 


COLPITTS
SUNSET, LLC, a Washington limited liability company


 


	By:	iCap
    Pacific NW Management, LLC,	 
	 	a
Washington limited liability company,	 


 


its Manager


 


	By:	/s/
    Chris Christensen	 
	Name:	Chris
    Christensen	 
	Title:	Manager	 


 




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