# EDGAR Filing Document

**Accession Number:** 0001788427
**File Stem:** 0001104659-26-042640
**Filing Date:** 2026-4
**Character Count:** 322156
**Document Hash:** 39b1cf990b9f19b331920b6bd0a55ddc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-042640.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001104659-26-042640

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GK Investment Property Holdings II LLC
- **CENTRAL INDEX KEY:** 0001788427
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 843013125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00292
- **FILM NUMBER:** 26858033

**BUSINESS ADDRESS:**
- **STREET 1:** 257 EAST MAIN STREET
- **STREET 2:** SUITE 200
- **CITY:** BARRINGTON
- **STATE:** IL
- **ZIP:** 60010
- **BUSINESS PHONE:** 8472779930

**MAIL ADDRESS:**
- **STREET 1:** 257 EAST MAIN STREET
- **STREET 2:** SUITE 200
- **CITY:** BARRINGTON
- **STATE:** IL
- **ZIP:** 60010

## Part

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-K**

**ANNUAL REPORT PURSUANT TO REGULATION A OF THE SECURITIES ACT OF 1933**

**For the fiscal year ended: <u>December 31, 2024</u>**

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| |
|:---|
| **GK Investment Property Holdings II, LLC** |
| (Exact name of issuer as specified in its charter) |

---

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| | |
|:---|:---|
| **Delaware** | **84-3013125** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

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**257 East Main Street, Suite 200**

**<u>Barrington, Illinois 60010</u>**

(Full mailing address of principal executive offices)

**<u>(847) 277-9930</u>**

(Issuer's telephone number, including area code)

**STATEMENTS REGARDING FORWARD-LOOKING INFORMATION AND FIGURES**

This Annual Report on Form 1-K, or the Annual Report, of GK Investment Property Holdings II, LLC, a Delaware limited liability company, contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "outlook," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Our ability to predict results or the actual effect of future events, actions, plans, or strategies is inherently uncertain. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth or anticipated in our forward-looking statements.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this report. The matters summarized below and elsewhere in this report could cause our actual results and performance to differ materially from those set forth or anticipated in forward-looking statements. Accordingly, we cannot guarantee future results or performance. Furthermore, except as required by law, we are under no duty to, and we do not intend to, update any of our forward-looking statements after the date of this report, whether as a result of new information, future events or otherwise.

**Item 1. Business**

*Unless the context otherwise requires or indicates, references in this annual report to "us," "we," "our" or "our Company" refer to GK Investment Property Holdings II, LLC, a Delaware limited liability company.*

**General**

GK Investment Property Holdings II, LLC is a Delaware limited liability company formed on July 11, 2019 in order to invest in, lend on and operate commercial rental properties, lease such properties to multiple tenants, and make such other real estate related investments as are consistent with its investment objectives and that GK Development, Inc. dba GK Real Estate (referred to herein as "GK Real Estate"), our manager, deems appropriate. As of the date of this Annual Report (December 31, 2024), our company indirectly owns an interest in one property through our interest in RF Grocery, LLC as described below, and our Company has made four loans: (1) The Ridgmar Loan, (2) the Station Plaza Loan, (3) the Demarcay Loan, and (4) the GK Festival Loan (as defined and described below).

Since 1995, GK Real Estate and its management team has had experience successfully acquiring, redeveloping, and managing a diversified portfolio of office, retail, and multifamily real estate properties. GK Real Estate controls a portfolio of real estate assets currently valued at over $500 million which represents 5.4 million square feet of office, multifamily and commercial space throughout the U.S. We benefit from GK Real Estate's real estate operating and leasing skills, including releasing, redeveloping, renovating, refinancing, repositioning and selling.

We do not have any employees. GK Real Estate's management team is comprised of operation managers who are responsible for the day-to-day operation of GK Real Estate and our company.

We filed an offering statement on Form 1-A with the United States Securities and Exchange Commission, or the SEC, on September 17, 2019, which offering statement was qualified by the SEC on January 28, 2020 and requalified by the SEC on March 12, 2021 and March 17, 2022 (the "Offering Statement"). Pursuant to the Offering Statement, we offered a maximum of $50,000,000 of the Company's 7% bonds (the "Bonds"). Proceeds from the sale of the Bonds were used to acquire commercial rental properties and interests therein in our target asset class. Our offering concluded on January 27, 2023, and we had sold $16,538,000 in Bonds as of the conclusion of the offering. As of December 31, 2024, $16,167,000 of Bonds remained outstanding.

On January 28, 2020, GK Investment Property Holdings II, LLC, commenced active operations. Since such time, we have applied proceeds from our offering of Bonds to investment in properties and other real estate assets and the payment or reimbursement of selling commissions and other fees, expenses and uses as described throughout this Annual Report. As of the date of this Annual Report, our offering of Bonds has terminated in accordance with its terms and we do not have any immediate plans to raise additional capital other than in respect to the sale of beneficial interest in the Trust (defined below) by RF Grocery, LLC, as described below. We are actively seeking reinvestment of our cash on hand and the proceeds of the sale of the beneficial interests in the Trust.

We have made reserve allocations as necessary to aid our objective of preserving capital for our investors by supporting the maintenance and viability of properties we acquire in the future. If reserves and any other available income become insufficient to cover our operating expenses and liabilities, it may be necessary to obtain additional funds by borrowing, refinancing properties or liquidating our investment in one or more properties. There is no assurance that such funds will be available, or if available, that the terms will be acceptable to us. Additionally, our ability to borrow additional funds will be limited by the restrictions placed on our and our subsidiaries' borrowing activities by our Indenture.

On May 12, 2020, our Company formed RF Grocery, LLC ("RF Grocery"), an Illinois limited liability company, for the purpose of acquiring a rental property leased to a single tenant, Fresh Thyme Farmers Market, located at 7501 North Avenue, in River Forest Illinois, or Fresh Thyme Farmers Market. On May 27, 2020 our Company, through RF Grocery, entered into an assignment of Purchase and Sale Agreement, as amended, to acquire Fresh Thyme Farmers Market. The contract purchase price for Fresh Thyme Farmers Market was $8,050,000, and total acquisition cost was $8,214,213 including financing fees paid to the lender and other closing costs. Of the total acquisition cost, $5,190,000 was funded by a first mortgage loan secured by Fresh Thyme Farmers Market. Our company funded $1,824,213 of the total purchase price with proceeds raised from the offering of Bonds through a capital contribution to RF Grocery. The remaining $1,200,000 of the total purchase price was funded through an investment by Garo Kholamian through the Garo Kholamian Revocable Trust (the "Preferred Member"), which received preferred equity in RF Grocery in exchange for the investment. On December 17, 2020, RF Grocery redeemed and retired 100% of the Preferred Member's equity for $1,308,000, constituting a total return of approximately 9% for the Preferred Member, comprised of a 6% minimum preferred return and a 3% capital premium in addition to the return of the Preferred Member's contributed capital. RF Grocery's operating agreement was amended following the redemption, and the company became the sole member of RF Grocery.

On July 23, 2021, pursuant to a Contribution Agreement, dated as of June 25, 2021 (the "Contribution Agreement"), the Company, through RF Grocery, a wholly owned subsidiary of the Company, contributed its fee simple interest in the Fresh Thyme Farmers Market property located at 7501 West North Avenue in River Forest, IL to GK DST - River Forest Grocery (the "Trust"), in exchange for 100% of the initial beneficial interests in the Trust (the "Unsold Interests") for an aggregate value for Fresh Thyme Farmers Market of $10,778,490 (the "Transaction Value"). The Transaction Value was comprised of an equity portion of $5,588,490 (the "Equity Value"), which represents the Company's capital contribution to the Trust, in addition to the principal of the loan secured by Property in the amount of $5,190,000 which was assumed by the Trust. The Trust extended the term of the mortgage loan to July 10, 2028 in connection with its assumption of the loan, among other things, pursuant to that certain Loan Modification Agreement and Amended and Restated Note, each dated as of July 21, 2021. The Company recognized a gain of $2,299,522 related to the sale of Fresh Thyme Farmers Market in exchange for beneficial interests in the Trust.

The Trust intends to raise additional capital equal to the Equity Value, in addition to other fees and expenses incurred by the Trust, in order to redeem the Unsold Interests held by the Company. Pursuant to the terms of the Trust Agreement of the Trust, dated as of June 10, 2021 (the "Trust Agreement"), each sale of the Unsold Interests will reduce the Company's ownership in the Trust by a proportionate amount, and the proceeds from the Trust's capital raise will be used by the signatory trustee of the Trust, in part, to redeem the beneficial interests held by the Company. The Company will remain a beneficial interest holder of the Trust and be bound by the terms of the Trust Agreement until the Trust redeems all of the Unsold Interests held by the Company. As of December 31, 2024, the Trust has redeemed approximately 87.81% of the Unsold Interests, and as of the filing of this report, the Trust has redeemed 100% of the Unsold Interests. As a beneficial interest holder of the Trust, the Company is a passive owner of the Property without the power to direct the Trust in any way. As of the date of this Annual Report, the signatory trustee of the Trust, which is an affiliate of the sponsor of the Company, maintains full control over the Trust pursuant to the terms of the Trust Agreement.

As of December 31, 2024, Fresh Thyme Farmers Market was 100% leased.

 

*Ridgmar Loan*

The Company entered into a senior secured participatory mortgage loan ("Note 1") effective July 30, 2021, in favor of GK Preferred Income II (Ridgmar), LLC ("GKPI II") and 1551 Kingsbury Partners SPE, LLC ("Kingsbury" and, together with GKPI II, the "Ridgmar Borrowers") (the "Ridgmar Loan"). The Company and the Ridgmar Borrowers are affiliates of one another, and the Ridgmar Loan is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and the Ridgmar Borrowers. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and the Ridgmar Borrowers. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of the Note 1, the Company initially advanced $3,500,000 to the Ridgmar Borrowers for a term of three (3) months, originally maturing on October 31, 2021. Note 1 is collateralized by a senior security interest on the rental property, Ridgmar Mall. On October 15, 2021, the Company advanced an additional $200,000 to the Ridgmar Borrowers and simultaneously extended the maturity of Note 1 until November 30, 2021. On December 1, 2021, the Company advanced an additional $2,500,000 to the Ridgmar Borrowers increasing the balance of the Note to $6,200,000 and extended the maturity of Note 1 until December 31, 2021. The note bore interest at 20% per annum, payable 12% monthly and 8% deferred and due upon maturity of the note.

On January 1, 2022, the Company was repaid $100,000 of the outstanding principal balance of Note 1 and further extended the maturity of Note 1 until December 31, 2022, when remaining principal and any accrued and unpaid interest is due in full. The interest rate was reduced to 8% per annum, with principal being repaid during the term of the extension based on a 25-year amortization rate. On September 1, 2022, the Note 1 maturity was further extended until December 31, 2023.

On December 31, 2023, the Note 1 maturity was further extended until December 31, 2024. Note 1 bears interest at 12.22% paid currently until maturity. The current rate was charged retroactively to January 1, 2022.

During the year ended December 31, 2024, the Company advanced an additional $625,000 proceeds to the Ridgmar Borrowers and also received $44,438 in repayments from the Ridgmar Borrowers. As of December 31, 2024, the Note 1 balance was $6,816,729. On December 31, 2024, the Note 1 maturity was further extended until December 31, 2025.

Interest income for the year ended December 31, 2024 was $800,239, which includes $137,917 of interest receivable as of December 31, 2024.

In the case of any event of default under Note 1, the Company will be entitled to an additional five percent (5%) interest on Note 1 until such event of default is cured. Note 1 is secured by a first priority lien on the Ridgmar Borrowers' commercial property, the Ridgmar regional mall ("Ridgmar Mall") located in Ft. Worth, Texas.

Concurrently with the original making of Note 1, GK Investment Holdings, LLC ("GKIH") and GK Secured Income V, LLC ("GKSI V") loaned $3,700,000 (subsequently reduced to $1,100,000) and $750,000, respectively, to the Ridgmar Borrowers on terms substantially similar to the terms of Note 1 for an aggregate loan amount of $7,950,000 (the "Aggregate Ridgmar Loan"). On July 30, 2021, the Company entered into an intercreditor agreement (the "Intercreditor Agreement"), dated as of July 30, 2021, by and among the Company, GKIH and GKSI V (collectively, the "Lenders") in order to establish and acknowledge the *pari passu* ranking of the Lenders' respective loans to the Ridgmar Borrowers and certain other matters. Pursuant to the terms of the Intercreditor Agreement, the Lenders acknowledge that the security interest held by each of the Lenders ranks equally and ratably without priority over one another and that any and all payments under the respective loans as between all Lenders will be paid equally and ratably. The Intercreditor Agreement has been subsequently amended to reflect the changes in Note 1.

As previously disclosed, the Ridgmar Borrowers acquired Ridgmar Mall as tenants in common in 2013. As a result of the continued decline of retail sales and consumer traffic at regional malls, the value of Ridgmar Mall was subsequently impaired, and ultimately the Borrowers' senior secured lender and mezzanine lender (together, the "Prior Lenders") foreclosed on the property. The Prior Lenders offered the Borrowers a discounted payoff of $7,950,000 to retire the existing debt on Ridgmar Mall, comprised of a $26,600,000 CMBS mortgage loan and a $10,000,000 mezzanine loan. On July 30, 2021, the Ridgmar Borrowers used the proceeds of the Aggregate Loan to fund the discounted payoff paid to the Prior Lenders. The Ridgmar Borrowers intend to repay Note 1 and corresponding GKIH and GKSI V loans with proceeds of future capital raises.

The Company, the Ridgmar Borrowers, GKIH and GKSI V are each affiliates of one another, and Note 1 and each of the GKIH and GKSI V loans are related party transactions. GK Development, Inc. ("GK Real Estate") is the manager of each of the Company, the Ridgmar Borrowers, GKIH and GKSI V. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company, the Ridgmar Borrowers, GKIH and GKSI V. Mr. Garo Kholamian has a direct and material interest in the transactions described above.

*Station Plaza Loan*

The Company has entered into a note receivable and loan agreement ("Note 2") effective January 10, 2024, in favor of Station Plaza Self-Storage, LLC ("Station Plaza") (the "Station Plaza Loan"). The Company and Station Plaza are affiliates of one another, and as such, Note 2 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and Station Plaza. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and the Borrower. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 2, the Company advanced $2,000,000 to Station Plaza for a term of twelve (12) months, maturing on December 31, 2024. Note 2 is secured by a certain Collateral Assignment, Pledge and Security Agreement with Station Plaza. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity. On December 31, 2024, the Note 2 maturity was further extended until December 31, 2025.

In the case of any event of default under Note 2, the Company will be entitled to an additional five percent (5%) interest on Note 2 until such event of default is cured.

Interest income for the year ended December 31, 2024 was $242,363, including $21,046 of which was unpaid and is included in interest receivable as of December 31, 2024.

*DeMarcay Development Mezz Loan*

The Company has entered into a note receivable and non-revolving Line of Credit loan agreement ("Note 3") effective April 29, 2024, in favor of DeMarcay Development Mezz Partners, LLC ("DeMarcay") (the "DeMarcay Loan"). The Company and DeMarcay are affiliates of one another, and as such, Note 3 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and DeMarcay. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and the Borrower. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 3, the Company advanced $523,774 to DeMarcay for a term of eighteen (18) months, maturing on December 31, 2025. Note 3 is unsecured. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity.

In the case of any event of default under Note 3, the Company will be entitled to an additional five percent (5%) interest on Note 3 until such event of default is cured.

Interest income for the year ended December 31, 2024 was $39,154, including $5,512 of which was unpaid and is included in interest receivable as of December 31, 2024.

*GK Festival Loan*

The Company has entered into a note receivable and loan agreement ("Note 4") effective May 8, 2024, in favor of GK Festival, LLC ("Festival") (the "GK Festival Loan"). The Company and Festival are affiliates of one another, and as such, Note 4 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and the Borrower. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and the Borrower. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 4, the Company initially advanced $3,751,000 to Festival for a term of twenty-one months (21) months, maturing on June 30, 2026. Note 4 is secured by a certain Mortgage and Security Agreement with Festival. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity. The Company advanced an additional $25,000 on December 11, 2024, to Festival. The total amount the Company advanced to Festival of $3,776,000 is represented in a substitute promissory note dated December 11, 2024.

In the case of any event of default under Note 4, the Company will be entitled to an additional five percent (5%) interest on Note 4 until such event of default is cured.

Interest income for the year ended December 31, 2024 was $269,858, including $39,649 of which was unpaid and is included in interest receivable as of December 31, 2024.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Results of Operations**

We operate on a calendar year. Set forth below is a discussion of our operating results for 2024 and 2023, from January 1, 2024 to December 31, 2024 and January 1, 2023 to December 31, 2023, respectively.

As of December 31, 2024, our assets consisted of: (i) 12.19% of the beneficial interests in the Trust holding the Fresh Thyme Farmers Market property; (ii) the Ridgmar Loan; (iii) The Station Plaza Loan; (iv) the DeMarcay Loan; (v) the GK Festival Loan and (vi) cash and cash equivalents.

For the year ended December 31, 2024, we had no revenues from operations. Operating costs for the same period, excluding interest expense of $1,797,036, amounted to $116,830. This resulted in an operating loss of $116,830. Net loss for the year amounted to $404,244 after taking into account $75,613 of investment income from our ownership of beneficial interests in the Trust, and $1,462,675 in interest income from the various Loans and interest earned on short term investments, such as US Treasuries, bank Certificates of Deposits and general money market interest. The company also recognized $28,666 in income tax expense.

For the year ended December 31, 2023, we had no revenues from operations. Operating costs for the same period, excluding interest expense of $1,798,845, amounted to $148,516. This resulted in an operating loss of $148,516. Net loss for the year amounted to $450,342 after taking into account $109,641 of investment income from our ownership of beneficial interests in the Trust, and $1,348,228 in interest income from the Ridgmar Loan, the Peru Loan and interest earned on short term investments, such as US Treasuries, bank Certificates of Deposits and general money market interest. The company also recognized $39,150 in gain on debt extinguishment from the early redemptions of Bonds paid at a discount.

**Liquidity and Capital Resources**

As of December 31, 2024, we had cash and cash equivalents on hand of $1,122,619 and restricted cash (funded reserves) of $136,888. The funded reserves are comprised of a bond service reserve of $136,888, which is required pursuant to the Indenture which required that 7% of the gross proceeds from the offering be placed into a reserve account held by the bond trustee for the purpose of paying our bond service obligations.

As of December 31, 2024 we had sold $16,538,000 in gross proceeds of our Bonds, of which $16,167,000 was outstanding. Our Bonds begin to mature in early 2025, and we target asset dispositions to meet our obligations at maturity. Until our Bonds mature, our principal demands for cash will be for acquisition costs, including the purchase price of any properties, loans, and securities we acquire, improvement costs, the payment of our operating and administrative expenses, and all continuing debt service obligations, including our bond service obligations. Generally, we will fund our acquisitions from the net proceeds of our offering of the Bonds. We intend to acquire our assets with cash and mortgage or other debt, but we also may acquire assets free and clear of permanent mortgage or other indebtedness by paying the entire purchase price for the asset in cash.

We expect to use debt financing as a source of capital. We have no limits on the amount of leverage we may employ; however, senior property debt is generally expected to be approximately 65% of the cost of our investments.

On July 17, 2020, RF Grocery partially financed the acquisition of the Fresh Thyme Farmers Market through a note to Barrington Bank & Trust Co., N.A., in the amount of $5,190,000 with the maturity date of July 10, 2025. The Trust extended the term of the mortgage loan to July 10, 2028 in connection with its assumption of the loan, among other things, pursuant to that certain Loan Modification Agreement and Amended and Restated Note, each dated as of July 21, 2021.

We anticipate that adequate cash will be generated from operations to fund our operating and administrative expenses, and all continuing debt service obligations, including the Bond service obligations. However, our ability to finance our operations is subject to some uncertainties. Our ability to generate working capital is dependent on our ability to attract and retain tenants and the economic and business environments of the various markets in which our investments are located. Our ability to sell our assets is partially dependent upon the state of real estate markets and the ability of purchasers to obtain financing at reasonable commercial rates. In general, we intend to pay debt service from cash flow from operations. If we have not generated sufficient cash flow from our operations and other sources, such as from borrowings, we may use funds out of the debt service reserve. Moreover, our manager may change this policy, in its sole discretion, at any time.

Potential future sources of capital include secured or unsecured financings from banks or other lenders, establishing additional lines of credit, proceeds from the sale of properties and undistributed cash flow. Note that, currently, we have not identified any source of financing, other than the proceeds of this offering and the sale of beneficial interests in the Trust, and there is no assurance that such sources of financing will be available on favorable terms or at all.

Subsequent to December 31, 2024, the Company sold the remaining 12.19% of the beneficial interests in the Delaware statutory trust for an aggregate value of $787,043. As of August 14, 2025, RF Grocery owns 0% of the beneficial interests in the Trust.

On February 21, 2025, Festival refinanced its rental property and paid down $2,800,000 of the principal amount owed to the Company for Note 4. The outstanding balance of Note 4 was reduced to $976,000.

On January 1, 2026, the Note 1 maturity was extended until December 31, 2026.

On January 1, 2026, the Note 3 maturity was extended until December 31, 2026.

On May 1, 2025, Note 2 was converted into a $2,000,000 preferred equity investment with SPSS Developer, LLC, the parent company of the original borrower Station Plaza Self-Storage LLC. SPSS Developer, LLC, and the Company are affiliates of one another, and as such, they are related parties. The preferred equity position require SPSS Developer to pay a 12.22% preferred capital return to the Company.

As noted in the financial statement Note 4 - Bonds Payable;

Series A of the Bonds issued and payable were maturing on February 28, 2025. On February 27, 2025, the Company redeemed the Series A Bondholders for a total amount of $2,633,496. The redemption amount paid included $2,505,000 of Bond principal, current interest due of $6,332 and accrued interest due of $122,164.

Series B of the Bonds issued and payable were maturing on August 31, 2025. On September 2, 2025, the Company partially redeemed the Series B Bondholders for a total amount of $2,018,581. The partial redemption amount paid included $1,869,000 of Bond principal, current interest due of $8,926 and accrued interest due of $140,656. On September 25, 2025, the Company redeemed the remainder to the Series B Bondholders for a total amount of $1,005,556. The remaining redemption amount paid included $1,000,000 of Bond principal, current interest due of $4,862 and accrued interest due of $694.

Series C of the Bonds issued and payable were maturing on February 28, 2026. On February 26, 2026, the Company redeemed the Series C Bondholders for a total amount of $4,446,437. The redemption amount paid included $4,230,000 of Bond principal, current interest due of $10,692 and accrued interest due of $205,745.

**Trend Information**

The recent rise in interest rates, resulting at least in part from measures taken to combat inflation, has adversely affected our ability to acquire & dispose of our retail real properties, and may continue to do so in the future. It is currently expected that interest rates will continue to increase in the near term.

The Company was able to make new loans to borrowers in 2024 and charge a higher interest rate than it was previously able to obtain. This had a more positive effect on operations and cash flows.

**Item 3. Directors and Officers**

The following table sets forth information on the directors and executive officers of GK Real Estate. Our company is managed by GK Real Estate, its sole manager. Consequently, our company does not have its own separate directors or executive officers.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position with our Company** | **Director/Officer<br> Since** |
| Garo Kholamian | 66 | President and Sole Director | 1995 |
| Sherry Mast | 57 | Principal - Asset Management | 1997 |
| Steven Higdon | 60 | Chief Financial Officer | 2020 |

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**Executive Officers**

Set forth below is biographical information for GK Real Estate's executive officers.

**Garo Kholamian***,* age 67, is the President, sole Director and sole shareholder of GK Real Estate. Since the formation of GK Real Estate in 1994, Mr. Kholamian and his affiliates have acquired and developed over 120 million square feet of commercial property including apartments, office and commercial rental property. Prior to forming GK Real Estate, Mr. Kholamian was Senior Vice President of Development for Homart Development Co., the real estate development arm of Sears Roebuck, specializing in regional shopping malls, power centers and office buildings. At Homart, Mr. Kholamian was responsible for site selection, negotiation and project development and management of Homart's community shopping centers, including over 2.2 million square feet of commercial rental space in the Midwest and Florida. Before managing the development of these centers, Mr. Kholamian assisted in the development of 1.5 million square feet of regional malls and 1.1 million square feet of office space throughout the U.S. for Homart. Mr. Kholamian received his Master's Degree in Business Management from Loyola University of Chicago in 1985 and his Bachelor's Degree in Architecture from the Illinois Institute of Technology in 1981. He is a member of the International Council of Shopping Centers and a licensed real estate broker in Illinois.

**Sherry Mast***,* age 58, is the Principal - Asset Management at GK Real Estate. Ms. Mast joined GK Real Estate in 1997 and, prior to taking over asset management, established leasing, property management and financial procedures and systems for GK Real Estate. Ms. Mast is responsible for asset managing the company's entire portfolio and also manages the day-to-day leasing activity, including outside broker relationships. Prior to joining GK Real Estate, Ms. Mast was Marketing Manager for Karp's, a nationally recognized bakery supply company. There she was responsible for new product development, creating bakery supply solutions for national retailers. From joining that company in 1992, Ms. Mast was involved in the creation of new products and worked closely with national clients, including Starbucks Coffee, Wal-Mart, Dominick's Finer Foods, and American Superstores. Prior to joining Karp's, Ms. Mast was Quality Assurance Associate for Hyatt Hotel Corporation from 1989 through 1992. There she assisted in improving customer relations and maintaining Hyatt's industry-leading service standards. Ms. Mast received her Bachelor's Degree in Corporate Communications from Northern Illinois University. She is a member of the International Council of Shopping Centers and is a registered real estate salesperson in Illinois.

**Steve Higdon**, age 60, is the Senior Vice-President of Accounting and Finance (Chief Financial Officer) at GK Real Estate. He's been with GK Real Estate since December 2020. With more than 35 years in corporate finance, capital markets, investment banking, and accounting, Steve leads GK Real Estate's financial planning, treasury management, internal controls, risk management, and financial reporting. He oversees the accounting and finance teams, acts as the company's financial spokesperson, and is deeply involved in real estate development, acquisitions, fund administration, and audits. Previously, Steve was CFO at Aegis Asset Management, guiding strategy for a $2B nationwide real estate portfolio. Prior to joining Aegis, Steve was the co-owner/CFO at Bradford Allen, where he led major investment and debt placements for a $1B real estate investment firm. .In his capacity at Bradford Allen, he was the lead financial executive in the underwriting of over $200MM in equity placed for 1.5 million sf of commercial/retail and multi-family space in various cities across the United States. He developed the Acquisitions and the Investment/Asset Mgmt. teams to purchase assets and analyze the market dynamics to maximize returns for Investors. Steve holds Bachelor's degrees in Accounting and Finance from Illinois State University. Steve earned his license as a Certified Public Accountant in 1988, but is currently non-practicing.

**Director and Executive Compensation**

Our Company does not have executives. It is operated by a sole manager, GK Real Estate. Garo Kholamian is the sole shareholder and director of GK Real Estate. We will not reimburse our manager for any portion of the salaries and benefits to be paid to its executive officers named in "*Directors and Officers.*"

**Item 4. Security Ownership of Management and Certain Security Holders**

The table below sets forth, as of December 31, 2024, certain information regarding the beneficial ownership of our outstanding membership units for (1) each person who is expected to be the beneficial owner of 10% or more of our outstanding membership units and (2) each of our named executive officers, if together such group would be expected to be the beneficial owners of 10% or more of our outstanding membership units. Each person named in the table has sole voting and investment power with respect to all of the membership units shown as beneficially owned by such person. The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security.

*Security Ownership of Certain Beneficial Owners (5% or more)*

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Name and Address of <br> Beneficial Owner** | **Amount and Nature of <br> Beneficial Ownership** | **Percent of <br> Class** |
| Class A | Garo Kholamian(1)(2) | 100% Membership Interest | 77% |

---

*Security Ownership of Management*

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Name and Address of <br> Beneficial Owner** | **Amount and Nature of <br> Beneficial Ownership** | **Percent of<br> Class** |
| Class A | Management(2)(3) | 100% Membership Interest | 100% |

---

(1) Garo Kholamian individually holds 40% and a related
 party of Garo Kholamian holds 37%.

(2) Address is: 257 East Main Street, Suite 200, Barrington, IL
 60010.

(3) Certain other employees of GK Real Estate, the Company's
 manager, collectively hold 23% of the Company's Class A Membership Interests. Includes Mr. Garo Kholamian's ownership
 of Class A secutiries.

We may provide incentive grants of economic profit interest of our Company to employees of GK Real Estate or an affiliate in the future. The time, manner and terms of any such grants, which will be subject to the sole discretion of GK Real Estate as our manager, have not been determined as of the date of this report.

**Item 5. Interest of Management and Others in Certain Transactions**

GK Real Estate, our company's manager, or its affiliates will be responsible for all aspects of the management of our company's assets. Through this management, GK Real Estate or its affiliates will be entitled to the fees enumerated below:

**Acquisition Fees.** GK Real Estate will be entitled to 2% of the purchase price of each property purchased from non-affiliated, third -party sellers for identifying, reviewing, evaluating, investing in, and the purchase of real property acquisitions. These acquisition fees are payable by our company regardless of whether the property ever generates positive cash flow.

**Property Management Services Fee.** Each property owned by our company will be managed by a property manager, which may be GK Real Estate or an affiliate of GK Real Estate. For its services, the property manager will be paid property management fees, leasing compensation and other compensation, provided that property management fees for any property may not exceed 5% of annual gross revenues from that property. The property management fees will be paid in arrears on a monthly basis. The property management fees are payable by our company regardless of whether the property ever generates positive cash flow.

**Disposition Fees.** GK Real Estate will receive 2% of the gross sale price from the disposition of each property by our company. These disposition fees are payable by our company regardless of whether the investment is sold at a gain or a loss.

**Asset Management Fees.** Each property owned by our company in our future portfolio will be managed by GK Real Estate. For its services, GK Real Estate will be entitled to an asset management fee equal to 1% of the appraisal value of real properties acquired by the company or its subsidiaries or pro rata portion of such value if a company subsidiary is not wholly-owned. No asset management fees will be earned on undeployed cash. The asset management fees will be paid in arrears on a monthly basis. The asset management fees are payable by our company regardless of whether the asset ever generates positive cash flow.

**Financing Fees.** GK Real Estate will be entitled to 2% of the principal amount of any financing in conjunction with the purchase or refinance of an asset. These financing fees are payable by our company regardless of whether the asset generates positive cash flow.

**Other Fees.** GK Real Estate may be entitled to certain additional, reasonable fees in association with other activities imperative to the operations of our company. Such activities include, but are not limited to, property leasing, property development, and loan guarantees. GK Real Estate will endeavor to determine such fees based upon benchmark market rates.

With respect to related parties, amounts incurred in 2023 and 2022 consisted of the following:

---

| | |
|:---|:---|
| 2024 |  |
| **GK Real Estate.** |  |
| Disposition fee (2% of the net sales price) | $0 |
| Property Management service fees (5% of gross collections) | $0 |
| Asset Management fees (1% of the appraised value of the rental property) | $0 |
| Reimbursed expenses | $2516 |
| Promotional Fees from sale of Bonds (2.5% of proceeds) - capitalized | $0 |

---

---

| | |
|:---|:---|
| 2023 |  |
| **GK Real Estate.** |  |
| Acquisition fee (2% of the purchase price) - capitalized | $0 |
| Property Management service fees (5% of gross collections) | $0 |
| Asset Management fees (1% of the appraised value of the rental property) | $0 |
| Reimbursed expenses | $26896 |
| Promotional Fees from sale of Bonds (2.5% of proceeds) - capitalized | $0 |

---

The description of the transactions involving our manager, affiliates and subsidiaries described in *Item 1. Business*, including the Ridgmar Loan, the Station Plaza Loan, the DeMarcay Loan, the GK Festival Loan and the Peru Loan, are hereby incorporated by reference in this *Item 5. Interest of Management and Others in Certain Transactions.*

**Item 7. Financial Statements**

**GK Investment Property Holdings II, LLC**

**(a Delaware limited liability company)**

**Consolidated Financial Statements**

**December 31, 2024 and 2023**

**GK Investment Property Holdings II, LLC**

**Table of Contents**

**December 31, 2024 and 2023**

---

| | |
|:---|:---|
| [**Report of Independent Registered Public Accounting Firm**](#a_001) | [F-2](#a_001) |
| **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#a_002) | [F-3](#a_002) |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#a_003) | [F-4](#a_003) |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Members' Deficit](#a_004) | [F-5](#a_004) |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#a_005) | [F-6 – F-7](#a_005) |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#a_007) | [F-8 – F-27](#a_007) |

---

**GK Investment Property Holdings II, LLC**

**Report of Independent Registered Public Accounting Firm**

To the Members

GK Investment Property Holdings II, LLC

Barrington, Illinois

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of GK Investment Property Holdings II, LLC and its Subsidiary (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, members' deficit, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company does not have sufficient working capital to repay its remaining Series D and E Bonds in full totaling $4,575,000 and $1,988,000, respectively upon maturity, which is within one year, from the date of issuance of the consolidated financial statements. This raises substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding those matters are further described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*/s/ Cherry Bekaert LLP*

We have served as the Company's auditor since 2019.

Richmond, Virginia

April 13, 2026

**GK Investment Property Holdings II, LLC**

---

| |
|:---|
| **Consolidated Balance Sheets** |
| **December 31, 2024 and 2023** |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1122619 | $7022114 |
| &nbsp;&nbsp;&nbsp;Other assets | 5578 | 6842 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 204124 | 132436 |
| &nbsp;&nbsp;&nbsp;Investment in beneficial interests in Delaware statutory trust | 754047 | 1549209 |
| &nbsp;&nbsp;&nbsp;Notes receivable | 13116503 | 6236167 |
| &nbsp;&nbsp;&nbsp;Restricted cash - funded reserves | 136888 | 136888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**15339759** | $**15083656** |
| **LIABILITIES AND MEMBERS' DEFICIT** |  |  |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Bonds payable - net | $15574634 | $15070970 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 639861 | 478178 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 74593 | 79593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 16289088 | 15628741 |
| **MEMBERS' DEFICIT** |  |  |
| &nbsp;&nbsp;&nbsp;Members' deficit | (949329) | (545085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' deficit** | $**15339759** | $**15083656** |

---

See Notes to Consolidated Financial Statements

**GK Investment Property Holdings II, LLC**

**Consolidated Statements of Operations<br> Years Ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Rental Revenue** | $**-** | $**-** |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses | 25201 | 41180 |
| &nbsp;&nbsp;&nbsp;Professional fees | 91629 | 107336 |
|  | **116830** | **148516** |
| **Operating Loss** | **(116830)** | **(148516)** |
| **Other (Expense) and Income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (1797036) | (1798845) |
| &nbsp;&nbsp;&nbsp;Interest income | 1462675 | 1348228 |
| &nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  | 39150 |
| &nbsp;&nbsp;&nbsp;Income tax expense | (28666) |  |
| &nbsp;&nbsp;&nbsp;Investment income from beneficial interests in Delaware statutory trust | 75613 | 109641 |
|  | **(287414)** | **(301826)** |
| **Consolidated Net Loss** | $**(404244)** | $**(450342)** |

---

See Notes to Consolidated Financial Statements

**GK Investment Property Holdings II, LLC**

**Consolidated Statements of Members' Deficit**

**Years Ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Balance - Beginning of Year** | $**(545085)** | $**(94743)** |
| Consolidated Net Loss | (404244) | (450342) |
| **Balance - End of Year** | $**(949329)** | $**(545085)** |

---

See Notes to Consolidated Financial Statements

**GK Investment Property Holdings II, LLC**

**Consolidated Statements of Cash Flows<br> Years Ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated Net Loss | $(404244) | $(450342) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated Net Loss to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of bond issuance costs and bond discount | 503664 | 506528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (71688) | 52066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1264 | 11705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 161683 | 155316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (5000) | (7477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from operating activities | 185679 | 267796 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes receivable | (6924774) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of notes receivable | 44438 | 43101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions of beneficial interests in Delaware statutory trust | 795162 | 1912996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from investing activities | (6085174) | 1956097 |

---

See Notes to Consolidated Financial Statements

**GK Investment Property Holdings II, LLC**

**Consolidated Statements of Cash Flows<br> Years Ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | **(Continued)**<br>**2024** | **(Continued)**<br>**2023** |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of bonds payable | $- | $(266000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from financing activities | - | (266000) |
| **Net (decrease) Increase in Cash and restricted cash** | **(5899495)** | **1957893** |
| **Cash and restricted cash** - Beginning of year | **7159002** | **5201109** |
| **Cash and restricted cash** - End of year | $**1259507** | $**7159002** |
| **Classification of Cash and Restricted Cash** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1122619 | $7022114 |
| &nbsp;&nbsp;&nbsp;Restricted cash - funded reserves | 136888 | 136888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and restricted cash** | $**1259507** | $**7159002** |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $**1131690** | $**1137001** |
| **Supplemental disclosure of non-cash financing and investing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of beneficial interests in Delaware statutory trust | $**96931** | $**206454** |

---

See Notes to Consolidated Financial Statements

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies**

**Description of Business** – GK Investment Property Holdings II, LLC, ("GKIPH II" and/or the "Company"), was formed on July 11, 2019 with the intent to acquire and lend on existing income producing commercial properties for the purpose of financing, holding and operating such properties, and if the need arises, to redevelop the properties for an alternative use other than intended when originally acquired. However, GKIPH II is permitted to transact in any lawful business in addition to that stated above. GKIPH II anticipates funding loans and acquisitions in part, by offering investors the opportunity to purchase up to a maximum of $50,000,000 of bonds (the Bonds). The company has sold $16,538,000 in Bonds and has redeemed $371,000 of Bonds as of December 31, 2024 and 2023. The Company has $16,167,000 in Bonds outstanding as of December 31, 2024 and 2023. The Bonds are unsecured indebtedness of GKIPH II.

The Company has one class of units, Class A units. Nine individuals, or Class A Members, hold all of the Class A Units or 100% ownership interest in the Company. The members of the Company have limited liability. Pursuant to the terms of the Limited Liability Company Operating Agreement (the "Agreement"), the Company will exist in perpetuity unless terminated as defined in the Agreement. The Company is managed by GK Development, Inc. (the "Manager" and "Sponsor of the bonds"), an affiliate under common control of the members of GKIPH II.

On May 12, 2020, the Company formed RF Grocery, LLC, an Illinois limited liability company, for the purpose of acquiring real property located in 7501 North Avenue, River Forest, Illinois (the "Property").

The Company owns 100% of the "Ordinary" Member Class interests, and an individual related to the Manager owns 100% of the "Preferred" Member Class interests, as defined in the Operating Agreement of RF Grocery, LLC. The Preferred Member interests are entitled to a cumulative return equal to 12% per annum and is entitled, at the Preferred Member's direction, prior to any distributions to the Ordinary Member, to have a preferred return of their original capital contribution. On December 10, 2020, the Preferred Member's interest was redeemed, and a cumulative preferred return was paid in the amount of $108,000.

On June 25, 2021, RF Grocery, LLC, agreed to sell the Property at arms-length to a Delaware Statutory Trust (the "Trust") in exchange for 100% of the initial beneficial interests of the Trust. On July 21, 2021, the Property was sold to the Trust at an aggregate value of $10,778,490 (the "Transaction Value"). The Transaction Value is comprised of an equity portion of $5,588,490, which represents RF Grocery's capital contribution to the Trust, in addition to the assumed Loan principal of $5,190,000. River Forest Grocery – GK Services LLC, which is 100% owned by the Manager, serves as the Trustee of the Trust. While the Trustee manages the Trust's operations, the Trustee's control is governed and limited by the Trust's operating agreement and trust agreement. The Company does not have a controlling financial interest in the Trust, nor does it have the power to direct the activities of the Trust.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

Pursuant to the terms of the trust agreement of the Trust, dated as of June 10, 2021 (the "Trust Agreement"), each sale of the Unsold Interests will reduce the Company's ownership in the Trust by a proportionate amount, and the proceeds from the Trust's capital raise will be used by the signatory trustee of the Trust, in part, to redeem the beneficial interests held by the Company. The Company will remain a beneficial interest holder of the Trust and be bound by the terms of the Trust Agreement until the Trust redeems all of the Unsold Interests held by the Company. As a beneficial interest holder of the Trust, the Company is a passive owner of the Property without the power to direct the Trust in any way.

**Allocation of Profits and Losses** - Profits or losses from operations of the Company are allocated to the members of GKIPH II in their ownership percentages. Gains and losses from the sale, exchange, or other disposition of Company property are allocated to the members of GKIPH II in their ownership percentages.

**Principles of Consolidation** - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant material intercompany accounts and transactions have been eliminated in the consolidation. A variable interest entity ("VIE") is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. The Company has identified several VIEs, but it determined that the Company did not need to consolidate the VIEs for purposes of financial reporting. The Company is not the primary beneficiary of the VIEs nor does it have significant influence through voting or similar rights to direct operations of the VIEs.

**Basis of Accounting** - The Company maintains its accounting records and prepares its consolidated financial statements on an accrual basis, which is in accordance with accounting principles generally accepted in the United States of America ("GAAP").

**Classification of Assets and Liabilities** - The financial affairs of the Company generally do not involve a business cycle since the realization of assets and the liquidation of liabilities are usually dependent on the Company's circumstances. Accordingly, the classification of current assets and current liabilities is not considered appropriate and has been omitted from the consolidated balance sheets.

**Estimates** - The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Fair Value of Financial Instruments** - Our financial instruments consist of cash, funded reserves, short-term receivables, and bonds payable. The carrying values of cash, funded reserves, and short-term receivables approximate their fair value due to their short-term maturities. The carrying value of the bonds payable approximates their fair value based on interest rates currently obtainable.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

**Cash and Cash Equivalents** - For purposes of reporting cash flows, all highly liquid investments with a purchased maturity of three months or less are considered to be cash equivalents. The Company maintains cash and restricted cash balances in federally insured financial institutions that, from time to time, exceed the Federal Deposit Insurance Corporation ("FDIC") limits of $250,000. The Company believes that they are not exposed to any significant credit risk on its cash and restricted cash. As of December 31, 2024 and 2023, the Company had cash balances that exceeded the FDIC limits by $44,165 and $1,943,237, respectively.

**Restricted Cash – Funded Reserves** - Funded reserves consist of bond service reserves to be maintained under the bond indenture agreement for a period of twelve months commencing from the first bond closing date of each bond series.

**Revenues from Rental Properties** - Revenues from rental properties are comprised of minimum base rent, amortization of above-market rent adjustments and straight-line rent adjustments. These leases may contain extension and termination options that are predominantly at the discretion of the tenant, provided certain conditions are satisfied. As of and for the years ended December 31, 2024 and 2023, the Company did not own any rental properties and thus, had no related activity. The Company may opportunistically make investments in rental properties in the future as deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Base
 rental revenue from rental property is recognized on a straight-line basis over the terms
 of the related leases. The difference between cash received and straight-line revenue is
 recorded as deferred rent receivable on the accompanying consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We
 amortize any tenant inducements as a reduction of revenue utilizing the straight-line method
 over the term of the related lease or occupancy term of the tenant, if shorter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rental
 income may also include payments received in connection with lease termination agreements.
 Lease termination fee income is recognized as other income on the Company's consolidated
 statements of operations when the lessee provides consideration in order to terminate a lease
 agreement in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon
 acquisition of real estate operating properties, the Company estimates the fair value of
 identified intangible assets and liabilities (including above-market and below-market leases,
 where applicable). The capitalized above-market or below-market intangible is amortized or
 accreted to rental income over the estimated remaining term of the respective leases.

Rental income is recorded for the period of occupancy using the effective monthly rent, which is the average monthly rental during the term of the lease. Accordingly, rental income is recognized ratably over the term of the lease, which also provides for scheduled rent increases and rental concessions. The difference between rental revenue earned on a straight-line basis and the cash rent due under the provisions of the lease agreement is recorded as deferred rent receivable on the accompanying consolidated balance sheets. Rents received in advance are deferred until they become due and are recorded as prepaid rent in the accompanying consolidated balance sheets.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

Additionally, during the term of the lease, the tenant will directly pay the real estate taxes, insurance, and other operating expenses (as defined in the underlying lease agreement).

**Investment Income –** Investment transactions are accounted for on the trade date. Investment income is recorded by the Company on an accrual basis factoring in the Company's percent ownership of the beneficial interest in the Trust. The Investment income is calculated monthly based on the rent received by the Trust net of (i) any reserves, and (ii) payment of expenses and fees incurred by the Trust during that month on a cash basis. This method of investment income recognition approximates to the effective yield to be expected maturity utilizing assumed cash flows in accordance with Accounting Standards Codification ("ASC") ASC 325-40-35, Beneficial Interests in Securitized Financial Assets ("ASC 325-40-35") as each month's net cash flows are expected to be consistent and comparable over the life of the investment. The Company monitors the expected cash flows from its beneficial interest investment in the Trust, including the expected principal repayments in the form of redemptions. In accordance with ASC 325-40, the investment is periodically assessed for other-than-temporary impairment ("OTTI"). If the Company determines that the investment has OTTI, the amortized cost basis of the Trust is written down as of the date of the determination based on events and information evaluated and that write-down is recognized as a realized loss. There were no such write-offs during 2024 and 2023.

**Accounts Receivable Tenants and Allowance for Doubtful Accounts** – Tenant receivables are comprised of billed, but uncollected amounts due for monthly rent and other charges required pursuant to existing rental lease agreements. An allowance for doubtful accounts is recorded when a tenant's receivable is not expected to be collected. A bad debt expense is charged when a tenant vacates a space with a remaining unpaid balance. In the event a bad debt expense is recorded such an amount would be presented net with income related to leases on the accompanying consolidated statements of operations. As of and for the years ended December 31, 2024 and 2023, there were no accounts receivable, allowance for doubtful accounts or bad debt expense.

**Rental Properties** - Acquisitions of rental properties are generally accounted for as acquisitions of a group of assets, with acquisition costs incurred including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period they are incurred. Land, buildings, and other depreciable assets are recorded at cost unless obtained in a business combination. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

The cost of major additions and betterments are capitalized and repairs and maintenance which do not improve or extend the life of the respective assets are charged to operations as incurred. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in operations for the period.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

Upon the acquisition of rental properties, the purchase price is allocated to the acquired tangible assets (consisting of land, buildings, and improvements) and acquired intangible assets and liabilities (consisting of above-market and below-market leases, leasing commissions, and acquired in-place leases). The amount allocated to tangible assets is determined using the income approach methodology of valuation, which amount is then allocated to land, buildings and improvements based on management's determination of the relative fair values of the assets, relying in part, upon independent third-party valuation reports. In determining the amount allocated to intangible assets and liabilities, factors are considered by management, which includes an estimate of carrying costs during the expected lease-up periods and estimates of loss of rental revenue during the expected lease-up periods based on current market demand. Management also estimates the costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. Transaction costs associated with asset acquisitions are capitalized and included in the purchase price.

**Notes Receivable** – Notes receivable are stated at the outstanding principal amount, net of an allowance for credit losses. The Company provides an allowance for credit losses, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. Outstanding notes accrue interest based on the terms of the respective note agreements. A note is considered delinquent when the debtor has missed defined payments. At that time, the note is placed on nonaccrual status and interest accrual ceases and does not resume until the note is no longer classified as delinquent. Delinquent notes are written off based on defined metrics used to assess delinquency and write-off amount. The notes receivable are current as of December 31, 2024 and 2023. No portion of the Note was written off during the years ended December 31, 2024 and 2023. For both years ended December 31, 2024 and 2023, the allowance for credit losses was $0.

**Impairment of Assets** - The Company reviews the recoverability of long-lived assets including buildings, equipment, and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future pretax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between the estimated fair value and the carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long lived assets, as well as other fair value determinations.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

**Bond Issuance Costs and Bond Discounts** – Bond issuance costs represent underwriting compensation and offering costs and expenses associated with selling the bonds. Bond discounts are a volume-weighted discount dependent on how many bonds are purchased. Both of these costs are amortized on a straight-line basis, which approximates the effective interest method, over the term of the bonds. Bond issuance and bond discount costs are presented on the consolidated balance sheets as a direct reduction from the carrying amount of the bond liability. Unamortized bond issue and bond discount costs will be expensed if the bonds are repaid before maturity. Amortization expense is included in interest expense on the accompanying consolidated statements of operations.

**Income Taxes** – The Company's wholly owned subsidiaries are treated as disregarded entities and are treated as a component of GKIPH II for federal income tax reporting purposes. GKIPH II is treated as a partnership for federal income tax purposes and consequently, federal income taxes are not payable or provided for by the Company. The members of GKIPH II are taxed individually on their pro-rata ownership share of the Company's earnings. The Company does pay income taxes at the state level which is included in income tax expense on the accompanying consolidated income statements for the years ended December 31, 2024 and 2023.

GAAP basis of accounting requires management to evaluate tax positions taken by the Company and to disclose a tax liability (or asset) if the Company has taken uncertain positions that more than likely than not would not be sustained upon examination by the Internal Revenue Service or other tax authorities. Management has analyzed the tax positions taken by the Company and has concluded that as of December 31, 2024 and 2023, there were no uncertain tax positions taken or expected to be taken that would require disclosure in the consolidated financial statements.

**Segment Reporting –** The Company indirectly invests in entities that owns, operates, develops, redevelops, and lends on primarily grocery-anchored shopping centers, street retail-based properties, and mixed-use assets. The Company has aggregated all of its investments into one reportable segment due to their similarities with regard to the nature, location and economics of the properties and operational process. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making by the Company's management, including the chief operating decision maker ("CODM"). Therefore, the Company discloses its operating results in a single reportable segment.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

**Reclassification** – Certain accounts in the prior-year consolidated financial statements have been reclassified for comparative purposes to conform with the presentation in the current-year consolidated financial statements. This reclassification had no effect on total assets, liabilities and members' deficit, net loss, or cash flows from operations.

**Reporting Standards and Disclosure Requirements** – The Company has adopted reporting standards and disclosure requirements as a "smaller reporting company" as defined in Rule 405 of the Securities Act, Rule 12b-2 of the Securities Exchange Act of 1934 and item 10(f) of Regulation S-K, as amended. These rules provide scaled disclosure accommodations, the purpose of which is to provide general regulatory relief to qualifying entities. For each of the accounting pronouncements that affect the Company, the Company has elected plans to elect to follow the rule that allows companies engaging in an initial Regulation A offering to follow private company implementation dates.

**Previously Adopted Accounting Pronouncements** *-* In June 2016, the FASB issued ASU 2016-13, *Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments*. This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance applies to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans; however, it does not apply to receivables arising from operating leases accounted for in accordance with ASC Topic 842. ASU 2016-13 requires that the Company estimate the lifetime expected credit loss with respect to applicable receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company is also required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company's estimate of expected credit losses and the reasons for those changes.

The Company adopted the update on the required effective date of January 1, 2023, which did not have a material impact on the Company's consolidated financial statements.

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires entities to provide disclosures of significant segment expenses and other significant segment items, as well as provide in interim periods all disclosures about a reportable segment' profit or loss and assets that are currently required annually. Additionally, entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The ASU is applied retrospectively to all periods presented in the financial statements unless it is impracticable. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance in its consolidated financial statements, which includes the additional disclosures required for our single operating and reportable segment, for the year ended December 31, 2024 and retrospectively for the year ended December 31, 2023. See Note 9 for more information.

**GK Investment Property Holdings II, LLC**

**Note 1 – Organization and Summary of Significant Accounting Policies (Continued)**

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company's financial position, results of operations and cash flows.

**Note 2 – Going Concern**

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern within one year after the date the consolidated financial statements are available to be issued. The Company does not have sufficient working capital to repay its remaining Series D and E Bonds in full totaling $4,575,000 and $1,988,000, respectively upon maturity as disclosed in Note 4. This condition raises substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments related to the recovery and classification of recorded asset amounts or the amounts and classification of liabilities which may be necessary should the Company be unable to continue as a going concern. Management is trying to overcome this issue by liquidating its assets.

**Note 3 – Restricted Cash - Funded Reserves**

Funded reserves are as follows:

**<u>GK Investment Property Holdings II, LLC:</u>**

**Bond service reserves**: These bond service reserves (at the bond series level) are required pursuant to the Bond Indenture Agreement, which requires that 7% of the gross bond proceeds per series be placed into a reserve account held by the bond trustee. The bond service reserves may be used to pay the Company's bond service obligations and any funds remaining in the bond service reserve on the first anniversary of each bond series closing date (February 26, 2020 through February 28, 2022, for Series A through Series E, respectively), will be released to the Company.

Restricted cash - funded reserves consisted of:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Bond service reserve - Series A | $- | $- |
| Bond service reserve - Series B |  |  |
| Bond service reserve - Series C |  |  |
| Bond service reserve - Series D |  |  |
| Bond service reserve - Series E | 136888 | 136888 |
|  | $136888 | $136888 |

---

**GK Investment Property Holdings II, LLC**

**Note 3 – Restricted Cash - Funded Reserves (continued)**

On March 22, 2021, the Company was no longer required to maintain the Series A bond service reserve. The bond trustee closed the Series A reserve and remitted $126,616 to the Company. On January 20, 2023, the Company was no longer required to maintain the Series B, C and D bond service reserves. The bond trustee closed the Series B, C and D reserves and remitted $599,120 to the Company.

**Note 4 – Bonds Payable**

On January 28, 2020, the Company submitted its initial offering of up to $50,000,000 in the aggregate of 7% unsecured bonds at a purchase price of $1,000 per bond, with a minimum purchase amount of $5,000 (the "Bonds"). The Bonds will mature on various dates ranging from February 28, 2025 to August 31, 2027. The Bonds are offered in six series, Series A, Series B, Series C, Series D, Series E and Series F, with the sole difference between the series being their respective maturity dates ranging from February 28, 2025 to February 28, 2027. As of December 31, 2024 and 2023, the Company has issued and outstanding $16,167,000 in Bonds.

The Bonds will mature on the following dates with the following amount;

---

| | |
|:---|:---|
| Bonds maturing on 2/28/2025 - Series A | $2505000 |
| Bonds maturing on 8/31/2025 - Series B | 2869000 |
| Bonds maturing on 2/28/2026 - Series C | 4230000 |
| Bonds maturing on 8/31/2026 - Series D | 4575000 |
| Bonds maturing on 2/28/2027 - Series E | 1988000 |
|  | $16167000 |

---

The Bonds may be redeemed at the Company's option, in whole or in part at any time after their issuance. If the option of early redemption is exercised, the redemption price shall equal: (i) $1,020 per Bond if redeemed on or before the third anniversary of the initial issuance of Bonds of the series being prepaid; (ii) $1,015 per Bond if redeemed after the third anniversary and on or before the fourth anniversary of the initial issuance of Bonds of the series being prepaid; and (iii) $1,010 per Bond if redeemed after the fourth anniversary of the initial issuance of Bonds of the series being prepaid. In addition, any accrued and unpaid interest on the Bonds to be redeemed up to but not including the redemption date, including any deferred interest payment on the Bonds to be redeemed, or the Company redemption price. The Company shall give notice of redemption not less than 30 days nor more than 60 days prior to any redemption date. Our obligation to redeem Bonds with respect to Notices of Redemption received in any given redemption period is limited to an aggregate principal amount of the Bonds equal to 3.75% of the aggregate principal of the Bonds under the Indenture as of the close of business on the last business day of the preceding redemption period. See Note 5 for specific amounts payable to the Manager, a related party, as sponsor of the Bonds.

**GK Investment Property Holdings II, LLC**

**Note 4 – Bonds Payable (continued)**

The Company offers a volume-weighted discount on the Bond's price to the public for certain purchases of the Bonds. The company may terminate application of discount at any time in its sole discretion by filing a supplement to its Offering Circular with the SEC at least thirty (30) calendar days prior to the termination date of discount announcing such termination date. The discount ranges from three to five percent depending on the volume of the Bonds. The Bonds shall continue to be denominated in $1,000 increments. Any discounts applied will reduce net proceeds to the Company. In the event of death or disability of a bondholder, all, or a portion (consisting of at least 50%), of the Bonds beneficially held by a bondholder may be submitted to the Company for repurchase at any time in accordance with the procedures outlined by the Company, which may be subject to conditions and limitations. If the repurchase is being made from the original purchaser of a Bond(s), the repurchase price will equal the price paid per Bond. The repurchase amount for the Bonds for all other persons will equal $1,000 per Bond being repurchased. Our obligation to repurchase Bonds and the cash available for the death and disability Redemption are subject to certain conditions and limitations. The company redeemed $266,000 of Bonds during 2023 due to various redemption hardship requests of bondholders.

The Indenture Trust Agreement places certain financial covenants on the Company. Beside the Bond service reserves for series B, C, D & E being met (Note 3 – Restricted Cash – Funded Reserves), the Company must also maintain and Equity-Bond Ratio whereas the property equity values, Face amount of notes receivable and cash balances in total must be at or greater than 70% of the outstanding Bonds payable. The Company must also maintain cash balances in an amount not less than 120% of the forward-looking 3-month Bond payment amounts. The Company was in compliance with the Bond covenants for the years ending December 31, 2024 and 2023.

Bonds payable are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2024** | **2023** |
| Bonds Payable |  | $16167000 | $16167000 |
|  | **Basis of <br> Amortization** |  |  |
|  | Straight-line |  |  |
| Bond issuance costs | over | $1758593 | $1758593 |
| Bond discount | bond terms | 687360 | 687360 |
| &nbsp;&nbsp;&nbsp;Subtotal |  | 2445953 | 2445953 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated amortization |  | 1853587 | 1349923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred bond issuance costs - net |  | 592366 | 1096030 |
| Bonds payable - net |  | $15574634 | $15070970 |

---

**GK Investment Property Holdings II, LLC**

**Note 4 – Bonds Payable (continued)**

Total amortization expense of bond issuance costs and bond discount charged to operations amounted to $503,664 and $506,528 for the years ended December 31, 2024 and 2023, respectively. Such amounts have been included in interest expense on the accompanying consolidated statements of operations. Bond interest expense was $1,293,372 and $1,292,317 for the years ended December 31, 2024 and 2023, respectively, of which $639,861 and $478,178 was incurred but not paid for the years ended December 31, 2024 and 2023, respectively.

**Note 5 - Related Party Transactions**

The Company invests in an entity, which is has a Property that is managed by the Manager, an affiliate of one of the members of GKIPH II, under management agreements that provide for property management fees equal to 5% of gross monthly revenue collected. In addition to these management services, the Manager also provides services relating to asset management, the acquisition and disposition of real estate property and tenant leasing.

The Manager is responsible for promoting the sale of the bonds and is entitled to receive a fee equal to 2.5% of the $50,000,000 gross bond proceeds received up to $1,250,000. For the years ended December 31, 2024 and 2023, the Manager had received $0, in promotional fees, which are included in bond issuance costs on the consolidated balance sheets.

With respect to related parties, amounts incurred consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Reimbursed expenses | $25516 | $26896 |
| &nbsp;&nbsp;&nbsp;Total | $25516 | $26896 |

---

As of December 31, 2024 and 2023, $74,593 was owed to the Manager, and is included in other liabilities on the accompanying consolidated balance sheets, related to management fees and reimbursements due to the Manager.

River Forest Grocery – GK Services LLC, which is 100% owned by the Manager, serves as the Trustee of the Trust. While the Trustee manages the Trust's operations, the Trustee's control is governed and limited by the Trust's operating agreement and trust agreement. The Company does not have a controlling financial interest in the Trust, nor does it have the power to direct the activities of the Trust.

**GK Investment Property Holdings II, LLC**

**Note 6 – Investment in Beneficial Interests of Rental Property**

On July 21, 2021, the Property was sold to the Trust at an aggregate value of $10,778,490. The Transaction Value is comprised of the assumed Loan principal of $5,190,000 and of an equity portion of $5,588,490, which represents RF Grocery's capital contribution to the Trust, for 100% of the beneficial interests in the Delaware statutory trust. As of December 31, 2024 and 2023, RF Grocery owns 12.19% and 25.62%, respectively, of the beneficial interests in the Trust.

The following table summarizes the Company's Investment in the Beneficial Interests of the Rental Property held by the Trust for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Investment in Beneficial Interests of Rental Property | $1549209 | $3462205 |
| less; |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of beneficial interests of rental property | 795162 | 1912996 |
| &nbsp;&nbsp;&nbsp;Net Investment in Beneficial Interests of the Delaware statutory trust | $754047 | $1549209 |

---

Investment Income from the beneficial interests of the Trust for the years ended December 31, 2024 and 2023, was $75,613 and $109,641, respectively, which is included as other income in the consolidated statement of operations.

**Note 7 - Notes receivable**

**RIDGMAR** - The Company has entered into a note receivable and loan agreement ("Note 1") effective July 30, 2021, in favor of GK Preferred Income II (Ridgmar), LLC ("GKPI II") and 1551 Kingsbury Partners SPE, LLC ("Kingsbury" and, together with GKPI II, the "Borrowers"). The Company and the Borrowers are affiliates of one another, and as such, Note 1 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and the Borrowers. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and the Borrowers. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

**GK Investment Property Holdings II, LLC**

**Note 7 - Notes receivable (continued)**

Pursuant to the terms of Note 1, the Company initially advanced $3,500,000 to the Borrowers for a term of three (3) months, maturing on October 31, 2021. Note 1 is collateralized by a senior secured participatory mortgage loan on the rental property, Ridgmar Mall. On October 15, 2021, the Company advanced an additional $200,000 to the Borrowers and simultaneously extended the maturity of Note 1 until November 30, 2021. On December 1, 2021, the Company advanced an additional $2,500,000 to the Borrowers increasing the balance of Note 1 to $6,200,000 and extended the maturity of Note 1 until December 31, 2021. On January 1, 2022, the Company was repaid $100,000 of the outstanding principal balance of Note 1 and further extended the maturity of Note 1 until September 30, 2022, when remaining principal and any accrued and unpaid interest is due in full. The interest rate was reduced to 8% per annum, with the principal being repaid during the term of the extension based on a 25-year amortization rate. On September 1, 2022, Note 1 maturity was further extended until December 31, 2023. Note 1 originally bore interest at 20% per annum, payable 12% monthly and 8% deferred and due upon maturity of the note. On December 31, 2023, Note 1 maturity was further extended until December 31, 2024. Note 1 bears interest at 12.22% paid currently until maturity. The current rate was charged retroactively to January 1, 2022. During the year ended December 31, 2024, the Company advanced an additional $625,000 proceeds to the Borrowers and also received $44,438 in repayments from the Borrowers. As of December 31, 2024 and 2023, the Note 1 balances were $6,816,729 and $6,236,167, respectively. On December 31, 2024, the Note 1 maturity was further extended until December 31, 2025.

In the case of any event of default under Note 1, the Company will be entitled to an additional five percent (5%) interest on Note 1 until such event of default is cured. Note 1 is secured by a first priority lien on the Borrowers' commercial property, the regional mall ("Ridgmar Mall") located in Ft. Worth, Texas.

Concurrently with Note 1, GK Investment Holdings, LLC ("GKIH") and GK Secured Income V, LLC ("GKSI V") loaned $1,100,000 and $750,000, respectively, to the Borrowers on terms substantially similar to the terms of the Loan for an aggregate loan amount of $7,950,000 (the "Aggregate Loan"). On July 30, 2021, the Company entered into an intercreditor agreement (the "Intercreditor Agreement"), dated as of July 30, 2021, by and among the Company, GKIH and GKSI V (collectively, "the Lenders") in order to establish and acknowledge the *pari passu* ranking of the Lenders' respective loans to the Borrowers and certain other matters. Pursuant to the terms of the Intercreditor Agreement, the Lenders acknowledge that the security interest held by each of the Lenders ranks equally and ratably without priority over one another and that any and all payments under the respective loans as between all Lenders will be paid equally and ratably.

The Company, the Borrowers, GKIH and GKSI V are each affiliates of one another, and the Loan and each of the GKIH and GKSI V loans are related party transactions. GK Development, Inc. ("GK Real Estate") is the manager of each of the Company, the Borrowers, GKIH and GKSI V. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company, the Borrowers, GKIH and GKSI V. Mr. Garo Kholamian has a direct and material interest in the transactions described above.

**GK Investment Property Holdings II, LLC**

**Note 7 - Notes receivable (continued)**

Interest income for the years ended December 31, 2024 and 2023, was $800,239 and $1,036,180, respectively, including $137,917 and $132,436 of which was unpaid and is included in interest receivable as of December 31, 2024 and 2023, respectively. Included in the interest income above was retroactive interest income of $261,331 that was paid in 2023.

**STATION PLAZA** - The Company has entered into a note receivable and loan agreement ("Note 2") effective January 10, 2024, in favor of Station Plaza Self-Storage, LLC ("Station Plaza"). The Company and Station Plaza are affiliates of one another, and as such, Note 2 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and Station Plaza. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and Station Plaza. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 2, the Company advanced $2,000,000 to Station Plaza for a term of twelve (12) months, maturing on December 31, 2024. Note 2 is secured by a certain Collateral Assignment, Pledge and Security Agreement with Station Plaza. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity. On December 31, 2024, the Note maturity was further extended until December 31, 2025.

In the case of any event of default under Note 2, the Company will be entitled to an additional five percent (5%) interest on Note 2 until such event of default is cured.

Interest income for the year ended December 31, 2024 was $242,363, including $21,046 of which was unpaid and is included in interest receivable as of December 31, 2024.

**DEMARCAY DEVELOPMENT** - The Company has entered into a note receivable and non-revolving Line of Credit loan agreement ("Note 3") effective April 29, 2024, in favor of DeMarcay Development Mezz Partners, LLC ("DeMarcay"). The Company and DeMarcay are affiliates of one another, and as such, Note 3 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and DeMarcay. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and DeMarcay. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 3, the Company advanced $523,774 to DeMarcay for a term of eighteen (18) months, maturing on December 31, 2025. Note 3 is unsecured. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity.

**GK Investment Property Holdings II, LLC**

**Note 7 - Notes receivable (continued)**

In the case of any event of default under Note 3, the Company will be entitled to an additional five percent (5%) interest on Note 3 until such event of default is cured.

Interest income for the year ended December 31, 2024 was $39,154, including $5,512 of which was unpaid and is included in interest receivable as of December 31, 2024.

**GK FESTIVAL** - The Company has entered into a note receivable and loan agreement ("Note 4") effective May 8, 2024, in favor of GK Festival, LLC ("Festival"). The Company and Festival are affiliates of one another, and as such, Note 4 is a related party transaction. GK Development, Inc. ("GK Real Estate") is the manager of the Company and Festival. Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate and effectively manages the Company and Festival. Mr. Garo Kholamian has a direct and material interest in the transaction described above.

Pursuant to the terms of Note 4, the Company initially advanced $3,751,000 to the Borrower for a term of twenty-one months (21) months, maturing on June 30, 2026. Note 4 is secured by a certain Mortgage and Security Agreement with Festival. The interest rate is 12.22% per annum and is non-amortizing with only interest due on a monthly basis. The entire principal and any accrued interest are due at maturity. The Company advanced an additional $25,000 on December 11, 2024, to Fesitval. The total amount the Company advanced to Festival of $3,776,000 is represented in a substitute promissory note dated December 11, 2024.

In the case of any event of default under Note 4, the Company will be entitled to an additional five percent (5%) interest on the Note until such event of default is cured.

Interest income for the year ended December 31, 2024 was $269,858, including $39,649 of which was unpaid and is included in interest receivable as of December 31, 2024.

**GK Investment Property Holdings II, LLC**

**Note 8 – Information about variable interest entities**

As described in Note 7, the Company issued a note receivable to GK Preferred Income II (Ridgmar), LLC and 1551 Kingsbury Partners SPE, LLC ("Kingsbury" and, together with GKPI II, the "Ridgmar") on July 30, 2021. The activities that most significantly impact Ridgmar's economic performance are from owning and operating real estate. This entity is considered to be a variable interest entity because it does not have sufficient equity to conduct its principal activities without the subordinated financial support provided by the loans from the Company. The Company determined that it is not the primary beneficiary of Ridgmar because it does not have the power through voting or similar rights to direct rental operations of Ridgmar, which represent its most significant activities. The Company does not have equity investments in Ridgmar.

As of December 31, 2024 and 2023, the Company's maximum exposure to loss as a result of its involvement with Ridgmar is approximately $6,955,000 and $6,369,000, respectively, which represents the outstanding balance of the notes receivable and accrued interest receivable.

The following is a summary of the income tax basis financial position and results of operations of Ridgmar as of and for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Total Assets | $15479913 | $15978885 |
| Total Liabilities | $8220422 | $7593120 |
| Total Members' Equity | 7259491 | 8385765 |
| Total Liabilities and Equity | $15479913 | $15978885 |
| Revenue | $2959493 | $3681772 |
| Expenses | (3534709) | (4231491) |
| Net loss prior to noncash items | (575216) | (549719) |
| Depreciation and Amortization | (543101) | (510360) |
| Net loss | $(1118317) | $(1060079) |

---

**GK Investment Property Holdings II, LLC**

**Note 8 – Information about variable interest entities (continued)**

As described in Note 6, the Company issued a note receivable to Station Plaza Self-Storage (Station Plaza), LLC on January 10, 2024. The activities that most significantly impact Station Plaza's economic performance are from owning, developing, and operating real estate. This entity is considered to be a variable interest entity because it does not have sufficient equity to conduct its principal activities without the subordinated financial support provided by the loan from the Company. The Company determined that it is not the primary beneficiary of Station Plaza because it does not have the power through voting or similar rights to direct development and rental operations of Station Plaza, which represent its most significant activities. The Company does not have equity investments in Station Plaza.

As of December 31, 2024, the Company's maximum exposure to loss as a result of its involvement with Station Plaza is approximately $2,021,000, which represents the outstanding balance of the note receivable and accrued interest receivable.

All costs incurred by Station Plaza during 2024 were capitalized to real estate under development.

The following is a summary of the income tax basis financial position and results of operations of Station Plaza as of and for the year ended December 31, 2024:

---

| | |
|:---|:---|
|  | **2024** |
| Total Assets | $7327861 |
| Total Liabilities | $3907551 |
| Total Members' Equity | 3420310 |
| Total Liabilities and Equity | $7327861 |
| Revenue | $- |
| Expenses | - |
| Net income | $- |

---

**GK Investment Property Holdings II, LLC**

**Note 8 – Information about variable interest entities (continued)**

As described in Note 6, the Company issued a note receivable to GK Festival (Festival), LLC on May 8, 2024. The activities that most significantly impact Festival's economic performance are from owning and operating estate. This entity is considered to be a variable interest entity because it does not have sufficient equity to conduct its principal activities without the subordinated financial support provided by the loan from the Company. The Company determined that it is not the primary beneficiary of Festival because it does not have the power through voting or similar rights to direct rental operations of Festival, which represent its most significant activities. The Company does not have equity investments in Festival.

As of December 31, 2024, the Company's maximum exposure to loss as a result of its involvement with Festival is approximately $3,816,000, which represents the outstanding balance of the note receivable and accrued interest receivable.

The following is a summary of the income tax basis financial position and results of operations of Festival as of and for the year ended December 31, 2024:

---

| | |
|:---|:---|
|  | **2024** |
| Total Assets | $3762793 |
| Total Liabilities | $3858704 |
| Total Members' Equity | (95911) |
| Total Liabilities and Equity | $3762793 |
| Revenue | $358591 |
| Expenses | (496037) |
| Net loss prior to noncash items | (137446) |
| Depreciation and Amortization | (114275) |
| Net loss | $(251721) |

---

**GK Investment Property Holdings II, LLC**

**Note 9 – Segment reporting**

ASC Topic 280 "Segment Reporting" establishes standards for companies to report in their financial statement information about operating segments, services, geographic area, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company has only one operating segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss reported on the consolidated statements of operations. The key measures of segment profit or loss reviewed by the CODM are interest income and interest expense, as reported on the consolidated statements of operations. Interest income and interest expense are reviewed and monitored by the CODM to manage and forecast cash to ensure that enough capital is available to maintain and enforce all contractual agreements. The measure of segment assets is the total assets as reported on the consolidated balance sheets. The accounting policies of this segment are the same as those described in the significant accounting policies in Note 1.

**Note 10 – Subsequent Events**

Subsequent to December 31, 2024, the Company sold the remaining 12.19% of the beneficial interests in the Delaware statutory trust for an aggregate value of $787,043. As of August 14, 2025, RF Grocery owns 0% of the beneficial interests in the Trust.

On February 21, 2025, Festival refinanced its rental property and paid down $2,800,000 of the principal amount owed to the Company for Note 4. The outstanding balance of Note 4 was reduced to $976,000.

On January 1, 2026, the Note 1 maturity was extended until December 31, 2026.

On May 1, 2025, the Note 2 balance of $2,000,000 was converted into a 37.21% preferred equity investment with SPSS Developer, LLC, the parent company of the original borrower, Station Plaza Self-Storage LLC. SPSS Developer, LLC, and the Company are affiliates of one another, and as such, they are related parties. The preferred equity position require SPSS Developer to pay a 12.22% preferred capital return to the Company.

On January 1, 2026, the Note 3 maturity was extended until December 31, 2026.

**GK Investment Property Holdings II, LLC**

**Note 10 – Subsequent Events (continued)**

As noted in the financial statement Note 4 - Bonds Payable;

Series A of the Bonds issued and payable were maturing on February 28, 2025. On February 27, 2025, the Company redeemed the Series A Bondholders for a total amount of $2,633,496. The redemption amount paid included $2,505,000 of Bond principal, current interest due of $6,332 and accrued interest due of $122,164.

Series B of the Bonds issued and payable were maturing on August 31, 2025. On September 2, 2025, the Company partially redeemed the Series B Bondholders for a total amount of $2,018,581. The partial redemption amount paid included $1,869,000 of Bond principal, current interest due of $8,926 and accrued interest due of $140,656. On September 25, 2025, the Company redeemed the remainder to the Series B Bondholders for a total amount of $1,005,556. The remaining redemption amount paid included $1,000,000 of Bond principal, current interest due of $4,862 and accrued interest due of $694.

Series C of the Bonds issued and payable were maturing on February 28, 2026. On February 26, 2026, the Company redeemed the Series C Bondholders for a total amount of $4,446,437. The redemption amount paid included $4,230,000 of Bond principal, current interest due of $10,692 and accrued interest due of $205,745.

The consolidated financial statements and related disclosures include evaluation of events up through and including April 13, 2026, which is the date the consolidated financial statements were available to be issued.

**Item 8. Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** |
| [(2)(a)](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex2a.htm) | [Certificate of Formation of the Company, incorporated by reference to Exhibit (2)(a) to the Company's Offering Statement on Form 1-A filed on September 17, 2019.](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex2a.htm) |
| [(2)(b)](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex2b.htm) | [Limited Liability Company Agreement of the Company, incorporated by reference to Exhibit (2)(b) to the Company's Offering Statement on Form 1-A filed on September 17, 2019.](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex2b.htm) |
| [(2)(c)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex2c.htm) | [First Amendment to Limited Liability Company Agreement of the Company, dated as of January 1, 2021, incorporated by reference to Exhibit 2.1 of the Company's Form 1-U filed on March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex2c.htm) |
| [(2)(d)](https://www.sec.gov/Archives/edgar/data/1788427/000165495420007949/gkiph_ex21.htm) | [Amended and Restated Limited Liability Company Agreement of RF Grocery, LLC, dated as of July 23, 2020, incorporated by reference to Exhibit 2.1 of the Company's Form 1-U filed on July 23, 2020.](https://www.sec.gov/Archives/edgar/data/1788427/000165495420007949/gkiph_ex21.htm) |
| [(2)(e)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421000892/gkiphii_ex2d.htm) | [Amendment No. 1 to Operating Agreement of RF Grocery, LLC, dated as of December 17, 2020, incorporated by reference to Exhibit 2(d) of the Company's Form 1-A filed on January 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421000892/gkiphii_ex2d.htm) |
| [(3)(a)](http://www.sec.gov/Archives/edgar/data/1788427/000165495420000422/gkih_ex3a.htm) | [Indenture between our company and the trustee, incorporated by reference to Exhibit 3(a) to the Company's Third Pre-Qualification Amendment to its Offering Statement on Form 1-A filed on January 14, 2020.](http://www.sec.gov/Archives/edgar/data/1788427/000165495420000422/gkih_ex3a.htm) |
| [(3)(b)](http://www.sec.gov/Archives/edgar/data/1788427/000165495420000422/gkih_ex3b.htm) | [Form of Unsecured Bond, incorporated by reference to Exhibit (3)(b) to the Company's Third Pre-Qualification Amendment to its Offering Statement on Form 1-A filed on January 14, 2020.](http://www.sec.gov/Archives/edgar/data/1788427/000165495420000422/gkih_ex3b.htm) |
| [(3)(c)](http://www.sec.gov/Archives/edgar/data/1788427/000165495420009237/gkinv_ex31.htm) | [First Supplemental Indenture between GK Investment Property Holdings II, LLC and UMB Bank, N.A., as trustee, dated as of August 13, 2020, incorporated by reference to Exhibit 3.1 of the Company's Form 1-U filed on August 17, 2020.](http://www.sec.gov/Archives/edgar/data/1788427/000165495420009237/gkinv_ex31.htm) |
| [(3)(d)](http://www.sec.gov/Archives/edgar/data/1788427/000165495422001680/gkiph_ex31.htm) | [Second Supplemental Indenture between GK Investment Property Holdings II, LLC and UMB Bank, N.A., as trustee, dated as of February 14, 2022, incorporated by reference to Exhibit 3.1 of the Company's Form 1-U filed on February 15, 2022.](http://www.sec.gov/Archives/edgar/data/1788427/000165495422001680/gkiph_ex31.htm) |
| [(4)](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex-4.htm) | [Form of Subscription Agreement, incorporated by reference to Exhibit (4) to the Company's Offering Statement on Form 1-A filed on September 17, 2019.](http://www.sec.gov/Archives/edgar/data/1788427/000165495419010788/gkih_ex-4.htm) |
| [(6)(a)](http://www.sec.gov/Archives/edgar/data/1788427/000165495420006233/gkiph_ex61.htm) | [Purchase and Sale Agreement by and between 7501 W. North Avenue, LLC and RF Grocery LLC, dated as of May 27, 2020, incorporated by reference to Exhibit 6.1 of the Company's Form 1-U filed on June 2, 2020.](http://www.sec.gov/Archives/edgar/data/1788427/000165495420006233/gkiph_ex61.htm) |
| [(6)(b)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6b.htm) | [Lease by and between Lakes Venture, LLC and 7501 W. North Avenue, LLC, dated as of November 14, 2014, incorporated by reference to Exhibit 6(b) of the Company's Form 1-A filed on February 23, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6b.htm) |
| [(6)(c)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6c.htm) | [Commencement Date Agreement by and between Lakes Venture, LLC and 7501 W. North Avenue LLC, dated as of June 6, 2017, incorporated by reference to Exhibit 6(c) of the Company's Form 1-A filed on February 23, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6c.htm) |

---

---

| | |
|:---|:---|
| [(6)(d)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6d.htm) | [Assignment and Assumption of Leases by and between 7501 W. North Avenue, LLC and RF Grocery, LLC, dated as of July 17, 2020, incorporated by reference to Exhibit 6(d) of the Company's Form 1-A filed on February 23, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421001984/gkii_ex6d.htm) |
| [(6)(e)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6e.htm) | [Promissory Note by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of July 30, 2021, incorporated by reference to Exhibit 6(e) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6e.htm) |
| [(6)(f)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6f.htm) | [Deed of Trust, Assignment of Leases and Rents and Security Agreement by and among GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Trustors, and Rebecca S. Conrad, as Trustee, for the benefit of GK Investment Property Holdings II, LLC, as Beneficiary, dated as of August 16, 2021, incorporated by reference to Exhibit 6(f) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6f.htm) |
| [(6)(g)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6g.htm) | [Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of July 30, 2021, incorporated by reference to Exhibit 6(g) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6g.htm) |
| [(6)(h)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6h.htm) | [Contribution Agreement by and between RF Grocery, LLC and GK DST - River Forest Grocery, dated as of June 25, 2021, incorporated by reference to Exhibit 6(h) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6h.htm) |
| [(6)(i)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6i.htm) | [Loan Modification Agreement, by and among Barrington Bank & Trust Company, N.A., RF Grocery, LLC, GK DST - River Forest Grocery and GK Development, Inc. d/b/a GK Real Estate, dated as of July 21, 2021, incorporated by reference to Exhibit 6(i) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6i.htm) |
| [(6)(j)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6j.htm) | [Amended and Restated Note, made by GK DST - River Forest Grocery payable to Barrington Bank & Trust Company, N.A., dated as of July 21, 2021, incorporated by reference to Exhibit 6(j) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6j.htm) |
| [(6)(k)](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6k.htm) | [Trust Agreement of GK DST - River Forest Grocery by and between Sorensen Entity Services LLC, River Forest Grocery - GK Services LLC and RF Grocery, LLC dated as of June 10, 2021, incorporated by reference to Exhibit 6(k) of the Company's Form 1-SA filed on September 28, 2021.](http://www.sec.gov/Archives/edgar/data/1788427/000165495421010461/gkii_ex6k.htm) |
| [(6)(l)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6l.htm) | [Substitute Promissory Note by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of October 15, 2021, incorporated by reference to Exhibit (6)(l) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6l.htm) |
| [(6)(m)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6m.htm) | [Extension Letter by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, dated as of October 25, 2021, incorporated by reference to Exhibit (6)(m) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6m.htm) |

---

---

| | |
|:---|:---|
| [(6)(n)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6n.htm) | [Substitute Promissory Note by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of December 1, 2021, incorporated by reference to Exhibit (6)(n) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6n.htm) |
| [(6)(o)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6o.htm) | [Substitute Promissory Note by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of January 1, 2022, incorporated by reference to Exhibit (6)(o) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6o.htm) |
| [(6)(p)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6p.htm) | [First Amendment to Deed of Trust, Assignment of Leases and Rents and Security Agreement by and among GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Trustors, and Rebecca S. Conrad, as Trustee, for the benefit of GK Investment Property Holdings II, LLC, as Beneficiary, dated as of December 1, 2021, incorporated by reference to Exhibit (6)(p) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6p.htm) |
| [(6)(q)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6q.htm) | [Second Amendment to Deed of Trust, Assignment of Leases and Rents and Security Agreement by and among GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Trustors, and Rebecca S. Conrad, as Trustee, for the benefit of GK Investment Property Holdings II, LLC, as Beneficiary, dated as of January 1, 2022, incorporated by reference to Exhibit (6)(q) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6q.htm) |
| [(6)(r)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6r.htm) | [Amended and Restated Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of October 15, 2021, incorporated by reference to Exhibit (6)(r) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6r.htm) |
| [(6)(s)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6s.htm) | [Second Amended and Restated Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of December 1, 2021, incorporated by reference to Exhibit (6)(s) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6s.htm) |
| [(6)(t)](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6t.htm) | [Third Amended and Restated Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of January 1, 2022, incorporated by reference to Exhibit (6)(t) to the Company 1-A POS filed March 8, 2022.](https://www.sec.gov/Archives/edgar/data/1788427/000165495422002664/gkiph_ex6t.htm) |
| [(6)(u)](https://www.sec.gov/Archives/edgar/data/1788427/000110465923104804/tm2327056d1_ex6u.htm) | [Promissory Note by Station Plaza Self-Storage LLC, as borrower, in favor of GK Investment Property Holdings II, LLC, as Lender, dated January 10, 2024 incorporated by reference to Exhibit 6(u) of the Company's Form 1-SA filed on Spetember 28, 2023.](https://www.sec.gov/Archives/edgar/data/1788427/000110465923104804/tm2327056d1_ex6u.htm) |
| [(6)(v)](https://www.sec.gov/Archives/edgar/data/1788427/000110465924055799/tm2413160d1_ex-6v.htm) | [Collateral Assignment, Pledge and Security agreement by SPSS Developer LLC and GK Station Plaza Self-Storage LLC to and in favor of GK Investment Property Holdings II, LLC dated January 10, 2024, incorporated by reference to Exhibit 6(v) of the Company's Form 1-SA filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1788427/000110465924055799/tm2413160d1_ex-6v.htm) |
| [(6)(w)](https://www.sec.gov/Archives/edgar/data/1788427/000110465923104804/tm2327056d1_ex6w.htm) | [Intercreditor Agreement dated as of June 21, 2022, is made by and among GK Investment Property Holdings II, LLC, as Lender 1 and GK Holiday Village, LLC, as Lender 2, incorporated by reference to Exhibit 6(w) of the Company's Form 1-SA filed on Spetember 28, 2023.](https://www.sec.gov/Archives/edgar/data/1788427/000110465923104804/tm2327056d1_ex6w.htm) |
| [(6)(x)](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6x.htm) | [Promissory Note dated as of January 10, 2024 in the principal amount of $2,000,000 made by GK Investment Property Holdings II, LLC, as Lender, and Station Plaza Self-Storage LLC, as Borrower, incorporated by reference to Exhibit 6(x) of the Company's Form 1-SA filed on September 28, 2024.](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6x.htm) |
| [(6)(y)](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6y.htm) | [Promissory Note dated as of April 29, 2024 in the principal amount of $503,774 by Demarcay Development Mezz Partners LLC, as Maker, and GK Investment Property Holdings II, LLC, as Holder, incorporated by reference to Exhibit 6(y) of the Company's Form 1-SA filed on September 28, 2024.](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6y.htm) |
| [(6)(z)](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6z.htm) | [Promissory Note dated as of May 8, 2024 in the principal amount of $3,751,000 by GK Festival LLC, as Borrower, and GK Investment Property Holdings II, LLC, as Lender, incorporated by reference to Exhibit 6(z) of the Company's Form 1-SA filed on September 28, 2024.](https://www.sec.gov/Archives/edgar/data/1788427/000110465924104474/tm2425253d1_ex6z.htm) |

---

---

| | |
|:---|:---|
| [(6)(aa)](tm2611279d1_ex-6aa.htm) | [Substitute Promissoyr Note in the principal amount of $6,816,728 by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of January 1, 2025](tm2611279d1_ex-6aa.htm) |
| [(6)(bb)](tm2611279d1_ex-6bb.htm) | [Sixth Amended and Restated Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of January 1, 2025](tm2611279d1_ex-6bb.htm) |
| [(6)(cc)](tm2611279d1_ex-6cc.htm) | [Fifth Amendment to Deed of Trust, Assignment of Leases and Rents and Security Agreement by and among GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Trustors, and Rebecca S. Conrad, as Trustee, for the benefit of GK Investment Property Holdings II, LLC, as Beneficiary, dated as of Janaury 1, 2025](tm2611279d1_ex-6cc.htm) |
| [(6)(dd)](tm2611279d1_ex-6dd.htm) | [Substitute Promissoyr Note in the principal amount of $6,816,728 by GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Borrowers, in favor of GK Investment Property Holdings II, LLC, as Lender, dated as of January 1, 2026](tm2611279d1_ex-6dd.htm) |
| [(6)(ee)](tm2611279d1_ex-6ee.htm) | [Seventh Amended and Restated Intercreditor Agreement by and among GK Investment Holdings, LLC, GK Investment Property Holdings II, LLC and GK Secured Income V, LLC, dated as of January 1, 2026](tm2611279d1_ex-6ee.htm) |
| [(6)(ff)](tm2611279d1_ex-6ff.htm) | [Fifth Amendment to Deed of Trust, Assignment of Leases and Rents and Security Agreement by and among GK Preferred Income II (Ridgmar) SPE, LLC and 1551 Kingsbury Partners SPE, LLC, as Trustors, and Rebecca S. Conrad, as Trustee, for the benefit of GK Investment Property Holdings II, LLC, as Beneficiary, dated as of Janaury 1, 2026](tm2611279d1_ex-6ff.htm) |
| [(6)(gg)](tm2611279d1_ex-6gg.htm) | [Substitute Promissory Note dated as of January 1, 2025 in the principal amount of $2,000,000 made by GK Investment Property Holdings II, LLC, as Lender, and Station Plaza Self-Storage LLC, as Borrower.](tm2611279d1_ex-6gg.htm) |
| [(6)(hh)](tm2611279d1_ex-6hh.htm) | [Debt Conversion Agreement dated January 1, 2025 by and among Station Plaza Self-Storage LLC, SPSS Developer LLC and GK Investment Property Holdings II, LLC, as lender.](tm2611279d1_ex-6hh.htm) |
| [(8)](http://www.sec.gov/Archives/edgar/data/1788427/000165495419012689/gkih_ex8.htm) | [Form of Subscription Escrow Agreement among our company, JCC Advisors, LLC and UMB Bank, National Association, incorporated by reference to Exhibit (8) to the Company's First Pre-Qualification Amendment to its Offering Statement on Form 1-A filed on November 12, 2019.](http://www.sec.gov/Archives/edgar/data/1788427/000165495419012689/gkih_ex8.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GK Investment Property Holdings II, LLC,** <br> a Delaware limited liability company | **GK Investment Property Holdings II, LLC,** <br> a Delaware limited liability company |
|  | By: | **GK Development, Inc. dba GK Real Estate** |
|  |  | an Illinois corporation, Manager |
| Date: April 13, 2026 | By: | /s/ *Garo Kholamian* |
|  | Name: | Garo Kholamian |
|  | Title: | Sole Director |

---

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: April 13, 2026 | By: | /s/ *Garo Kholamian* |
|  |  | Garo Kholamian |
|  |  | President of our manager<br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: April 13, 2026 | By: | /s/ *Steven P. Higdon* |
|  |  | Steven P. Higdon |
|  |  | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

## Ex1K-6

**Exhibit 6(aa)**

**SUBSTITUTE PROMISSORY NOTE**

---

| | |
|:---|:---|
| $6816728.98 | Date: January 1, 2025 |
|  | Maturity Date: December 31, 2025 |

---

FOR VALUE RECEIVED, GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company ("<u>GK Borrower</u>") and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company ("<u>Kingsbury Borrower</u>"; and together with GK Borrower, individually or collectively, as the context requires, "<u>Borrower</u>"), jointly and severally, hereby promise to pay to the order of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender</u>") the principal sum of SIX MILLION EIGHT HUNDRED SIXTEEN THOUSAND SEVEN HUNDRED TWENTY-EIGHT AND 98/100 DOLLARS ($6,816,728.98), with interest thereon, according to the terms of this Substitute Promissory Note (this "<u>Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Interest Rate**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The unpaid principal balance of this Note shall bear interest from the date of this Note through the Maturity Date at a rate equal to twelve and twenty-two hundredths percent (12.22%) per annum (the "<u>Interest Rate</u>"). Interest shall be calculated on the basis of a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 From and after the Maturity Date or upon the occurrence and during the continuance of an Event of Default (as defined below) interest shall accrue on the unpaid principal balance of this Note until paid at a rate equal to five percent (5.00%) per annum in excess of the Interest Rate (the "<u>Default Interest Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 No clause or provision in this Note shall be construed or shall so operate (a) to raise the Interest Rate set forth in this Note above the lawful maximum, if any, in effect from time to time in the applicable jurisdiction for loans to borrowers of the type, in the amount, for the purposes, and otherwise of the kind contemplated, or (b) to require the payment or the doing of any act contrary to law, but if any clause or provision contained shall otherwise so operate this Note, in whole or in part, then (i) such clauses or provisions shall be deemed modified to the extent necessary to be in compliance with the law, or (ii) to the extent not possible, shall be deemed void as though not contained and the remainder of this Note shall remain operative and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Payments under this Note, if not sooner paid or declared to be due in accordance with the terms hereof, shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing on January 1, 2025, and continuing on the first day of each month thereafter through and including the month in which the Maturity Date occurs, Borrower shall make monthly payments of principal and interest in the amount of $74,718.33 each, which monthly payment shall be calculated based upon a twenty-five (25) year amortization period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal balance of this Note, if not sooner paid or declared to be due in accordance with the terms hereof, together with all accrued and unpaid interest thereon and any other amounts due and payable hereunder, shall be due and payable in full on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Borrower may prepay this Note, in whole or in part, at any time without prepayment penalty or premium. Prepayments shall be allocated among principal, interest and fees at the sole discretion of the Lender unless otherwise agreed or required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Borrower will pay the obligations due under this Note to Lender at 257 East Main Street, Suite 200, Barrington, Illinois 60010, or at such other place as the Lender may designate from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Borrower agrees that to the extent any payment is received by Lender in connection with this Note, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a "<u>Preferential Payment</u>"), then this Note shall continue to be effective or shall be reinstated, as the case may be, and whether or not Lender is in possession of this Note, and, to the extent of such payment or repayment by Lender intended to be satisfied by such Preferential Payment shall be revived and continued in full force and effect as if said Preferential Payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Borrower hereby acknowledges and agrees that the payment obligations due under this Note are subject to that certain Amended and Restated Intercreditor Agreement dated as of December 1, 2021, as amended from time to time, by and among, Lender, GK Investment Holdings, LLC, a Delaware limited liability company and GK Secured Income V, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security**. The payment and performance of all of the obligations represented by this Note are evidenced and/or secured by, among other things, (i) that certain Deed of Trust, Assignment of Leases and Rents and Security Agreement dated as of August 16, 2021 and recorded by the Tarrant County Clerk on August 19, 2021 as Document D221240551, as amended from time to time (the "<u>Deed of Trust</u>"), granting a first priority lien, mortgage and security interest to the Lender in the real property commonly known as 1888 Green Oaks Road, Fort Worth, Tarrant County, Texas (the "<u>Property</u>"); and (ii) such other documents given to evidence or secure payment of this Note (collectively, the "<u>Loan Documents</u>"). Reference is hereby made to the Loan Documents, which are incorporated herein by reference, for a statement of the covenants and agreements contained therein, a statement of the rights, remedies and security afforded thereby, and all matters contained therein. Contemporaneously with the execution and delivery of this Substitute Note, Borrower shall execute and deliver to Lender a certain Fifth Amendment to Deed of Trust to reflect the current principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Default**. The occurrence and continuance of any one or more of the following events shall be considered an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Borrower fails to pay when due any amount payable under this Note, within five (5) days of the due date for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The commencement of any proceeding in bankruptcy by or against Borrower or alleging that Borrower is insolvent or unable to pay its debts as they mature, or for the readjustment of Borrower's debts, whether under the United States Bankruptcy Code or under any other law, whether state or federal, now or hereafter existing, for the relief of debtors, or the commencement of any analogous statutory or non-statutory proceeding involving Borrower; provided, however, that if such commencement of proceedings against Borrower is involuntary, such action shall not constitute an Event of Default unless such appointment is not revoked or such proceeding is not dismissed within sixty (60) days after the commencement of such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Remedies**. At the election of Lender, and without notice, the principal balance remaining unpaid under this Note and all accrued and unpaid interest thereon and any other amounts due hereunder, shall be and become immediately due and payable in full upon the occurrence of an Event of Default. Failure to exercise this option shall not constitute a waiver of the right to exercise same in the event of any subsequent Event of Default. Upon an Event of Default, Lender may proceed under any remedy permitted herein, or pursuant to law or equity. No holder hereof shall, by any act of omission or commission, be deemed to waive any of its rights, remedies or powers hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The rights, remedies and powers of the holder hereof, as provided in this Note are cumulative and concurrent and may be pursued singly, successively or together against Borrower and any security given at any time to secure repayment hereof, all at the sole discretion of the holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Financial Statements**. Promptly when available, and in any event, within ten (10) days following the end of each calendar month during the term of this Note, Borrower shall deliver to Lender a copy of the unaudited financial statements of Borrower regarding such month then ended, together with such other documentation and information as Lender may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 This Note, together with the Loan Documents, constitutes the entire agreement among Borrower and Lender and contains all of the agreements with respect to the subject matter hereof, and supersedes any prior understandings, agreements, or representations by or among Borrower and Lender, whether written or oral, to the extent they relate in any way to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Lender may at any time assign its rights in this Note. This Note shall inure to the benefit of and may be enforced by Lender and its successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 No amendment, modification or waiver of any provision of this Note shall be valid unless the same shall be in writing and signed by Borrower and Lender. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The section headings contained in this Note are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 This Note is the result of arm's length negotiations conducted by and among Borrower and Lender and, therefore, the usual rules of construction requiring that ambiguities are to be resolved against a particular party shall not be applicable in the construction of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If at any time or times hereafter following an Event of Default Lender employs counsel (whether or not there is a lawsuit) to enforce any rights of Lender against Borrower under this Note or any of the other Loan Documents, or attempts to or enforces any of Lender's rights or remedies under this Note, the costs and expenses incurred by Lender in any manner or way with respect to the foregoing, including, without limitation, attorneys' fees and costs through appeal and in post-judgment proceedings, shall be part of the obligations owing under this Note, payable by Borrower to Lender on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of said documents. As used in this Note, the singular shall include the plural, and masculine, feminine and neuter pronouns shall be fully interchangeable, where the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 If this Note is executed by more than one party, the obligations and liabilities of each Borrower hereunder shall be joint and several and shall be binding and enforceable against each Borrower and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE TO CLAIM OR RECOVER FROM LENDER IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF BORROWER AND LENDER SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 **<u>JURY WAIVER</u>**. LENDER AND BORROWER, EACH HAVING BEEN REPRESENTED BY COUNSEL OR HAVING THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT LENDER MAY FILE A COPY OF THIS NOTE WITH ANY COURT OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 **<u>PRIOR NOTES</u>**. This Note is given in substitution for, and not in payment of the following (collectively, the "<u>Prior Notes</u>"): that certain Promissory Note dated July 30, 2021 made by Borrower in the original principal sum of $3,500,000.00; as amended by that certain Substitute Promissory Note dated October 15, 2021 made by Borrower in the original principal sum of $3,700,000.00; as further amended by that certain Substitute Promissory Note dated December 1, 2021 made by Borrower in the original principal sum of $6,200,000.00; as further amended by that certain Substitute Promissory Note dated January 1, 2022 made by Borrower in the original principal sum of $6,100,000.00; as further amended by that certain Substitute Promissory Note dated September 1, 2022 made by Borrower in the original principal sum of $6,047,931.05; as further amended by that certain Substitute Promissory Note dated November 1, 2022 made by Borrower in the original principal sum of $6,292,065.23; and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of $6,236,166.50; that certain Promissory Note dated January 31, 2024 made by Borrower in the original principal sum of $155,000.00; that certain Promissory Note dated April 19, 2024 made by Borrower in the original principal sum of $85,000.00; that certain Promissory Note dated October 16, 2024 made by Borrower in the original principal sum of $110,000.00; that certain Promissory Note dated December 11, 2024 in the original principal sum of $175,000.00; and that certain Promissory Note dated December 17, 2024 in the original principal sum of $100,000.00.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrower has duly executed this Substitute Promissory Note as of the day and year first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |
| **BORROWER:** | **BORROWER:** |
| 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |

---

## Ex1K-6

**Exhibit 6(bb)**

<u>**SIXTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT**</u>

THIS SIXTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT (this "<u>Agreement</u>") dated as of January 1, 2025, is made by and among GK INVESTMENT HOLDINGS, LLC, a Delaware limited liability company ("<u>Lender 1</u>"), GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender 2</u>"), and GK SECURED INCOME V, LLC, a Delaware limited liability company ("<u>Lender 3</u>") (Lender 1, Lender 2, and Lender 3 are each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>").

<u>**WITNESSETH:**</u>

WHEREAS, each Lender has previously entered into a secured lending arrangement with GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company (collectively, the "<u>Company</u>");

WHEREAS, as part of each such lending arrangement, the Company previously issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to Lender 1, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021 in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as further amended by that certain Substitute Promissory Note dated as of December 1, 2021 in the principal amount of One Million and 00/100 Dollars ($1,000,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of One Million One Hundred Thousand and 00/100 Dollars ($1,100,000.00), as further amended by that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Seven Hundred Thousand and 00/100 Dollars ($700,000.00);and as further amended by that certain Substitute Promissory Note dated January 1, 2024 in the principal sum of Six Hundred Ninety Thousand Eight Hundred Forty-Nie and 82/100 Dollars ($690,849.82) (collectively, the "<u>Lender 1 Notes</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to Lender 2, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021 in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as further amended by that certain Substitute Promissory Note dated as of December I, 2021 in the principal amount of Six Million Two Hundred Thousand and 00/100 Dollars ($6,200,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of Six Million One Hundred Thousand and 00/100 Dollars ($6,l 00,000.00), as further amended that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Six Million Forty-Seven Thousand Nine Hundred Thirty-One and 05/100 Dollars ($6,047,931.05), as further amended by that certain Substitute Promissory Note dated November 1, 2022 in the principal sum of Six Million Two Hundred Ninety-Two Thousand Sixty-Five and 23/100 Dollars ($6,292,065.23), and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of $6,236,166.50; that certain Promissory Note dated January 31, 2024 made by Borrower in the original principal sum of $155,000.00; that certain Promissory Note dated April 19, 2024 made by Borrower in the original principal sum of $85,000.00; that certain Promissory Note dated October 16, 2024 made by Borrower in the original principal sum of $110,000.00; that certain Promissory Note dated December 11, 2024 in the original principal sum of $175,000.00; and that certain Promissory Note dated December 17, 2024 in the original principal sum of $100,000.00 (collectively, the "<u>Lender 2 Notes</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to Lender 3, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as amended by that certain Substitute Promissory Note dated as of December 1, 2021 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as further amended by that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Seven Hundred Forty-Three Thousand Five Hundred Ninety-Eight and 09/100 Dollars ($743,598.09), as further amended by that certain Substitute Promissory Note dated November 1, 2023 in the principal amount of Five Hundred Eighty-Six Thousand Six Hundred Forty-Eight and 01/100 Dollars ($586,648.01), and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of Five Hundred Eighty-Five Thousand Five Hundred Eighty-Four and 74/100 Dollars ($585,584.74); that certain Promissory Note dated October 1, 2024 made by Borrower in the original principal sum of $225,000.00; that certain Promissory Note dated November 12, 2024 in the original principal sum of $50,000.00; and that certain Promissory Note dated December 5, 2024 in the original principal sum of $50,000.00 (collectively, the "<u>Lender 3 Notes</u>" and together with the Lender I Notes and the Lender 2 Notes being the "<u>Loan Obligations</u>" and all promissory notes being, collectively, "<u>Prior Notes</u>");

WHEREAS, the Loan Obligations of each Lender is secured by a Deed of Trust, Assignment of Leases and Rents and Security Agreement (as amended from time to time and collectively, the "<u>Mortgage and Security Agreements</u>") in the real property commonly known as 1888 Green Oaks Road, Fort Worth, Tarrant County, Texas (the "<u>Property</u>") granted by the Company to each Lender, as recorded on August 19, 2021 as Document Nos. D221240550, D22124055l and D221240552;

WHEREAS, the Lenders previously entered into that certain Intercreditor Agreement dated as of August 16, 2021, as amended by that certain Amended and Restated Intercreditor Agreement dated as of October 15, 2021, as further amended by that Certain Second Amended and Restated Intercreditor Agreement dated as of December 1, 2021, as further amended by that certain Third Amended and Restated Intercreditor Agreement dated as of January 1, 2022, as further amendment by that certain Fourth Amended and Restated Intercreditor Agreement dated as of September I, 2022, and as further amended by that certain Fifth Amended and Restated Intercreditor Agreement dated as of January 1, 2024;

WHEREAS, contemporaneously with the execution of this Agreement, the Company has issued a certain Substitute Promissory Note in favor of Lender 1 in the principal amount of THREE HUNDRED TWENTY-THREE THOUSAND FIVE HUNDRED SIXTY-SEVEN AND 18/100 DOLLARS ($323,567.18), a certain Substitute Promissory Note in favor of Lender 2 in the principal amount of SIX MILLION EIGHT HUNDRED SIXTEEN THOUSAND SEVEN HUNDRED TWENTY-EIGHT AND 98/100 DOLLARS ($6,816,728.98), and that certain Substitute Promissory Note in favor of Lender 3 in the principal amount of NINE HUNDRED ONE THOUSAND SEVEN HUNDRED EIGHTY-TWO AND 28/100 DOLLARS ($901,782.28) (collectively, the "<u>Substitute Notes</u>" and together with the Prior Notes are collectively, the "<u>Notes</u>");

WHEREAS, the Lenders desire to enter into this Agreement to acknowledge and approve the Substitute Notes and to reflect the current obligations due from the Company under the Prior Notes, as amended; and

WHEREAS, it is contemplated that the Mortgage and Security Agreements held by each of the Lenders in the Property shall rank *pari passu* on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Lenders agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Lender hereby acknowledges that the security interests held by each of the Lenders pursuant to the Mortgage and Security Agreements shall rank equally and ratably without priority over one another, regardless of the order of time in which any such security interests or claims arise, attach or are perfected by filing, recording, possession, control or otherwise. Each Lender and its current outstanding principal Loan Obligation as of the date hereof is listed in the <u>**Sixth Amended Schedule 1**</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Notes and the Mortgage and Security Agreements shall include all renewals, replacements, modifications and extensions thereof, to the extent that such renewals, replacements and modifications do not increase the principal amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Lender does hereby consent to the execution by the Company of the Substitute Notes and in furtherance thereof, does hereby acknowledge and agree to the increase and/or decrease in the principal amount of the Substitute Notes, as reflected in the Sixth Amended Schedule 1. With respect to any increase in the principal amount of the Substitutes Notes, each Lender does hereby consent to the execution by the Company and the recording of an amendment to the applicable Mortgage and Security Agreements to reflect the increase in the principal amount of the applicable Substitute Note. In addition, each Lender does hereby acknowledge, agree and consent to the prepayment of principal made by the Company under the Notes prior to the date of this Agreement, including, without limitation, all principal prepayments made by the Company during calendar year 2024. From and after the date hereof, all Notes shall be on the same payment terms, with all unpaid principal and accrued interest due and payable on the maturity date; provided, however, the Notes may accrue interest at different rates but in no event above the lawful maximum. From and after the date hereof, the Notes may not be prepaid in whole or part without the Lenders' approval and must have coterminous maturity dates. The terms of this Agreement shall be incorporated into such Note as if they were original a part of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement and all obligations hereunder, or with respect hereto, shall continue in full force and effect so long as any of the Loan Obligations remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Lender shall (a) promptly notify the other Lenders of any default under its Note, the Mortgage and Security Agreement or any other agreements or documents executed in connection therewith, as applicable (a "<u>Default</u>") known to such Lender and not reasonably believed to have been previously disclosed to the other Lenders; (b) provide the other Lenders with such information and documentation as such other Lenders shall reasonably request in the performance of their respective obligations hereunder, including but not limited to information relative to the outstanding balance of principal, interest and other sums owed to such Lender by the Company; and (c) cooperate with the other Lenders with respect to any and all collections and/or foreclosure procedures at any time commenced against the Company or otherwise in respect of the Collateral securing the Loan Obligations. In the event of a Default, the Lenders may agree to appoint one Lender or Lender's designee to act on behalf of all of the Lenders hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any and all payments under the Notes as between all Lenders shall be paid equally and ratably. Furthermore, no Lender may accelerate the obligations of the Company under its Note and commence and complete the exercise of all of its other rights and remedies thereunder (without the approval or joinder of all Lenders). No Lender has an obligation to the other Lenders to take any steps with regard to the enforcement or protection of other Lender's rights to the security for its Note. In the event of a Default by the Company under any Loan Obligation, should any payment, distribution or security or proceeds be received by a Lender upon or with respect to such Lender's loan prior to the satisfaction in full of the Default, such Lender shall immediately deliver the same equally and ratably to all Lenders in the form received (except for endorsement or assignment by such Lender where required), for ratable application on the loans (whether or not then due) and, until so delivered, the same shall be held in trust on behalf of all Lenders by such Lender as the property of all Lenders. Notwithstanding anything herein to the contrary, the Company may not prepay a Note at any time in whole or in part, unless (a) no Default exists under the loans, (b) such payment on the Note will be paid equally and ratably to all Lenders hereunder, or (c) all Lenders otherwise agree in writing to such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to matters related to the enforcement of this Agreement, this Agreement shall be governed by, and be construed in accordance with, the laws of the state in which the Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement is solely for the benefit of and shall bind the parties hereto and their respective successors and assigns, and no other person or persons shall have any right, benefit, priority or interest under or because of the existence of this Agreement. In the event of the transfer or assignment of all or any part of any of the security interests or claims described in this Agreement, the priorities established in this Agreement shall continue in full force and effect with respect to such assigned or transferred interests or claims, and the assigning party agrees to advise such assignee and transferee of such continuing priorities and obtain such assignee's or transferee's agreement thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be executed in counterparts, which when executed and delivered shall be an original, but all such counterparts shall together constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. The provisions of this Agreement are, and are intended, solely for the purpose of defining the relative rights of the Lenders by and amongst themselves. Nothing contained herein is intended to or shall impair, the obligation of the Company as among the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This is a continuing agreement and will remain in full force and effect until all but one of the loans have been fully paid, performed and satisfied. This Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any payment of a Note is rescinded or must otherwise be returned by a Lender upon the insolvency, bankruptcy, or reorganization of the Company or otherwise, all as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. No defect in, invalidity of, or absence or loss of priority in, or under this Agreement or the Notes or the Mortgage and Security Agreements shall affect the respective rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Each Lender agrees not to amend or modify its respective Note or Mortgage and Security Agreement, without the prior written approval of the other if any such amendment or modification could materially adversely affect the other's rights and priority to the Property or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Within ten (10) business days after a request therefor by any Lender (the "<u>Requesting</u> <u>Party</u>") the party of whom such request is made, including the Company (the "<u>Responding Party</u>") shall furnish to the Requesting Party, at the Requesting Party's expense, a written letter addressed to the Requesting Party and any other party reasonably requested by the Requesting Party (including, without limitation, any actual or prospective assignee of the Requesting Party) which states the principal amount then outstanding on the Responding Party's loan(s) and the date to which interest on such loan has been paid, the amount of any escrows, reserves or other sums held by or on behalf of the Responding Party (whether or not disbursed) and stating whether it has given any notice of the existence of any default under the Responding Party's loan and that, to its knowledge, there is no condition or event which constitutes a default or which, after notice or lapse of time or both, would constitute a default or, if any such condition or event exists, specifying in reasonable detail the nature and period of existence thereof and what action the Company is taking or (to the extent then known to the Responding Party) proposes to take with respect thereto.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the Lenders has duly executed this Sixth Amended and Restated Intercreditor Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| **LENDERS:** | **LENDERS:** |
| GK INVESTMENT HOLDINGS, LLC, a | GK INVESTMENT HOLDINGS, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| GK INVESTMENT PROPERTY HOLDINGS | GK INVESTMENT PROPERTY HOLDINGS |
| II, LLC, a Delaware limited liability company | II, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| GK SECURED INCOME V, LLC, a Delaware | GK SECURED INCOME V, LLC, a Delaware |
| limited liability company | limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

---

| | | | |
|:---|:---|:---|:---|
| **ACKNOWLEDGED:** | **ACKNOWLEDGED:** | **ACKNOWLEDGED:** | **ACKNOWLEDGED:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) | 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company | Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager | GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian | By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian | Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President | Title: President | Title: President |

---

<u>**SIXTH AMENDED SCHEDULE 1**</u>

---

| | |
|:---|:---|
| **Lender** | **Loan Obligation** |
| GK INVESTMENT HOLDINGS, LLC | $323567.18 |
| GK INVESTMENT PROPERTY HOLDINGS II, LLC | $6816728.98 |
| GK SECURED lNCOME V, LLC | $901782.28 |

---

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| $85000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: April 19, 2024 |
|  | Maturity Date: December 31, 2024 |

---

FOR VALUE RECEIVED, GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company ("<u>GK Borrower</u>") and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company ("<u>Kingsbury Borrower</u>"; and together with GK Borrower, individually or collectively, as the context requires, "<u>Borrower</u>"), jointly and severally, hereby promise to pay to the order of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender</u>") the principal sum of EIGHTY FIVE THOUSAND DOLLARS ($85,000.00), with interest thereon, according to the terms of this Promissory Note (this "<u>Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Interest Rate.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The unpaid principal balance of this Note shall bear interest from the date of this Note through the Maturity Date at a rate equal to twelve and twenty-two hundredths percent (12.22%) per annum (the "<u>Interest Rate</u>"). Interest shall be calculated on the basis of a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 From and after the Maturity Date or upon the occurrence and during the continuance of an Event of Default (as defined below) interest shall accrue on the unpaid principal balance of this Note until paid at a rate equal to five percent (5.00%) per annum in excess of the Interest Rate (the "<u>Default Interest Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 No clause or provision in this Note shall be construed or shall so operate (a) to raise the Interest Rate set forth in this Note above the lawful maximum, if any, in effect from time to time in the applicable jurisdiction for loans to borrowers of the type, in the amount, for the purposes, and otherwise of the kind contemplated, or (b) to require the payment or the doing of any act contrary to law, but if any clause or provision contained shall otherwise so operate this Note, in whole or in part, then (i) such clauses or provisions shall be deemed modified to the extent necessary to be in compliance with the law, or (ii) to the extent not possible, shall be deemed void as though not contained and the remainder of this Note shall remain operative and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. **Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Borrower will pay this Note in full on the Maturity Date in a single "balloon payment" in an amount equal to the entire principal amount of this Note, together will all accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Borrower may prepay this Note, in whole or in part, at any time without prepayment penalty or premium. Prepayments shall be allocated among principal, interest and fees at the sole discretion of the Lender unless otherwise agreed or required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Borrower will pay the obligations due under this Note to Lender at 257 East Main Street, Suite 200, Barrington, Illinois 60010, or at such other place as the Lender may designate from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Borrower agrees that to the extent any payment is received by Lender in connection with this Note, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a "<u>Preferential Payment</u>"), then this Note shall continue to be effective or shall be reinstated, as the case may be, and whether or not Lender is in possession of this Note, and, to the extent of such payment or repayment by Lender intended to be satisfied by such Preferential Payment shall be revived and continued in full force and effect as if said Preferential Payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Default.** The occurrence and continuance of any one or more of the following events shall be considered an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1 Borrower fails to pay when due any amount payable under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The commencement of any proceeding in bankruptcy by or against Borrower or alleging that Borrower is insolvent or unable to pay its debts as they mature, or for the readjustment of Borrower's debts, whether under the United States Bankruptcy Code or under any other law, whether state or federal, now or hereafter existing, for the relief of debtors, or the commencement of any analogous statutory or non-statutory proceeding involving Borrower; provided, however, that if such commencement of proceedings against Borrower is involuntary, such action shall not constitute an Event of Default unless such appointment is not revoked or such proceeding is not dismissed within sixty (60) days after the commencement of such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Remedies.** At the election of Lender, and without notice, the principal balance remaining unpaid under this Note and all accrued and unpaid interest thereon and any other amounts due hereunder, shall be and become immediately due and payable in full upon the occurrence of an Event of Default. Failure to exercise this option shall not constitute a waiver of the right to exercise same in the event of any subsequent Event of Default. Upon an Event of Default, Lender may proceed under any remedy permitted herein, or pursuant to law or equity. No holder hereof shall, by any act of omission or commission, be deemed to waive any of its rights, remedies or powers hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The rights, remedies and powers of the holder hereof, as provided in this Note are cumulative and concurrent and may be pursued singly, successively or together against Borrower and any security given at any time to secure repayment hereof, all at the sole discretion of the holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This Note constitutes the entire agreement among Borrower and Lender and contains all of the agreements with respect to the subject matter hereof, and supersedes any prior understandings, agreements, or representations by or among Borrower and Lender, whether written or oral, to the extent they relate in any way to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Lender may at any time assign its rights in this Note. This Note shall inure to the benefit of and may be enforced by Lender and its successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 No amendment, modification or waiver of any provision of this Note shall be valid unless the same shall be in writing and signed by Borrower and Lender. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The section headings contained in this Note are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 If at any time or times hereafter following an Event of Default Lender employs counsel (whether or not there is a lawsuit) to enforce any rights of Lender against Borrower under this Note, or attempts to or enforces any of Lender's rights or remedies under this Note, the costs and expenses incurred by Lender in any manner or way with respect to the foregoing, including, without limitation, attorneys' fees and costs through appeal and in post-judgment proceedings, shall be part of the obligations owing under this Note, payable by Borrower to Lender on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the Note. As used in this Note, the singular shall include the plural, and masculine, feminine and neuter pronouns shall be fully interchangeable, where the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 If this Note is executed by more than one party, the obligations and liabilities of each Borrower hereunder shall be joint and several and shall be binding and enforceable against each Borrower and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE TO CLAIM OR RECOVER FROM LENDER IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF BORROWER AND LENDER SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>**JURY WAIVER.**</u> LENDER AND BORROWER, EACH HAVING BEEN REPRESENTED BY COUNSEL OR HAVING THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT LENDER MAY FILE A COPY OF THIS NOTE WITH ANY COURT OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and year first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |
| **BORROWER:** | **BORROWER:** |
| 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |

---

## Ex1K-6

**Exhibit 6(cc)**

**WHEN RECORDED MAIL TO:**

GK Investment Property Holdings II, LLC

c/o GK Real Estate

257 E. Main Street, Suite 200

Barrington, IL 60010

Attn: John A. Benson, Jr.

Property:

1888 Green Oaks Road

Fort Worth, Texas 76116

This Space For Recorder's Use Only

**FIFTH AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS**

**AND SECURITY AGREEMENT**

THIS FIFTH AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (this "<u>Amendment</u>") is made as of January 1, 2025 by GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company ("<u>GK Trustor</u>") and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company ("<u>Kingsbury Trustor</u>", together with GK Trustor, individually or collectively, as the context requires, the "<u>Trustor</u>"), to and for the benefit of REBECCA S. CONRAD ("<u>Trustee</u>") having an address at 2828 Routh Street, Suite 800, Dallas, Texas, as Trustee, for the benefit of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company (the "<u>Beneficiary</u>").

<u>RECITALS</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Trustor executed and delivered that certain Deed of Trust, Assignment of Leases and Rents and Security Agreement (as amended by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the "<u>Deed of Trust</u>") dated as of August 16, 2021 to Trustee for the benefit of Beneficiary, covering certain real property located in Tarrant County, Texas, as more particularly described on Exhibit A hereto (the "<u>Property</u>"), which Deed of Trust was recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D221240551, as amended by that certain First Amendment dated as of December 1, 2021 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D221359538, as further amended by that certain Second Amendment dated as of January 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222066980, as further amended by that certain Third Amendment dated as of September 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222248352; and as further amended by that certain Fourth Amendment dated as of November 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222272350;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Deed of Trust secures the payment and performance of Trustor's obligations under that certain Promissory Note dated as of July 30, 2021, made by Trustor to Beneficiary in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021, made payable to Beneficiary in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as further amended by that certain Substitute Promissory Note dated as of December 1, 2021, made payable to Beneficiary in the principal amount of Six Million Two Hundred Thousand and 00/100 Dollars ($6,200,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022, made payable to Beneficiary in the principal amount of Six Million One Hundred Thousand and 00/100 Dollars ($6,100,000.00), as further amended by that certain Substitute Promissory Note dated as of September 1, 2022, made payable to Beneficiary in the principal amount of Six Million Forty-Seven Thousand Nine Hundred Thirty-One and 05/100 Dollars ($6,047,931.05); and as further amended by that certain Substitute Promissory Note dated as of November 1, 2022 made payable to Beneficiary in the original principal sum of $6,292,065.23 (collectively, the "<u>Original Note</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Trustor has executed a certain Substitute Promissory Note dated as of January 1, 2025, made payable to Beneficiary in the principal amount of Six Million Eight Hundred Sixteen Thousand Seven Hundred Twenty-Eight and 98/100 Dollars ($6,816,728.98) (the "<u>Substitute Note</u>"). The Substitute Note is given in substitution for and replacement of the Original Note.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Trustor agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Incorporation of Recitals</u>. The above and foregoing recitals are incorporated into and made part of this Amendment. All capitalized terms used herein and not otherwise defined shall have the meaning given in the Deed of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to Deed of Trust</u>. The Deed of Trust is hereby amended to provide as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in the Deed of Trust, the term "Note" shall mean for all purposes the Substitute Note in the principal amount of Six Million Eight Hundred Sixteen Thousand Seven Hundred Twenty-Eight and 98/100 Dollars ($6,816,728.98), as such may be amended, modified, extended or renewed from time to time. The Deed of Trust shall be deemed to secure all indebtedness and obligations under the Substitute Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms and provisions of the Deed of Trust, as amended hereby, shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Trustor to Beneficiary. Upon the effective date hereof, Trustor hereby restates, ratifies and reaffirms each and every term and conditions set forth in the Deed of Trust as amended herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment shall constitute a "Loan Document" for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Definitions</u>. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in Substitute Note, as amended and restated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be governed by and construed in accordance with the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The signatories hereto state that they have read and understand this Amendment, that they intend to be legally bound by it and that they expressly warrant and represent that they are duly authorized and empowered to execute it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the execution of this Amendment by Beneficiary, the same shall not be deemed to constitute Beneficiary being deemed a venturer or partner of or in any way associated with Trustor nor shall privity of contract be presumed to have been established with any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Trustor and Beneficiary each acknowledge that there are no other understandings, agreements or representations, either oral or written, express or implied, that are not embodied in the Loan Documents and this Amendment, which collectively represent a complete integration of all prior and contemporaneous agreements and understandings of Trustor and Beneficiary; and that all such prior understandings, agreements and representations are hereby modified as set forth in this Amendment. Except as expressly modified hereby, the terms of the Loan Documents are and remain unmodified and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The paragraph and section headings used herein are for convenience only and shall not limit the substantive provisions hereof. All words herein which are expressed in the neuter gender shall be deemed to include the masculine, feminine and neuter genders. Any word herein which is expressed in the singular or plural shall be deemed, whenever appropriate in the context, to include the plural and the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Amendment may be executed in one or more counterparts, all of which, when taken together, shall constitute one original Amendment.

[Signature Page Follows]

IN WITNESS WHEREOF, Trustor has executed this Amendment dated as of the day and year first above written.

---

| | |
|:---|:---|
| **TRUSTOR:** | **TRUSTOR:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

**ACKNOWLEDGMENT**

STATE OF ILLINOIS) ) ss <br> COUNTY OF COOK)

This instrument was acknowledged before me on March 17<sup>th</sup> , 2025, by Garo Kholamian, the President of GK Development, Inc., an Illinois corporation, the Manager of GK Preferred Income II (Ridgmar) SPE, LLC, a Delaware limited liability company and 1551 Kingsbury Partners SPE, LLC, a Delaware limited liability company.

---

| |
|:---|
| /s/ Rebecca Ann Dummer |
| Notary Public |

---

My commission expires: <br><u>Aug 30, 2028</u>

![](tm2611279d1_exx6ccimg001.jpg)

**EXHIBIT A**

**<u>LEGAL DESCRIPTION</u>**

PARCEL 1

BEING A 33.647 ACRE TRACT OF LAND, OUT OF THE REVISED PLAT OF RIDGMAR MALL AN ADDITION TO THE CITY OF FORT WORTH, TEXAS, AS RECORDED IN PLAT VOLUME 386/107, PAGE 74, COUNTY RECORDS, TARRANT COUNTY, TEXAS, AND BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN A DEED TO J.C. PENNEY COMPANY, INC. AS RECORDED IN VOLUME 4737, PAGE 723 OF SAID COUNTY RECORDS, AND BEING LOCATED IN THE J. F. ELLIOT SURVEY, ABSTRACT N0.494, THE JOHN COLLETT SURVEY, ABSTRACT NO. 262, THE PETERSON PATE SURVEY, ABSTRACT NO. 202, AND THE J. D. FARMER SURVEY, ABSTRACT NO. 1970, TARRANT COUNTY, TEXAS, SAID TRACT BEING DESCRIBED AS FOLLOWS:

BEGINNING AT A FOUND X-CUT AT A NORTHEASTERLY ANGLE POINT OF TRACT IR, SAID PLAT BEING AT THE MOST NORTHERLY END OF A CORNER CLIP AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY LINE OF GREEN OAKS ROAD (A 80 FOOT RIGHT-OF-WAY) AND THE NORTHERLY RIGHT-OF-WAY LINE OF GENOA ROAD (A 60 FOOT RIGHT-OF-WAY), BEING ON THE WESTERLY LINE OF THAT TRACT OF LAND DESCRIBED BY DEED TO THE CITY OF FORT WORTH AS RECORDED IN VOLUME 5020, PAGE 570, SAID COUNTY RECORDS, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID RIGHT-OF-WAY LINE AND SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 62.26 FEET, THROUGH A CENTRAL ANGLE OF 04°14'52", HAVING A RADIUS OF 840.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 03°20'42" WEST, A DISTANCE OF 62.26 FEET TO A POINT;

THENCE NORTH 44°43'31"WEST, A DISTANCE OF 14.43 FEET TO A POINT;

THENCE SOUTH 90°00"00" WEST, A DISTANCE OF 93.14 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 107.49 FEET, THROUGH A CENTRAL ANGLE OF 24°38'08", HAVING A RADIUS OF 250,00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 77°40'66" WEST, A DISTANCE OF 106.67 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 65°21'52" WEST, A DISTANCE OF 12.22 FEET TO A POINT;

THENCE SOUTH 21°56'03 WEST, A DISTANCE OF 27.50 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 21°29'47'' EAST, A DISTANCE OF 174.95 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 159.09 FEET, THROUGH A CENTRAL ANGLE OF 21°29'47", HAVING A RADIUS OF 424.04 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 10°44'53" EAST, A DISTANCE OF 158.16 FEET TO A FOUND P.K. NAIL AT THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 191.95 FEET, THROUGH A CENTRAL ANGLE OF 09°00'00", HAVING A RADIUS OF 1222.00 FEET, THE LONG CHORP OF WHICH BEARS SOUTH 04 30'00" WEST, A DISTANCE OF 191.75 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 09°00'00" WEST, A DISTANCE OF 20.61 FEET TO A FOUND HILTI NAIL; THENCE SOUTH 90°00"00" WEST, A DISTANCE OF 44.55 FEET TO A POINT;

THENCE NORTH 09°00'00" EAST, A DISTANCE OF 27.58 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 185.04 FEET, THROUGH A CENTRAL ANGLE OF 09°00'00", HAVING A RADIUS OF 1178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 04°30'00" EAST, A DISTANCE OF 184.85 FEET, TO THE ENO OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 142.58 FEET, THROUGH A CENTRAL ANGLE OF 21°29'47", HAVING A RADIUS OF 380.04 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10°44'63" WEST, A DISTANCE OF 141.75 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 21°29'47" WEST, A DISTANCE OF 196.75 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 365.30 FEET, THROUGH A CENTRAL ANGLE OF 68°30'13", HAVING A RADIUS OF 305.53 FEET, THE LONG CHORD OF WHICH BEARS NORTH 55°44'54" WEST, A DISTANCE OF 343.92 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 786.63 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 264.69 FEET, THROUGH A CENTRAL ANGLE OF 74°00'42", HAVING A RADIUS OF 204.91 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 52"59'20" WEST, A DISTANCE OF 246.65 FEET TO A FOUND HILTI NAIL AT THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 68.32 FEET, THROUGH A CENTRAL ANGLE OF 01°51'00", HAVING A RADIUS OF 2116.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 16°03'42" WEST, A DISTANCE OF 68.32 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 50°00'00" EAST, A DISTANCE OF 588.81 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 393.42 FEET TO A POINT;

THENCE SOUTH 00°00'00 WEST, A DISTANCE OF 103.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 59.71 FEET TO A POINT;

THENCE SOUTH OO"OO'OO"WEST, A DISTANCE OF 19.67 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 46.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" WEST, A DISTANCE OF 236.00 FEET TO A POINT;

THENCE SOUTH 90"00'00" EAST, A DISTANCE OF 76.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" WEST, A DISTANCE OF 20.33 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 276.0 FEET TO A POINT;

THENCE SOUTH 50°00'00" EAST, 503.33 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 90.05 FEET, THROUGH A CENTRAL ANGLE OF 07°56'14", HAVING A RADIUS OF 650.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 07°11'01" EAST, A DISTANCE OF 89.97 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 114.30 FEET, THROUGH A CENTRAL ANGLE OF 65°29'28", HAVING A RADIUS OF 100.00 FEET, THE LONG QHORD OF WHICH BEARS NORTH 29°31'50'.' WEST, A DISTANCE OF 108.18 FEET TO A POINT, SAME BEING THE BEGINNING OF A REVERSE CURVE TO THE RIGHT;

THENCE ALONG SAID REVERSE CURVE TO THE RIGHT, AN ARC DISTANCE OF 21.05 FEET, THROUGH A CENTRAL ANGLE OF 04"56'34", HAVING A RADIUS OF 244.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 59"48'17" WEST, A DISTANCE OF 21.04 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 129.52 FEET, THROUGH A CENTRAL ANGLE OF 51"32'00", HAVING A RADIUS OF 144.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 31°34'00" WEST, A DISTANCE OF 125.20 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 212.33 FEET, THROUGH A CENTRAL ANGLE OF 14°48'00", HAVING A RADIUS OF 822.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 01"36'00" EAST, A DISTANCE OF 211.74 FEET TO A POINT;

THENCE NORTH 09°00'00" EAST, A DISTANCE OF 5.79 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 44.55 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 09°00'00" WEST, A DISTANCE OF 12.76 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 200.96 FEET, "THROUGH A CENTRAL ANGLE OF 14"48'00", HAVING A RADIUS OF 778.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 01°36'00" WEST, A DISTANCE OF 200.41 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 89.94 FEET, THROUGH A CENTRAL ANGLE OF 51°32'00", HAVING A RADIUS OF 100.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 31°34'00" EAST, A DISTANCE OF 86.94 FEET TO A FOUND HILT! NAIL, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 121.40 FEET, THROUGH A CENTRAL ANGLE OF 34°46'39", HAVING A RADIUS OF 200.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 74°43'20" EAST, A DISTANCE OF 119.54 FEET TO THE END OF SAID CURVE;

THENCE NORTH 87°53'21" EAST, A DISTANCE OF 31.48 FEET TO POINT;

THENCE NORTH 42°53'21" EAST, A DISTANCE OF 14.14 FEET TO A POINT ON SAID WEST RIGHT-OF-WAY LINE OF GREEN OAKS ROAD;

THENCE SOUTH 02°06'39" EAST, A DISTANCE OF 64.00 FEET ALONG SAID RIGHT-OF-WAY LINE TOA POINT;

THENCE NORTH 47°06'39"WEST, A DISTANCE OF 14.14 FEET DEPARTING SAID RIGHT-OF-WAY LINE TO POINT;

THENCE SOUTH 87°53'21" WEST, A DISTANCE OF 36.08 FEET TO A POINT; THENCE SOUTH 44°30'30" WEST, A DISTANCE OF 27.47 FEET TO A POINT;

THENCE SOUTH 01°01'38" WEST, A DISTANCE OF 22.51 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 318.89 FEET, THROUGH A CENTRAL.AMGLE OF 26°19'39", HAVING A RADIUS OF 694.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 14°11'28" WEST, A DISTANCE OF 316.10 FEET TO A FOUND X-CUT;

THENCE SOUTH 27°21'17" WEST, A DISTANCE OF 57.90 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE *TO* THE LEFT, AN ARC DISTANCE OF 269.22 FEET, THROUGH A CENTRAL ANGLE OF 25°27'15 HAVING A RADIUS OF 606.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 14°37'40" WEST, A DISTANCE OF 267.01 FEET TO A FOUND X-CUT AT THE END OF SAID CURVE;

THENCE SOUTH 01"54'02" WEST, A DISTANCE OF 93.37 FEET TO A FOUND P.K NAIL;

THENCE SOUTH 43°03'49" EAST, A DISTANCE OF 28.27 FEET TO A FOUND X-CUT;

THENCE SOUTH 88°01'40" EAST, A DISTANCE OF 25.63 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 137.55 FEET, THROUGH A CENTRAL ANGLE OF 09°35'15 HAVING A RADIUS OF 822.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 83°17'02" EAST, A DISTANCE OF 137.39 FEET TO A FOUNDX-CUT;

THENCE NORTH 53°40'09" EAST, A DISTANCE OF 16.16 FEET TO A FOUND 1/2 INCH IRON ROD ON SAID WEST RIGHT-OF-WAY LINE OF GREEN .OAKS ROAD;

THENCE SOUTH 05°50'00" WEST, A DISTANCE OF 64.21 FEET ALONG SAID RIGHT-OF-WAY LINE TO A POINT;

THENCE NORTH 36°07'26" WEST, A DISTANCE OF 11.67 FEET DEPARTING SAID RIGHT-OF-WAY LINE TO A POINT, SAME BEING IN A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 138.76 FEET, THROUGH A CENTRAL ANGLE OF 10°13'09", HAVING A RADIUS OF 778,0.0 FEET, THE LONG CHORD OF WHICH BEARS NORTH 82°58'05" WEST, A DISTANCE *OF* 138.58 FEET TO THE END OF SAID CURVE;

THENCE NORTH 88°01'40" WEST, A DISTANCE OF 25.56 FEET TO A POINT; THENCE SOUTH 46°56.'11" WEST, A DISTANCE OF 28.30 FEET TO A POINT;

THENCE SOUTH 01°54'02" WEST, A DISTANCE OF 32.67 FEET TO A FOUND X-CUT, SAME BEING

THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 528.94 FEET, THROUGH A CENTRAL ANGLE OF 88°05'58", HAVING A RADIUS OF 344.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 45°57'01" WEST, A DISTANCE OF 478.36 FEET TO A FOUND Y-CUT;

THENCE SOUTH 90°00'00"WEST, A DISTANCE OF 382.17 FEET TO A FQUND X-CUT;

THENCE SOUTH 43°31'22" WEST, A DISTANCE OF 29.00 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 344.44 FEET, THROUGH A CENTRAL ANGLE OF 70°59'22", HAVING A RADIUS OF 278.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 38°26'57" EAST, A DISTANCE OF.322.83 FEET TO A FOUND Y-CUT;

THENCE SOUTH 73°56'40" EAST A DISTANCE OF 157.72 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 91.27 FEET, THROUGH A CENTRAL ANGLE OF 06°43'20", HAVING A RADIUS OF 77B.OO FEET, THE LONG CHORD OF WHICH BEARS SOUTH 77°18'27"' EAST, A DISTANCE OF 91.22 FEET TO A FOUND X-CUT AT THE END OF SAID CURVE;

THENCE SOUTH 80°40'00" EAST, A DISTANCE OF 423.67 FEET TO A FOUND X-CUT;

THENCE SOUTH 09°20'00" WEST, A DISTANCE OF 64.00 FEET TO A 5/8 INCH IRON ROD ON THE NORTH RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 30, SAID IRON ROD BEING THE MOST SOUTHERLY SOUTHEAST CORNER OF SAID TRACT IR;

THENCE NORTH 80°40'00" WEST, A DISTANCE OF 474.20 FEET ALONG SAID NORTH RIGHT-OF-WAY LINE TO A FOUND TEXAS HIGHWAY DEPARTMENT CONCRETE MONUMENT;

THENCE NORTH 73°55'00" WEST, A DISTANCE OF 204.88 FEET CONTINUING ALONG SAID NORTH RIGHT-OF-WAY LINE TO A FOUND 5/8 INCH IRON ROD;

THENCE NORTH 16°03'28" EAST, A DISTANCE OF 10.11 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 403.04 FEET, THROUGH A CENTRAL ANGLE OF 71°42'55", HAVING A RADIUS OF 322.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 38°05'10" WEST, A DISTANCE OF 377.24 FEET TO A FOUND Y-CUT;

THENCE NORTH 46°06'51" WEST, A DISTANCE OF 27.73 FEET TO A FOUND Y-CUT;

THENCE SOUTH 90° 00' 00", A DISTANCE OF 75.25 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 210.53 FEET, THROUGH A CENTRAL ANGLE OF'30°36'54", HAVING A RADIUS OF 394.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 74°41'33" WEST, A DISTANCE OF 208.03 FEET TO A FOUND Y-CUT;

THENCE SOUTH 30°36'54" WEST, A DISTANCE OF 77.97 FEET TO A POINT, THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 125.87 FEET, THROUGH A CENTRAL ANGLE OF 09"09'06", HAVING A RADIUS OF 788.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 45°12'12"WEST, A DISTANCE OF 125.74 FEET TO THE END OF SAID CURVE;

THENCE NORTH 40°37'45"WEST, A DISTANCE OF 84.10 FEET TO A FOUND 5/8 INCH IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS";

THENCE NORTH 49°22'5" EAST, A DISTANCE OF 3.00 FEET TO A FOUND 5/8 INCH IRON ROD, SAME BEING THE BEGINNING OF A NON TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 145.88 FEET, THROUGH A CENTRAL ANGLE OF 10°38'52", HAVING A RADIUS OF 785.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 35°18'19" WEST, A DISTANCE OF 145.67 FEET TO FOUND 5/8 INCH IRON ROD;

THENCE NORTH 29°58'53" WEST, A DISTANCE OF 69.89 FEET TO FOUND 5/8 INCH IRON ROD, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 261.99 FEET, THROUGH A CENTRAL ANGLE OF 19°07'21", HAVING A RADIUS OF 785.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 20°25'13" WEST, A DISTANCE OF 260.78 FEET TO FOUND 5/B INCH IRON ROD;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 198.17 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 00°00'00" EAST, A DISTANCE OF 279.22 FEET TO A POINT, SAID SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 68.12 FEET, THROUGH A CENTRAL ANGLE OF 21°55'34", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10°57'47" WEST, A DISTANCE OF 67.70 FEET TO THE END OF SAID CURVE;

THENCE NORTH 60°00'00" EAST, A DISTANCE OF 44.35 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 91.19 FEET, THROUGH A CENTRAL ANGLE OF 23°32'03", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 11°46'01" EAST, A DISTANCE OF 90.55 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 80.01 FEET TO A POINT; THENCE NORTH 52°44'00" EAST, A DISTANCE OF 495.08 FEET TO A POINT;

THENCE NORTH 00°00'00" EAST, A DISTANCE OF 533.31 FEET TO A FOUND Y CUT;

THENCE NORTH 50"00'00" WEST, A DISTANCE OF 694.08 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 74.48 FEET, THROUGH A CENTRAL ANGLE OF 02°01'00", HAVING A RADIUS OF2116.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 10°51'15" WEST, A DISTANCE OF 74.48 FEET, TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 82.47 FEET, THROUGH A CENTRAL ANGLE OF 04"47'23", HAVING A RADIUS OF 986.51 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 07°26'51" WEST, A DISTANCE OF 82.45 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 05°03'09" WEST, A DISTANCE OF 245.51 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 67.67 FEET, THROUGH A CENTRAL ANGLE OF 04°50'47", HAVING A RADIUS OF 800.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 02°37'45" WEST, A DISTANCE OF 67.65 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 0°12'22" WEST, A DISTANCE OF 377.40 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 140.44 FEET, THROUGH A CENTRAL ANGLE OF 45°12'22", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 22°23'49" EAST, A DISTANCE OF 136.83 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 45°00'00", EAST, A DISTANCE OF 100.89 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 33.07 FEET, THROUGH A CENTRAL ANGLE OF 08°32'02", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 40°43'59" EAST, A DISTANCE OF 33,04 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 60°00'00" WEST, A DISTANCE OF 44.35 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 21.52 FEET, THROUGH A CENTRAL ANGLE OF 06°55'34", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 41°32'13" WEST, A DISTANCE OF 21.50 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 45°00'00"WEST, A DISTANCE OF 100.89 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 51.83 FEET, THROUGH A CENTRAL ANGLE OF. 13°22'38", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 38°18'41" WEST, A DISTANCE OF 51.71 FEET TO A FOUND X-CUT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.50 FEET TO A FOUND 5/8 INCH IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS";

THENCE NORTH 00°11'00", EAST, A DISTANCE OF 219.80 FEET TO A POINT; THENCE SOUTH 89°56'41" EAST, A DISTANCE OF 2.21 FEET TO A POINT;

THENCE NORTH 00°12'22" EAST, A DISTANCE OF 274.69 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 71.39 FEET, THROUGH A CENTRAL ANGLE OF 04°50'47", HAVING A RADIUS OF 844,00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 02°37'45" EAST, A DISTANCE OF 71.37 FEET TO THE END OF SAID CURVE;

THENCE NORTH 05°03'09" EAST, A DISTANCE OF 245.51 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC D1STANCE OF 86.15 FEET, THROUGH A CENTRAL ANGLE OF 04°47'23," HAVING A RADIUS OF 1030.51 FEET, THE LONG CHORD OF WHICH BEARS NORTH 07°26'51" EAST, A DISTANCE OF 86.12 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 231.69 FEET, THROUGH A CENTRAL ANGLE OF 06°08'45", HAVING A RADIUS OF 2160.00 FEET, THE LONG CHORD *OF* WHICH BEARS NORTH 12°54'49" EAST, A DISTANCE OF 231.59 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 321.53 FEE;T, THROUGH A CENTRAL ANGLE OF 74°00'42", HAVING A RADIUS OF 248.91 FEET, THE LONG. CHORD OF WHICH BEARS NORTH 52°59'23" EAST, A DISTANCE OF 299.62 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" EAST A DISTANCE OF 786.63 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 358.94 FEET, THROUGH A CENTRAL ANGLE OF 58°50'18", HAVING A RADIUS OF 349.53 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 60°34'51" EAST, 343.37 FEET TO A FOUND P.K. NAIL AT THE END OF SAID CURVE;

THENCE SOUTH 72°53'55" EAST, A DISTANCE OF 26.63 FEET TO A FOUND 1/2 IRON ROD;

THENCE NORTH 65°21'52" EAST, A DISTANCE OF 12.87 FEET TO A FOUND 5/8 INCH IRON ROD, SAME BEING·THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 126.41 FEET, THROUGH A CENTRAL ANGLE OF 24°38'08", HAVING A RADIUS OF 294.00 FEET, THE L.ONG CHORD OF WHICH BEARS NORTH 77°40'56" EAST, A DISTANCE OF 125.44 FEET TO A FOUND 1/2 INCH IRON ROD WITH PLASTIC CAP STAMPED "BRITTAIN AND CRAWFORD" AT THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 98.11 FEET TO A POINT;

THENCE NORTH 48°06'43" EAST, A DISTANCE OF 11.84 FEET TO THE POINT OF BEGINNING AND CONTAINING 1,983,859 SQUARE FEET OR 45.543 ACRES OF LAND, SAVE AND EXCEPT TRACT II (NEIMAN MARCUS TRACT) AND THE MAY DEPARTMENT STORES TRACT WHICH ARE DESCRIBED AS FOLLOWS:

TRACT II (NEIMAN MARCUS TRACT)

BEIN ALL OF THE 9.266 ACRE TRACT II AS SHOWN ON THE REVISED .PLAT OF RIDGMAR MALL, AS RECORDED IN VOLUME 388/107, PAGE 74, TARRANT COUNTY PLAT RECORDS, SAID 9.266 ACRE TRACT BL;ING DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID TRACT II;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 310.00 FEET TO A POINT;

THENCE. SOUTH 20°00'00" EAST, A DISTANCE OF 713.03 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 164.48 FEET, THROUGH A CENTRAL ANGLE OF 31°24'48", HAVING A RADIUS OF 300.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 74°17'36" WEST, A DISTANCE OF 162.43 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 541.51 FEET TO A FOUND Y-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT,.AN ARC DISTANCE OF 111.35 FEET, THROUGH A CENTRAL ANGLE OF 18°13'42", HAVING A RADIUS OF 350.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 80°53'09" WEST, A DISTANCE OF 110.88 FEET TO THE END OF SAID CURVE;

THENCE NORTH 20°00'00" EAST, 741.13 FEET TO THE POINT OF BEGINNING AND CONTAINING 9.266 ACRES OR 403,628 SQUARE FEET OF LAND.

MAY DEPARTMENT STORES TRACT

BEING 2.630 ACRE TRACT OF LAND AND BEING A PORTION OF TRACT 1-R, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS AS RECORDED IN VOLUME 388/107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS, SAID TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS;

COMMENCING AT THE NORTHEAST CORNER OF TRACT II AS SHOWN IN THE PLAT RECORDED IN VOLUME 388/107 PAGE 74, OF SAID PLAT RECORDS;

THENCE NORTH 06"14'14" EAST, A DISTANCE OF 110.65 FEET TO THE POINT OF BEGINNING;

THENCE NORTH 45°00'00" WEST, A DISTANCE OF 14.14 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 75.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 20.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 250.00 FEET TO A POINT;

THENCE NORTH 45°00 00" EAST, A DISTANCE OF 14.14 FEET, TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 50.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 9.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 275.50 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" EAST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 279.00 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" WEST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 90°00'00 WEST, A DSTANCE OF 215.50 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 25.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 55.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 10.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.00 FEET TO THE POINT OF BEGINNING AND CONTAINING 114,573 SQUARE FEET OR 2.630ACRES OF LAND, MORE OR LESS.

LEAVING A NET AREA FOR PARCEL I OF 1,465,658 SQUARE FEET OR 33.647 ACRES OF LAND, MORE OR LESS.

PARCEL II:

TRACT VI, RIOGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL Ill;

TRACT VII, RIDGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL IV:

FRINGE SITE, TRACT V, PARCEL 3C, RIDGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388 109, PAGE 94, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL V:

NON-EXCLUSIVE EASEMENTS FOR THE BENEFIT OF THE MALL SITE PURSUANT TO THE EASEMENT AND OPERATING AGREEMENT DATED NOVEMBER 1, 1974, RECORDED IN VOLUME 5740, PAGE 867; FIRST AMENDMENT TO EASEMENT AND OPERATING AGREEMENT RECORDED IN VOLUME 6047, PAGE 617; AND PURSUANT TO SECTIONS 19, 20, 21 AND 22, IN TWO-PARTY EASEMENT AND OPERATING AGREEMENT DATED JULY 1, 1976, RECORDED IN VOLUME 6047, PAGE 811, DEED RECORDS, TARRANT COUNTY, TEXAS, AS AFFECTED BY CONFIRMING AGREEMENT RECORDED IN VOLUME 6047, PAGE 939; CONSENT AND WAIVERS RECORDED IN VOLUME 6246, PAGE 679 AND VOLUME 6246, PAGE 685; ASSIGNMENTS RECORDED IN VOLUME 631.9, PAGE 680 AND VOLUME 9119, PAGE 1200; MEMORANDUM OF SUPPLEMENTAL AGREEMENT RECORDED IN VOLUME 13122, PAGE 182, DEED RECORDS OF TARRANT COUNTY, TEXAS; ASSIGNMENT AND ASSUMPTION OF REA RECORDED APRIL 11, 2005 UNDER DOCUMENT NO. 0205100829, BEING LOCATED OVER THE FOLLOWING DESCRIBED PROPERTY;

A. NEIMAN MARCUS SITE:

TRACT II, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF' FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

B. PENNEY SITE:

TRACT IIIR, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE *74,* PLAT RECORDS, TARRANT COUNTY, TEXAS.

C. DILLARD SITE;

TRACT IVR, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

D. SEARS SITE;

TRACT VIII, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDE,D IN V,OLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

E. MAY DEPARTMENT STORES TRACT:

BEING 2.630 ACRE TRACT OF LAND AND BEING A PORTION OF TRACT 1R, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS AS RECORDED IN VOLUME 388/107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS, SAID TRACT BEING MORE PARTICULARLY DESCRIBED BY MEATS AND BOUNDS AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF TRACT II AS SHOWN IN THE PLAT RECORDED IN VOLUME 88/107 PAGE 74, OF SAID PLAT RECORDS;

THENCE NORTH 06°14'14" EAST, A DISTANCE OF 110.65 FEET TO THE POINT OF BEGINNING;

THENCE NORTH 45°00'00" WEST, A DISTANCE OF 14.14 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 75.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 20.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 250.00 FEET TO A POINT; THENCE NORTH 45°00' 00" EAST, A DISTANCE OF 14.14 FEET, TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 50.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 9.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 275.50 FEET TO A POINT, SAME BEING THE BEGINNING OF A.CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" EAST, A DISTANGE OF 28.28 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 279.00 FEET TO A POINT, SAME BEING THE BEGINNING *OF* A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" WEST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 0°00'00" WEST, A DISTANCE OF 215.50 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 25.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 55.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 10.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.00 FEET TO THE POINT OF BEGINNING AND CONTAINING 114,573 SQUARE FEET OR 2.630 ACRES OF LAND, MORE OR LESS.

PARCEL VI:

A TRACT OF LAND OUT OF THE J.F, ELLIOTT SURVEY ABSTRACT NO, 494 AND THE JOHN NUGENT SURVEY ABSTRACT NO. 1173, FORT WORTH, TARRANT COUNTY, TEXAS AND AS DESCRIBED IN THE DEED FROM SHOPCO 129 LIMITED PARTNERSHIP TO RM OP 129 LIMITED PARTNERSHIP, RECORDED IN VOLUME 17006, PAGE 55, DEED

RECORDS OF TARRANT COUNTY, TEXAS, AND DESCRIBED AS FOLLOWS:

BEGINNING AT A FOUND 5/8 IRON ROD, BEING THE SAME POINT AS DESCRIBED BY THE TWELFTH CALL OF THE SECOND TRACT IN THE DEED TO I. M. LEONARD VOLUME 2952, PAGE 578 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS SAID POINT BEING IN THE WEST LINE OF RIDGMAR MALL AS SHOWN ON PLAT RECORDED IN VOLUME 388-1 07, PAGE 75 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS AND BEING IN THE NORTH RIGHT-OF-WAY LINE OF THE TEXAS DEPARTMENT OF TRANSPORTATION (TXDOD HIGHWAYS, STATE HIGHWAY NO. 183 AND INTERSTATE HIGHWAY NO. 30;

THENCE NORTH 89°51'22"WEST, A DISTANCE OF 100.00 FEET ALONG THE SAID TXDOT RIGHT-OF-WAY LINE TO A FOUND 5/8 INCH IRON ROD;

THENCE NORTH 16°41'22" WEST, A DISTANCE OF 421.80 FEET CONTINUING WITH THE STATE HIGHWAY NO. 183 EAST RIGHT-OF-WAY LINE TO A FOUND TXDOT MONUMENT;

THENCE NORTH 00°27'38" EAST, A DISTANCE OF 144.90 FEET TO A FOUND TXDOT MONUMENT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 946.93 FEET, THROUGH A CENTRAL ANGLE OF 19°30'48", HAVING A RADIUS OF 2780.40 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10a13'02" EAST, A DISTANCE OF 942.36 FE:ET TO A FOUND 'T' CUT IN THE FACE OF A CURB, BEING IN THE WESTLINE OF A TRACT TO TXDOT RECORDED IN VOLUME 110583, PAGE 2053, SAID COUNTY RECORDS, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT

THENCE ALONG SAID NON-TANGENT CURVE TO THE; RIGHT, AN ARC DISTANCE OF 589.89 FEET, THROUGH A CENTRAL ANGLE OF 11°00'48", HAVING A RADIUS OF 3068.80 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 05°21'46" EAST, A DISTANCE OF 588,97 FEET TO A FOUND 6/8 INCH IRON ROD, BEING THE SOUTH CORNER OF THE SAID TXDOT TRACT, SAME BEING ON THE WEST LINE OF THE SAID RIDGMAR MALL;

THENCE SOUTH 00°08'38" WEST, WITH THE WEST LINE OF THE SAID RIDGMAR MALL, A DISTANCE OF 890.20 FEET TO THE POINT OF BEGINNING AND CONTAINING 5.518 ACRES OR 240,365 SQUARE FEET OF LAND, MORE OR LESS.

Sard PARCEL VI being the same property described by metes and bounds in Deed from RM OP 129 LIMITED PARTNERSHIP to WM RIDGMAR, L.P. recorded April 11, 2005 under Tarrant County Clerk's Document No. D205100828

BASIS OF BEARINGS IS THE REVISED PLAT OF RIDGMAR MALL, AS RECORDED IN VOLUME 388- 107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL VII:

STREET/ROAD ACCESS EASEMENT RIGHTS AS CREATED AND DEFINED UNDER TERMS, CONDITIONS AND STIPULATIONS CONTAINED IN INSTRUMENTS RECORDED IN VOLUME 4693, PAGE 784, AS AFFECTED BY INSTRUMENT EXECUTED BY FORT WORTH NATIONAL BANK, TRUSTEE TO J.C. PENNEY COMPANY, INC., DATED JUNE 10, 1969, RECORDED IN VOLUME 4737, PAGE 723 AND IN VOLUME 5020, PAGE 670, ALL OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS.

## Ex1K-6

**Exhibit 6(dd)**

**SUBSTITUTE PROMISSORY NOTE**

---

| | |
|:---|:---|
| $7656034.09 | Date: January 1, 2026 |
|  | Maturity Date: December 31, 2026 |

---

FOR VALUE RECEIVED, GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company ("<u>GK Borrower</u>") and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company ("<u>Kingsbury Borrower</u>"; and together with GK Borrower, individually or collectively, as the context requires, "<u>Borrower</u>"), jointly and severally, hereby promise to pay to the order of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender</u>") the principal sum of SEVEN MILLION SIX HUNDRED FIFTY-SIX THOUSAND THIRTY- FOUR AND 09/100 DOLLARS ($7,656,034.09), or such lesser amount as may be advanced to Borrower by Lender with interest thereon, according to the terms of this Substitute Promissory Note (this "<u>Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Interest Rate**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The unpaid principal balance of this Note shall bear interest from the date of this Note through the Maturity Date at a rate equal to twelve and twenty-two hundredths percent (12.22%) per annum (the "<u>Interest Rate</u>"). Interest shall be calculated on the basis of a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 From and after the Maturity Date or upon the occurrence and during the continuance of an Event of Default (as defined below) interest shall accrue on the unpaid principal balance of this Note until paid at a rate equal to five percent (5.00%) per annum in excess of the Interest Rate (the "<u>Default Interest Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 No clause or provision in this Note shall be construed or shall so operate (a) to raise the Interest Rate set forth in this Note above the lawful maximum, if any, in effect from time to time in the applicable jurisdiction for loans to borrowers of the type, in the amount, for the purposes, and otherwise of the kind contemplated, or (b) to require the payment or the doing of any act contrary to law, but if any clause or provision contained shall otherwise so operate this Note, in whole or in part, then (i) such clauses or provisions shall be deemed modified to the extent necessary to be in compliance with the law, or (ii) to the extent not possible, shall be deemed void as though not contained and the remainder of this Note shall remain operative and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Payments under this Note, if not sooner paid or declared to be due in accordance with the terms hereof, shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing on January 1, 2026, and continuing on the first day of each month thereafter through and including the month in which the Maturity Date occurs, Borrower shall make monthly payments of principal and interest in the amount of $76,101.99 each, which monthly payment shall be calculated based upon a twenty-five (25) year amortization period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal balance of this Note, if not sooner paid or declared to be due in accordance with the terms hereof, together with all accrued and unpaid interest thereon and any other amounts due and payable hereunder, shall be due and payable in full on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Borrower may prepay this Note, in whole or in part, at any time without prepayment penalty or premium. Prepayments shall be allocated among principal, interest and fees at the sole discretion of the Lender unless otherwise agreed or required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Borrower will pay the obligations due under this Note to Lender at 257 East Main Street, Suite 200, Barrington, Illinois 60010, or at such other place as the Lender may designate from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Borrower agrees that to the extent any payment is received by Lender in connection with this Note, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a "<u>Preferential Payment</u>"), then this Note shall continue to be effective or shall be reinstated, as the case may be, and whether or not Lender is in possession of this Note, and, to the extent of such payment or repayment by Lender intended to be satisfied by such Preferential Payment shall be revived and continued in full force and effect as if said Preferential Payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Borrower hereby acknowledges and agrees that the payment obligations due under this Note are subject to that certain Amended and Restated Intercreditor Agreement dated as of December 1, 2021, as amended from time to time, by and among, Lender, GK Investment Holdings, LLC, a Delaware limited liability company and GK Secured Income V, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security**. The payment and performance of all of the obligations represented by this Note are evidenced and/or secured by, among other things, (i) that certain Deed of Trust, Assignment of Leases and Rents and Security Agreement dated as of August 16, 2021 and recorded by the Tarrant County Clerk on August 19, 2021 as Document D221240551, as amended from time to time (the "<u>Deed of Trust</u>"), granting a first priority lien, mortgage and security interest to the Lender in the real property commonly known as 1888 Green Oaks Road, Fort Worth, Tarrant County, Texas (the "<u>Property</u>"); and (ii) such other documents given to evidence or secure payment of this Note (collectively, the "<u>Loan Documents</u>"). Reference is hereby made to the Loan Documents, which are incorporated herein by reference, for a statement of the covenants and agreements contained therein, a statement of the rights, remedies and security afforded thereby, and all matters contained therein. Contemporaneously with the execution and delivery of this Substitute Note, Borrower shall execute and deliver to Lender a certain Sixth Amendment to Deed of Trust to reflect the current principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Default**. The occurrence and continuance of any one or more of the following events shall be considered an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Borrower fails to pay when due any amount payable under this Note, within five (5) days of the due date for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The commencement of any proceeding in bankruptcy by or against Borrower or alleging that Borrower is insolvent or unable to pay its debts as they mature, or for the readjustment of Borrower's debts, whether under the United States Bankruptcy Code or under any other law, whether state or federal, now or hereafter existing, for the relief of debtors, or the commencement of any analogous statutory or non-statutory proceeding involving Borrower; provided, however, that if such commencement of proceedings against Borrower is involuntary, such action shall not constitute an Event of Default unless such appointment is not revoked or such proceeding is not dismissed within sixty (60) days after the commencement of such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Remedies**. At the election of Lender, and without notice, the principal balance remaining unpaid under this Note and all accrued and unpaid interest thereon and any other amounts due hereunder, shall be and become immediately due and payable in full upon the occurrence of an Event of Default. Failure to exercise this option shall not constitute a waiver of the right to exercise same in the event of any subsequent Event of Default. Upon an Event of Default, Lender may proceed under any remedy permitted herein, or pursuant to law or equity. No holder hereof shall, by any act of omission or commission, be deemed to waive any of its rights, remedies or powers hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The rights, remedies and powers of the holder hereof, as provided in this Note are cumulative and concurrent and may be pursued singly, successively or together against Borrower and any security given at any time to secure repayment hereof, all at the sole discretion of the holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Financial Statements**. Promptly when available, and in any event, within ten (10) days following the end of each calendar month during the term of this Note, Borrower shall deliver to Lender a copy of the unaudited financial statements of Borrower regarding such month then ended, together with such other documentation and information as Lender may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 This Note, together with the Loan Documents, constitutes the entire agreement among Borrower and Lender and contains all of the agreements with respect to the subject matter hereof, and supersedes any prior understandings, agreements, or representations by or among Borrower and Lender, whether written or oral, to the extent they relate in any way to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Lender may at any time assign its rights in this Note. This Note shall inure to the benefit of and may be enforced by Lender and its successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 No amendment, modification or waiver of any provision of this Note shall be valid unless the same shall be in writing and signed by Borrower and Lender. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The section headings contained in this Note are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 This Note is the result of arm's length negotiations conducted by and among Borrower and Lender and, therefore, the usual rules of construction requiring that ambiguities are to be resolved against a particular party shall not be applicable in the construction of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If at any time or times hereafter following an Event of Default Lender employs counsel (whether or not there is a lawsuit) to enforce any rights of Lender against Borrower under this Note or any of the other Loan Documents, or attempts to or enforces any of Lender's rights or remedies under this Note, the costs and expenses incurred by Lender in any manner or way with respect to the foregoing, including, without limitation, attorneys' fees and costs through appeal and in post-judgment proceedings, shall be part of the obligations owing under this Note, payable by Borrower to Lender on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of said documents. As used in this Note, the singular shall include the plural, and masculine, feminine and neuter pronouns shall be fully interchangeable, where the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 If this Note is executed by more than one party, the obligations and liabilities of each Borrower hereunder shall be joint and several and shall be binding and enforceable against each Borrower and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE TO CLAIM OR RECOVER FROM LENDER IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF BORROWER AND LENDER SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 **<u>JURY WAIVER</u>**. LENDER AND BORROWER, EACH HAVING BEEN REPRESENTED BY COUNSEL OR HAVING THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT LENDER MAY FILE A COPY OF THIS NOTE WITH ANY COURT OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 **<u>PRIOR NOTES</u>**. This Note is given in substitution for, and not in payment of the following (collectively, the "<u>Prior Notes</u>"): that certain Promissory Note dated July 30, 2021 made by Borrower in the original principal sum of $3,500,000.00; as amended by that certain Substitute Promissory Note dated October 15, 2021 made by Borrower in the original principal sum of $3,700,000.00; as further amended by that certain Substitute Promissory Note dated December 1, 2021 made by Borrower in the original principal sum of $6,200,000.00; as further amended by that certain Substitute Promissory Note dated January 1, 2022 made by Borrower in the original principal sum of $6,100,000.00; as further amended by that certain Substitute Promissory Note dated September 1, 2022 made by Borrower in the original principal sum of $6,047,931.05; as further amended by that certain Substitute Promissory Note dated November 1, 2022 made by Borrower in the original principal sum of $6,292,065.23; and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of $6,236,166.50; that certain Promissory Note dated January 31, 2024 made by Borrower in the original principal sum of $155,000.00; that certain Promissory Note dated April 19, 2024 made by Borrower in the original principal sum of $85,000.00; that certain Promissory Note dated October 16, 2024 made by Borrower in the original principal sum of $110,000.00; that certain Promissory Note dated December 11, 2024 in the original principal sum of $175,000.00; that certain Promissory Note dated December 17, 2024 in the original principal sum of $100,000.00; and that certain Substitute Promissory Note dated January 1, 2025 made by Borrower in the original principal sum of $6,816,728.98.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrower has duly executed this Substitute Promissory Note as of the day and year first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |
| **BORROWER:** | **BORROWER:** |
| 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
|  | Name: Garo Kholamian |
|  | Title: President |

---

## Ex1K-6

**Exhibit 6(ee)**

**<u>SEVENTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT</u>**

THIS SEVENTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT (this "<u>Agreement</u>") dated as of January 1, 2026, is made by and among GK INVESTMENT HOLDINGS, LLC, a Delaware limited liability company ("<u>Lender 1</u>"), GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender 2</u>"), and GK SECURED INCOME V, LLC, a Delaware limited liability company ("<u>Lender 3</u>") (Lender 1, Lender 2, and Lender 3 are each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>").

**<u>WITNESSETH</u>:**

WHEREAS, each Lender has previously entered into a secured lending arrangement with GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company (collectively, the "<u>Company</u>");

WHEREAS, as part of each such lending arrangement, the Company previously issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to Lender 1, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021 in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as further amended by that certain Substitute Promissory Note dated as of December 1, 2021 in the principal amount of One Million and 00/100 Dollars ($1,000,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of One Million One Hundred Thousand and 00/100 Dollars ($1,100,000.00), as further amended by that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Seven Hundred Thousand and 00/100 Dollars ($700,000.00); as further amended by that certain Substitute Promissory Note dated January 1, 2024 in the principal sum of Six Hundred Ninety Thousand Eight Hundred Forty-Nine and 82/100 Dollars ($690,849.82); and as further amended by that certain Substitute Promissory Note dated January 1, 2025 made by Borrower in the original principal sum of Three Hundred Twenty-Three Thousand Five Hundred Sixty-Seven and 18/100 Dollars ($323,567.18) (collectively, the "<u>Lender 1 Notes</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to Lender 2, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021 in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as further amended by that certain Substitute Promissory Note dated as of December 1, 2021 in the principal amount of Six Million Two Hundred Thousand and 00/100 Dollars ($6,200,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of Six Million One Hundred Thousand and 00/100 Dollars ($6,100,000.00), as further amended that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Six Million Forty-Seven Thousand Nine Hundred Thirty-One and 05/100 Dollars ($6,047,931.05), as further amended by that certain Substitute Promissory Note dated November 1, 2022 in the principal sum of Six Million Two Hundred Ninety-Two Thousand Sixty-Five and 23/100 Dollars ($6,292,065.23), and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of $6,236,166.50; that certain Promissory Note dated January 31, 2024 made by Borrower in the original principal sum of $155,000.00; that certain Promissory Note dated April 19, 2024 made by Borrower in the original principal sum of $85,000.00; that certain Promissory Note dated October 16, 2024 made by Borrower in the original principal sum of $110,000.00; that certain Promissory Note dated December 11, 2024 in the original principal sum of $175,000.00; that certain Promissory Note dated December 17, 2024 in the original principal sum of $100,000.00; and that certain Substitute Promissory Note dated January 1, 2025 made by Borrower in the original principal sum of $6,816,728.98 (collectively, the "<u>Lender 2 Notes</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to Lender 3, that certain Promissory Note dated as of July 30, 2021 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as amended by that certain Substitute Promissory Note dated as of December 1, 2021 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022 in the principal amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), as further amended by that certain Substitute Promissory Note dated September 1, 2022 in the principal sum of Seven Hundred Forty-Three Thousand Five Hundred Ninety-Eight and 09/100 Dollars ($743,598.09), as further amended by that certain Substitute Promissory Note dated November 1, 2023 in the principal amount of Five Hundred Eighty-Six Thousand Six Hundred Forty-Eight and 01/100 Dollars ($586,648.01), and as further amended by that certain Substitute Promissory Note dated January 1, 2024 made by Borrower in the original principal sum of Five Hundred Eighty-Five Thousand Five Hundred Eighty-Four and 74/100 Dollars ($585,584.74); that certain Promissory Note dated October 1, 2024 made by Borrower in the original principal sum of $225,000.00; that certain Promissory Note dated November 12, 2024 in the original principal sum of $50,000.00; that certain Promissory Note dated December 5, 2024 in the original principal sum of $50,000.00; and that certain Substitute Promissory Note dated January 1, 2025 in the original principal sum of $901,782.28 (collectively, the "<u>Lender 3 Notes</u>" and together with the Lender 1 Notes and the Lender 2 Notes being the "<u>Loan Obligations</u>" and all promissory notes being, collectively, "<u>Prior Notes</u>");

WHEREAS, the Loan Obligations of each Lender is secured by a Deed of Trust, Assignment of Leases and Rents and Security Agreement (as amended from time to time and collectively, the "<u>Mortgage and Security Agreements</u>") in the real property commonly known as 1888 Green Oaks Road, Fort Worth, Tarrant County, Texas (the "<u>Property</u>") granted by the Company to each Lender, as recorded on August 19, 2021 as Document Nos. D221240550, D221240551 and D221240552;

WHEREAS, the Lenders previously entered into that certain Intercreditor Agreement dated as of August 16, 2021, as amended by that certain Amended and Restated Intercreditor Agreement dated as of October 15, 2021, as further amended by that Certain Second Amended and Restated Intercreditor Agreement dated as of December 1, 2021, as further amended by that certain Third Amended and Restated Intercreditor Agreement dated as of January 1, 2022, as further amendment by that certain Fourth Amended and Restated Intercreditor Agreement dated as of September 1, 2022, as further amended by that certain Fifth Amended and Restated Intercreditor Agreement dated as of January 1, 2024, as further amended by that certain Sixth Amended and Restated Intercreditor Agreement dated s of January 1, 2025;

WHEREAS, contemporaneously with the execution of this Agreement, the Company has issued a certain Substitute Promissory Note in favor of Lender 1 in the principal amount of THREE HUNDRED FORTY-THREE THOUSAND FOUR HUNDRED TWENTY-FIVE AND 75/100 DOLLARS ($343,425.75), a certain Substitute Promissory Note in favor of Lender 2 in the principal amount of SEVEN MILLION SIX HUNDRED FIFTY-SIX THOUSAND THIRTY FOUR AND 09/100 DOLLARS ($7,656,034.09), and that certain Substitute Promissory Note in favor of Lender 3 in the principal amount of ONE MILLION FOUR HUNDRED ONE THOUSAND TWO HUNDRED THIRTY-THREE AND 52/100 DOLLARS ($1,401,233.52) (collectively, the "<u>Substitute Notes</u>" and together with the Prior Notes are collectively, the "<u>Notes</u>");

WHEREAS, the Lenders desire to enter into this Agreement to acknowledge and approve the Substitute Notes and to reflect the current obligations due from the Company under the Prior Notes, as amended; and

WHEREAS, it is contemplated that the Mortgage and Security Agreements held by each of the Lenders in the Property shall rank *pari passu* on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Lenders agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Lender hereby acknowledges that the security interests held by each of the Lenders pursuant to the Mortgage and Security Agreements shall rank equally and ratably without priority over one another, regardless of the order of time in which any such security interests or claims arise, attach or are perfected by filing, recording, possession, control or otherwise. Each Lender and its current outstanding principal Loan Obligation as of the date hereof is listed in the **<u>Seventh Amended Schedule 1</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Notes and the Mortgage and Security Agreements shall include all renewals, replacements, modifications and extensions thereof, to the extent that such renewals, replacements and modifications do not increase the principal amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Lender does hereby consent to the execution by the Company of the Substitute Notes and in furtherance thereof, does hereby acknowledge and agree to the increase and/or decrease in the principal amount of the Substitute Notes, as reflected in the Seventh Amended Schedule 1. With respect to any increase in the principal amount of the Substitutes Notes, each Lender does hereby consent to the execution by the Company and the recording of an amendment to the applicable Mortgage and Security Agreements to reflect the increase in the principal amount of the applicable Substitute Note. From and after the date hereof, all Notes shall be on the same payment terms, with all unpaid principal and accrued interest due and payable on the maturity date; provided, however, the Notes may accrue interest at different rates but in no event above the lawful maximum. From and after the date hereof, the Notes may not be prepaid in whole or part without the Lenders' approval and must have coterminous maturity dates. The terms of this Agreement shall be incorporated into such Note as if they were original a part of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement and all obligations hereunder, or with respect hereto, shall continue in full force and effect so long as any of the Loan Obligations remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Lender shall (a) promptly notify the other Lenders of any default under its Note, the Mortgage and Security Agreement or any other agreements or documents executed in connection therewith, as applicable (a "<u>Default</u>") known to such Lender and not reasonably believed to have been previously disclosed to the other Lenders; (b) provide the other Lenders with such information and documentation as such other Lenders shall reasonably request in the performance of their respective obligations hereunder, including but not limited to information relative to the outstanding balance of principal, interest and other sums owed to such Lender by the Company; and (c) cooperate with the other Lenders with respect to any and all collections and/or foreclosure procedures at any time commenced against the Company or otherwise in respect of the Collateral securing the Loan Obligations. In the event of a Default, the Lenders may agree to appoint one Lender or Lender's designee to act on behalf of all of the Lenders hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any and all payments under the Notes as between all Lenders shall be paid equally and ratably. Furthermore, no Lender may accelerate the obligations of the Company under its Note and commence and complete the exercise of all of its other rights and remedies thereunder (without the approval or joinder of all Lenders). No Lender has an obligation to the other Lenders to take any steps with regard to the enforcement or protection of other Lender's rights to the security for its Note. In the event of a Default by the Company under any Loan Obligation, should any payment, distribution or security or proceeds be received by a Lender upon or with respect to such Lender's loan prior to the satisfaction in full of the Default, such Lender shall immediately deliver the same equally and ratably to all Lenders in the form received (except for endorsement or assignment by such Lender where required), for ratable application on the loans (whether or not then due) and, until so delivered, the same shall be held in trust on behalf of all Lenders by such Lender as the property of all Lenders. Notwithstanding anything herein to the contrary, the Company may not prepay a Note at any time in whole or in part, unless (a) no Default exists under the loans, (b) such payment on the Note will be paid equally and ratably to all Lenders hereunder, or (c) all Lenders otherwise agree in writing to such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to matters related to the enforcement of this Agreement, this Agreement shall be governed by, and be construed in accordance with, the laws of the state in which the Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement is solely for the benefit of and shall bind the parties hereto and their respective successors and assigns, and no other person or persons shall have any right, benefit, priority or interest under or because of the existence of this Agreement. In the event of the transfer or assignment of all or any part of any of the security interests or claims described in this Agreement, the priorities established in this Agreement shall continue in full force and effect with respect to such assigned or transferred interests or claims, and the assigning party agrees to advise such assignee and transferee of such continuing priorities and obtain such assignee's or transferee's agreement thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be executed in counterparts, which when executed and delivered shall be an original, but all such counterparts shall together constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. The provisions of this Agreement are, and are intended, solely for the purpose of defining the relative rights of the Lenders by and amongst themselves. Nothing contained herein is intended to or shall impair, the obligation of the Company as among the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This is a continuing agreement and will remain in full force and effect until all but one of the loans have been fully paid, performed and satisfied. This Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any payment of a Note is rescinded or must otherwise be returned by a Lender upon the insolvency, bankruptcy, or reorganization of the Company or otherwise, all as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. No defect in, invalidity of, or absence or loss of priority in, or under this Agreement or the Notes or the Mortgage and Security Agreements shall affect the respective rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Each Lender agrees not to amend or modify its respective Note or Mortgage and Security Agreement, without the prior written approval of the other if any such amendment or modification could materially adversely affect the other's rights and priority to the Property or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Within ten (10) business days after a request therefor by any Lender (the "<u>Requesting Party</u>"), the party of whom such request is made, including the Company (the "<u>Responding Party</u>") shall furnish to the Requesting Party, at the Requesting Party's expense, a written letter addressed to the Requesting Party and any other party reasonably requested by the Requesting Party (including, without limitation, any actual or prospective assignee of the Requesting Party) which states the principal amount then outstanding on the Responding Party's loan(s) and the date to which interest on such loan has been paid, the amount of any escrows, reserves or other sums held by or on behalf of the Responding Party (whether or not disbursed) and stating whether it has given any notice of the existence of any default under the Responding Party's loan and that, to its knowledge, there is no condition or event which constitutes a default or which, after notice or lapse of time or both, would constitute a default or, if any such condition or event exists, specifying in reasonable detail the nature and period of existence thereof and what action the Company is taking or (to the extent then known to the Responding Party) proposes to take with respect thereto.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the Lenders has duly executed this Seventh Amended and Restated Intercreditor Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| **LENDERS:** | **LENDERS:** |
| GK INVESTMENT HOLDINGS, LLC, a | GK INVESTMENT HOLDINGS, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| GK INVESTMENT PROPERTY HOLDINGS II, LLC, a | GK INVESTMENT PROPERTY HOLDINGS II, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| GK SECURED INCOME V, LLC, a | GK SECURED INCOME V, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

---

| | | | |
|:---|:---|:---|:---|
| **ACKNOWLEDGED:** | **ACKNOWLEDGED:** | **ACKNOWLEDGED:** | **ACKNOWLEDGED:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) | 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company | Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager | GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian | By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian | Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President | Title: President | Title: President |

---

**<u>SEVENTH AMENDED SCHEDULE 1</u>**

---

| | |
|:---|:---|
| **Lender** | **Loan Obligation** |
| GK INVESTMENT HOLDINGS, LLC | $343425.75 |
| GK INVESTMENT PROPERTY HOLDINGS II, LLC | $7656034.09 |
| GK SECURED INCOME V, LLC | $1401233.52 |

---

## Ex1K-6

**Exhibit 6(ff)**

**WHEN RECORDED MAIL TO:**

GK Investment Property Holdings II, LLC

c/o GK Real Estate

257 E. Main Street, Suite 200

Barrington, IL 60010

Attn: John A. Benson, Jr.

Property:

1888 Green Oaks Road

Fort Worth, Texas 76116

This Space For Recorder's Use Only

**SIXTH AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS**

**AND SECURITY AGREEMENT**

THIS SIXTH AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (this "<u>Amendment</u>") is made as of January 1, 2026 by GK PREFERRED INCOME II (RIDGMAR) SPE, LLC, a Delaware limited liability company ("<u>GK Trustor</u>") and 1551 KINGSBURY PARTNERS SPE, LLC, a Delaware limited liability company ("<u>Kingsbury Trustor</u>", together with GK Trustor, individually or collectively, as the context requires, the "<u>Trustor</u>"), to and for the benefit of REBECCA S. CONRAD ("<u>Trustee</u>") having an address at 2828 Routh Street, Suite 800, Dallas, Texas, as Trustee, for the benefit of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company (the "<u>Beneficiary</u>").

<u>RECITALS</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Trustor executed and delivered that certain Deed of Trust, Assignment of Leases and Rents and Security Agreement (as amended by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the "<u>Deed of Trust</u>") dated as of August 16, 2021 to Trustee for the benefit of Beneficiary, covering certain real property located in Tarrant County, Texas, as more particularly described on Exhibit A hereto (the "<u>Property</u>"), which Deed of Trust was recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D221240551, as amended by that certain First Amendment dated as of December 1, 2021 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D221359538, as further amended by that certain Second Amendment dated as of January 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222066980, as further amended by that certain Third Amendment dated as of September 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222248352; as further amended by that certain Fourth Amendment dated as of November 1, 2022 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D222272350; and further amended by that certain Fifth Amendment dated as of January 1, 2025 and recorded in the Real Property Records of Tarrant County, Texas as Instrument No. D225046581;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Deed of Trust secures the payment and performance of Trustor's obligations under that certain Promissory Note dated as of July 30, 2021, made by Trustor to Beneficiary in the principal amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00), as amended by that certain Substitute Promissory Note dated as of October 15, 2021, made payable to Beneficiary in the principal amount of Three Million Seven Hundred Thousand and 00/100 Dollars ($3,700,000.00), as further amended by that certain Substitute Promissory Note dated as of December 1, 2021, made payable to Beneficiary in the principal amount of Six Million Two Hundred Thousand and 00/100 Dollars ($6,200,000.00), as further amended by that certain Substitute Promissory Note dated as of January 1, 2022, made payable to Beneficiary in the principal amount of Six Million One Hundred Thousand and 00/100 Dollars ($6,100,000.00), as further amended by that certain Substitute Promissory Note dated as of September 1, 2022, made payable to Beneficiary in the principal amount of Six Million Forty-Seven Thousand Nine Hundred Thirty-One and 05/100 Dollars ($6,047,931.05); as further amended by that certain Substitute Promissory Note dated as of November 1, 2022 made payable to Beneficiary in the original principal sum of $6,292,065.23; as further amended by that certain Substitute Promissory Note dated January 1, 2024 made payable to Beneficiary in the original principal sum of $6,236,166.50; that certain Promissory Note dated January 31, 2024 made payable to Beneficiary in the original principal sum of $155,000.00; that certain Promissory Note dated April 19, 2024 made by Borrower in the original principal sum of $85,000.00; that certain Promissory Note dated October 16, 2024 made payable to Beneficiary in the original principal sum of $110,000.00; that certain Promissory Note dated December 11, 2024 in the original principal sum of $175,000.00; that certain Promissory Note dated December 17, 2024 in the original principal sum of $100,000.00; and that certain Substitute Promissory Note dated January 1, 2025 made payable to Beneficiary in the original principal sum of $6,816,728.98. (collectively, the "<u>Original Note</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Trustor has executed a certain Substitute Promissory Note dated as of January 1, 2026, made payable to Beneficiary in the principal amount of Seven Million Six Hundred Fifty-Six Thousand Thirty-Four and 09/100 Dollars ($7,656,034.09) (the "<u>Substitute Note</u>"). The Substitute Note is given in substitution for and replacement of the Original Note.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Trustor agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Incorporation of Recitals</u>. The above and foregoing recitals are incorporated into and made part of this Amendment. All capitalized terms used herein and not otherwise defined shall have the meaning given in the Deed of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to Deed of Trust</u>. The Deed of Trust is hereby amended to provide as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in the Deed of Trust, the term "Note" shall mean for all purposes the Substitute Note in the principal amount of Seven Million Six Hundred Fifty-Six Thousand Thirty-Four and 09/100 Dollars ($7,656,034.09), as such may be amended, modified, extended or renewed from time to time. The Deed of Trust shall be deemed to secure all indebtedness and obligations under the Substitute Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms and provisions of the Deed of Trust, as amended hereby, shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Trustor to Beneficiary. Upon the effective date hereof, Trustor hereby restates, ratifies and reaffirms each and every term and conditions set forth in the Deed of Trust as amended herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment shall constitute a "Loan Document" for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Definitions</u>. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in Substitute Note, as amended and restated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be governed by and construed in accordance with the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The signatories hereto state that they have read and understand this Amendment, that they intend to be legally bound by it and that they expressly warrant and represent that they are duly authorized and empowered to execute it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the execution of this Amendment by Beneficiary, the same shall not be deemed to constitute Beneficiary being deemed a venturer or partner of or in any way associated with Trustor nor shall privity of contract be presumed to have been established with any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Trustor and Beneficiary each acknowledge that there are no other understandings, agreements or representations, either oral or written, express or implied, that are not embodied in the Loan Documents and this Amendment, which collectively represent a complete integration of all prior and contemporaneous agreements and understandings of Trustor and Beneficiary; and that all such prior understandings, agreements and representations are hereby modified as set forth in this Amendment. Except as expressly modified hereby, the terms of the Loan Documents are and remain unmodified and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The paragraph and section headings used herein are for convenience only and shall not limit the substantive provisions hereof. All words herein which are expressed in the neuter gender shall be deemed to include the masculine, feminine and neuter genders. Any word herein which is expressed in the singular or plural shall be deemed, whenever appropriate in the context, to include the plural and the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Amendment may be executed in one or more counterparts, all of which, when taken together, shall constitute one original Amendment.

[Signature Page Follows]

IN WITNESS WHEREOF, Trustor has executed this Amendment dated as of the day and year first above written.

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| | |
|:---|:---|
| **TRUSTOR:** | **TRUSTOR:** |
| GK PREFERRED INCOME II (RIDGMAR) | GK PREFERRED INCOME II (RIDGMAR) |
| SPE, LLC, a Delaware limited liability company | SPE, LLC, a Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |
| 1551 KINGSBURY PARTNERS SPE, LLC, a | 1551 KINGSBURY PARTNERS SPE, LLC, a |
| Delaware limited liability company | Delaware limited liability company |
| GK Development, Inc., its Manager | GK Development, Inc., its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

**ACKNOWLEDGMENT**

STATE OF ILLINOIS) ) ss <br> COUNTY OF COOK)

This instrument was acknowledged before me on January 1, 2026, by Garo Kholamian, the President of GK Development, Inc., an Illinois corporation, the Manager of GK Preferred Income II (Ridgmar) SPE, LLC, a Delaware limited liability company and 1551 Kingsbury Partners SPE, LLC, a Delaware limited liability company.

---

| |
|:---|
| /s/ Jaime Gudino |
| Notary Public |

---

My commission expires: <br><u>1/18/2026</u>

![](tm2611279d1_exx6ffimg001.jpg)

**EXHIBIT A**

**<u>LEGAL DESCRIPTION</u>**

PARCEL 1

BEING A 33.647 ACRE TRACT OF LAND, OUT OF THE REVISED PLAT OF RIDGMAR MALL AN ADDITION TO THE CITY OF FORT WORTH, TEXAS, AS RECORDED IN PLAT VOLUME 386/107, PAGE 74, COUNTY RECORDS, TARRANT COUNTY, TEXAS, AND BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN A DEED TO J.C. PENNEY COMPANY, INC. AS RECORDED IN VOLUME 4737, PAGE 723 OF SAID COUNTY RECORDS, AND BEING LOCATED IN THE J. F. ELLIOT SURVEY, ABSTRACT N0.494, THE JOHN COLLETT SURVEY, ABSTRACT NO. 262, THE PETERSON PATE SURVEY, ABSTRACT NO. 202, AND THE J. D. FARMER SURVEY, ABSTRACT NO. 1970, TARRANT COUNTY, TEXAS, SAID TRACT BEING DESCRIBED AS FOLLOWS:

BEGINNING AT A FOUND X-CUT AT A NORTHEASTERLY ANGLE POINT OF TRACT IR, SAID PLAT BEING AT THE MOST NORTHERLY END OF A CORNER CLIP AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY LINE OF GREEN OAKS ROAD (A 80 FOOT RIGHT-OF-WAY) AND THE NORTHERLY RIGHT-OF-WAY LINE OF GENOA ROAD (A 60 FOOT RIGHT-OF-WAY), BEING ON THE WESTERLY LINE OF THAT TRACT OF LAND DESCRIBED BY DEED TO THE CITY OF FORT WORTH AS RECORDED IN VOLUME 5020, PAGE 570, SAID COUNTY RECORDS, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID RIGHT-OF-WAY LINE AND SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 62.26 FEET, THROUGH A CENTRAL ANGLE OF 04°14'52", HAVING A RADIUS OF 840.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 03°20'42" WEST, A DISTANCE OF 62.26 FEET TO A POINT;

THENCE NORTH 44°43'31"WEST, A DISTANCE OF 14.43 FEET TO A POINT;

THENCE SOUTH 90°00"00" WEST, A DISTANCE OF 93.14 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 107.49 FEET, THROUGH A CENTRAL ANGLE OF 24°38'08", HAVING A RADIUS OF 250,00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 77°40'66" WEST, A DISTANCE OF 106.67 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 65°21'52" WEST, A DISTANCE OF 12.22 FEET TO A POINT;

THENCE SOUTH 21°56'03 WEST, A DISTANCE OF 27.50 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 21°29'47'' EAST, A DISTANCE OF 174.95 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 159.09 FEET, THROUGH A CENTRAL ANGLE OF 21°29'47", HAVING A RADIUS OF 424.04 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 10°44'53" EAST, A DISTANCE OF 158.16 FEET TO A FOUND P.K. NAIL AT THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 191.95 FEET, THROUGH A CENTRAL ANGLE OF 09°00'00", HAVING A RADIUS OF 1222.00 FEET, THE LONG CHORP OF WHICH BEARS SOUTH 04 30'00" WEST, A DISTANCE OF 191.75 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 09°00'00" WEST, A DISTANCE OF 20.61 FEET TO A FOUND HILTI NAIL;

THENCE SOUTH 90°00"00" WEST, A DISTANCE OF 44.55 FEET TO A POINT;

THENCE NORTH 09°00'00" EAST, A DISTANCE OF 27.58 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 185.04 FEET, THROUGH A CENTRAL ANGLE OF 09°00'00", HAVING A RADIUS OF 1178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 04°30'00" EAST, A DISTANCE OF 184.85 FEET, TO THE ENO OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 142.58 FEET, THROUGH A CENTRAL ANGLE OF 21°29'47", HAVING A RADIUS OF 380.04 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10°44'63" WEST, A DISTANCE OF 141.75 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 21°29'47" WEST, A DISTANCE OF 196.75 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 365.30 FEET, THROUGH A CENTRAL ANGLE OF 68°30'13", HAVING A RADIUS OF 305.53 FEET, THE LONG CHORD OF WHICH BEARS NORTH 55°44'54" WEST, A DISTANCE OF 343.92 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 786.63 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 264.69 FEET, THROUGH A CENTRAL ANGLE OF 74°00'42", HAVING A RADIUS OF 204.91 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 52"59'20" WEST, A DISTANCE OF 246.65 FEET TO A FOUND HILTI NAIL AT THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 68.32 FEET, THROUGH A CENTRAL ANGLE OF 01°51'00", HAVING A RADIUS OF 2116.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 16°03'42" WEST, A DISTANCE OF 68.32 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 50°00'00" EAST, A DISTANCE OF 588.81 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 393.42 FEET TO A POINT;

THENCE SOUTH 00°00'00 WEST, A DISTANCE OF 103.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 59.71 FEET TO A POINT;

THENCE SOUTH OO"OO'OO"WEST, A DISTANCE OF 19.67 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 46.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" WEST, A DISTANCE OF 236.00 FEET TO A POINT;

THENCE SOUTH 90"00'00" EAST, A DISTANCE OF 76.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" WEST, A DISTANCE OF 20.33 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 276.0 FEET TO A POINT;

THENCE SOUTH 50°00'00" EAST, 503.33 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 90.05 FEET, THROUGH A CENTRAL ANGLE OF 07°56'14", HAVING A RADIUS OF 650.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 07°11'01" EAST, A DISTANCE OF 89.97 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 114.30 FEET, THROUGH A CENTRAL ANGLE OF 65°29'28", HAVING A RADIUS OF 100.00 FEET, THE LONG QHORD OF WHICH BEARS NORTH 29°31'50'.' WEST, A DISTANCE OF 108.18 FEET TO A POINT, SAME BEING THE BEGINNING OF A REVERSE CURVE TO THE RIGHT;

THENCE ALONG SAID REVERSE CURVE TO THE RIGHT, AN ARC DISTANCE OF 21.05 FEET, THROUGH A CENTRAL ANGLE OF 04"56'34", HAVING A RADIUS OF 244.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 59"48'17" WEST, A DISTANCE OF 21.04 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 129.52 FEET, THROUGH A CENTRAL ANGLE OF 51"32'00", HAVING A RADIUS OF 144.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 31°34'00" WEST, A DISTANCE OF 125.20 FEET TO A POINT, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 212.33 FEET, THROUGH A CENTRAL ANGLE OF 14°48'00", HAVING A RADIUS OF 822.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 01"36'00" EAST, A DISTANCE OF 211.74 FEET TO A POINT;

THENCE NORTH 09°00'00" EAST, A DISTANCE OF 5.79 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 44.55 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 09°00'00" WEST, A DISTANCE OF 12.76 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 200.96 FEET, "THROUGH A CENTRAL ANGLE OF 14"48'00", HAVING A RADIUS OF 778.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 01°36'00" WEST, A DISTANCE OF 200.41 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 89.94 FEET, THROUGH A CENTRAL ANGLE OF 51°32'00", HAVING A RADIUS OF 100.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 31°34'00" EAST, A DISTANCE OF 86.94 FEET TO A FOUND HILT! NAIL, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 121.40 FEET, THROUGH A CENTRAL ANGLE OF 34°46'39", HAVING A RADIUS OF 200.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 74°43'20" EAST, A DISTANCE OF 119.54 FEET TO THE END OF SAID CURVE;

THENCE NORTH 87°53'21" EAST, A DISTANCE OF 31.48 FEET TO POINT;

THENCE NORTH 42°53'21" EAST, A DISTANCE OF 14.14 FEET TO A POINT ON SAID WEST RIGHT-OF-WAY LINE OF GREEN OAKS ROAD;

THENCE SOUTH 02°06'39" EAST, A DISTANCE OF 64.00 FEET ALONG SAID RIGHT-OF-WAY LINE TOA POINT;

THENCE NORTH 47°06'39"WEST, A DISTANCE OF 14.14 FEET DEPARTING SAID RIGHT-OF-WAY LINE TO POINT;

THENCE SOUTH 87°53'21" WEST, A DISTANCE OF 36.08 FEET TO A POINT; THENCE SOUTH 44°30'30" WEST, A DISTANCE OF 27.47 FEET TO A POINT;

THENCE SOUTH 01°01'38" WEST, A DISTANCE OF 22.51 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 318.89 FEET, THROUGH A CENTRAL.AMGLE OF 26°19'39", HAVING A RADIUS OF 694.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 14°11'28" WEST, A DISTANCE OF 316.10 FEET TO A FOUND X-CUT;

THENCE SOUTH 27°21'17" WEST, A DISTANCE OF 57.90 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE *TO* THE LEFT, AN ARC DISTANCE OF 269.22 FEET, THROUGH A CENTRAL ANGLE OF 25°27'15 HAVING A RADIUS OF 606.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 14°37'40" WEST, A DISTANCE OF 267.01 FEET TO A FOUND X-CUT AT THE END OF SAID CURVE;

THENCE SOUTH 01"54'02" WEST, A DISTANCE OF 93.37 FEET TO A FOUND P.K NAIL;

THENCE SOUTH 43°03'49" EAST, A DISTANCE OF 28.27 FEET TO A FOUND X-CUT;

THENCE SOUTH 88°01'40" EAST, A DISTANCE OF 25.63 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 137.55 FEET, THROUGH A CENTRAL ANGLE OF 09°35'15 HAVING A RADIUS OF 822.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 83°17'02" EAST, A DISTANCE OF 137.39 FEET TO A FOUNDX-CUT;

THENCE NORTH 53°40'09" EAST, A DISTANCE OF 16.16 FEET TO A FOUND 1/2 INCH IRON ROD ON SAID WEST RIGHT-OF-WAY LINE OF GREEN .OAKS ROAD;

THENCE SOUTH 05°50'00" WEST, A DISTANCE OF 64.21 FEET ALONG SAID RIGHT-OF-WAY LINE TO A POINT;

THENCE NORTH 36°07'26" WEST, A DISTANCE OF 11.67 FEET DEPARTING SAID RIGHT-OF-WAY LINE TO A POINT, SAME BEING IN A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 138.76 FEET, THROUGH A CENTRAL ANGLE OF 10°13'09", HAVING A RADIUS OF 778,0.0 FEET, THE LONG CHORD OF WHICH BEARS NORTH 82°58'05" WEST, A DISTANCE *OF* 138.58 FEET TO THE END OF SAID CURVE;

THENCE NORTH 88°01'40" WEST, A DISTANCE OF 25.56 FEET TO A POINT; THENCE SOUTH 46°56.'11" WEST, A DISTANCE OF 28.30 FEET TO A POINT;

THENCE SOUTH 01°54'02" WEST, A DISTANCE OF 32.67 FEET TO A FOUND X-CUT, SAME BEING

THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 528.94 FEET, THROUGH A CENTRAL ANGLE OF 88°05'58", HAVING A RADIUS OF 344.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 45°57'01" WEST, A DISTANCE OF 478.36 FEET TO A FOUND Y-CUT;

THENCE SOUTH 90°00'00"WEST, A DISTANCE OF 382.17 FEET TO A FQUND X-CUT;

THENCE SOUTH 43°31'22" WEST, A DISTANCE OF 29.00 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 344.44 FEET, THROUGH A CENTRAL ANGLE OF 70°59'22", HAVING A RADIUS OF 278.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 38°26'57" EAST, A DISTANCE OF.322.83 FEET TO A FOUND Y-CUT;

THENCE SOUTH 73°56'40" EAST A DISTANCE OF 157.72 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 91.27 FEET, THROUGH A CENTRAL ANGLE OF 06°43'20", HAVING A RADIUS OF 77B.OO FEET, THE LONG CHORD OF WHICH BEARS SOUTH 77°18'27"' EAST, A DISTANCE OF 91.22 FEET TO A FOUND X-CUT AT THE END OF SAID CURVE;

THENCE SOUTH 80°40'00" EAST, A DISTANCE OF 423.67 FEET TO A FOUND X-CUT;

THENCE SOUTH 09°20'00" WEST, A DISTANCE OF 64.00 FEET TO A 5/8 INCH IRON ROD ON THE NORTH RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 30, SAID IRON ROD BEING THE MOST SOUTHERLY SOUTHEAST CORNER OF SAID TRACT IR;

THENCE NORTH 80°40'00" WEST, A DISTANCE OF 474.20 FEET ALONG SAID NORTH RIGHT-OF-WAY LINE TO A FOUND TEXAS HIGHWAY DEPARTMENT CONCRETE MONUMENT;

THENCE NORTH 73°55'00" WEST, A DISTANCE OF 204.88 FEET CONTINUING ALONG SAID NORTH RIGHT-OF-WAY LINE TO A FOUND 5/8 INCH IRON ROD;

THENCE NORTH 16°03'28" EAST, A DISTANCE OF 10.11 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 403.04 FEET, THROUGH A CENTRAL ANGLE OF 71°42'55", HAVING A RADIUS OF 322.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 38°05'10" WEST, A DISTANCE OF 377.24 FEET TO A FOUND Y-CUT;

THENCE NORTH 46°06'51" WEST, A DISTANCE OF 27.73 FEET TO A FOUND Y-CUT;

THENCE SOUTH 90° 00' 00", A DISTANCE OF 75.25 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 210.53 FEET, THROUGH A CENTRAL ANGLE OF'30°36'54", HAVING A RADIUS OF 394.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 74°41'33" WEST, A DISTANCE OF 208.03 FEET TO A FOUND Y-CUT;

THENCE SOUTH 30°36'54" WEST, A DISTANCE OF 77.97 FEET TO A POINT, THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 125.87 FEET, THROUGH A CENTRAL ANGLE OF 09"09'06", HAVING A RADIUS OF 788.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 45°12'12"WEST, A DISTANCE OF 125.74 FEET TO THE END OF SAID CURVE;

THENCE NORTH 40°37'45"WEST, A DISTANCE OF 84.10 FEET TO A FOUND 5/8 INCH IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS";

THENCE NORTH 49°22'5" EAST, A DISTANCE OF 3.00 FEET TO A FOUND 5/8 INCH IRON ROD, SAME BEING THE BEGINNING OF A NON TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 145.88 FEET, THROUGH A CENTRAL ANGLE OF 10°38'52", HAVING A RADIUS OF 785.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 35°18'19" WEST, A DISTANCE OF 145.67 FEET TO FOUND 5/8 INCH IRON ROD;

THENCE NORTH 29°58'53" WEST, A DISTANCE OF 69.89 FEET TO FOUND 5/8 INCH IRON ROD, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 261.99 FEET, THROUGH A CENTRAL ANGLE OF 19°07'21", HAVING A RADIUS OF 785.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 20°25'13" WEST, A DISTANCE OF 260.78 FEET TO FOUND 5/B INCH IRON ROD;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 198.17 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 00°00'00" EAST, A DISTANCE OF 279.22 FEET TO A POINT, SAID SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 68.12 FEET, THROUGH A CENTRAL ANGLE OF 21°55'34", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10°57'47" WEST, A DISTANCE OF 67.70 FEET TO THE END OF SAID CURVE;

THENCE NORTH 60°00'00" EAST, A DISTANCE OF 44.35 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 91.19 FEET, THROUGH A CENTRAL ANGLE OF 23°32'03", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 11°46'01" EAST, A DISTANCE OF 90.55 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 80.01 FEET TO A POINT; THENCE NORTH 52°44'00" EAST, A DISTANCE OF 495.08 FEET TO A POINT;

THENCE NORTH 00°00'00" EAST, A DISTANCE OF 533.31 FEET TO A FOUND Y CUT;

THENCE NORTH 50"00'00" WEST, A DISTANCE OF 694.08 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 74.48 FEET, THROUGH A CENTRAL ANGLE OF 02°01'00", HAVING A RADIUS OF2116.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 10°51'15" WEST, A DISTANCE OF 74.48 FEET, TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE LEFT;

THENCE ALONG SAID COMPOUND CURVE TO THE LEFT, AN ARC DISTANCE OF 82.47 FEET, THROUGH A CENTRAL ANGLE OF 04"47'23", HAVING A RADIUS OF 986.51 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 07°26'51" WEST, A DISTANCE OF 82.45 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 05°03'09" WEST, A DISTANCE OF 245.51 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 67.67 FEET, THROUGH A CENTRAL ANGLE OF 04°50'47", HAVING A RADIUS OF 800.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 02°37'45" WEST, A DISTANCE OF 67.65 FEET TO A FOUND P.K. NAIL;

THENCE SOUTH 0°12'22" WEST, A DISTANCE OF 377.40 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 140.44 FEET, THROUGH A CENTRAL ANGLE OF 45°12'22", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 22°23'49" EAST, A DISTANCE OF 136.83 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 45°00'00", EAST, A DISTANCE OF 100.89 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 33.07 FEET, THROUGH A CENTRAL ANGLE OF 08°32'02", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 40°43'59" EAST, A DISTANCE OF 33,04 FEET TO FOUND P.K. NAIL;

THENCE SOUTH 60°00'00" WEST, A DISTANCE OF 44.35 FEET TO A FOUND P.K. NAIL, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT;

THENCE ALONG SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 21.52 FEET, THROUGH A CENTRAL ANGLE OF 06°55'34", HAVING A RADIUS OF 178.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 41°32'13" WEST, A DISTANCE OF 21.50 FEET TO A FOUND P.K. NAIL;

THENCE NORTH 45°00'00"WEST, A DISTANCE OF 100.89 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 51.83 FEET, THROUGH A CENTRAL ANGLE OF. 13°22'38", HAVING A RADIUS OF 222.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 38°18'41" WEST, A DISTANCE OF 51.71 FEET TO A FOUND X-CUT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.50 FEET TO A FOUND 5/8 INCH IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS";

THENCE NORTH 00°11'00", EAST, A DISTANCE OF 219.80 FEET TO A POINT; THENCE SOUTH 89°56'41" EAST, A DISTANCE OF 2.21 FEET TO A POINT;

THENCE NORTH 00°12'22" EAST, A DISTANCE OF 274.69 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 71.39 FEET, THROUGH A CENTRAL ANGLE OF 04°50'47", HAVING A RADIUS OF 844,00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 02°37'45" EAST, A DISTANCE OF 71.37 FEET TO THE END OF SAID CURVE;

THENCE NORTH 05°03'09" EAST, A DISTANCE OF 245.51 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 86.15 FEET, THROUGH A CENTRAL ANGLE OF 04°47'23," HAVING A RADIUS OF 1030.51 FEET, THE LONG CHORD OF WHICH BEARS NORTH 07°26'51" EAST, A DISTANCE OF 86.12 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 231.69 FEET, THROUGH A CENTRAL ANGLE OF 06°08'45", HAVING A RADIUS OF 2160.00 FEET, THE LONG CHORD *OF* WHICH BEARS NORTH 12°54'49" EAST, A DISTANCE OF 231.59 FEET TO THE END OF SAID CURVE, SAME BEING THE BEGINNING OF A COMPOUND CURVE TO THE RIGHT;

THENCE ALONG SAID COMPOUND CURVE TO THE RIGHT, AN ARC DISTANCE OF 321.53 FEE;T, THROUGH A CENTRAL ANGLE OF 74°00'42", HAVING A RADIUS OF 248.91 FEET, THE LONG. CHORD OF WHICH BEARS NORTH 52°59'23" EAST, A DISTANCE OF 299.62 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" EAST A DISTANCE OF 786.63 FEET TO A FOUND X-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 358.94 FEET, THROUGH A CENTRAL ANGLE OF 58°50'18", HAVING A RADIUS OF 349.53 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 60°34'51" EAST, 343.37 FEET TO A FOUND P.K. NAIL AT THE END OF SAID CURVE;

THENCE SOUTH 72°53'55" EAST, A DISTANCE OF 26.63 FEET TO A FOUND 1/2 IRON ROD;

THENCE NORTH 65°21'52" EAST, A DISTANCE OF 12.87 FEET TO A FOUND 5/8 INCH IRON ROD, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 126.41 FEET, THROUGH A CENTRAL ANGLE OF 24°38'08", HAVING A RADIUS OF 294.00 FEET, THE L.ONG CHORD OF WHICH BEARS NORTH 77°40'56" EAST, A DISTANCE OF 125.44 FEET TO A FOUND 1/2 INCH IRON ROD WITH PLASTIC CAP STAMPED "BRITTAIN AND CRAWFORD" AT THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 98.11 FEET TO A POINT;

THENCE NORTH 48°06'43" EAST, A DISTANCE OF 11.84 FEET TO THE POINT OF BEGINNING AND CONTAINING 1,983,859 SQUARE FEET OR 45.543 ACRES OF LAND, SAVE AND EXCEPT TRACT II (NEIMAN MARCUS TRACT) AND THE MAY DEPARTMENT STORES TRACT WHICH ARE DESCRIBED AS FOLLOWS:

TRACT II (NEIMAN MARCUS TRACT)

BEIN ALL OF THE 9.266 ACRE TRACT II AS SHOWN ON THE REVISED .PLAT OF RIDGMAR MALL, AS RECORDED IN VOLUME 388/107, PAGE 74, TARRANT COUNTY PLAT RECORDS, SAID 9.266 ACRE TRACT BL;ING DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID TRACT II;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 310.00 FEET TO A POINT;

THENCE. SOUTH 20°00'00" EAST, A DISTANCE OF 713.03 FEET TO A POINT, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT;

THENCE ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 164.48 FEET, THROUGH A CENTRAL ANGLE OF 31°24'48", HAVING A RADIUS OF 300.00 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 74°17'36" WEST, A DISTANCE OF 162.43 FEET TO THE END OF SAID CURVE;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 541.51 FEET TO A FOUND Y-CUT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT,.AN ARC DISTANCE OF 111.35 FEET, THROUGH A CENTRAL ANGLE OF 18°13'42", HAVING A RADIUS OF 350.00 FEET, THE LONG CHORD OF WHICH BEARS NORTH 80°53'09" WEST, A DISTANCE OF 110.88 FEET TO THE END OF SAID CURVE;

THENCE NORTH 20°00'00" EAST, 741.13 FEET TO THE POINT OF BEGINNING AND CONTAINING 9.266 ACRES OR 403,628 SQUARE FEET OF LAND.

MAY DEPARTMENT STORES TRACT

BEING 2.630 ACRE TRACT OF LAND AND BEING A PORTION OF TRACT 1-R, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS AS RECORDED IN VOLUME 388/107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS, SAID TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS;

COMMENCING AT THE NORTHEAST CORNER OF TRACT II AS SHOWN IN THE PLAT RECORDED IN VOLUME 388/107 PAGE 74, OF SAID PLAT RECORDS;

THENCE NORTH 06"14'14" EAST, A DISTANCE OF 110.65 FEET TO THE POINT OF BEGINNING;

THENCE NORTH 45°00'00" WEST, A DISTANCE OF 14.14 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 75.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 20.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 250.00 FEET TO A POINT;

THENCE NORTH 45°00 00" EAST, A DISTANCE OF 14.14 FEET, TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 50.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 9.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 275.50 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" EAST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 279.00 FEET TO A POINT, SAME BEING THE BEGINNING OF A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" WEST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 90°00'00 WEST, A DSTANCE OF 215.50 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 25.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 55.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 10.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.00 FEET TO THE POINT OF BEGINNING AND CONTAINING 114,573 SQUARE FEET OR 2.630ACRES OF LAND, MORE OR LESS.

LEAVING A NET AREA FOR PARCEL I OF 1,465,658 SQUARE FEET OR 33.647 ACRES OF LAND, MORE OR LESS.

PARCEL II:

TRACT VI, RIOGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL Ill;

TRACT VII, RIDGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL IV:

FRINGE SITE, TRACT V, PARCEL 3C, RIDGMAR MALL ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388 109, PAGE 94, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL V:

NON-EXCLUSIVE EASEMENTS FOR THE BENEFIT OF THE MALL SITE PURSUANT TO THE EASEMENT AND OPERATING AGREEMENT DATED NOVEMBER 1, 1974, RECORDED IN VOLUME 5740, PAGE 867; FIRST AMENDMENT TO EASEMENT AND OPERATING AGREEMENT RECORDED IN VOLUME 6047, PAGE 617; AND PURSUANT TO SECTIONS 19, 20, 21 AND 22, IN TWO-PARTY EASEMENT AND OPERATING AGREEMENT DATED JULY 1, 1976, RECORDED IN VOLUME 6047, PAGE 811, DEED RECORDS, TARRANT COUNTY, TEXAS, AS AFFECTED BY CONFIRMING AGREEMENT RECORDED IN VOLUME 6047, PAGE 939; CONSENT AND WAIVERS RECORDED IN VOLUME 6246, PAGE 679 AND VOLUME 6246, PAGE 685; ASSIGNMENTS RECORDED IN VOLUME 631.9, PAGE 680 AND VOLUME 9119, PAGE 1200; MEMORANDUM OF SUPPLEMENTAL AGREEMENT RECORDED IN VOLUME 13122, PAGE 182, DEED RECORDS OF TARRANT COUNTY, TEXAS; ASSIGNMENT AND ASSUMPTION OF REA RECORDED APRIL 11, 2005 UNDER DOCUMENT NO. 0205100829, BEING LOCATED OVER THE FOLLOWING DESCRIBED PROPERTY;

A. NEIMAN MARCUS SITE:

TRACT II, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF' FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

B. PENNEY SITE:

TRACT IIIR, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE *74,* PLAT RECORDS, TARRANT COUNTY, TEXAS.

C. DILLARD SITE;

TRACT IVR, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN VOLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

D. SEARS SITE;

TRACT VIII, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDE,D IN V,OLUME 388-107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

E. MAY DEPARTMENT STORES TRACT:

BEING 2.630 ACRE TRACT OF LAND AND BEING A PORTION OF TRACT 1R, OF THE REVISED PLAT OF RIDGMAR MALL, AN ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS AS RECORDED IN VOLUME 388/107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS, SAID TRACT BEING MORE PARTICULARLY DESCRIBED BY MEATS AND BOUNDS AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF TRACT II AS SHOWN IN THE PLAT RECORDED IN VOLUME 88/107 PAGE 74, OF SAID PLAT RECORDS;

THENCE NORTH 06°14'14" EAST, A DISTANCE OF 110.65 FEET TO THE POINT OF BEGINNING;

THENCE NORTH 45°00'00" WEST, A DISTANCE OF 14.14 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 75.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 20.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 250.00 FEET TO A POINT; THENCE NORTH 45°00' 00" EAST, A DISTANCE OF 14.14 FEET, TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 50.00 FEET TO A POINT;

THENCE NORTH 00°00'00" WEST, A DISTANCE OF 9.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" EAST, A DISTANCE OF 275.50 FEET TO A POINT, SAME BEING THE BEGINNING OF A.CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" EAST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 279.00 FEET TO A POINT, SAME BEING THE BEGINNING *OF* A CURVE TO THE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 31.42 FEET, THROUGH A CENTRAL ANGLE OF 90°00'00", HAVING A RADIUS OF 20.00 FEET AND A LONG CHORD OF SOUTH 45°00'00" WEST, A DISTANCE OF 28.28 FEET TO A POINT;

THENCE SOUTH 0°00'00" WEST, A DISTANCE OF 215.50 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 25.50 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 55.00 FEET TO A POINT;

THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 10.00 FEET TO A POINT;

THENCE SOUTH 90°00'00" WEST, A DISTANCE OF 35.00 FEET TO THE POINT OF BEGINNING AND CONTAINING 114,573 SQUARE FEET OR 2.630 ACRES OF LAND, MORE OR LESS.

PARCEL VI:

A TRACT OF LAND OUT OF THE J.F, ELLIOTT SURVEY ABSTRACT NO, 494 AND THE JOHN NUGENT SURVEY ABSTRACT NO. 1173, FORT WORTH, TARRANT COUNTY, TEXAS AND AS DESCRIBED IN THE DEED FROM SHOPCO 129 LIMITED PARTNERSHIP TO RM OP 129 LIMITED PARTNERSHIP, RECORDED IN VOLUME 17006, PAGE 55, DEED

RECORDS OF TARRANT COUNTY, TEXAS, AND DESCRIBED AS FOLLOWS:

BEGINNING AT A FOUND 5/8 IRON ROD, BEING THE SAME POJNT AS DESCRIBED BY THE TWELFTH CALL OF THE SECOND TRACT IN THE DEED TO I. M. LEONARD VOLUME 2952, PAGE 578 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS SAID POINT BEING IN THE WEST LINE OF RIDGMAR MALL AS SHOWN ON PLAT RECORDED IN VOLUME 388-1 07, PAGE 75 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS AND BEING IN THE NORTH RIGHT-OF-WAY LINE OF THE TEXAS DEPARTMENT OF TRANSPORTATION (TXDOD HIGHWAYS, STATE HIGHWAY NO. 183 AND INTERSTATE HIGHWAY NO. 30;

THENCE NORTH 89°51'22"WEST, A DISTANCE OF 100.00 FEET ALONG THE SAID TXDOT RIGHT-OF-WAY LINE TO A FOUND 5/8 INCH IRON ROD;

THENCE NORTH 16°41'22" WEST, A DISTANCE OF 421.80 FEET CONTINUING WITH THE STATE HIGHWAY NO. 183 EAST RIGHT-OF-WAY LINE TO A FOUND TXDOT MONUMENT;

THENCE NORTH 00°27'38" EAST, A DISTANCE OF 144.90 FEET TO A FOUND TXDOT MONUMENT, SAME BEING THE BEGINNING OF A CURVE TO TI-IE RIGHT;

THENCE ALONG SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 946.93 FEET, THROUGH A CENTRAL ANGLE OF 19°30'48", HAVING A RADIUS OF 2780.40 FEET, THE LONG CHORD OF WHICH BEARS NORTH 10a13'02" EAST, A DISTANCE OF 942.36 FE:ET TO A FOUND 'T' CUT IN THE FACE OF A CURB, BEING IN THE WESTLINE OF A TRACT TO TXDOT RECORDED IN VOLUME 110583, PAGE 2053, SAID COUNTY RECORDS, SAME BEING THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT

THENCE ALONG SAID NON-TANGENT CURVE TO THE; RIGHT, AN ARC DISTANCE OF 589.89 FEET, THROUGH A CENTRAL ANGLE OF 11°00'48", HAVING A RADIUS OF 3068.80 FEET, THE LONG CHORD OF WHICH BEARS SOUTH 05°21'46" EAST, A DISTANCE OF 588,97 FEET TO A FOUND 6/8 INCH IRON ROD, BEING THE SOUTH CORNER OF THE SAID TXDOT TRACT, SAME BEING ON THE WEST LINE OF THE SAID RIDGMAR MALL;

THENCE SOUTH 00°08'38" WEST, WITH THE WEST LINE OF THE SAID RIDGMAR MALL, A DISTANCE OF 890.20 FEET TO THE POINT OF BEGINNING AND CONTAINING 5.518 ACRES OR 240,365 SQUARE FEET OF LAND, MORE OR LESS.

Sard PARCEL VI being the same property described by metes and bounds in Deed from RM OP 129 LIMITED PARTNERSHIP to WM RIDGMAR, L.P. recorded April 11, 2005 under Tarrant County Clerk's Document No. D205100828

BASIS OF BEARINGS IS THE REVISED PLAT OF RIDGMAR MALL, AS RECORDED IN VOLUME 388- 107, PAGE 74, PLAT RECORDS, TARRANT COUNTY, TEXAS.

PARCEL VII:

STREET/ROAD ACCESS EASEMENT RIGHTS AS CREATED AND DEFINED UNDER TERMS, CONDITIONS AND STIPULATIONS CONTAINED IN INSTRUMENTS RECORDED IN VOLUME 4693, PAGE 784, AS AFFECTED BY INSTRUMENT EXECUTED BY FORT WORTH NATIONAL BANK, TRUSTEE TO J.C. PENNEY COMPANY, INC., DATED JUNE 10, 1969, RECORDED IN VOLUME 4737, PAGE 723 AND IN VOLUME 5020, PAGE 670, ALL OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS.

## Ex1K-6

**Exhibit 6(gg)**

**SUBSTITUTE PROMISSORY NOTE**

---

| | |
|:---|:---|
| $2000000.00 | Date: January 1, 2025 |
|  | Maturity Date: December 31, 2025 |

---

FOR VALUE RECEIVED, STATION PLAZA SELF-STORAGE LLC, a Delaware limited liability company ("<u>Borrower</u>"), hereby promises to pay to the order of GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company ("<u>Lender</u>") the principal sum of TWO MILLION DOLLARS ($2,000,000.00), with interest thereon, according to the terms of this Substitute Promissory Note (this "<u>Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Interest.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Interest shall accrue on the outstanding and unpaid principal balance of this Note at a fixed rate of 12.22% per annum (the "<u>Interest Rate</u>"). Interest shall be calculated based on a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 From and after the Maturity Date or upon the occurrence and during the continuance of an Event of Default (as defined below) interest shall accrue on the unpaid principal balance of this Note until paid in full at a rate equal to five percent (5.00%) per annum above the rate of interest from time to time applicable to this Note (the "<u>Default Interest Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 No clause or provision in this Note shall be construed or shall so operate (a) to raise the Interest Rate above the lawful maximum, if any, in effect from time to time in the applicable jurisdiction for loans to borrowers of the type, in the amount, for the purposes, and otherwise of the kind contemplated, or (b) to require the payment or the doing of any act contrary to law, but if any clause or provision contained shall otherwise so operate this Note, in whole or in part, then (i) such clauses or provisions shall be deemed modified to the extent necessary to be in compliance with the law, or (ii) to the extent not possible, shall be deemed void as though not contained and the remainder of this Note shall remain operative and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Payments under this Note, if not sooner paid or declared to be due in accordance with the terms hereof, shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Monthly payments of accrued interest only shall be due and payable by Borrower to Lender on the first (1st) day of each calendar month during the term of this Note, commencing January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal balance of this Note, if not sooner paid or declared to be due in accordance with the terms hereof, together with all accrued and unpaid interest thereon and any other amounts due and payable hereunder, shall be due and payable in full on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Borrower may prepay this Note, in whole or in part, at any time without prepayment penalty or premium. Prepayments shall be allocated among principal, interest and fees at the sole discretion of the Lender unless otherwise agreed or required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Borrower will pay the obligations due under this Note to Lender at 257 East Main Street, Suite 200, Barrington, Illinois 60010, or at such other place as the Lender may designate from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Borrower agrees that to the extent any payment is received by Lender in connection with this Note, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a "<u>Preferential Payment</u>"), then this Note shall continue to be effective or shall be reinstated, as the case may be, and whether or not Lender is in possession of this Note, and, to the extent of such payment or repayment by Lender intended to be satisfied by such Preferential Payment shall be revived and continued in full force and effect as if said Preferential Payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Default.** The occurrence and continuance of any one or more of the following events shall be considered an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Borrower fails to pay when due any amount payable under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The commencement of any proceeding in bankruptcy by or against Borrower or alleging that Borrower is insolvent or unable to pay its debts as they mature, or for the readjustment of Borrower's debts, whether under the United States Bankruptcy Code or under any other law, whether state or federal, now or hereafter existing, for the relief of debtors, or the commencement of any analogous statutory or non-statutory proceeding involving Borrower; provided, however, that if such commencement of proceedings against Borrower is involuntary, such action shall not constitute an Event of Default unless such appointment is not revoked or such proceeding is not dismissed within sixty (60) days after the commencement of such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Security.** The payment and performance of all of the obligations represented by this Note are secured by that certain Collateral Assignment, Pledge and Security Agreement (the "<u>Assignment</u>") dated January 10, 2024 made by Borrower in favor of Lender. Reference is hereby made to the Assignment, which is incorporated herein by reference, for a statement of the covenants and agreements contained therein, a statement of the rights, remedies and security afforded thereby, and all matters contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Remedies.** At the election of Lender, and without notice, the principal balance remaining unpaid under this Note and all accrued and unpaid interest thereon and any other amounts due hereunder, shall be and become immediately due and payable in full upon the occurrence of an Event of Default. Failure to exercise this option shall not constitute a waiver of the right to exercise same in the event of any subsequent Event of Default. Upon an Event of Default, Lender may proceed under any remedy permitted herein, in the Assignment, or pursuant to law or equity. No holder hereof shall, by any act of omission or commission, be deemed to waive any of its rights, remedies or powers hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The rights, remedies and powers of the holder hereof, as provided in this Note are cumulative and concurrent and may be pursued singly, successively or together against Borrower and any security given at any time to secure repayment hereof, all at the sole discretion of the holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 This Note constitute the entire agreement among Borrower and Lender and contains all the agreements with respect to the subject matter hereof, and supersedes any prior understandings, agreements, or representations by or among Borrower and Lender, whether written or oral, to the extent they relate in any way to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Lender may at any time assign its rights in this Note. This Note shall inure to the benefit of and may be enforced by Lender and its successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 No amendment, modification or waiver of any provision of this Note shall be valid unless the same shall be in writing and signed by Borrower and Lender. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The section headings contained in this Note are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 This Note is the result of arm's length negotiations conducted by and among Borrower and Lender and, therefore, the usual rules of construction requiring that ambiguities are to be resolved against a particular party shall not be applicable in the construction of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 If at any time or times hereafter following an Event of Default Lender employs counsel (whether or not there is a lawsuit) to enforce any rights of Lender against Borrower under this Note, or attempts to or enforces any of Lender's rights or remedies under this Note, the costs and expenses incurred by Lender in any manner or way with respect to the foregoing, including, without limitation, attorneys' fees and costs through appeal and in post-judgment proceedings, shall be part of the obligations owing under this Note, payable by Borrower to Lender on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of said documents. As used in this Note, the singular shall include the plural, and masculine, feminine and neuter pronouns shall be fully interchangeable, where the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 If this Note is executed by more than one person or entity as Borrower, the obligations of each such person or entity shall be joint and several. No person or entity shall be a mere accommodation maker, but each shall be primarily and directly liable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE TO CLAIM OR RECOVER FROM LENDER IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF BORROWER AND LENDER SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>**JURY WAIVER**</u>. LENDER AND BORROWER, EACH HAVING BEEN REPRESENTED BY COUNSEL OR HAVING THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT LENDER MAY FILE A COPY OF THIS NOTE WITH ANY COURT OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 PRIOR NOTE. This Note is given in substitution for, and not in payment of, that certain Promissory Note dated January 10, 2024 made by Borrower in the original sum of Two Million Dollars ($2,000,000.00).

[Signature Page Follows]

IN WITNESS WHEREOF, Borrower has duly executed this Substitute Promissory Note as of the day and year first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| STATION PLAZA SELF-STORAGE LLC, | STATION PLAZA SELF-STORAGE LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| GK Development, Inc., an Illinois corporation, its Manager | GK Development, Inc., an Illinois corporation, its Manager |
| By: | /s/ Garo Kholamian |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

## Ex1K-6

**Exhibit 6(hh)**

<u>**DEBT CONVERSION AGREEMENT**</u>

THIS DEBT CONVERSION AGREEMENT (this "Agreement") is made and entered as of May 1, 2025 (the "Effective Date"), by and between STATION PLAZA SELF-STORAGE LLC, a Delaware limited liability company (the "Company"), SPSS DEVELOPER LLC, a Delaware limited liability company ("SPSS"), and GK INVESTMENT PROPERTY HOLDINGS II, LLC, a Delaware limited liability company (the "Lender"). The foregoing is each referred to as a "Party" and together as the "Parties".

WHEREAS, the membership interest in the Company are held by SPSS, owning a sixty percent (60%) membership interest, and by GK Station Plaza Self-Storage LLC, owning a forty percent (40%) membership interest;

WHEREAS, as of the Effective Date, the Company is indebted to the Lender under that certain Promissory Note dated as of January 10, 2024 (as amended, the "Note") in the principal amount of Two Million Dollars ($2,000,000.00) (the "Debt");

WHEREAS, the Note matured on April 30, 2025, and the Debt remains outstanding; and

WHEREAS, the Parties have agreed to convert the Debt to preferred equity in the form of membership interests in SPSS to fully satisfy the Company's obligations under the Note.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Conversion to Membership Interest</u>. As of the Effective Date, the Debt is converted to a Preferred Capital Contribution by the Lender to SPSS. The Parties acknowledge and agree that the Preferred Capital Contribution represents a 37.21% membership interest in SPSS (the "Membership Interest"). The aggregate consideration for the Membership Interest is the $2,000,000.00 loan previously provided by the Lender to the Company. Contemporaneously with the execution of this Agreement, the Lender shall execute and deliver a Member Signature Page to that certain Second Amended and Restated Limited Liability Company Agreement of SPSS Developer LLC (the "LLC Agreement"). The Lender hereby acknowledges that it has reviewed the LLC Agreement and agrees to comply with the rights, duties and obligations provided therein as a Preferred Member. For and in consideration of the issuance of the Membership Interest, the Debt shall be deemed repaid in full on the Effective Date and the Company shall have no further obligations in connection with the Note. The Parties agree to take all necessary and appropriate action in furtherance of this Agreement, including, without limitation, the release of all security interests held by the Lender relating to the Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acknowledgments, Representations and Warranties</u>. The Lender hereby acknowledges, represents and/or warrants to the Company and SPSS that: (a) the Membership Interest has not been registered under the Securities Act, or under any state securities laws, and are being offered and sold in reliance upon federal and state exemptions for transactions not involving any public offering; (b) the Lender is acquiring the Membership Interest solely for its own account for investment purposes, and not with a view to the distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction; (c) the Lender is a sophisticated purchaser with such knowledge and experience in business and financial matters that it is capable of evaluating the merits and risks of purchasing the Membership Interest; (d) the Lender has had the opportunity to obtain from the Company such information as desired in order to evaluate the merits and the risks inherent in holding the Membership Interest; (e) the Lender is able to bear the economic risk and lack of liquidity inherent in holding the Membership Interest; and (f) the Lender either has a pre-existing personal or business relationship with the Company or its officers, directors or controlling persons, or by reason of the Lender's business or financial experience, or the business or financial experience of their professional advisors who are unaffiliated with and who are not compensated by the Company, directly or indirectly, have the capacity to protect their own interests in connection with the purchase of the Membership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. This Agreement may be executed in counterparts, each of which is deemed an original and all of which together constitute one document. This Agreement shall inure to the benefit of, and be binding upon, the parties' respective successors, representatives, and assigns. Each party agrees to keep this Agreement and each of its terms confidential and will not disclose any of the terms of this Agreement to anyone except as otherwise required by process of law or regulation, order of court, or to enforce the terms of this Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **"COMPANY"** | **"COMPANY"** |
| STATION PLAZA SELF-STORAGE LLC, | STATION PLAZA SELF-STORAGE LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| GK DEVELOPMENT, INC., | GK DEVELOPMENT, INC., |
| an Illinois corporation, its Manager | an Illinois corporation, its Manager |
| By: | /s/ Garo Kholamian |
|  | Garo Kholamian, President |
| **"SPSS"** | **"SPSS"** |
| SPSS DEVELOPER LLC, | SPSS DEVELOPER LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| GK DEVELOPMENT LLC., | GK DEVELOPMENT LLC., |
| an Illinois corporation, its Manager | an Illinois corporation, its Manager |
| By: | /s/ Garo Kholamian |
|  | Garo Kholamian, President |
| **"LENDER"** | **"LENDER"** |
| GK INVESTMENT PROPERTY HOLDINGS II, LLC, | GK INVESTMENT PROPERTY HOLDINGS II, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| GK DEVELOPMENT, INC., | GK DEVELOPMENT, INC., |
| an Illinois corporation, its Manager | an Illinois corporation, its Manager |
| By: | /s/ Garo Kholamian |
|  | Garo Kholamian, President |

---

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001788427

**Issuer CCC:** XXXXXXXX

**Is filer a shell company?:** No

**Is this filing by a successor company?:** No

### Submission Contact Information

**Is this a LIVE or TEST Filing?:** LIVE

**Period:** 12-31-2024

### Item 1: Issuer Information (Tab 1 Notification)

**Type of Report:** Annual Report

**Fiscal Year End:** 12-31-2024

**Exact Name of Issuer:** GK Investment Property Holdings II, LLC

**CIK:** 0001788427

**Jurisdiction of Incorporation:** DE

**IRS Number:** 84-3013125

**Address:** 257 East Main Street, Suite 200, Barrington, IL 60010

**Issuer Phone Number:** 847-277-9930

**Title of each class of securities issued pursuant to Regulation A:** 7% Bonds

### Item 2: Ongoing Reporting Requirements

**Is the issuer relying on the relief provided by Rule 257(d) for this filing?** Yes