# EDGAR Filing Document

**Accession Number:** 0002072338
**File Stem:** 0001104659-25-058901
**Filing Date:** 2025-6
**Character Count:** 635380
**Document Hash:** e21d152a842b739505a350dd7e79af1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-058901.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001104659-25-058901

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GK Investment Holdings III LLC
- **CENTRAL INDEX KEY:** 0002072338

**ORGANIZATION NAME:**
- **EIN:** 333781161
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12626
- **FILM NUMBER:** 251042851

**BUSINESS ADDRESS:**
- **STREET 1:** 257 EAST MAIN STREET
- **STREET 2:** SUITE 200
- **CITY:** BARRINGTON
- **STATE:** IL
- **ZIP:** 60010
- **BUSINESS PHONE:** (847) 277-9930

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

## Part

**An offering statement pursuant to Regulation A relating to these securities has been filed with the Securities and Exchange Commission (the "SEC"). Information contained in this Preliminary Offering Circular is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted before the offering statement filed with the Commission is qualified. This Preliminary Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the laws of any such state. We may elect to satisfy our obligation to deliver a Final Offering Circular by sending you a notice within two business days after the completion of our sale to you that contains the URL where the Final Offering Circular or the offering statement in which such Final Offering Circular was filed may be obtained.**

**Preliminary Offering Circular**

**June 12, 2025**

**GK INVESTMENT HOLDINGS III LLC**

**257 East Main Street, Suite 200**

**Barrington, IL 60010**

**(847) 277-9930**

**8% Bonds**

**$75,000,000 Aggregate Maximum Offering Amount (75,000 Bonds)**

**$5,000 Minimum Purchase (5 Bonds)**

GK Investment Holdings III LLC, a Delaware limited liability company (the "Company"), is offering up to $75,000,000 in the aggregate of its 8% bonds (the "Bonds"). The purchase price per Bond is $1,000, with a minimum purchase amount of $5,000. The Bonds will bear interest at a fixed rate of 7% per annum with an additional 1% annualized interest deferred. Interest on the Bonds will be paid monthly on the 15th day of the month. The first interest payment on a Bond will be paid on the 15th day of the month following the issuance of such Bond. In addition, the Company is obligated to pay bondholders (the "Bondholders"), a payment of 1% per annum, cumulative, non-compounding, accruing daily (the "Deferred Interest Payment") on the Maturity Date (defined below). See **"*Description of Bonds – Deferred Interest Payment"*** for more information. The Bonds will be offered to prospective investors on a best efforts basis by our Managing Broker-Dealer, Wealthforge Distributors, LLC ("Wealthforge Distributors"). "Best efforts" means that Wealthforge Distributors is not obligated to purchase any specific number or dollar amount of Bonds, but it will use its best efforts to sell the Bonds. Wealthforge Distributors may engage additional broker-dealers, or Selling Group Members, who are members of the Financial Industry Regulatory Authority ("FINRA") to assist in the sale of the Bonds. Prior to each closing, the proceeds received in the offering will be kept in an escrow account held by Southstate Bank, N.A., as escrow agent. At each closing date, the proceeds for such closing will be disbursed to our Company and Bonds relating to such proceeds will be issued to their respective investors. The offering will commence on the date the offering statement of which this offering circular is a part is declared qualified by the SEC. The offering will continue through the earlier of the date which is two years from the commencement of this offering, subject to extension by one (1) year in the sole discretion of the Manager, or the date upon which all $75,000,000 in offering proceeds have been received (the "Offering Termination Date").

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Price to Public** | **Managing Broker-<br> Dealer Fee,<br> Commissions<br> and Expense<br> Reimbursements<sup>(1)(2)</sup>** | **Proceeds to<br> Issuer** | **Proceeds<br> to Other<br> Persons** |
| Per Bond: | $1000.00 | $85.00 | $915.00 | $0 |
| Maximum Offering Amount: | $75000000.00 | $6375000.00 | $68625000.00 | $0 |

---

(1) This
includes selling commissions of up to 6.0% and a Managing Broker-Dealer Fee of up to .50% of the gross proceeds of this offering, which
is the aggregate offering amount sold, without consideration of any discounts for Bonds purchased by certain persons (see  ***"Plan of Distribution – Discounts for Bonds Purchased by Certain Persons"***), to be paid on Bonds offered on a best efforts
basis. Our Managing Broker-Dealer, Wealthforge Distributors, will receive selling commissions up to 6.0% of aggregate gross offering
proceeds, which it may re-allow, in whole or in part to the Selling Group Members ("Selling Commissions"), a Managing Broker-Dealer
Fee of up to .50% of aggregate gross offering proceeds (the Managing Broker-Dealer Fee"), which it may re-allow, in whole or in
part to the Selling Group Members, a wholesaling fee of up to 1.0% ("Wholesaling Fee") and a non-accountable marketing
and due diligence expense reimbursement in an amount up to 1% of aggregate gross offering proceeds (the "Marketing and Due Diligence
Fee"), which it may re-allow, in whole or in part to the Selling Group Members. The above does not include a Platform and Syndication
Fee of up to $7,500 per month that will be paid out of GK Real Estate's organizational and offering fee described below. *See*"  ***Use of Proceeds***" and "  ***Plan of Distribution***" for more information.

(2) The table above does not
 include the organizational and offering fee in an amount equal to 2.0% of the gross proceeds of this offering ($1,500,000 if the
 maximum offering amount is sold) to be paid to GK Real Estate (defined herein) in connection with this offering and our
 organization. *See*"  ***Use of Proceeds***" and "  ***Plan of Distribution***" for more
 information. Our Manager will pay our actual organizational and offering expenses out of the organizational and offering fee. Our
 Manager will be entitled to retain as compensation for promoting the offering any amount by which 2.0% of the gross proceeds raised
 in the offering, the organizational and offering fee, exceeds the actual organizational and offering expenses. To the extent actual
 organizational and offering expenses exceed 2.0% of the gross proceeds raised in the offering, the organizational and offering fee,
 our Manager will pay such amounts without reimbursement from us.

**Generally, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.**

**An investment in the Bonds is subject to certain risks and should be made only by persons or entities able to bear the risk of and to withstand the total loss of their investment. Currently, there is no market for the Bonds being offered, nor does our Company anticipate one developing. Prospective investors should carefully consider and review that risk as well as the RISK FACTORS beginning on page 8 of this Offering Circular.**

**THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "SEC") DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SELLING LITERATURE. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**The Company is following the "Offering Circular" format of disclosure under Regulation A.**

**The date of this Offering Circular is June 12, 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Contents** | **Page** |
| [OFFERING CIRCULAR SUMMARY](#partii_001) | [3](#partii_001) |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#partii_002) | [8](#partii_002) |
| [RISK FACTORS](#partii_003) | [8](#partii_003) |
| [USE OF PROCEEDS](#partii_004) | [25](#partii_004) |
| [PLAN OF DISTRIBUTION](#partii_005) | [26](#partii_005) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#partii_006) | [31](#partii_006) |
| [GENERAL INFORMATION AS TO OUR COMPANY](#partii_007) | [32](#partii_007) |
| [POLICY WITH RESPECT TO CERTAIN ACTIVITIES](#partii_008) | [34](#partii_008) |
| [INVESTMENT POLICIES OF OUR COMPANY](#partii_009) | [35](#partii_009) |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#partii_010) | [40](#partii_010) |
| [DESCRIPTION OF BONDS](#partii_011) | [43](#partii_011) |
| [LEGAL PROCEEDINGS](#sv_001) | [48](#sv_001) |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#sv_002) | [48](#sv_002) |
| [DIRECTORS AND EXECUTIVE OFFICERS](#sv_003) | [49](#sv_003) |
| [EXECUTIVE COMPENSATION](#sv_004) | [50](#sv_004) |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#sv_005) | [50](#sv_005) |
| [POLICIES WITH RESPECT TO CERTAIN TRANSACTIONS](#sv_006) | [51](#sv_006) |
| [COMPENSATION OF OUR MANAGER AND ITS AFFILIATES](#sv_007) | [52](#sv_007) |
| [PRIOR PERFORMANCE SUMMARY](#sv_008) | [53](#sv_008) |
| [LIMITATIONS ON LIABILITY](#sv_009) | [62](#sv_009) |
| [INDEPENDENT AUDITORS](#sv_010) | [62](#sv_010) |
| [LEGAL MATTERS](#sv_011) | [62](#sv_011) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#sv_012) | [62](#sv_012) |
| [INDEX TO FINANCIAL STATEMENTS](#sv_013) | [F-1](#sv_013) |

---

**OFFERING CIRCULAR SUMMARY**

*This summary highlights information contained elsewhere in this Offering Circular. This summary does not contain all of the information that you should consider before deciding whether to invest in our Bonds. You should carefully read this entire Offering Circular, including the information under the heading "Risk Factors" and all information included in the Offering Circular.*

**Our Company.** GK Investment Holdings III LLC was formed on March 5, 2025 to invest in existing income producing commercial properties. The Company does not currently have any assets.

Mr. Garo Kholamian is the beneficial owner of 78% of the outstanding units of our Company. Our Company is solely managed by GK Development, Inc. dba GK Real Estate, an Illinois corporation ("GK Real Estate"). GK Real Estate was formed on May 19, 1994 under the laws of Illinois, and Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate. As a result, Mr. Garo Kholamian will effectively manage our Company.

Our Company is focused on investing in existing, income producing commercial properties that will benefit from GK Real Estate's operating and leasing skills, including re-leasing, redeveloping, renovating, refinancing, repositioning and selling. We may also invest in mortgages, mezzanine debt or other types of real estate interests. GK Real Estate intends to actively participate in the management of our Company's properties rather than hold them as passive investments; provided, that we may make debt investments in properties owned and controlled by other affiliates of GK Real Estate. The objective of this strategy is to maximize cash flow and property value at the time of final disposition. By doing this, GK Real Estate maximizes the potential of our Company to pay its obligations under the Bonds as they become due. Holding periods for our Company's investments will vary depending on several factors.

Our acquisition focus is concentrated on quality assets with performant tenants in markets with strong growth demographics. We specifically target retail locations in growth corridors with strong accessibility and visibility, high traffic counts, and proximity to residential growth. Though we will also consider tertiary commercial real estate uses like industrial, multi-family, retail or self-storage as an ancillary investment strategy to synergize with our core retail strategy. We look for stable, well-maintained properties that have a diversified tenant mix. Our retail property focus has an emphasis on properties well positioned for the future, including junior box centers, power centers, and other retail shopping centers anchored by grocery stores and tenants resistant to e-commerce disruption as well as service providers with limited online counterparts.

GK Real Estate will generally purchase or lend on individual properties but may consider portfolio purchases and/or loans.

While the focus of the Company is on income producing properties and not ground up development, at times our Company may have opportunities to acquire or make debt investments in commercial real property which includes unimproved pad sites for future development and leasing opportunities. In such instances, our Company may retain the unimproved pad sites for ground lease, build-to-suit and/or sale opportunities that would financially benefit the Company.

**Management.** The sponsor of our company, GK Real Estate, is a Barrington, Illinois based real estate acquisition and development company specializing in the acquisition, management, and redevelopment of commercial rental properties. Its management provides years of experience successfully acquiring, redeveloping and managing commercial rental properties. Mr. Garo Kholamian is the President and founder of GK Real Estate. Prior to GK Real Estate, Mr. Kholamian was Senior Vice President of Development for Homart Development Co., the real estate development arm of Sears Roebuck. In this position, he was instrumental in the development of shopping centers across the United States. See "***Directors and Executive Officers***" for more information on Mr. Kholamian and the seven other individuals responsible for the management of GK Real Estate.

**The Offering.** Our company is offering up to $75,000,000 in the aggregate of its 8% Bonds. See "***Plan of Distribution - Who May Invest***" for further information. Until closing occurs and thereafter prior to each additional closing, the proceeds received in the offering will be kept in an escrow account held by Southstate Bank, N.A., as escrow agent. If the initial closing does not occur for any reason, the proceeds will be promptly returned to investors without interest. At each closing date, the proceeds for such closing will be disbursed to our company and Bonds relating to such proceeds will be issued to their respective investors. The offering will continue through the Offering Termination Date.

The Bonds will mature on the fifth anniversary of the Initial Closing of the Bonds (the "Maturity Date"), subject to the Company's option to extend the Maturity Date for each of the Bonds for two additional one-year periods (each an "Extension Period") and the application of the Automatic Extension (defined herein). Interest on the Bonds will be paid monthly on the 15th day of the month. The first interest payment on a Bond will be paid on the 15th day of the month following the issuance of such Bond. In addition, the company is obligated to pay Bondholders a cumulative non-compounding 1% Deferred Interest Payment on the Maturity Date of the Bonds subject to the Company's option to extend the Maturity Date. See **"*Description of Bonds – Deferred Interest Payment*"** for more information.

We will conduct closings in this offering at least monthly, assuming there are funds to close, until the Offering Termination Date. Once a subscription has been submitted and accepted by our company, an investor will not have the right to request the return of its subscription payment prior to the next closing date. If subscriptions are received on or before a closing date and accepted by our company prior to such closing, any such subscriptions will be closed on that closing date. If subscriptions are received on or before a closing date but not accepted by the Company prior to such closing, any such subscriptions will be closed on the next closing date. On the date of each Closing (a "Closing Date") offering proceeds for that closing will be disbursed to the Company and the respective Bonds will be issued to investors in the offering (the "Bondholders"). The offering is being made on a best-efforts basis through Wealthforge Distributors.

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| | |
|:---|:---|
| **Issuer** | GK Investment Holdings III LLC. |
| **Securities Offered** | Maximum – $75,000,000, aggregate principal amount of the Bonds. |
| **Maturity Date** | The Bonds will mature on the fifth anniversary of the Initial Closing of the Bonds (the "Maturity Date") subject to the Company's option to extend the Maturity Date for each of the Bonds for two additional one-year periods (each an "Extension Period") and the Automatic Extension (defined herein). The Company will give notice of any Extension Period at least 30 days prior to such Extension Period or the Automatic Extension after such extension is applied. Upon the exercise of the optional Extension Period, the Bonds shall bear interest at a fixed rate of seven and a quarter percent (7.25%) per annum payable on each Interest Payment Date for the first year following the original Maturity Date and a fixed rate of seven and a half percent (7.50%) per annum payable on each Interest Payment Date for the second year following the original Maturity Date. If, after both Extension Periods, the Illiquid Assets (defined herein) of the Company are listed for sale upon within three (3) months of the Maturity Date, the Maturity Date shall be automatically extended for one (1) year at the current annualized interest rate (the "Automatic Extension"). See "***Description of Bonds – Interest and Maturity***" for more information. |
| **Interest Rate** | 7% per annum computed on the basis of a 360-day year with an additional 1% annualized interest deferred. |
| **Interest Payment Dates** | Commencing on the 15th of the month following the issuance of such Bond and continuing monthly until its Maturity Date. |
| **Price to Public** | $1,000 per Bond. |

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| | |
|:---|:---|
| **Deferred Interest Payment** | In addition, the company is obligated to pay Bondholders a cumulative non-compounding 1% Deferred Interest Payment on the Maturity Date of the Bonds. See **"*Description of Bonds – Deferred Interest Payment*"** for more information.<br>On the Maturity Date of the Bonds, the company is obligated to pay the Bondholders a cumulative non-compounding Deferred Interest Payment at a fixed rate of 1% per annum. Deferred Interest Payments will not be made in the instances of any optional redemption at the option of the Bondholders, or the Optional Redemption, or Death and Disability Redemption. See "***Description of Bonds – Optional Redemption At The Option Of The Bondholders***" and "***Description of Bonds – Death and Disability Redemption***" for more information.<br>As provided in the Bond Purchase Agreement, the Company may defer the payment of interest, in part or in whole, to the Bondholders for up to one (1) year in the case of war, acts of God, natural disasters, and declared pandemics that are declared by the Manager, in its sole discretion, to render the performance of the Company's assets materially impaired. Payment of any deferred interest as a result of this provision shall be added to the Deferred Interest Payment due and payable at the Maturity Date. See "***Description of Bonds – Optional Redemption At The Option Of The Bondholders***"<br>While our company is required to make the Deferred Interest Payments, we do not intend to establish a sinking fund to fund such payments. Therefore, our ability to honor this obligation will be subject to our ability to generate sufficient cash flow or procure additional financing in order to fund those payments. If we cannot generate sufficient cash flow or procure additional financing to honor this obligation, we may need to liquidate some or all of our company's assets to fund the payments, or we may not be able to fund the payments in their entirety or at all, which shall constitute an Event of Default. See "***Description of Bonds - Event of Default***" for more information. |
| **Ranking** | The Bonds are senior unsecured indebtedness of our company. They rank equally with our other senior unsecured indebtedness structurally subordinated to all indebtedness of our subsidiaries. As of the date of this offering circular, we do not have any other indebtedness. The Bonds would rank junior to any of our secured indebtedness. |
| **Use of Proceeds** | We estimate that the net proceeds from this offering, after deducting the estimated offering costs and expenses payable by our company, will be approximately $67,125,000. This assumes that we sell the maximum offering amount. We intend to use the net proceeds from this offering to acquire and make debt investments in commercial rental properties in our target asset class. |
| **Certain Covenants** | The Bonds are being issued pursuant to a Bond Purchase Agreement (the "Bond Purchase Agreement") by and among the Company and the Bondholders, in substantially the form filed concurrently with this Offering Statement as an Exhibit. The Company and our subsidiaries are allowed to incur additional indebtedness so long as the Equity Bond Ratio is maintained. These covenants are subject to a number of important exceptions, qualifications, limitations and specialized definitions. See "***Description of Bonds - Certain Covenants***" in this Offering Circular. While any of the Bonds remain outstanding, the company shall commission or otherwise obtain an appraisal or broker opinion of value of each property owned by the company or a subsidiary of the company to be dated on or before the second anniversary of the acquisition of such property, and then on or before each subsequent anniversary of the prior appraisal. While any of the Bonds remain outstanding, the sum of the aggregate property Equity Values plus any cash or cash equivalents, as defined by GAAP, then held by the company shall be equal to or exceed seventy percent (70%) of aggregate principal amount of the outstanding Bonds. While any Bonds remain outstanding, the company shall maintain a Cash Coverage Ratio (as defined below) equal to at least 120%. The company shall notify the Bondholders of any noncompliance with the above in accordance with the Bondholder Purchase Agreement and the Form of Bond. |

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| | |
|:---|:---|
| **Optional Redemption at the Option of the Bondholders** | The Bonds will be redeemable at the election of the Bondholder beginning on the one-year anniversary of first Issuance Date of Bonds held by the Bondholder. Bondholder must provide written notice to us requesting redemption. We will have 120 days from the date such notice is provided to redeem the Bondholder's Bonds at a price per Bond equal to $850 plus any accrued but unpaid interest on the Bond due to such Bondholder, excluding an Deferred Interest. Our obligation to redeem Bonds and the cash available for the Optional Bond Redemption are subject to certain conditions and limitations. See "***Description of Bonds – Optional Redemption At The Option Of The Bondholders***" for more information. |
| **Death and Disability Redemption** | In the event of death or disability of a Bondholder, Bonds may be presented to us for repurchase. All of the Bonds beneficially held by a Bondholder may be submitted to us for repurchase at any time in accordance with the procedures outlined by our company. At that time, we may, subject to the conditions and limitations, repurchase the Bonds presented for cash to the extent that we have sufficient funds available. 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. See "***Description of Bonds – Death and Disability Redemption***" for more information. |
| **Redemption At the Option of the Company** | The Company has the right to, subject to the company's sole discretion, redeem any number of Bonds at any time after their issuance. If the Company decides to redeem certain number of Bonds, we may redeem all or any part of that Bondholder's Bonds at the Company Redemption Price (defined herein). See "***Description of Bonds –Redemption At The Option Of The Company***" for more information. |
| **Default** | The Bond Purchase Agreement contains events of default Events of Default, (as defined herein) other than payment defaults, are subject to our company's right to cure within 120 days of such Event of Default. Once any payment Event of Default occurs, the Bondholders can exercise the remedies provided to them at law and in equity. See "***Description of Bonds - Event of Default***" for more information. |
| **Form** | The Bonds will be registered in book-entry form on the books and records of the Company. See "***Description of Bonds - Book-Entry, Delivery and Form***" for more information. |
| **Denominations** | We will issue the Bonds only in denominations of $1,000. |
| **Payment of Principal and Interest** | Principal and interest on the Bonds will be payable in U.S. dollars or other legal tender, coin or currency of the United States of America. |
| **Future Issuances** | We may, from time to time, without notice to or consent of the Bondholders, increase the aggregate principal amount of the Bonds outstanding by issuing additional bonds in the future with the same terms of the Bonds, except for the issuance date and offering price, and such additional bonds shall be consolidated with the Bonds in this offering, subject to the sole discretion of the company. |

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| | |
|:---|:---|
| **Liquidity** | This is a Tier 2, Regulation A offering. This offering is being conducted pursuant to an exemption from registration under Regulation A of the Securities Act of 1933, as amended, or the Securities Act. Though we may apply for these qualified securities to be eligible for quotation on an alternative trading system or over the counter market, if we determine that such market is appropriate given the structure of the Bonds and our company and our business objectives we do not anticipate doing so. It is not likely that the Bonds will be publicly listed or quoted or that a market will develop for them. Please review carefully "***Risk Factors - Investment Risk***" for more information. Additionally, subject to certain terms and conditions, the Bonds will be redeemable at the election of the Bondholder. See "***Description of Bonds – Optional Bond Redemption***" for more information. |
| **Registrar and Paying Agent** | We have designated Great Lakes as registrar and paying agent with respect to the Bonds. The Bonds are being issued in book-entry form only, in accordance with the Bond Purchase Agreement, filed as an Exhibit herewith, and the Form of Bond, filed as an Exhibit herewith. As registrar, Great Lakes will keep the records of the issued end outstanding Bonds and their holders. |
| **Governing Law** | The Bond Purchase Agreement and the Bonds are governed by the laws of the State of New York. |
| **Material Tax Considerations** | You should consult your tax advisors concerning the U.S. federal income tax consequences of owning the Bonds in light of your own specific situation, as well as consequences arising under the laws of any other taxing jurisdiction. |
| **Risk Factors** | An investment in our Bonds involves certain risks. You should carefully consider the risks above, as well as the other risks described under "***Risk Factors***" beginning on page 8 of this Offering Circular before making an investment decision. |

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Offering Circular 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. Factors that could have a material adverse effect on our forward-looking statements and upon our business, results of operations, financial condition, funds derived from operations, cash flows, liquidity and prospects include, but are not limited to, the factors referenced in this Offering Circular, including those set under the caption "RISK FACTORS" forth below.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this Offering Circular. 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 Offering Circular. The matters summarized below and elsewhere in this Offering Circular 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 Offering Circular, whether as a result of new information, future events or otherwise.

**RISK FACTORS**

*An investment in our Bonds is highly speculative and is suitable only for persons or entities that are able to evaluate the risks of the investment. An investment in our Bonds should be made only by persons or entities able to bear the risk of and to withstand the total loss of their investment. Prospective investors should consider the following risks before making a decision to purchase our Bonds. To the best of our knowledge, we have included all material risks to investors in this section.*

**Risks Related to the Bonds and the Offering**

***The Bonds are unsecured obligations of our company and not obligations of our subsidiaries and are structurally subordinated to any future obligations of our company's subsidiaries. Structural subordination increases the risk that we will be unable to meet our obligations on the Bonds.***

The Bonds are unsecured obligations of our company and rank equally in right of payment with all of our company's other unsecured indebtedness and senior in right of payment to any of our company's future obligations that are by their terms expressly subordinated or junior in right of payment to the Bonds. The Bonds are not secured. The Company and our subsidiaries are allowed to incur additional indebtedness so long as the Equity Bond Ratio is maintained.

The Bonds are obligations exclusively of our company and not of any of our subsidiaries. None of our company's subsidiaries is a guarantor of the Bonds and the Bonds are not required to be guaranteed by any subsidiaries our company may acquire or create in the future. The Bonds are also effectively subordinated to all of the liabilities of our company's subsidiaries, to the extent of their assets, since they are separate and distinct legal entities with no obligation to pay any amounts due under our company's indebtedness, including the Bonds, or to make any funds available to make payments on the Bonds. Our company's right to receive any assets of any subsidiary in the event of a bankruptcy or liquidation of the subsidiary, and therefore the right of our company's creditors to participate in those assets, will be effectively subordinated to the claims of that subsidiary's creditors, including trade creditors, in each case to the extent that our company is not recognized as a creditor of such subsidiary. In addition, even where our company is recognized as a creditor of a subsidiary, our company's rights as a creditor with respect to certain amounts will be subordinated to other indebtedness of that subsidiary, including secured indebtedness to the extent of the assets securing such indebtedness.

***Our covenants require only a 70% real property equity and outstanding debt investment principal, in addition to our cash on hand, to Bond principal ratio; if we default on the Bonds, the proceeds from liquidation upon sale of our assets may not be sufficient to repay the aggregate principal amount of the Bonds.***

One of our Bondholders' principal remedies in the event of a default is to gain a judgment and use it to force the sale of our assets, including our rental properties and debt investments, if any. Under the Bond Purchase Agreement we must maintain, in addition to our cash on hand, a ratio of 70% equity to the principal amount of outstanding Bonds, subject to our right to cure any deficiency within one hundred twenty (120) days of the occurrence of such deficiency. See "***Description of Bonds - Event of Default***" for more information. Because the amount of real property equity and outstanding debt investment principal we are required to maintain, in addition to our cash on hand, may not cover the full principal amount of the Bonds, if we default on the Bonds, the proceeds from liquidation upon sale of our assets may not be sufficient to fully repay the outstanding Bondholders.

***Subject to specified limitations in the Bond Purchase Agreement, the Bonds do not restrict or eliminate our company's or its subsidiaries' ability to incur additional debt or take other action that could negatively impact holders of the Bonds.***

Subject to specified limitations in the Bond Purchase Agreement and as described under "***Description of Bonds - Certain Covenants***," the Bond Purchase Agreement does not contain any other provisions that would directly limit our company's ability or the ability of its subsidiaries to incur indebtedness, including unsecured indebtedness that would be senior to the Bonds. The Company and our subsidiaries are allowed to incur additional indebtedness so long as the Equity Bond Ratio is maintained.

***The Bonds may be junior to our mezzanine debt, which is secured by an interest in our subsidiaries.***

We are not prohibited from incurring mezzanine debt that is secured by an interest in our subsidiaries. This mezzanine debt will be senior in right of payment to the Bonds. In the event of our bankruptcy, liquidation, reorganization, or other winding up of our affairs, the holders of this senior mezzanine debt will be entitled to receive distributions of our assets and the assets of our subsidiaries securing such debt before any payments are made to the holders of the Bonds. As a result, our ability to satisfy our obligations under the Bonds may be adversely affected if we are required to make payments on our senior mezzanine debt, and Bondholders may recover less than the full value of their investment in the Bonds.

***Liquidation upon default may be limited by covenants and penalties in debt documents for senior mortgages secured by the respective underlying properties.***

Our Bonds are unsecured. If we default on the Bonds, the Bondholders will need to rely on liquidation proceeds upon sales of our assets, including properties and any equity or debt interest we own, for repayment. We expect that any properties in which we own an equity interest may be financed with debt and that the terms of such debt will require that the ownership interest of such property, directly or indirectly, cannot change without lender's consent. If the ownership changes without lender consent, the respective borrower under the respective loan will be in default. If either of the direct or indirect owners of such a property is found to be in default under any loans, your investment will be adversely affected. We anticipate using senior secured debt to acquire each new property we purchase. Often senior lender loans secured by real property contain prepayment penalties and/or requirements of defeasance. Any such prepayment penalties or defeasance requirements may reduce the proceeds of sale of our properties or may render such a sale prohibitively expensive. Additionally, if we invest in mezzanine debt or preferred equity interests in properties secured by senior debt, similar covenants may apply. This would materially and adversely affect the repayment of your investment in the event of a default.

***The Bonds will be issued in absence of an indenture or trustee.***

The Bonds will be offered and issued without the protection of a trust indenture or the oversight of an independent trustee. Unlike bonds issued where a trustee is appointed to represent the interests of the bondholders, monitor the issuer's compliance with the terms of the Bonds, and take action in the event of default, no such party will be involved in this Offering. As a result, any action to enforce the terms of the Bonds, including actions in the event of default, will need to be taken directly by the Bondholders, and could be more complex, costly, and time-consuming. This may result in delays or limitations in the recovery of principal and interest or the enforcement of any covenants pursuant to the Bond Purchase Agreement. Additionally. Bondholders will need to individually assert claims of a default, which may be significantly more costly than if a trustee were to take action on behalf of all Bondholders.

***The cash flow indirectly received from the properties we acquire in the future will be significantly impacted by the debt burden on the property.***

We may finance our purchase of properties in the future using various debt financing. If so, we will be required to make the debt service payments on each of the loans in the future before making distributions to Bondholders. The debt burden is not practical to predict now. As a result, our ability to make payments to Bondholders when they become due may be adversely affected by the debt burden in the future.

***If we sell substantially less than all of the Bonds we are offering, our investment objectives may become more difficult to reach.***

While we believe we will be able to reach our investment objectives regardless of the amount of the raise, it may be more difficult to do so if we sell substantially less than all of the Bonds. Such a result may negatively impact our liquidity and increase our dependence on higher interest debt to acquire target properties. In that event, our investment costs will increase, which may decrease our ability to make payments to Bondholders.

***Bondholders who delay in seeking remedies to enforce their rights may have a diminished ability to recover principal and interest.***

The Bondholders have no remedies provided to them in the Bondholder Purchase Agreement or Form of Bond except for those remedies available at law and in equity. Bondholders seeking to enforce their right to the repayment of principal and interest may be in a better position to recover amounts owed to them if they act promptly. There can be no assurance that Bondholders who delay in taking action to enforce their rights will achieve the same level of recovery as those who pursue remedies without delay, if at all. This could result in certain Bondholders receiving less than the full amount of principal and interest due to them, or no recovery at all if the Company's assets, after liquidation, are not enough to cover the outstanding amount due to all Bondholders.

***Our ability to pay interest on the Bonds could be delayed or suspended under certain force majeure events.***

As provided in the Bond Purchase Agreement, the Company may defer the payment of interest, in part or in whole, to the Bondholders for up to one (1) year in the case of war, acts of God, natural disasters, and declared pandemics that are declared by the Manager, in its sole discretion, to render the performance of the Company's assets materially impaired. Payment of any deferred interest as a result of this provision shall be added to the Deferred Interest Payment due and payable at the Maturity Date. The occurrence of such events could negatively impact the timely receipt of interest payments by Bondholders.

**Investment Risks**

***The Bonds will have limited transferability and liquidity.***

There is no active market for the Bonds. Although we may apply for quotation of the Bonds on an alternative trading system or over the counter market, even if we obtain that quotation, we do not know the extent to which investor interest will lead to the development and maintenance of a liquid trading market. Further, we do not expect the Bonds will not be quoted on an alternative trading system or over the counter market.

***We have no prior operating history which may make it difficult for you to evaluate this investment.***

We have no prior operating history and may not be able to successfully operate our business or achieve our investment objectives. We may not be able to conduct our business as described in our plan of operation.

***You will not have the opportunity to evaluate our investments before we make them and we may make real estate investments that would have changed your decision as to whether to invest in our Bonds.***

We are not able to provide you with information to evaluate our future investments prior to acquisition. We will seek to invest substantially all of the offering proceeds available for investment, after the payment of fees and expenses, in the financing and acquisition of real estate and real estate related investments. We have established criteria for evaluating potential financing and equity investments. See "***Investment Policies of Our Company***" for more information. However, you will be unable to evaluate the transaction terms, location, and financial or operational data concerning the investments before we lend on or invest in them. You will have no opportunity to evaluate the terms of transactions or other economic or financial data concerning our investments prior to our investment. You will be relying entirely on the ability of GK Real Estate and its management team to identify suitable investments and propose transactions for GK Real Estate, our sole Manager, to oversee and approve. These factors increase the risk that we may not generate the returns that you seek by investing in our Bonds.

***The inability to retain or obtain key personnel, property managers and leasing agents could delay or hinder implementation of our investment strategies, which could impair our ability to honor our obligations under the terms of Bonds and could reduce the value of your investment.***

Our success depends to a significant degree upon the contributions of GK Real Estate's management team. If any of GK Real Estate's key personnel were to cease their affiliation with us or GK Real Estate, GK Real Estate may be unable to find suitable replacements, and our operating results could suffer. We believe that our future success depends, in large part, upon GK Real Estate's property managers' and leasing agents' ability to hire and retain highly skilled managerial, operational and marketing personnel. Competition for highly skilled personnel is intense, and GK Real Estate and any property managers we retain may be unsuccessful in attracting and retaining such skilled personnel. If we lose or are unable to obtain the services of highly skilled personnel, property managers or leasing agents, our ability to implement our investment strategies could be delayed or hindered, and our ability to make timely interest payments on the Bonds (the "Bond Service Obligations") and repay principal may be materially and adversely affected.

***We rely on Wealthforge Distributors and Selling Group Members to sell our Bonds pursuant to this offering. If Wealthforge Distributors is not able to market our Bonds effectively to prospective Selling Group Members and/or such Selling Group Members are unable to market our Bonds effectively, we may be unable to raise sufficient proceeds to meet our business objectives.***

We have engaged Wealthforge Distributors to act as our Managing Broker-Dealer for this offering, and we rely on Wealthforge Distributors to use its best efforts to present the Bonds offered hereby to prospective selling Group Members. It would also be challenging and disruptive to locate an alternative Managing Broker-Dealer for this offering. Further, we will rely on the enlisted Selling Group Members to market our Bonds to prospective investors. Without successful capital raising, our portfolio will be smaller relative to our general and administrative costs and less diversified than it otherwise would be, which could adversely affect the value of your investment in us.

***Under certain circumstances, subject to our sole discretion, we may redeem the Bonds before maturity, and you may be unable to reinvest the proceeds at the same or a higher rate of return.***

We may redeem all or a portion of the Bonds at any time by redemption at the option of the company. If the Company redeems all or a portion of the Bonds prior to the Maturity Date, the Bondholder may not be able to reinvest the proceeds from the redemption at same or higher interest rate. See "***Description of Bonds –Redemption At The Option Of The Company***" and "***Description of Bonds - Certain Covenants***" for more information.

***There is no guarantee that a Bondholder will receive a Deferred Interest Payment.***

On Maturity Date of the Bonds, as may be extended, the company is obligated to pay the Bondholders a Deferred Interest Payment at a fixed rate of 1% per annum, cumulative, non-compounding, accruing daily. Deferred Interest Payments will not be made in the instances of any Optional Redemption or Death and Disability Redemption. Any deferred interest as a result of a force majeure event will be subject to the same risks and restrictions as the 1% deferred interest. See "***Description of Bonds – Optional Redemption At The Option Of The Bondholders***" and "***Description of Bonds – Death and Disability Redemption***" for more information.

While our company is required to make the Deferred Interest Payments, we do not intend to establish a sinking fund to fund such payments. Therefore, our ability to honor this obligation will be subject to our ability to generate sufficient cash flow indirectly from the sale of properties or payoff of debt investments or procure additional financing in order to fund those payments. If we cannot generate sufficient cash flow or procure additional financing to honor this obligation, we may need to liquidate some or all of our company's assets to fund the payments, or we may not be able to fund the payments in their entirety or at all, which shall constitute an Event of Default. See "***Description of Bonds - Event of Default***" for more information.

**Risks Related to This Offering and Our Corporate Structure**

***Because we are dependent upon GK Real Estate and its affiliates to conduct our operations, any adverse changes in the financial health of GK Real Estate or its affiliates or our relationship with them could hinder our operating performance and our ability to meet our financial obligations.***

We are dependent on GK Real Estate and its affiliates to manage our operations and finance, acquire and manage our future portfolio of real estate assets. Our sole Manager, GK Real Estate makes all decisions with respect to the management of our company. GK Real Estate depends upon the fees and other compensation that it receives from us in connection with the purchase, management and sale of our properties to conduct its operations. Any adverse changes in the financial condition of GK Real Estate or our relationship with GK Real Estate could hinder its ability to successfully manage our operations and our portfolio of investments.

***You will have no control over changes in our policies and day-to-day operations, which lack of control increases the uncertainty and risks you face as an investor in our Bonds. In addition, our sole Manager and sponsor, GK Real Estate, may change our major operational policies without your approval.***

Our sole Manager and sponsor, GK Real Estate determines our major policies, including our policies regarding financing, growth, debt capitalization, and distributions. GK Real Estate may amend or revise these and other policies without your approval. As a Bondholder, you will have no rights under the limited liability company agreement of our company, or our Operating Agreement. See "***General Information as to Our Company - Operating Agreement***" herein for a detailed summary of our Operating Agreement.

GK Real Estate is responsible for the day-to-day operations of our company and the selection and management of investments and has broad discretion over the use of proceeds from this offering. Accordingly, you should not purchase our Bonds unless you are willing to entrust all aspects of the day-to-day management and the selection and management of investments to GK Real Estate. Specifically, GK Real Estate is controlled by Mr. Garo Kholamian as sole stockholder and sole director, and as a result, he will be able to exert significant control over our operations. Our company has no board of Managers and Mr. Kholamian has exclusive control over the operations of GK Development, Inc. dba GK Real Estate and our company, as our Manager. As a result, we are dependent on Mr. Kholamian rather than a group of Managers to properly choose investments and manage our company. In addition, GK Real Estate may retain independent contractors to provide various services for our company, and you should note that such contractors will have no fiduciary duty to you or the other Bondholders and may not perform as expected or desired.

***Bondholders will have no right to remove our Manager or otherwise change our management, even if we are underperforming and not attaining our investment objectives.***

Only the members of our company have the right to remove our Manager, and only if our Manager has made a decision to file a voluntary petition or otherwise initiate proceedings to have it adjudicated insolvent, or to seek an order for relief as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 *et seq*.); to file any petition seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency, or other relief for debtors; to seek the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of our company or of all or any substantial part of the assets of our company, to make any general assignment for the benefit of creditors of our company, to admit in writing the inability of our company to pay its debts generally as they become due, or to declare or effect a moratorium on our company's debt or to take any action in furtherance of any of the above proscribed actions. Bondholders will have no rights in the management of our company. As an investor in this offering, you will have no ability to remove our Manager.

***Our Manager and its executive officers will have limited liability for, and will be indemnified and held harmless from, the losses of our company.***

GK Real Estate, our Manager and its executive officers and their agents and assigns, will not be liable for, and will be indemnified and held harmless (to the extent of our company's assets) from any loss or damage incurred by them, our company or the members in connection with the business of our company resulting from any act or omission performed or omitted in good faith, which does not constitute fraud, willful misconduct, gross negligence or breach of fiduciary duty. A successful claim for such indemnification could deplete our company's assets by the amount paid. *See* "***General Information as to Our Company - Operating Agreement - Indemnification***" below for a detailed summary of the terms of our Operating Agreement. Our Operating Agreement is filed as an exhibit to the Offering Statement of which this Offering Circular is a part.

***If we sell substantially less than all of the Bonds we are offering, the costs we incur to comply with the rules of the SEC regarding financial reporting and other fixed costs will be a larger percentage of our net income and may reduce the return on your investment.***

We expect to incur significant costs in maintaining compliance with the financial reporting for a Tier II Regulation A issuer and that our management will spend a significant amount of time assessing the effectiveness of our internal control over financial reporting. We do not anticipate that these costs or the amount of time our management will be required to spend will be significantly less if we sell substantially less than all of the Bonds we are offering.

***Uncertainty in current market conditions poses a risk to the Company's financial performance and the ability of the Company to pay back the principal and interest on the Bonds.***

The U.S. and global economy, and the markets in which we operate, are subject to fluctuations that are often unpredictable. These fluctuations may be influenced by various factors, including, but not limited to, changes in interest rates, inflation rates, geopolitical events, economic downturns or recessions, changes in investor sentiment, and regulatory developments. Changing U.S. tariff policies could potentially disrupt global supply changes, increasing costs for businesses and consumers, and potentially leading to retaliation from other countries. Such market volatility could negatively impact our ability to achieve projected financial results, and may adversely affect the trading price or value of the offered securities, potentially leading to a loss of investment for purchasers.

**Risks Related to Conflicts of Interest**

***Our sole Manager, its executive officers and their affiliates face conflicts of interest relating to the purchase and leasing of properties, and such conflicts may not be resolved in our favor, which could limit our investment opportunities, impair our ability to make distributions and reduce the value of your investment.***

We rely on GK Real Estate to identify suitable investment opportunities. We may be buying properties at the same time as other entities that are affiliated with or sponsored by GK Real Estate. Other programs sponsored by GK Real Estate or its affiliates also rely on GK Real Estate, its executive officers and their affiliates for investment opportunities. GK Real Estate has sponsored privately and publicly offered real estate programs and may in the future sponsor privately and publicly offered real estate programs that have investment objectives similar to ours. Therefore, GK Real Estate and its affiliates could be subject to conflicts of interest between our company and other real estate programs. Many investment opportunities would be suitable for us as well as other programs. GK Real Estate could direct attractive investment opportunities or tenants to other entities. Such events could result in our investing in properties that provide less attractive returns or getting less attractive tenants, impairing our ability to honor our obligations under the terms of the Bonds and the value of your investment. See "***Policies with Respect to Certain Transactions***" for more information.

***Payment of fees to GK Real Estate and its affiliates will reduce cash available for investment and payment of our Bond Service Obligations.***

GK Real Estate and its affiliates perform services for us in connection with the selection and acquisition of our properties and other investments, and possibly the development, management and leasing of our properties. They are paid fees for these services, which reduces the amount of cash available for investment and for payment of our Bond Service Obligations. Although customary in the industry, the fees to be paid to GK Real Estate and its affiliates were not determined on an arm's-length basis. We cannot assure you that a third party unaffiliated with GK Real Estate would not be willing to provide such services to us at a lower price. 2.0% of the gross proceeds of this offering will be paid to GK Real Estate, as the organizational and offering fee. In addition to this, GK Real Estate will receive a 2% acquisition fee based on the purchase price of all real properties acquired, a 2% financing fee based on the amount of debt raised to acquire new assets or refinance existing assets, exclusive of any lender fees, an annual 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, an annual loan management fee equal to 0.5% of the outstanding principal of our Company's debt investments, and a 2% disposition fee based on the sales price of assets sold, exclusive of any brokerage fees. See "***Policies with Respect to Certain Transactions***" for more information.

***GK Real Estate will receive certain fees regardless of the performance of our company or an investment in the Bonds.***

GK Real Estate will receive an acquisition fee equal to 2% of the purchase price of each acquired real property, an annual 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, an annual loan management fee equal to 0.5% of outstanding principal of loans made by the company, and a financing fee equal to 2% of the amount of debt raised to acquire new assets or refinance existing assets of our company. These fees will be paid regardless of our company's success and the performance of the Bonds.

***GK Real Estate, as our Manager, may increase the fees payable to it and/or its affiliates,***

GK Real Estate will have the power to contractually bind our company as its Manager. As a result, GK Real Estate may agree to increase the fees payable to it and/or its affiliates by giving notice to the Bondholders electronically through the Registrar and obtaining consent from the Bondholder Majority (as defined below).

***GK Real Estate and its affiliates, including our officers, face conflicts of interest caused by compensation arrangements with us and other programs sponsored by affiliates of GK Real Estate, which could result in actions that are not in the long-term, best interests of our Bondholders.***

GK Real Estate and its affiliates receive fees from us. These fees could influence GK Real Estate's advice to us, as well as the judgment of the affiliates of GK Real Estate who serve as our officers. Among other matters, the compensation arrangements could affect their judgment with respect to property acquisitions from, or the making of investments in, other programs sponsored by GK Real Estate, which might entitle affiliates of GK Real Estate to disposition fees and other possible fees in connection with its services for the seller. See "***Policies with Respect to Certain Transactions***" for more information.

Considerations relating to their compensation from other programs could result in decisions that are not in the best interests of our Bondholders, which could hurt our ability to perform our obligations due under the Bonds or result in a decline in the value of your investment.

***If the competing demands for the time of GK Real Estate, its affiliates and our officers result in them spending insufficient time on our business, we may miss investment opportunities or have less efficient operations, which could reduce our profitability and impair our ability to honor our obligations under the Bonds.***

We do not have any employees. We rely on the employees of GK Real Estate and its affiliates for the day-to-day operation of our business. The amount of time that GK Real Estate and its affiliates spend on our business will vary from time to time and is expected to be greater while we are raising money and acquiring properties. GK Real Estate and its affiliates, including our officers, have interests in other programs and engage in other business activities. As a result, they will have conflicts of interest in allocating their time between us and other programs and activities in which they are involved. Because these persons have competing interests on their time and resources, they may have conflicts of interest in allocating their time between our business and these other activities. During times of intense activity in other programs and ventures, they may devote less time and fewer resources to our business than are necessary or appropriate to manage our business. We expect that as our real estate activities expand, GK Real Estate will attempt to hire additional employees who would devote substantially all of their time to our business. There is no assurance that GK Real Estate will devote adequate time to our business. If GK Real Estate suffers or is distracted by adverse financial or operational problems in connection with its operations unrelated to us, it may allocate less time and resources to our operations. If any of these things occur, our ability to honor obligations under the Bonds may be adversely affected.

***We may procure future financing from affiliates of our Manager in the form of debt or preferred equity, and nothing restricts us from doing so.***

We may procure future financing from affiliates of our Manager in the form of debt or preferred equity, and we may use offering proceeds to repay future debt financing or return preferred equity contributions from affiliates of our Manager. There is nothing restricting us from receiving future debt or preferred equity financing from affiliates of our Manager to make future investments, and we may do so in certain circumstances, including when the proceeds of the Bonds are not sufficient to or will not be received with sufficient time to purchase a property. We believe the terms of any future loans from or preferred equity investments by an affiliate of our Manager will be fair and at reasonable market terms for such loans or preferred equity investments. However, we cannot assure you that a third party unaffiliated with GK Real Estate would not be willing to provide current loan financing on better terms. See "***Certain Relationships and Related Transactions***" and "***Policies in Respect to Certain Transactions***" for more information.

***We may lend to GK Real Estate and/or its affiliates.***

Our Company may lend on properties owned, in part or wholly, by GK Real Estate and/or its affiliates. GK Real Estate, or their affiliates, may derive a profit as a result of these acquisition transactions. While we anticipate any such loans will be made on market terms, there is significant conflict of interest in respect of affiliated lending transactions. For example, the Manager may be less aggressive in exercising remedies against an affiliated borrower than it would be against a third party. See "***Certain Relationships and Related Transactions***" and "***Policies in Respect to Certain Transactions***" for more information.

**Risks Related to Investments in Commercial Rental Real Estate**

***Our operating results may be affected by economic conditions that have an adverse impact on the commercial real estate market in general and may cause us to be unable to realize appreciation in the value of our commercial real estate properties.***

Our operating results are subject to risks generally associated with the ownership of commercial real estate, including, but not limited to changes in general economic conditions, changes in interest rates and the availability of mortgage funds that may make the sale a of commercial real estate difficult. Although we intend to hold the commercial real estate and related investments we expect to own until such a time as our sole Manager, GK Real Estate, determines that a sale or other disposition appears to be advantageous to our overall investment objectives; we cannot predict the various market conditions affecting commercial real estate investments that will exist at any particular time in the future. Because of this uncertainty, we cannot assure you that we will realize any appreciation in the value of the commercial real estate properties we expect to own.

***Competition from other commercial rental properties for tenants could reduce our profitability and impair our ability to honor our obligations under the terms of the Bonds.***

The commercial rental property industry is highly competitive. This competition could reduce occupancy levels and revenues at the commercial rental properties we expect to own, which would adversely affect our operations. We may face competition from many sources. We may face competition from other commercial rental properties both in the immediate vicinity and in the larger geographic market where our commercial rental properties will be located. Overbuilding of commercial rental properties may occur. If so, this will increase the number of units available and may decrease occupancy and rental rates. In addition, increases in operating costs due to inflation may not be offset by increased rental rates.

***Increased construction of similar properties that may compete with the commercial rental properties we expect to own, in any particular location could adversely affect the operating results of our commercial rental properties and our cash available to honor our obligations under the terms of the Bonds.***

We may acquire commercial rental properties in locations which experience increases in construction of properties that compete with our properties. This increased competition and construction could:

&nbsp;&nbsp;&nbsp;&nbsp;· make
it more difficult for us to find tenants to lease units in our commercial rental properties;

&nbsp;&nbsp;&nbsp;&nbsp;· force
us to lower our rental prices in order to lease units in our commercial properties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;· substantially
reduce our revenues and cash available to honor our obligations under the terms of the Bonds.

***We compete with numerous other parties or entities for commercial real estate assets and tenants and may not compete successfully.***

We will compete with numerous other persons or entities engaged in commercial real estate investment activities, many of which have greater resources than we do. Some of these investors may enjoy significant competitive advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies. Our competitors may be willing to offer space at rates below our rates, causing us to lose existing or potential tenants.

***Many of our investments will be dependent on tenants for revenue, and lease terminations could reduce our revenues from rents, resulting in the decline in the value of your investment.***

The underlying value of the commercial properties we expect to own, and the ability to honor our obligations under the terms of the Bonds will depend upon the ability of the tenants of our commercial properties to generate enough income to pay their rents in a timely manner, and the success of our investments depends upon the occupancy levels, rental income and operating expenses of our commercial properties and our company. Tenants' inability to timely pay their rents may be impacted by employment and other constraints on their personal finances, including debts, purchases and other factors. These and other changes beyond our control may adversely affect our tenants' ability to make lease payments. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as landlord and may incur costs in protecting our investment and re-leasing the premises. We may be unable to re-lease the premises for the rent previously received. We may be unable to sell a commercial property with low occupancy without incurring a loss. These events and others could impair our ability to honor our obligations under the terms of the Bonds and may also cause the value of your investment to decline.

***Our operating results and distributable cash flow depend on our ability to generate revenue from leasing our commercial properties to tenants on terms favorable to us.***

Our operating results will depend, in large part, on revenues derived from leasing space in the commercial properties we expect to own. We will be subject to the credit risk of our tenants, and to the extent our tenants default on their leases or fail to make rental payments we may suffer a decrease in our revenue. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. We are also subject to the risk that we will not be able to lease space in our commercial properties or that, upon the expiration of leases for space located in our commercial properties, leases may not be renewed, the space may not be re-leased or the terms of renewal or re-leasing (including the cost of required renovations or concessions to customers) may be less favorable to us than current lease terms. If vacancies continue for a long period of time, we may suffer reduced revenues which would impair our ability to honor our obligations under the terms of the Bonds. In addition, the resale value of the commercial property could be diminished because the market value of a particular property will depend principally upon the value of the leases of such property. Further, costs associated with commercial real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment. These events would cause a significant decrease in revenues and could impair our ability to honor our obligations under the terms of the Bonds.

***Costs incurred in complying with governmental laws and regulations may reduce our net income and the cash available for distributions.***

Our company and the commercial properties we expect to own are subject to various federal, state and local laws and regulations relating to environmental protection and human health and safety. Federal laws such as the National Environmental Policy Act, the Comprehensive Environmental Response, Compensation, and Liability Act, the Solid Waste Disposal Act as amended by the Resource Conservation and Recovery Act, the Federal Water Pollution Control Act, the Federal Clean Air Act, the Toxic Substances Control Act, the Emergency Planning and Community Right to Know Act and the Hazard Communication Act and their resolutions and corresponding state and local counterparts govern such matters as wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid and hazardous materials and the remediation of contamination associated with disposals. The commercial properties we acquire will be subject to the Americans with Disabilities Act of 1990 which generally requires that certain types of buildings and services be made accessible and available to people with disabilities. These laws may require us to make modifications to our properties. Some of these laws and regulations impose joint and several liability on tenants, owners or operators for the costs to investigate or remediate contaminated properties, regardless of fault or whether the acts causing the contamination were illegal. Compliance with these laws and any new or more stringent laws or regulations may require us to incur material expenditures. Future laws, ordinances or regulations may impose material environmental liability. In addition, there are various federal, state and local fire, health, life-safety and similar regulations with which we may be required to comply, and which may subject us to liability in the form of fines or damages for noncompliance.

Our commercial properties may be affected by our tenants' activities or actions, the existing condition of land when we buy it, operations in the vicinity of our commercial properties, such as the presence of underground storage tanks, or activities of unrelated third parties. The presence of hazardous substances, or the failure to properly remediate these substances, may make it difficult or impossible to sell or rent such property. Any material expenditures, fines, or damages we must pay will impair our ability to honor our obligations under the terms of the Bonds and may reduce the value of your investment.

***Any uninsured losses or high insurance premiums will reduce our net income and the amount of our cash available to honor our obligations under the terms of the Bonds.***

Our company will attempt to obtain adequate insurance to cover significant areas of risk to us, as a company, and to the commercial properties we expect to own. However, there are types of losses at the property level, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters, which are uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. We may not have adequate coverage for such losses. If any of our commercial properties incur a casualty loss that is not fully insured, the value of our assets will be reduced by any such uninsured loss. In addition, other than any working capital reserve or other reserves we may establish, we have no source of funding to repair or reconstruct any uninsured damaged property. Also, to the extent we must pay unexpectedly large amounts for insurance, we could suffer reduced earnings that would impair our ability to honor our obligations under the terms of the Bonds.

***As part of otherwise attractive properties, we may acquire some properties with existing lock out provisions, which may inhibit us from selling a commercial property, or may require us to maintain specified debt levels for a period of years on some properties.***

Loan provisions could materially restrict us from selling or otherwise disposing of or refinancing commercial properties. These provisions would affect our ability to turn our investments into cash and thus affect cash available to honor our obligations under the terms of the Bonds. Loan provisions may prohibit us from reducing the outstanding indebtedness with respect to commercial properties, refinancing such indebtedness on a non-recourse basis at maturity, or increasing the amount of indebtedness with respect to such properties.

Loan provisions could impair our ability to take actions that would otherwise be in the best interests of the Bondholders and, therefore, may have an adverse impact on the value of your investment, relative to the value that would result if the loan provisions did not exist. In particular, loan provisions could preclude us from participating in major transactions that could result in a disposition of our assets or a change in control even though that disposition or change in control might be in the best interests of our Bondholders.

***If we elect to improve any vacant portions of, or redevelop, properties we expect to acquire, such actions will expose us to additional risks beyond those associated with owning and operating commercial rental properties and could materially and adversely affect us.***

We may redevelop one or more of the properties we expect to acquire or improve vacant portions of the properties we expect to acquire. If we elect to do so, we will be subject to additional risks and our business may be adversely affect by:

&nbsp;&nbsp;&nbsp;&nbsp;· abandonment
of redevelopment or improvement opportunities after expending significant cash and other resources to determine feasibility, requiring
us to expense costs incurred in connection with the abandoned property redevelopment or improvement;

&nbsp;&nbsp;&nbsp;&nbsp;· construction
costs of a property redevelopment or improvement exceeding our original estimates;

&nbsp;&nbsp;&nbsp;&nbsp;· failure
to complete a property redevelopment or improvement on schedule or in conformity with building plans and specifications;

&nbsp;&nbsp;&nbsp;&nbsp;· the
lack of available construction financing on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;· the
lack of available permanent financing upon completion of a property redevelopment or improvement initially financed through construction
loans on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;· failure
to obtain, or delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;· liability
for injuries and accidents occurring during the construction process and for environmental liabilities, including those that may result
from off-site disposal of construction materials;

&nbsp;&nbsp;&nbsp;&nbsp;· our
inability to comply with any build-to-suit tenant's procurement standards and processes in place from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;· circumstances
beyond our control, including: work stoppages, labor disputes, shortages of qualified trades people, such as carpenters, roofers, electricians
and plumbers, changes in laws relating to union organizing activity, lack of adequate utility infrastructure and services, our reliance
on local subcontractors, who may not be adequately capitalized or insured, and shortages, delay in availability, or fluctuations in prices
of, building materials.

Any of these circumstances could give rise to delays in the start or completion of, or could increase the cost of, redeveloping or improving one or more of the properties we expect to acquire. We cannot assure you that we will be able to recover any increased costs by raising our lease rates. Additionally, due to the amount of time required for planning, constructing and leasing of redevelopment properties, we may not realize a significant cash return for several years. Furthermore, any of these circumstances could hinder our growth and materially and adversely affect us. In addition, new redevelopment or improvement activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management.

**General Risks Related to Real Estate-Related Investments**

***If we make or invest in mortgage loans, our mortgage loans may be affected by unfavorable real estate market conditions, including interest rate fluctuations, which could decrease the value of those loans and the return on your investment.***

If we make or invest in mortgage loans, we will be at risk of defaults by the borrowers on those mortgage loans as well as interest rate risks. To the extent we incur delays in liquidating such defaulted mortgage loans; we may not be able to obtain sufficient proceeds to repay all amounts due to us under the mortgage loan. Further, we will not know whether the values of the properties securing the mortgage loans will remain at the levels existing on the dates of origination of those mortgage loans. If the values of the underlying properties fall, our risk will increase because of the lower value of the security associated with such loans.

***Investments in real estate-related securities will be subject to specific risks relating to the particular issuer of the securities and may be subject to the general risks of investing in subordinated real estate securities, which may result in losses to us.***

We may invest in real estate related securities of both publicly traded and private real estate companies. Issuers of real estate related equity securities generally invest in real estate or real estate related assets and are subject to the inherent risks associated with real estate related investments discussed in this Offering Circular, including risks relating to rising interest rates.

Real estate-related securities are often unsecured and also may be subordinated to other obligations of the issuer. As a result, investments in real estate-related securities are subject to risks of: (1) limited liquidity in the secondary trading market in the case of unlisted or thinly traded securities; (2) subordination to the prior claims of banks and other senior lenders to the issuer; (3) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the issuer to reinvest redemption proceeds in lower yielding assets; (4) the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations and (5) the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic slowdown or downturn. These risks may adversely affect the value of outstanding real estate-related securities and the ability of the issuers thereof to repay principal and interest or make distribution payments.

***Investments in real estate-related securities may be illiquid, and we may not be able to adjust our portfolio in response to changes in economic and other conditions.***

If we invest in certain real estate-related securities that we may purchase in connection with privately negotiated transactions, they will not be registered under the relevant securities laws, resulting in a prohibition against their transfer, sale, pledge or other disposition except in a transaction that is exempt from the registration requirements of, or is otherwise in accordance with, those laws. As a result, our ability to vary our long-term stabilized portfolio in response to changes in economic and other conditions may be relatively limited. The subordinated and bridge loans we may purchase will be particularly illiquid investments due to their short life. Moreover, in the event of a borrower's default on an illiquid real estate security, the unsuitability for securitization and potential lack of recovery of our investment could pose serious risks of loss to our investment portfolio.

***Delays in restructuring or liquidating non-performing real estate-related securities could reduce our ability to honor our obligations under the Bonds.***

If we invest in real estate-related securities, they may become non-performing after acquisition for a wide variety of reasons. Such non-performing real estate investments may require a substantial amount of workout negotiations and/or restructuring, which may entail, among other things, a substantial reduction in the interest rate and a substantial write down of such loan or asset. However, even if a restructuring is successfully accomplished, upon maturity of such real estate security, replacement "takeout" financing may not be available. We may find it necessary or desirable to foreclose on some of the collateral securing one or more of our investments. Intercreditor provisions may substantially interfere with our ability to do so. Even if foreclosure is an option, the foreclosure process can be lengthy and expensive. Borrowers often resist foreclosure actions by asserting numerous claims, counterclaims and defenses, including, without limitation, lender liability claims and defenses, in an effort to prolong the foreclosure action. In some states, foreclosure actions can take up to several years or more to litigate. At any time during the foreclosure proceedings, the borrower may file for bankruptcy, which would have the effect of staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and may result in disrupting ongoing leasing and management of the property. Foreclosure actions by senior lenders may substantially affect the amount that we may receive from an investment.

***Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment Company Act, we will not be able to continue our business.***

Neither we, nor any of our subsidiaries intend to register as an investment company under the Investment Company Act. We expect that our subsidiaries' investments in real estate will represent the substantial majority of our total asset mix, which would not subject us to the Investment Company Act. In order to maintain an exemption from regulation under the Investment Company Act, we intend to engage, through our wholly-owned and majority-owned subsidiaries, primarily in the business of buying real estate and making loans, and these investments must be made within a year after this offering ends. If we are unable to invest a significant portion of the proceeds of this offering in properties within one year of the termination of this offering, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in government securities with low returns, which would reduce the cash available for fulfilling our obligations under the Bonds.

We expect that most of our assets will be held through wholly-owned or majority-owned subsidiaries of our company. We expect that most of these subsidiaries will be outside the definition of investment company under Section 3(a)(1) of the Investment Company Act as they are generally expected to hold at least 60% of their assets in real property or in entities that they manage or co-manage that own real property. Section 3(a)(1)(A) of the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. Section 3(a)(1)(C) of the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer's total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, which we refer to as the 40% test. Excluded from the term "investment securities," among other things, are U.S. government securities and securities issued by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. We believe that we, and our subsidiaries, will not fall within either definition of investment company as we intend to invest primarily in real property, through our wholly-owned or majority-owned subsidiaries, the majority of which we expect to have at least 60% of their assets in real property or in entities that they manage or co-manage that own real property. As these subsidiaries would be investing either solely or primarily in real property, they would be outside of the definition of "investment company" under Section 3(a)(1) of the Investment Company Act. We are organized as a holding company that conducts its businesses primarily through its subsidiaries. Both we and our operating partnership intend to conduct our operations so that they comply with the 40% test. We will monitor our holdings to ensure continuing and ongoing compliance with this test. In addition, we believe that neither we nor our subsidiaries will be considered an investment company under Section 3(a)(1)(A) of the 1940 Act because neither we nor the operating partnership will engage primarily or hold itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. Rather, through wholly-owned or majority-owned subsidiaries, we will be primarily engaged in the non-investment company businesses of these subsidiaries.

In the event that the value of investment securities held by the subsidiaries of our company were to exceed 40%, we expect our subsidiaries to be able to rely on the exclusion from the definition of "investment company" provided by Section 3(c)(5)(C) of the Investment Company Act. Section 3(c)(5)(C), as interpreted by the staff of the SEC, requires each of our subsidiaries relying on this exception to invest at least 55% of its portfolio in "mortgage and other liens on and interests in real estate," which we refer to as "qualifying real estate assets" and maintain at least 80% of its assets in qualifying real estate assets or other real estate-related assets. The remaining 20% of the portfolio can consist of miscellaneous assets. What we buy and sell is therefore limited to these criteria. How we determine to classify our assets for purposes of the Investment Company Act will be based in large measure upon no action letters issued by the SEC staff in the past and other SEC interpretive guidance. These no action positions were issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number of these no-action positions were issued more than ten years ago. Pursuant to this guidance, and depending on the characteristics of the specific investments, certain mortgage loans, participations in mortgage loans, mortgage-backed securities, mezzanine loans, joint venture investments and the equity securities of other entities may not constitute qualifying real estate assets and therefore investments in these types of assets may be limited. No assurance can be given that the SEC will concur with our classification of our assets. Future revisions to the Investment Company Act or further guidance from the SEC may cause us to lose our exclusion from registration or force us to re-evaluate our portfolio and our investment strategy. Such changes may prevent us from operating our business successfully.

In the event that we, or our subsidiaries, were to acquire assets that could make either our company or the respective subsidiary fall within the definition of investment company under Section 3(a)(1) of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant to Section 3(c)(6). Section 3(c)(6) excludes from the definition of investment company any company primarily engaged, directly or through majority-owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the business described in Section 3(c)(5)(C) of the Investment Company Act. It also excludes from the definition of investment company any company primarily engaged, directly or through majority-owned subsidiaries, in one or more of such specified businesses from which at least 25% of such company's gross income during its last fiscal year is derived, together with any additional business or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued little interpretive guidance with respect to Section 3(c)(6), we believe that we and subsidiaries may rely on Section 3(c)(6) if 55% of the assets of our operating partnership consist of, and at least 55% of the income of our subsidiaries is derived from, qualifying real estate assets owned by wholly-owned or majority-owned subsidiaries of our operating partnership.

To ensure that neither we, nor our subsidiaries, are required to register as an investment company, each entity may be unable to sell assets they would otherwise want to sell and may need to sell assets they would otherwise wish to retain. In addition, we or our subsidiaries may be required to acquire additional income or loss-generating assets that we might not otherwise acquire or forego opportunities to acquire interests in companies that we would otherwise want to acquire. Although we and our subsidiaries intend to monitor our portfolio periodically and prior to each acquisition or disposition, any of these entities may not be able to maintain an exclusion from registration as an investment company. If we or our subsidiaries are required to register as an investment company but fail to do so, the unregistered entity would be prohibited from engaging in our business, and criminal and civil actions could be brought against such entity. In addition, the contracts of such entity would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of the entity and liquidate its business.

**Risks Associated with Debt Financing**

***We use debt financing to acquire properties and otherwise incur other indebtedness, which increases our expenses and could subject us to the risk of losing properties in foreclosure if our cash flow is insufficient to make loan payments.***

We are permitted to acquire real properties and other real estate-related investments including entity acquisitions by assuming either existing financing secured by the asset or by borrowing new funds. In addition, we may incur or increase our mortgage debt, if any, by obtaining loans secured by some or all of our assets to obtain funds to acquire additional investments or to pay our Bond Service Obligations under our Bonds. If we mortgage a property and have insufficient cash flow to service the debt, we risk an event of default which may result in our lenders foreclosing on the properties securing the mortgage.

***High levels of debt or increases in interest rates could increase the amount of our loan payments, which could reduce our ability to honor our obligations under the terms of the Bonds.***

Our policies do not limit us from incurring debt. High debt levels could cause us to incur higher interest charges, result in higher debt service payments, and may be accompanied by restrictive covenants. Interest we pay reduces cash available to honor our obligations under the terms of the Bonds. Additionally, with respect to any variable rate debt, increases in interest rates may increase our interest costs, which would reduce our cash flow and our ability to honor our obligations under the terms of the Bonds. In addition, if we need to repay debt during periods of rising interest rates, we could be required to liquidate one or more of our investments in properties at times which may not permit realization of the maximum return on such investments and could result in a loss. In addition, if we are unable to service our debt payments, our lenders may foreclose on our interests in the real property that secures the loans we have entered.

***High mortgage rates may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flow from operations and restrict our ability to honor our obligations under the terms of the Bonds.***

Our ability to acquire properties or to make capital improvements to or remodel properties will depend on our ability to obtain debt or equity financing from third parties or the sellers of properties. If mortgage debt is unavailable at reasonable rates, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we run the risk of being unable to refinance the properties when the debt becomes due or of being unable to refinance on favorable terms. If interest rates are higher when we refinance the properties, our income could be reduced. We may be unable to refinance properties. If any of these events occur, our cash flow would be reduced. This, in turn, would reduce cash available to honor our obligations under the terms of the Bonds and may hinder our ability to raise additional funds from capital contributions, additional bonds or borrowing more money.

***We may use mezzanine financing to acquire properties, which could increase our expenses and could reduce our ability to honor our obligations under the terms of the Bonds.***

Our policies do not limit us from incurring mezzanine debt. Mezzanine debt generally carries higher interest rates and could result in higher debt service payments, and may be accompanied by restrictive covenants. Interest we pay could reduce cash available to honor our obligations under the terms of the Bonds. In addition, if we are unable to service our mezzanine debt payments, if any, our mezzanine lenders may foreclose on our ownership interests securing such mezzanine loans. Some of our mezzanine financing may come from affiliates and may be senior in right of payment to the Bonds.

***Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to honor our obligations under the terms of the Bonds.***

When providing financing, a lender may impose restrictions on us that affect our operating policies and our ability to incur additional debt. Loan documents we enter into may contain covenants that limit our ability to further mortgage the property, discontinue insurance coverage, or replace our Manager. These or other limitations may limit our flexibility and prevent us from achieving our operating goals. Prepayment penalties or defeasance requirements required by lenders may make it economically infeasible for Bondholders to exercise their remedies.

***Any distressed loans or investments we make, or loans and investments that later become distressed, may subject us to losses and other risks relating to bankruptcy proceedings.***

While our loans and investments focus primarily on "performing" real estate-related interests, our loans and investments may also include making distressed investments from time to time (e.g., investments in defaulted, out-of-favor or distressed loans and debt securities) or may involve investments that become "sub-performing" or "non-performing" following our acquisition thereof. Certain of our investments may include properties that typically are highly leveraged, with significant burdens on cash flow and, therefore, involve a high degree of financial risk. During an economic downturn or recession, loans or securities of financially or operationally troubled borrowers or issuers are more likely to go into default than loans or securities of other borrowers or issuers. Loans or securities of financially or operationally troubled issuers are less liquid and more volatile than loans or securities of borrowers or issuers not experiencing such difficulties. The market prices of such securities are subject to erratic and abrupt market movements and the spread between bid and ask prices may be greater than normally expected. Investment in the loans or securities of financially or operationally troubled borrowers or issuers involves a high degree of credit and market risk.

In certain limited cases (e.g., in connection with a workout, restructuring and/or foreclosing proceedings involving one or more of our investments), the success of our investment strategy will depend, in part, on our ability to effectuate loan modifications and/or restructure and improve the operations of our borrower entities. The activity of identifying and implementing successful restructuring programs and operating improvements entails a high degree of uncertainty. There can be no assurance that we will be able to identify and implement successful restructuring programs and improvements with respect to any distressed loans or investments we may have from time to time.

These financial or operating difficulties may never be overcome and may cause borrower entities to become subject to bankruptcy or other similar administrative proceedings. There is a possibility that we may incur substantial or total losses on our investments and in certain circumstances, become subject to certain additional potential liabilities that may exceed the value of our original investment therein. For example, under certain circumstances, a lender that has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In any reorganization or liquidation proceeding relating to our investments, we may lose our entire investment, may be required to accept cash or securities with a value less than our original investment and/or may be required to accept different terms, including payment over an extended period of time. In addition, under certain circumstances, payments to us may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment, or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, bankruptcy laws and similar laws applicable to administrative proceedings may delay our ability to realize value from collateral for loan positions held by us, may adversely affect the economic terms and priority of such loans through doctrines such as equitable subordination or may result in a restructuring of the debt through principles such as the "cramdown" provisions of the bankruptcy laws.

***Our ability to obtain financing on reasonable terms would be impacted by negative capital market conditions.***

Access to debt financing will depend on a financial institution's willingness to lend to the company or underlying property owner, and on conditions in the capital markets in general. Market fluctuations in real estate loans may affect the availability and cost of loans. Likewise, prevailing market conditions at the time the company may seek to sell or refinance an investment, or a property owner may seek to sell or refinance a property, may make it difficult, or prohibitively expensive, for a potential buyer to obtain purchase money financing or refinancing of the then-existing debt. Based on historical interest rates, current interest rates are low and, as a result, it is likely that the interest rates available for future real estate loans and refinancings will be higher than the current interest rates for such loans, which may have a material and adverse impact on the properties and, commensurately, the company. Investment returns on our assets and our ability to make acquisitions could be adversely affected if we are not able to secure financing on reasonable terms, if at all.

***Interest- only indebtedness may increase our risk of default and ultimately may reduce our ability to honor our obligations under the terms of the Bonds.***

We may finance our property acquisitions using interest-only mortgage indebtedness. During the interest-only period, the amount of each scheduled payment will be less than that of a traditional amortizing mortgage loan. The principal balance of the mortgage loan will not be reduced (except in the case of prepayments) because there are no scheduled monthly payments of principal during this period. After the interest only period, we will be required either to make scheduled payments of amortized principal and interest or to make a lump sum or "balloon" payment at maturity. These required principal or balloon payments will increase the amount of our scheduled payments and may increase our risk of default under the related mortgage loan. If the mortgage loan has an adjustable interest rate, the amount of our scheduled payments also may increase at a time of rising interest rates. Increased payments and substantial principal or balloon maturity payments will reduce the funds available to honor our obligations under the Bonds because cash otherwise available for payment will be required to pay principal and interest associated with these mortgage loans.

***Our loans and investments may be concentrated in terms of geography, asset types, and sponsors.***

We are not required to observe specific diversification criteria. Therefore, our investments may be concentrated in certain property types that may be subject to higher risk of default or foreclosure or secured by properties concentrated in a limited number of geographic locations.

To the extent that our assets are concentrated in any one region or type of asset, downturns generally relating to such type of asset or region may result in defaults on a number of our investments within a short time period, which could adversely affect our results of operations and financial condition. In addition, because of asset concentrations, even modest changes in the value of the underlying real estate assets could have a significant impact on the value of our investment. As a result of any high levels of concentration, any adverse economic, political or other conditions that disproportionately affects those geographic areas or asset classes could have a magnified adverse effect on our results of operations and financial condition, and the value of our stockholders' investments could vary more widely than if we invested in a more diverse portfolio of loans.

***We are subject to additional risks associated with***  ***priority loan participations.***

Some of our loans may be participation interests in which we share the rights, obligations and benefits of the loan with other lenders. From time to time these participations may be structured so that other participants have a priority to payments of interest and principal over us, or, in other words, our rights to payments of interest and principal will be subordinate to the satisfaction of the priority rights of those participants; provided that we will retain a senior lien interest in the underlying collateral. In such cases, if a borrower defaults on a participation loan, or if the borrower is in bankruptcy, our interest in the participation loan will be satisfied only after the interests of the other lenders in the participation loan are satisfied. In those instances, our risk of loss is greater than the risk associated with those participants with priority over our other loans. If the underlying collateral is insufficient to payoff the other participating lenders, then we may experience losses that would have a material adverse effect on our operations.

***To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and ineffective, may reduce the overall financial benefit of your investment, and may expose us to the credit risk of counterparties.***

We may use derivative financial instruments to hedge exposures to interest rate fluctuations on loans secured by our assets and investments in collateralized mortgage-backed securities. Derivative instruments may include interest rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase agreements. Our actual hedging decisions will be determined in light of the facts and circumstances existing at the time of the hedge and may differ from time to time.

To the extent that we use derivative financial instruments to hedge against interest rate fluctuations, we will be exposed to financing, basis risk and legal enforceability risks. In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. We intend to manage credit risk by dealing only with major financial institutions that have high credit ratings. Basis risk occurs when the index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based, thereby making the hedge less effective. We intend to manage basis risk by matching, to a reasonable extent, the contract index to the index upon which the hedged asset or liability is based. Finally, legal enforceability risks encompass general contractual risks, including the risk that the counterparty will breach the terms of, or fail to perform its obligations under, the derivative contract. We intend to manage legal enforceability risks by ensuring, to the best of our ability, that we contract with reputable counterparties and that each counterparty complies with the terms and conditions of the derivative contract. If we are unable to manage these risks effectively, our results of operations, financial condition and ability to honor our obligations under the terms of the Bonds.

**USE OF PROCEEDS**

We estimate that the net proceeds from this offering, after deducting the underwriting compensation and offering costs and expenses payable by us, will be approximately $67,125,000, assuming that the maximum amount of Bonds are purchased and issued. We intend to use the net proceeds from this offering to make debt investments and to acquire properties in our target asset classes. The remaining proceeds will be used to pay fees and expenses of this offering, and fees and expenses related to selection and acquisition of investments. If we do not sell the maximum number of Bonds, our net proceeds from the offering will be reduced; however, we will still use net proceeds from the offering to acquire properties in our target asset class. A summary of the anticipated use of the proceeds is below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Offering<br> (Price to the Public<br> $1,000 per Bond)** | **Maximum Offering<br> (Price to the Public<br> $1,000 per Bond)** | **Maximum Offering<br> (Price to the Public<br> $1,000 per Bond)** |
|  | **Amount** |  | **Percent** |
| Gross offering proceeds | $75000000 | (1) | 100.00% |
| Less offering expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling commissions and Managing Broker-Dealer Fee (2) | $4875000 |  | 6.50% |
| &nbsp;&nbsp;&nbsp;Non-accountable Marketing and Due Diligence Expense Reimbursements (3) | $750000 |  | 1.00% |
| &nbsp;&nbsp;&nbsp;Wholesaling Fee (4) | $750000 |  | 1.00% |
| &nbsp;&nbsp;&nbsp;Organizational and Offering Fee (5) | $1500000 |  | 2.00% |
| Amount Available For Investment (6) | $67125000 |  | 89.50% |

---

(1) This
assumes we sell all the Bonds at the offering price. We are offering certain discounts as set forth under "  ***Plan of Distribution – Discounts for Bonds Purchased by Certain Persons***" and "  ***Plan of Distribution – Other Discounts*** ."

(2) This
includes selling commissions of up to 6.0%, and a Managing Broker-Dealer Fee of up to .50% of the gross proceeds of this offering and
MBD Fee to be paid to our Managing Broker-Dealer during the term of this offering. Our Managing Broker-Dealer, Wealthforge Distributors,
will receive selling commissions of up to 6.0% of aggregate gross offering proceeds, which it may re-allow, in whole or in part to the
Selling Group Members, and a Managing Broker-Dealer Fee of up to .50% of aggregate gross offering proceeds, which it may re-allow, in
whole or in part to the Selling Group Members. This amount assumes all Bonds sold in this offering are sold by Selling Group Members.
This does not include the Platform and Syndication Fee of up to $7,500 which our Manager will pay out of the organizational and offering
fee. See "  ***Plan of Distribution***" in this Offering Circular for a description of such provisions.

(3) The
Managing Broker-Dealer will receive a non-accountable marketing and due diligence expense reimbursement in an amount up to .50% of aggregate
gross offering proceeds, which will be re-allowed to the Selling Group Members.

(4) The
Wholesaling Fee will be in an amount up to 1.0% of aggregate gross offering proceeds which may reallowed to selling group members.

(5) Organizational
and offering expenses include all expenses (other than those listed in the chart) to be paid by us in connection with the offering, including
our legal, accounting, printing, mailing and filing fees, FINRA fees charge of our escrow holder, and amounts to reimburse our Manager
for its portion of the salaries of the employees of its affiliates who provide services to our Manager and other costs in connection
with administrative oversight of the offering and marketing process and preparing supplemental sales materials, holding educational conferences
and attending retail seminars conducted by broker-dealers. Start-up and organization costs will be expensed as incurred and syndication
costs will be reflected as a reduction of members' equity and will be allocated to the members' capital accounts upon the sale or liquidation
of our company. Our company will pay our manager an organizational and offering fee of 2.0% of the gross proceeds of this offering, out
of which our Manager will pay the cumulative organizational and offering expenses incurred by us, our Manager and its affiliates in connection
with this offering and our organization, including advanced expenses and any organizational and offering expenses incurred in prior periods
related to this offering. These organizational and offering expenses include the Platform and Syndication Fee. Our Manager
will pay our actual organizational and offering expense out of the organizational and offering fee. Our Manager will be entitled to retain
as compensation for promoting the offering any amount by which 2.0% of the gross proceeds raised in the offering, the organizational
and offering fee, exceeds the actual organizational and offering expenses. To the extent actual organizational and offering expenses
exceed 2.0% of the gross proceeds raised in the offering, the organizational and offering fee, our Manager will pay such amounts without
reimbursement from us. 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 Executive Officers.*** "

(6) Until required in connection with the acquisition of properties
or making other investments, substantially all of the net proceeds of the offering and, thereafter, any working capital reserves we may
have, may be invested in short-term, highly-liquid investments, including government obligations, bank certificates of deposit, short-term
debt obligations and interest-bearing accounts. Funds available for investment may be used to acquire or invest in new properties, pay
down existing and future indebtedness (including debt held by affiliates) or for certain development related costs consistent with our
business plan.

If we sell substantially less than the maximum offering amount and are unable to acquire properties with the proceeds from this offering and conventional mortgage debt, then we may use all of the proceeds from this offering to pay down and manage our existing and future debt used to acquire properties.

**PLAN OF DISTRIBUTION**

**Who May Invest**

As a Tier II, Regulation A offering, investors must comply with the 10% limitation on investment in the offering, as prescribed in Rule 251. Under Rule 251 of Regulation A, **non-accredited, non-natural investors** are subject to the investment limitation and may only invest funds which do not exceed 10% of the greater of the purchaser's revenue or net assets (as of the purchaser's most recent fiscal year end). A **non-accredited, natural person** may only invest funds which do not exceed 10% of the greater of the purchaser's annual income or net worth (please see below on how to calculate your net worth).

The only investor in this offering exempt from this limitation is an accredited investor. An "Accredited Investor," is defined under Rule 501 of Regulation D. If you meet one of the following tests you qualify as an Accredited Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Natural person that has (i) an individual net worth, or joint
net worth with his or her spouse (or spousal equivalent), of more than $1,000,000 (see below regarding calculation of net worth); or
(ii) individual income in excess of $200,000, or joint income with his or her spouse (or spousal equivalent) in excess of $300,000,
in each of the two most recent calendar years and has a reasonable expectation of reaching the same income level in the current calendar
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holder in good standing of certain professional certifications
or designations, including the Financial Industry Regulatory Authority, Inc. Licensed General Securities Representative (Series 7),
Licensed Investment Adviser Representative (Series 65), or Licensed Private Securities Offerings Representative (Series 82)
certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Corporation, Massachusetts or similar business trust, partnership,
limited liability company or organization described in Internal Revenue Code ("Code") Section 501(c)(3), not formed
for the specific purpose of acquiring Securities, with total assets over $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trust, with total assets over $5,000,000, not formed for the specific
purpose of acquiring Securities and whose purchase is directed by a person who has such knowledge and experience in financial and business
matters that he or she is capable of evaluating the merits and risks of an investment in Securities as described in Rule 506(c)(2)(ii) under
the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Family client of a family office with total assets of at least
$5,000,000, not formed for the specific purpose of acquiring Securities and whose purchase is directed by a person who has such knowledge
and experience in financial and business matters that the family office is capable of evaluating the merits and risks of an investment
in Securities as described in Section 202(a)(11)(G)- 1(b) under the Investment Advisers Act of 1940, as amended (the "**Advisers Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Broker-dealer registered under Section 15 of the Securities
Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment company registered under the Investment Company Act
of 1940 (the "**Investment Company Act**") or a business development company (as defined in Section 2(a)(48) of the
Investment Company Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entity with investments (as defined in Section 2a51-1(b) of
the Investment Company Act) exceeding $5,000,000, not formed for the specific purpose of acquiring Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment adviser registered under the Advisers Act, or an exempt
reporting adviser (as defined in Section 203(l) or Section 203(m) of the Advisers Act), or a state-registered investment
adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Small business investment company licensed by the Small Business
Administration under Section 301(c) or (d) or the Small Business Investment Act of 1958, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rural business investment company (as defined in Section 384A
of the Consolidated Farm and Rural Development Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee benefit plan within the meaning of ERISA, if the investment
decision is made by a plan fiduciary (as defined in Section 3(21) of ERISA), which is either a bank, savings and loan association,
insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if
a self-directed plan, with investment decisions made solely by persons who are Accredited Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private business development company (as defined in Section 202(a)(22)
of the Advisers Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bank as defined in Section 3(a)(2) of the Securities
Act, any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting
in its individual or fiduciary capacity, or any insurance company as defined in Section 2(13) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plan established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets
of more than $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Director, officer, or Manager of the Issuers or person serving
in a similar capacity, or any director, officer, Manager, or person serving in a similar capacity of the Manager of the Issuers; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entity in which all of the equity owners are Accredited Investors.

<u>NOTE</u>: For the purposes of calculating your net worth, Net Worth is defined as the difference between total assets and total liabilities. This calculation must exclude the value of your primary residence and may exclude any indebtedness secured by your primary residence (up to an amount equal to the value of your primary residence). In the case of fiduciary accounts, net worth and/or income suitability requirements may be satisfied by the beneficiary of the account or by the fiduciary, if the donor or grantor is the fiduciary and fiduciary directly or indirectly provides funds for the purchase of the Bonds.

**Determination of Suitability**

The Selling Group Members and registered investment advisors recommending the purchase of Bonds in this offering have the responsibility to make every reasonable effort to determine that your purchase of Bonds in this offering is a suitable and appropriate investment for you based on information provided by you regarding your financial situation and investment objectives. In making this determination, these persons have the responsibility to ascertain that you:

&nbsp;&nbsp;&nbsp;&nbsp;· meet
the minimum income and net worth standards set forth under "  ***Plan of Distribution – Who May Invest*** "
above;

&nbsp;&nbsp;&nbsp;&nbsp;· can
reasonably benefit from an investment in our Bonds based on your overall investment objectives and portfolio structure;

&nbsp;&nbsp;&nbsp;&nbsp;· are
able to bear the economic risk of the investment based on your overall financial situation;

&nbsp;&nbsp;&nbsp;&nbsp;· are
in a financial position appropriate to enable you to realize to a significant extent the benefits described in this offering circular
of an investment in our Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;· have
apparent understanding of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
fundamental risks of the investment;

&nbsp;&nbsp;&nbsp;&nbsp;· the
risk that you may lose your entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;· the
lack of liquidity of our Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;· the
restrictions on transferability of our Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
tax consequences of your investment.

Relevant information for this purpose will include at least your age, investment objectives, investment experience, income, net worth, financial situation, and other investments as well as any other pertinent factors. The Selling Group Members and registered investment advisors recommending the purchase of Bonds in this offering must maintain, for a six-year period, records of the information used to determine that an investment in Bonds is suitable and appropriate for you.

**The Offering**

We are offering up to $75,000,000 in the aggregate of our Bonds to the public through our Managing Broker-Dealer at a price of $1,000.00 per Bond.

Prior to each closing, the proceeds received in the offering will be kept in an escrow account held by Southstate Bank, N.A., as escrow agent.

Our Manager has arbitrarily determined the selling price of the Bonds and such price bears no relationship to our book or asset values, or to any other established criteria for valuing issued or outstanding Bonds.

The Bonds are being offered on a "best efforts" basis, which means generally that the Managing Broker-Dealer is required to use only its best efforts to sell the Bonds and it has no firm commitment or obligation to purchase any of the Bonds. The offering will continue until the Offering Termination Date, subject to extension in the sole discretion of GK Real Estate for an additional twelve (12) months. We will conduct closings in this offering at least monthly, on the last day of the applicable month, assuming there are funds to close, until the Offering Termination Date. Once a subscription has been submitted and accepted by our company, an investor will not have the right to request the return of its subscription payment prior to the next closing date. If subscriptions are received on or before a closing date and accepted by our company prior to such closing, any such subscriptions will be closed on that closing date. If subscriptions are received on or before a closing date but not accepted by the Company prior to such closing, any such subscriptions will be closed on the next closing date. The offering will be made on a best-efforts basis through Wealthforge Distributors, our Managing Broker-Dealer.

**Managing Broker-Dealer and Compensation We Will Pay for the Sale of Our Bonds**

Our Managing Broker-Dealer, Wealthforge Distributors, will receive selling commissions equal to 6.0% of aggregate gross offering proceeds, which it may re-allow, in whole or in part to the Selling Group Members. Our Managing Broker-Dealer will also receive a Managing Broker-Dealer Fee of up to .50% of aggregate gross offering proceeds, which it may re-allow, in whole or in part to the Selling Group Members, as compensation for acting as the Managing Broker-Dealer. Additionally, we have agreed to pay to our Managing Broker-Dealer a non-accountable marketing and due diligence expense reimbursement in an amount up to 1% of aggregate gross offering proceeds, which will be re-allowed to the Selling Group Members. We will also pay our Managing Broker-Dealer a Platform and Syndication Fee of up to $7,500 per month. This Platform and Syndication Fee will be paid by our Manager out of its organizational and offering fee. The aggregate of the selling commissions, the Managing Broker-Dealer Fee and non-accountable marketing and due diligence expense reimbursements equate to a maximum amount of 8.5% of gross proceeds from this offering. The aggregate underwriting compensation payable in the Offering, as defined by FINRA, will not exceed 10.0%.

Set forth below is a table indicating the estimated compensation and expenses that will be paid in connection with the offering to our Managing Broker-Dealer.

---

| | | |
|:---|:---|:---|
|  | **Per<br> Bond** | **Total<br> Maximum** |
| **Offering:** |  |  |
| Price to public | $1000.00 | $75000000 |
| Less selling commissions | $60.00 | $4500000 |
| Less Managing Broker-Dealer Fee | $5.00 | $375000 |
| Less Non-accountable Marketing and Due Diligence Expense Reimbursements | $10.00 | $750000 |
| Less Wholesaling Fee | $10.00 | $750000 |
| Remaining Proceeds | $915.00 | $68625000 |

---

We have agreed to indemnify our Managing Broker-Dealer, the Selling Group Members and selected registered investment advisors, against certain liabilities arising under the Securities Act. However, the SEC takes the position that indemnification against liabilities arising under the Securities Act is against public policy and is unenforceable.

Included within the compensation described above and not in addition to, our Manager may pay certain costs associated with the sale and distribution of our Bonds, including salaries of wholesalers. We will not reimburse our Manager for such payments. Nonetheless, such payments will be deemed to be "underwriting compensation" by FINRA. In accordance with the rules of FINRA, the table above sets forth the nature and estimated amount of all items that will be viewed as "underwriting compensation" by FINRA that are anticipated to be paid by us and our sponsor in connection with the offering. The amounts shown assume we sell all of the Bonds offered hereby and that all Bonds are sold in our offering through Selling Group Members, which is the distribution channel with the highest possible selling commissions and a Managing Broker-Dealer Fee.

It is illegal for us to pay or award any commissions or other compensation to any person engaged by you for investment advice as an inducement to such advisor to advise you to purchase any of our Bonds; however, nothing herein will prohibit a registered broker-dealer or other properly licensed person from earning a sales commission in connection with a sale of the Bonds.

**Other Compensation**

We will pay our Manager the organization and offering fee of 2.0% of the gross proceeds received in this offering. Our Manager will pay our actual organizational and offering expenses.

As is customary, we will pay or reimburse our Managing Broker-Dealer for the payment of the filing fee payable to FINRA with respect to FINRA's review of the underwriting compensation payable in this Offering.

The Company may also reimburse the Managing Broker-Dealer and the Selling Group Members for their bona fide out-of-pocket itemized and detailed due diligence expenses from sources other than proceeds of this offering.

**Limitations on Underwriting Compensation**

The Managing Broker-Dealer will monitor the aggregate amount of underwriting compensation that we and the Manager pay in connection with this offering in order to ensure we comply with the underwriting compensation limits of applicable FINRA rules, including FINRA Rule 2310, which prohibits underwriting compensation in excess of 10% of the gross offering proceeds.

**Discounts for Bonds Purchased by Certain Persons**

We may pay reduced or no selling commissions and/or Managing Broker-Dealer Fees in connection with the sale of Bonds in this offering to:

&nbsp;&nbsp;&nbsp;&nbsp;· registered
principals or representatives of our dealer-Manager or a participating broker (and immediate family members of any of the foregoing persons);

&nbsp;&nbsp;&nbsp;&nbsp;· our
employees, officers and directors or those of our Manager, or the affiliates of any of the foregoing entities (and the immediate family
members of any of the foregoing persons), any benefit plan established exclusively for the benefit of such persons or entities, and,
if approved by our board of directors, joint venture partners, consultants and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;· clients
of an investment advisor registered under the Investment Advisers Act of 1940 or under applicable state securities laws (other than any
registered investment advisor that is also registered as a broker-dealer, with the exception of clients who have "wrap" accounts
which have asset-based fees with such dually registered investment advisor/broker-dealer); or

&nbsp;&nbsp;&nbsp;&nbsp;· persons
investing in a bank trust account with respect to which the authority for investment decisions made has been delegated to the bank trust
department.

For purposes of the foregoing, "immediate family members" means such person's spouse, parents, children, brothers, sisters, grandparents, grandchildren and any such person who is so related by marriage such that this includes "step-" and "-in-law" relations as well as such persons so related by adoption. In addition, participating brokers contractually obligated to their clients for the payment of fees on terms inconsistent with the terms of acceptance of all or a portion of the selling commissions and/or Managing Broker-Dealer Fees may elect not to accept all or a portion of such compensation. In that event, such Bonds will be sold to the investor at a per Bond purchase price, net of all or a portion of selling commissions. All sales must be made through a registered broker-dealer participating in this offering, and investment advisors must arrange for the placement of sales accordingly through the Managing Broker-Dealer. The net proceeds to us will not be affected by reducing or eliminating selling commissions and/or Managing Broker-Dealer Fees payable in connection with sales to or through the persons described above. Purchasers purchasing net of some or all of the selling commissions and Managing Broker-Dealer Fees will receive Bonds in principal amount of $1,000 per Bond purchased.

Either through this offering or subsequently on any secondary market, affiliates of our company may buy bonds if and when they choose. There are no restrictions to these purchases. Affiliates that become Bondholders will have rights on parity with all other Bondholders.

*Other Discounts*

Until the Rollover Discount Expiration Date (defined below), purchasers of Bonds who are also current or former bondholders, who were paid off at maturity or as a result of the exercise of an issuer redemption right, of GK Investment Holdings, LLC or GK Investment property Holdings II, LLC, will have the right to purchase Bonds at a purchase price of $950 per Bond (the "Rollover Discount"). Purchasers receiving the Rollover Discount will receive $1,000 in principal amount per Bond purchased. The Rollover Discount is limited to each bondholder's original purchase amount. If the former bondholder originally purchased $100,000 of the former bonds, the Rollover Discount will only apply to the bondholder's purchase of $100,000 of the new Bonds. "Rollover Discount Expiration Date" means the Closing Date after the date that is six (6) months following the commencement date of this offering.

**How to Invest**

*Subscription Agreement*

All investors will be required to complete and execute a subscription agreement in the form filed as an exhibit to the Offering Statement of which this Offering Circular is a part. The subscription agreement is available from your registered representative or financial adviser and should be delivered to GK Investment Holdings III LLC, c/o Great Lakes Fund Solutions at 500 Park Avenue, Suite 114, Lake Villa, IL 60046 , together with payment in full by check or wire of your subscription purchase price in accordance with the instructions in the subscription agreement. We anticipate that we will hold closings for purchases of the Bonds on a semi-monthly or monthly basis. You should pay for your Bonds by check payable to or wire transfer directed to "Southstate Bank, N.A. as escrow agent for GK Investment Holdings III 8% Bonds."

Proceeds will be held with the escrow agent in an escrow account subject to compliance with Exchange Act Rule 15c2-4 until closing occurs. Our Managing Broker-Dealer and/or the Selling Group Members will submit a subscriber's form(s) of payment, generally by noon of the next business day following receipt of the subscriber's subscription agreement and form(s) of payment.

You will be required to represent and warrant in your subscription agreement that your investment in the Bonds does not exceed 10% of your net worth or annual income, whichever is greater, if you are a natural person, or 10% of your revenues or net assets, whichever is greater, calculated as of your most recent fiscal year if you are a non-natural person, or that you are an accredited investor as defined under Rule 501 of Regulation D. By completing and executing your subscription agreement you will also acknowledge and represent that you have received a copy of this Offering Circular, you are purchasing the Bonds for your own account and that your rights and responsibilities regarding your Bonds will be governed by the Bond Purchase Agreement and the form of Bond each filed as an exhibit to the Offering Statement of which this Offering Circular is a part.

*Book-Entry, Delivery and Form*

All Bonds are being issued to investors in book-entry only format. Notes will be registered in book-entry form on the books and records of the Company.

*Book-Entry Format*

Under the book-entry format, the Company, as paying agent, will pay interest or principal payments directly to beneficial owners of Notes. Because the Notes will be book-entry on the Note Register.

**Registrar and Paying Agent**

We have designated Great Lakes as paying agent for the Bonds. Great Lakes will also act as registrar for the Bonds. The Bonds will be issued in book-entry form only.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**General**

As of the date of this Offering Circular, we have not yet commenced active operations. Offering Proceeds will be applied to investment in properties and the payment or reimbursement of selling commissions and other fees, expenses and uses as described throughout this Offering Circular. We will experience a relative increase in liquidity as we receive additional proceeds from the sale of Bonds and a relative decrease in liquidity as we spend net offering proceeds in connection with the acquisition and operation of our properties or the payment of debt service.

Further, we have not entered into any arrangements creating a reasonable probability that we will acquire a specific property or other asset. The number of properties and other assets that we will acquire will depend upon the number of Bonds sold and the resulting amount of the net proceeds available for investment in properties and other assets. Until required for the acquisition or operation of assets or used for distributions, we will keep the net proceeds of this offering in short-term, low risk, highly liquid, interest-bearing investments.

We intend to make 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.

**Results of Operation**

Having not commenced active operations, we have not acquired any properties or other assets, our management is not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting our targeted portfolio, the commercial rental real estate industry and real estate generally, which may be reasonably anticipated to have a material impact on the capital resources and the revenue or income to be derived from the operation of our assets.

**Liquidity and Capital Resources**

We are offering and selling to the public in this offering up to $75,000,000 in the aggregate of our Bonds. 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 this offering. 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 50-60% of the cost of our real property investments in the current lending environment, and up to an approximate maximum of 60-70%. See "***Investment Policies of Our Company***" for more information.

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 properties 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. See "***Description of*** ***Bonds – Certain Covenants***" in this Offering Circular for more information.

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 there is no assurance that such sources of financing will be available on favorable terms or at all.

**GENERAL INFORMATION AS TO OUR COMPANY**

GK Investment Holdings III LLC is a Delaware limited liability company formed on March 5, 2025 that invests in and operates commercial rental properties, leases such properties to multiple tenants, and makes such other real estate related investments as are consistent with its investment objectives and that GK Development, Inc. dba GK Real Estate, our Manager, deems appropriate. The office of our company and GK Real Estate are located at 257 East Main Street, Suite 200, Barrington, IL 60010, and the telephone number is (847) 277-9930.

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 $218 million which represents 2.8 million square feet of retail, multifamily and commercial space throughout the U.S.

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. See "***Directors and Executive Officers***" for more information on the management team of GK Real Estate and our company.

**Operating Agreement**

*Formation and Purpose*

Our company is governed by its operating agreement, dated as of March 5, 2025 and entered into under the laws of the State of Delaware, or the Operating Agreement. Under the Operating Agreement, our company was formed with the intent to acquire, lend on, own, redevelop, and operate commercial real estate. Notwithstanding the intended purposes of our company, pursuant to the Operating Agreement, our company is permitted to transact any lawful business not required to be stated specifically in the Operating Agreement and for which limited liability companies may be formed under the Delaware Limited Liability Company Act (Title 6, Subtitle II, Chapter 18), as amended from time to time. See "***Risk Factors – Risks Related to this Offering and Our Corporate Structure***" for more information.

*Management*

The management of our company is entrusted solely to GK Real Estate for as long as it remains the sole Manager of our company. Only the members of our company have the right to remove our Manager, and only if our Manager has made a decision to file a voluntary petition or otherwise initiate proceedings to have it adjudicated insolvent, or to seek an order for relief as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 *et seq*.); to file any petition seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency, or other relief for debtors; to seek the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of our company or of all or any substantial part of the assets of our company, to make any general assignment for the benefit of creditors of our company, to admit in writing the inability of our company to pay its debts generally as they become due, or to declare or effect a moratorium on our company's debt or to take any action in furtherance of any of the above proscribed actions. Bondholders will have no rights in the management of our company.

Under the Operating Agreement, certain powers are reserved for our Manager. The approval of our Manager is required for the following actions with respect to our company:

&nbsp;&nbsp;&nbsp;&nbsp;· Amendment
of the Certificate of Formation or the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· The
conversion of our company to another type of entity organized within or without the state of Delaware, including without limitation,
a limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;· Merger,
equity interest exchange, business combination or consolidation with any other entity, excepting a wholly-owned subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;· Creating
or authorizing any new class or series of units or equity, or selling, issuing or granting additional units;

&nbsp;&nbsp;&nbsp;&nbsp;· A
decision to file a voluntary petition or otherwise initiate proceedings to have our company adjudicated insolvent, or seeking an order
for relief of our company as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 et seq.); to file any petition
seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal
bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency,
or other relief for debtors with respect to our company; or to seek the appointment of any trustee, receiver, conservator, assignee,
sequestrator, custodian, liquidator (or other similar official) of our company or of all or any substantial part of the assets of our
company, or to make any general assignment for the benefit of creditors of our company, or to admit in writing the inability of our company
to pay its debts generally as they become due, or to declare or effect a moratorium on our company's debt or to take any action
in furtherance of any of the above proscribed actions;

&nbsp;&nbsp;&nbsp;&nbsp;· Any
decision to dissolve or liquidate our company, except as specifically set forth in the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· Approving
any budget or strategic or business plan for our company or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· Except
with respect to an affiliate of our company, making any investment in any entity;

&nbsp;&nbsp;&nbsp;&nbsp;· Encumbering
all of the assets of our company or any affiliate of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;· Making
any distributions of Company cash or other property except as specifically provided in the Operating Agreement.

*Membership*

Our company has one class of units, Class A Units. Mr. Garo Kholamian has a beneficial Membership Interest of 78%.

Membership provides certain protections and rights to the members. Pursuant to the Operating Agreement, upon approval by GK Real Estate and recommendation to the members, a majority of the members, either present and voting at a meeting duly called and held or acting by written consent shall be required to approve the following actions with respect to our company:

&nbsp;&nbsp;&nbsp;&nbsp;· Amendment
of the Certificate of Formation or, subject to Section 10.13, the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· Conversion
of the Company to another type;

&nbsp;&nbsp;&nbsp;&nbsp;· Merger,
equity interest exchange, business combination or consolidation with any other Person, except a wholly-owned subsidiary, in which our
company is not the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;· Creating
or authorizing any new class or series of membership interests or equity, or selling, issuing or granting additional membership interests;

&nbsp;&nbsp;&nbsp;&nbsp;· A
decision to file a voluntary petition or otherwise initiate proceedings to have our company adjudicated insolvent, or seeking an order
for relief of our company as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 et seq.); to file any petition
seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal
bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency,
or other relief for debtors with respect to our company; or to seek the appointment of any trustee, receiver, conservator, assignee,
sequestrator, custodian, liquidator (or other similar official) of our company or of all or any substantial part of the assets of our
company, or to make any general assignment for the benefit of creditors of our company, or to admit in writing the inability of our company
to pay its debts generally as they become due, or to declare or effect a moratorium on our company's debt or to take any action
in furtherance of any of the above proscribed actions; or

&nbsp;&nbsp;&nbsp;&nbsp;· Approving
any budget or strategic or business plan for the Company or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· Except
with respect to an Affiliate of the Company, making any investment in any Person;

&nbsp;&nbsp;&nbsp;&nbsp;· Encumbering
all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
any distributions of Company cash or other property except as specifically provided in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any
decision to dissolve or liquidate our company, except as specifically set forth in this Agreement.

*Indemnification*

Our Operating Agreement limits the liability of our Manager, GK Real Estate and certain other persons or entities. See "***Limitations on Liability***" in this Offering Circular for more information.

**POLICY WITH RESPECT TO CERTAIN ACTIVITIES**

**Issuance of Additional Securities**

Except for those actions specifically discussed in this Offering Circular, the issuing of the Bonds will not impose any restrictions on the ability of our company to issue additional bonds, debt, preferred equity or other security. The Bonds are our direct, senior unsecured obligations and:

&nbsp;&nbsp;&nbsp;&nbsp;· rank
equally with each other and with all of our existing and future unsecured and unsubordinated indebtedness outstanding from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;· rank
senior to all of our future indebtedness that by its terms is expressly subordinate to the Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;· effectively
are structurally subordinated to all existing and future indebtedness and other obligations of each of our subsidiaries, including the
claims of mortgage lenders holding secured indebtedness, as to the specific property receiving each lender's mortgage and other
secured indebtedness.

See "***Description of Bonds - Certain Covenants***" for more information.

**Reports**

We will furnish the following reports to each Bondholders:

<u>Reporting Requirements under Tier II of Regulation A</u>. We are required to comply with certain ongoing disclosure requirements under Rule 257 of Regulation A. We are required to file: an annual report with the SEC on Form 1-K; a semi-annual report with the SEC on Form 1-SA; current reports with the SEC on Form 1-U; and a notice under cover of Form 1-Z. The necessity to file current reports is triggered by certain corporate events, similar to the ongoing reporting obligation faced by issuers under the Exchange Act, however the requirement to file a Form 1-U is expected to be triggered by significantly fewer corporate events than that of the Form 8-K. Parts I & II of Form 1-Z will be filed by us if and when we decide to and are no longer obligated to file and provide annual reports pursuant to the requirements of Regulation A.

<u>Annual Reports</u>. As soon as practicable, but in no event later than one hundred twenty (120) days after the close of our fiscal year, ending December 31st, our Manager will cause to be mailed or made available, by any reasonable means, to each Bondholder as of a date selected by our Manager, an annual report containing financial statements of our company for such fiscal year, presented in accordance with GAAP, including a balance sheet and statements of operations, Company equity and cash flows, with such statements having been audited by an accountant selected by our Manager. Our Manager shall be deemed to have made a report available to each Bondholder as required if it has either (i) filed such report with the SEC via its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system and such report is publicly available on such system or (ii) made such report available on any website maintained by our company and available for viewing by the Bondholders.

**INVESTMENT POLICIES OF OUR COMPANY**

**Investment Strategy**

Our Company is focused on investing in existing, income producing commercial properties that will benefit from GK Real Estate's operating and leasing skills, including re-leasing, redeveloping, renovating, refinancing, repositioning and selling. We may also invest in mortgages, mezzanine debt or other types of real estate interests. GK Real Estate intends to actively participate in the management of our company's properties rather than hold them as passive investments. The objective of this strategy is to maximize cash flow and property value at the time of final disposition. By doing this, GK Real Estate maximizes the potential of our company to pay its obligations under the Bonds as they become due. Holding periods for our company's investments will vary depending on several factors.

Our acquisition focus is concentrated on quality assets with performant tenants in markets with strong growth demographics. We specifically target retail locations in growth corridors with strong accessibility and visibility, high traffic counts, and proximity to residential growth. Though we will also consider tertiary commercial real estate uses like industrial, multi-family, retail or self-storage as an ancillary investment strategy to synergize with our core retail strategy. We look for stable, well-maintained properties that have a diversified tenant mix that may also contain value creation opportunities. Our retail property focus has an emphasis on properties well positioned for the future, including junior box centers, power centers, and other retail shopping centers anchored by grocery stores and tenants resistant to e-commerce disruption as well as service providers with limited online counterparts.

Our Company will generally purchase or lend on individual properties but may consider the purchase of a portfolio of properties.

While the focus of our Company is on income producing properties and not ground up development, at times our company may have opportunities to acquire commercial real property which includes unimproved pad sites for future development and leasing opportunities or re-positioning opportunities of existing buildings or portions of buildings. In such instances, our company may retain the unimproved pad sites for re-development of portions of properties (including the buildings attached to such portions), for ground lease, build-to-suit and/or sale opportunities that would financially benefit the Company.

**Investment in Real Estate**

As a commercial real estate manager for 30 years, GK Real Estate has witnessed retail real estate emerge from a decade of challenges—from covid shutdowns to ecommerce—stronger and more resilient. Grocery anchored centers have proven to persist regardless of market cycles. This stability is enhanced by long-term leases with anchor tenants providing predictable cash flow. Junior box and power centers, typically anchored by discount retailers and necessity-based stores, also tap into consumer trends favoring value and convenience.

It is the opinion of the GK Real Estate management team that the market fundamentals for retail properties are attractive right now. Vacancy rates for well-located retail centers are low, and new construction has been limited in recent years due to high costs and financing challenges. This scarcity drives demand for existing properties, supporting rental growth and property values. Centers in growing regions are particularly appealing due to population increases and economic expansion, which fuel consumer spending.

Importantly, these investments offer diversification and inflation protection. Retail leases often include rent escalations and clauses that adjust for inflation, protecting income streams. Triple-net (NNN) lease structures shift the maintenance, insurance and tax costs onto tenants, reducing investor risk.

GK Real Estate believes retail real estate assets are a strong investment today because of four key elements:

&nbsp;&nbsp;&nbsp;&nbsp;· Essential Demand – Grocery-anchored and value-oriented
retail centers thrive on consistent consumer needs, unaffected by discretionary spending dips.

&nbsp;&nbsp;&nbsp;&nbsp;· Adaptive Growth – Physical retail is rebounding with
omnichannel innovations—driving tenant success

&nbsp;&nbsp;&nbsp;&nbsp;· Market Dynamics – Limited new supply, low vacancy rates
and rising rents in key markets create a favorable environment for acquisitions and appreciation

&nbsp;&nbsp;&nbsp;&nbsp;· Inflation Hedge – Long-term leases with rent escalations
and triple-net (NNN) structures lock in returns and shift operating costs to tenants.

**Selection of Investments**

Our Manager's rigorous investment selection process ensures that every property acquired or loan on aligns with our strategy and delivers value to Bondholders. The Manager's investment selection is applicable to both equity and debt investments. The Manager's investment selection process is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;1. Market Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Target Growth Regions: Prioritize high-demand markets with
population growth, rising incomes, and strong consumer spending trends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Economic Resilience: Focus on areas with diverse employment
bases and low exposure to tariff-sensitive industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retail Fundamentals: Identify submarkets with low vacancy
rates, limited new supply, and rental growth potential based on proprietary data and local expertise.

&nbsp;&nbsp;&nbsp;&nbsp;2. Property Screening

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Asset Type: Focus on junior box centers (e.g., TJ Maxx, PetSmart),
power centers (e.g., Walmart, Target), and grocery-anchored centers (e.g., Kroger, Publix) with proven tenant stability and the ability
to add value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Location Quality: Select properties with high visibility,
strong traffic counts, and proximity to residential density or key arterials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Physical Condition: Target well-maintained centers or those
with value-add potential (e.g., deferred maintenance or underperforming tenant mixes) that we can enhance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Outparcel Potential: Look for centers with growth potential
to develop, ground-lease or sell outparcels as an additional strategy for ensuring investments cover bond obligations and maturity liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;3. Tenant Evaluation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Anchor Strength: Seek out creditworthy, national or regional
anchor tenants with long-term leases (5+ years remaining) or tenancy with below market rent, which can be increase at least expiration,
and a history of sales performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Tenant Mix: Ensure a balance of necessity-based (grocery,
pharmacy), service-oriented and value-oriented retailers to drive foot traffic and support smaller in-line tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Adaptability: Favor tenants embracing omnichannel strategies
(e.g., BOPIS—buy online, pick up in-store) to future-proof the property.

&nbsp;&nbsp;&nbsp;&nbsp;4. Financial Underwriting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cash Flow Stability: Target properties with occupancy rates
and weighted average lease terms (WALT) that can help to ensure predictable income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cap Rate Value: Acquire at cap rates that can generate attractive
yields for bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Upside Potential: Identify opportunities for rent increases,
lease renewals, or outparcel development to boost returns.

&nbsp;&nbsp;&nbsp;&nbsp;5. Risk Mitigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Lease Structure: Prioritize NNN leases to minimize operating
expenses and shield investors from cost volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Diversification: Limit exposure to any single tenant or region
to spread risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Due Diligence: Conduct thorough environmental, title, and
structural assessments, leveraging our 30-year expertise to avoid hidden liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;6. Value-Add Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Repositioning: Upgrade underperforming centers with modern
facades, better signage, or experiential tenants (e.g., fitness, dining).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Re-tenanting: Replace weak tenants with high-demand retailers
to lift net operating income (NOI).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Opportunistic Buys: Capitalize on distressed sales or market
dislocations to acquire at below-replacement-cost pricing.

**Dispositions**

We may from time to time dispose of properties if, based upon management's periodic review of our portfolio, our Manager determines such action would be in our best interest. In addition, we may elect to enter into joint ventures or other types of co-ownership with respect to properties that we already own, either in connection with acquiring interests in other properties or from investors to raise equity capital.

**Leverage of Properties**

Our company may borrow money to acquire its properties when GK Real Estate determines that it is advantageous to our company. By operating on a leveraged basis, our company expects that it will have more funds available for investment in properties and other investments. This will allow our company to make more investment than would otherwise be possible, resulting in a more diversified portfolio. Although our company expects its liability for the repayment of indebtedness to be limited to the value of the specific property securing the liability and the rents or profits derived therefrom, our company's use of leverage may increase the risk of default on the mortgage payments and a resulting foreclosure of a particular property. See "***Risk Factors***" for more information.

Our company may borrow any amount necessary to enable our company to invest the proceeds of this offering in real properties or investment therein. Our company intends to borrow up to the maximum amount available from its lenders, thus increasing the number of properties that our company can acquire as well as enhancing the yield to our company. GK Real Estate's experience with prior real estate programs with similar commercial rental properties has been that lender's preferences will be to make loans with an approximately 50-60% loan-to-value ratio in respect to the properties in the class targeted by our company. Therefore, our company believes that its aggregate loan-to-value on its portfolio will be approximately 55% in the current lending environment. If the lending environment changes, our Manager may target leverage of up to 70% loan to value on a property and portfolio basis.

GK Real Estate may choose to refinance our company's properties during the term of a loan. The benefits of refinancing may include an increased cash flow resulting from reduced debt service requirements, thus an increase in cash available for payments under the Bonds, and an increase in property ownership if refinancing proceeds are reinvested in real estate.

**Investments in Real Estate Mortgages**

Our business objectives emphasize equity investments in commercial rental property. We may elect, in our discretion, to invest in mortgages, mezzanine debt and other types of real estate interests, including, without limitation, participating or convertible mortgages, subject to Investment Company Act restrictions. Investments in real estate mortgages run the risk that one or more borrowers may default under certain mortgages and that the collateral securing certain mortgages may not be sufficient to enable us to recoup our full investment.

**Investment in Other Securities**

We may acquire any additional securities such as bonds, preferred stocks or common stock, for investment purposes, subject to Investment Company Act restrictions. From time to time, we may elect to acquire properties through co-investment or joint venture structures. In such an instance, we intend to structure such investments so that we maintain control of the property-owning subsidiary.

**Investment Company Act Considerations**

We intend to conduct our operations so that our company and our subsidiaries are each exempt from registration as an investment company under the Investment Company Act. Under the Investment Company Act, in relevant part, a company is an "investment company" if:

&nbsp;&nbsp;&nbsp;&nbsp;· pursuant
to Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business
of investing, reinvesting or trading in securities; and

&nbsp;&nbsp;&nbsp;&nbsp;· pursuant
to Section 3(a)(1)(C), it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading
in securities and owns or proposes to acquire "investment securities" having a value exceeding 40% of the value of its total
assets on an unconsolidated basis. "Investment securities" does not include U.S. Government securities and securities of
majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of
investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

We intend to conduct our operations so that our company and most, if not all, of its wholly-owned and majority-owned subsidiaries own or proposes to acquire "investment securities" having a value of not more than 40% of the value of its total assets (exclusive of government securities and cash items) on an unconsolidated basis. We will continuously monitor our holdings on an ongoing basis to determine the compliance of our company and each wholly-owned and majority-owned subsidiary with this test. We expect that most, if not all, of our company's wholly-owned and majority-owned subsidiaries will not be relying on exemptions under either Section 3(c)(1) or 3(c)(7) of the Investment Company Act. Consequently, interests in these subsidiaries (which are expected to constitute most, if not all, of our assets) generally will not constitute "investment securities." We believe that our company and most, if not all, of its wholly-owned and majority-owned subsidiaries will not be considered investment companies under Section 3(a)(1)(C) of the Investment Company Act.

In addition, we believe that neither our company nor any of its wholly-owned or majority-owned subsidiaries will be considered investment companies under Section 3(a)(1)(A) of the Investment Company Act because they will not engage primarily or hold themselves out as being engaged primarily in the business of investing, reinvesting or trading in securities. Rather, our company and its subsidiaries will be primarily engaged in non-investment company businesses related to real estate. Consequently, our company and its subsidiaries expect to be able to conduct their respective operations such that none of them will be required to register as an investment company under the Investment Company Act.

We will classify our assets for purposes of the Investment Company Act, including our 3(c)(5)(C) exclusion, in large measure upon no-action positions taken by the SEC staff in the past. These no-action positions were issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number of these no-action positions were issued more than ten years ago. No assurance can be given that the SEC staff will concur with our classification of our assets. In addition, the SEC staff may, in the future, issue further guidance that may require us to re-classify our assets for purposes of the Investment Company Act. If we are required to re-classify our assets, we may no longer be in compliance with the exclusion from the definition of an investment company provided by Section 3(c)(5)(C) of the Investment Company Act.

For purposes of determining whether we satisfy the 55%/80% tests, we will classify the assets in which we invest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Real
property. Based on the no-action letters issued by the SEC staff, we will classify our fee interests in real properties as qualifying
assets. In addition, based on no-action letters issued by the SEC staff, we will treat our investments in joint ventures, which in turn
invest in qualifying assets such as real property, as qualifying assets only if we have the right to approve major decisions affecting
the joint venture; otherwise, such investments will be classified as real estate-related assets. We expect that no less than 55% of our
assets will consist of investments in real property, including any joint ventures that we control.

&nbsp;&nbsp;&nbsp;&nbsp;· Securities.
We intend to treat as real estate-related assets debt and equity securities of both non-majority owned publicly traded and private companies
primarily engaged in real estate businesses, including REITs and other real estate operating companies, and securities issued by pass-through
entities of which substantially all of the assets consist of qualifying assets or real estate-related assets.

&nbsp;&nbsp;&nbsp;&nbsp;· Loans.
Based on the no-action letters issued by the SEC staff, we will classify our investments in various types of whole loans as qualifying
assets, as long as the loans are "fully secured" by an interest in real estate at the time we originate or acquire the loan.
However, we will consider loans with loan-to-value ratios in excess of 100% to be real estate-related assets. We will treat our mezzanine
loan investments, if any, as qualifying assets so long as they are structured as "Tier 1" mezzanine loans in accordance with
the guidance published by the SEC staff in a no-action letter that discusses the classifications of Tier 1 mezzanine loans under Section 3(c)(5)(C) of
the Investment Company Act.

We will classify our investments in construction loans as qualifying assets, as long as the loans are "fully secured" by an interest in real estate at the time we originate or acquire the loan. With respect to construction loans that are funded over time, we will consider the outstanding balance (i.e., the amount of the loan actually drawn) as a qualifying asset. The SEC staff has not issued no-action letters specifically addressing construction loans. If the SEC staff takes a position in the future that is contrary to our classification, we will modify our classification accordingly.

Consistent with no-action positions taken by the SEC staff, we will consider any participation in a whole mortgage loan, including B-Notes, to be a qualifying real estate asset only if: (1) we have a participation interest in a mortgage loan that is fully secured by real property; (2) we have the right to receive our proportionate share of the interest and the principal payments made on the loan by the borrower, and our returns on the loan are based on such payments; (3) we invest only after performing the same type of due diligence and credit underwriting procedures that we would perform if we were underwriting the underlying mortgage loan; (4) we have approval rights in connection with any material decisions pertaining to the administration and servicing of the loan and with respect to any material modification to the loan agreements; and (5) if the loan becomes non-performing, we have effective control over the remedies relating to the enforcement of the mortgage loan, including ultimate control of the foreclosure process, by having the right to: (a) appoint the special servicer to manage the resolution of the loan; (b) advise, direct or approve the actions of the special servicer; (c) terminate the special servicer at any time with or without cause; (d) cure the default so that the mortgage loan is no longer non-performing; and (e) purchase the senior loan at par plus accrued interest, thereby acquiring the entire mortgage loan.

We will base our treatment of any other investments as qualifying assets and real estate-related assets on the characteristics of the underlying collateral and the particular type of loan (including whether we have foreclosure rights with respect to those securities or loans that have underlying real estate collateral) and we will make these determinations in a manner consistent with guidance issued by the SEC staff.

Qualification for exemption from registration under the Investment Company Act will limit our ability to make certain investments. For example, these restrictions may limit the ability of our company and its subsidiaries to invest directly in mortgage-related securities that represent less than the entire ownership in a pool of mortgage loans, debt and equity tranches of securitizations and certain asset-backed securities and real estate companies or in assets not related to real estate. Although we intend to monitor our portfolio, there can be no assurance that we will be able to maintain this exemption from registration for our company or each of our subsidiaries.

A change in the value of any of our assets could negatively affect our ability to maintain our exemption from regulation under the Investment Company Act. To maintain compliance with the Section 3(c)(5)(C) exclusion, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional assets that we might not otherwise have acquired or may have to forego opportunities to acquire assets that we would otherwise want to acquire and would be important to our investment strategy.

To the extent that the SEC staff provides more specific guidance regarding any of the matters bearing upon the definition of investment company and the exceptions to that definition, we may be required to adjust our investment strategy accordingly. Additional guidance from the SEC staff could provide additional flexibility to us, or it could further inhibit our ability to pursue the investment strategy we have chosen.

If we are required to register as an investment company under the Investment Company Act, we would become subject to substantial regulation with respect to our capital structure (including our ability to use borrowings), management, operations, transactions with affiliated persons (as defined in the Investment Company Act), and portfolio composition, including restrictions with respect to diversification and industry concentration and other matters. Compliance with the Investment Company Act would, accordingly, limit our ability to make certain investments and require us to significantly restructure our business plan.

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following discussion is a summary of certain material U.S. federal income tax consequences relevant to the purchase, ownership and disposition of the Bonds, but does not purport to be a complete analysis of all potential tax consequences. The discussion is based upon the Code, current, temporary and proposed U.S. Treasury regulations issued under the Code, or collectively the Treasury Regulations, the legislative history of the Code, IRS rulings, pronouncements, interpretations and practices, and judicial decisions now in effect, all of which are subject to change at any time. Any such change may be applied retroactively in a manner that could adversely affect a holder of the Bonds. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a holder in light of such holder's particular circumstances or to holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· a
broker-dealer or a dealer in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;· an
S corporation;

&nbsp;&nbsp;&nbsp;&nbsp;· a
bank, thrift or other financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;· a
regulated investment company or a real estate investment trust;

&nbsp;&nbsp;&nbsp;&nbsp;· an
insurance company

&nbsp;&nbsp;&nbsp;&nbsp;· a
tax-exempt organization;

&nbsp;&nbsp;&nbsp;&nbsp;· a
person subject to the alternative minimum tax provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· a
person holding the Bonds as part of a hedge, straddle, conversion, integrated or other risk reduction or constructive sale transaction;

&nbsp;&nbsp;&nbsp;&nbsp;· a
partnership or other pass-through entity;

&nbsp;&nbsp;&nbsp;&nbsp;· a
person deemed to sell the Bonds under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· a
U.S. person whose "functional currency" is not the U.S. dollar; or

&nbsp;&nbsp;&nbsp;&nbsp;· a
U.S. expatriate or former long-term resident.

In addition, this discussion is limited to persons that purchase the Bonds in this offering for cash and that hold the Bonds as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address the effect of any applicable state, local, non-U.S. or other tax laws, including gift and estate tax laws.

As used herein, "U.S. Holder" means a beneficial owner of the Bonds that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;· an
individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· a
corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;· an
estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;· a
trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons that have the authority
to control all substantial decisions of the trust, or (2) has a valid election in effect under applicable Treasury Regulations to
be treated as a U.S. person.

If an entity treated as a partnership for U.S. federal income tax purposes holds the Bonds, the tax treatment of an owner of the entity generally will depend upon the status of the particular owner and the activities of the entity. If you are an owner of an entity treated as a partnership for U.S. federal income tax purposes, you should consult your tax advisor regarding the tax consequences of the purchase, ownership and disposition of the Bonds.

We have not sought and will not seek any rulings from the IRS with respect to the matters discussed below. There can be no assurance that the IRS will not take a different position concerning the tax consequences of the purchase, ownership or disposition of the Bonds or that any such position would not be sustained.

**THIS SUMMARY OF MATERIAL FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND DOES NOT CONSTITUTE TAX ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE TAX CONSIDERATIONS DISCUSSED BELOW TO THEIR PARTICULAR SITUATIONS, POTENTIAL CHANGES IN APPLICABLE TAX LAWS AND THE APPLICATION OF ANY STATE, LOCAL, FOREIGN OR OTHER TAX LAWS, INCLUDING GIFT AND ESTATE TAX LAWS, AND ANY TAX TREATIES.**

**U.S. Holders**

*Interest*

U.S. Holder generally will be required to recognize and include in gross income any stated interest as ordinary income at the time it is paid or accrued on the Bonds in accordance with such holder's method of accounting for U.S. federal income tax purposes.

*Sale or Other Taxable Disposition of the Bonds*

A U.S. Holder will recognize gain or loss on the sale, exchange, redemption (including a partial redemption), retirement or other taxable disposition of a Bond equal to the difference between the sum of the cash and the fair market value of any property received in exchange therefore (less a portion allocable to any accrued and unpaid stated interest, which generally will be taxable as ordinary income if not previously included in such holder's income) and the U.S. Holder's adjusted tax basis in the Bond. A U.S. Holder's adjusted tax basis in a Bond (or a portion thereof) generally will be the U.S. Holder's cost therefore decreased by any payment on the Bond other than a payment of qualified stated interest. This gain or loss will generally constitute capital gain or loss. In the case of a non-corporate U.S. Holder, including an individual, if the Bond has been held for more than one year, such capital gain may be subject to reduced federal income tax rates. The deductibility of capital losses is subject to certain limitations.

*Medicare Tax*

Certain individuals, trusts and estates are subject to a Medicare tax of 3.8% on the lesser of (i) "net investment income", or (ii) the excess of modified adjusted gross income over a threshold amount. Net investment income generally includes interest income and net gains from the disposition of Bonds, unless such interest payments or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). U.S. Holders are encouraged to consult with their tax advisors regarding the possible implications of the Medicare tax on their ownership and disposition of Bonds in light of their individual circumstances.

*Original Issue Discount*

The following is a summary of the principal United States federal income tax consequences of the ownership of bonds issued with original issue discount. A bond that has an issue price of less than its stated redemption price at maturity generally will be issued with original issue discount for United States federal income tax purposes in the amount of such difference. The issue price of a bond generally is the first price at which a substantial amount of the issue of bond is sold to the public (excluding bond houses, brokers or similar persons acting in the capacity of underwriters or wholesalers). The stated redemption price at maturity is the total amount of all payments provided by the note other than qualified stated interest payments. Qualified stated interest generally is stated interest that is unconditionally payable at least annually either at a single fixed rate or at certain variable rates. Qualified stated interest will be taxable to a United States holder when accrued or received in accordance with the United States holder's regular method of tax accounting.

<u>De Minimis Treatment</u>. A bond will be considered to have de minimis original issue discount if the excess of its stated redemption price at maturity over its issue price is less than the product of 0.25 percent of the stated redemption price at maturity and the number of complete years to maturity (or the weighted average maturity in the case of a bond that provides for payment of an amount other than qualified stated interest before maturity). United States holders of bonds having de minimis original issue discount generally must include such de minimis original issue discount in income as stated principal payments on the bonds are made in proportion to the stated principal amount of the bond. The IRS could disagree with our allocation of purchase price per Bond.

<u>General Treatment</u>. United States holders of bonds issued with original issue discount that is not de minimis original issue discount and that mature more than one year from the date of issuance will be required to include such original issue discount in gross income for United States federal income tax purposes as it accrues (regardless of such United States holder's method of accounting), in advance of receipt of the cash attributable to such income. Original issue discount accrues based on a compounded, constant yield to maturity; accordingly, United States holders of bonds issued at an original issue discount will generally be required to include in income increasingly greater amounts of original issue discount in successive accrual periods. Bondholders receiving the Rollover Discount or other discounts described under "Plan of Distribution" likely will have received original issue discount in excess of the de minimis threshold and such Bondholders. Purchasers should consult their tax advisors regarding the effect thereof.

*Sale or Other Taxable Disposition of the Offered Bonds*

A U.S. Holder will recognize gain or loss on the sale, exchange, redemption (including a partial redemption), retirement or other taxable disposition of an Offered Bond equal to the difference between the sum of the cash and the fair market value of any property received in exchange therefore (less a portion allocable to any accrued and unpaid stated interest, which generally will be taxable as ordinary income if not previously included in such holder's income) and the U.S. Holder's adjusted tax basis in the Bond. A U.S. Holder's adjusted tax basis in a Bond (or a portion thereof) generally will be the U.S. Holder's cost therefore decreased by any payment on the Bond other than a payment of qualified stated interest. This gain or loss will generally constitute capital gain or loss. In the case of a non-corporate U.S. Holder, including an individual, if the Bond has been held for more than one year, such capital gain may be subject to reduced federal income tax rates. The deductibility of capital losses is subject to certain limitations.

*Information Reporting and Backup Withholding*

A U.S. Holder may be subject to information reporting and backup withholding when such holder receives interest and principal payments on the Bonds or proceeds upon the sale or other disposition of such Bonds (including a redemption or retirement of the Bonds). Certain holders (including, among others, corporations and certain tax-exempt organizations) generally are not subject to information reporting or backup withholding. A U.S. Holder will be subject to backup withholding if such holder is not otherwise exempt and:

&nbsp;&nbsp;&nbsp;&nbsp;· such
holder fails to furnish its taxpayer identification number, or TIN, which, for an individual is ordinarily his or her social security
number;

&nbsp;&nbsp;&nbsp;&nbsp;· the
IRS notifies the payor that such holder furnished an incorrect TIN;

&nbsp;&nbsp;&nbsp;&nbsp;· in
the case of interest payments such holder is notified by the IRS of a failure to properly report payments of interest or dividends;

&nbsp;&nbsp;&nbsp;&nbsp;· in
the case of interest payments, such holder fails to certify, under penalties of perjury, that such holder has furnished a correct TIN
and that the IRS has not notified such holder that it is subject to backup withholding; or

&nbsp;&nbsp;&nbsp;&nbsp;· such
holder does not otherwise establish an exemption from backup withholding.

A U.S. Holder should consult its tax advisor regarding its qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to a U.S. Holder will be allowed as a credit against the holder's U.S. federal income tax liability or may be refunded, provided the required information is furnished in a timely manner to the IRS.

***Non-U.S. Holders are encouraged to consult their tax advisors.***

**DESCRIPTION OF BONDS**

This description sets forth certain terms of the Bonds that we are offering pursuant to this Offering Circular. In this section, we use capitalized words to signify terms that are specifically defined in the Bond Purchase Agreement, substantially in the form filed concurrently herewith as an Exhibit, by and among us and the Bondholders. This section contains definitions of certain capitalized terms that are used herein. We refer you to the Bond Purchase Agreement for a full disclosure of all such terms, as well as any other capitalized terms used in this Offering Circular for which no definition is provided.

Because this section is a summary, it does not describe every aspect of the Bonds or the Bond Purchase Agreement. We urge you to read the Bond Purchase Agreement and Form of Bond because those documents and not this summary define your rights as a Bondholders. The Bond Purchase Agreement and Form of Bond are filed as an exhibit to the Offering Statement, of which this offering circular is a part, at www.sec.gov. You may also obtain a copy of the Bond Purchase Agreement from us without charge. See "***Where You Can Find More Information***" for more information.

**Ranking**

The Bonds are our direct, senior unsecured obligations and:

&nbsp;&nbsp;&nbsp;&nbsp;· rank
equally with each other and with all of our existing and future unsecured and unsubordinated indebtedness outstanding from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;· rank
senior to all of our future indebtedness that by its terms is expressly subordinate to the Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;· effectively
are structurally subordinated to all existing and future indebtedness and other obligations of each of our subsidiaries, including the
claims of mortgage lenders holding secured indebtedness, as to the specific property receiving each lender's mortgage and other
secured indebtedness.

**Manner of Offering**

The offering is being made on a best-efforts basis through Wealthforge Distributors, our Managing Broker-Dealer, as well as the Selling Group Members. Neither our Managing Broker-Dealer, nor any Selling Group Member, will be required to purchase any of our Bonds.

**Interest and Maturity**

Each Bond will bear interest at a fixed rate of 7% per annum plus 1% interest per annum deferred. Interest on the Bonds will be paid monthly on the 15th day of the month. The first interest payment on a Bond will be paid on the 15th day of the month following the issuance of such Bond. The Bonds will mature on the fifth anniversary of the initial closing date of the Bonds offered pursuant to this Offering Statement (the "Initial Maturity Date"), subject to the Company's ability to extend the Maturity Date for two additional one-year periods (each an "Extension Period") in its sole and absolute discretion. The Company will give notice of any Extension Period or the Automatic Extension at least 30 days prior to such extension. The Initial Maturity Date as may be extended pursuant to this Section 1(a) is referred to herein after as the the "Maturity Date". Upon the exercise of the optional Extension Period, the interest rate of the Bonds will be at a fixed rate of seven and a quarter percent (7.25%) per annum payable on each Interest Payment Date for the first year following the original Maturity Date and a fixed rate of seven and a half percent (7.50%) per annum payable on each Interest Payment Date for the second year following the Initial Maturity Date. If, as of the expiration of Extension Periods, the Illiquid Assets of the Company are (i) publicly listed for sale as determined in the sole discretion of the Company; or (ii) in the case of Illiquid Assets that are Real property Debt Interests, such Real property Debt Interests mature within one (1) year of the Maturity Date, the Maturity Date shall be automatically extended for one (1) year at the current annualized interest rate (the "Automatic Extension"). For the purpose of the Automatic Extension, "Illiquid Assets" means the assets of the Company or any Subsidiary that cannot quickly and easily be sold or exchanged for cash without a substantial loss in value, including, without limitation, real estate, real property and collectibles.

*Force Majeure*

As provided in the Bond Purchase Agreement, the Company may defer the payment of interest, in part or in whole, to the Bondholders for up to one (1) year in the case of war, acts of God, natural disasters, and declared pandemics that are declared by the Manager, in its sole discretion, to render the performance of the Company's assets materially impaired. Payment of any deferred interest as a result of this provision shall be added to the Deferred Interest Payment due and payable at the Maturity Date. The Manager may only defer the payment of interest on the Bonds twice during prior to the Maturity Date and the occurrence of one deferment must not occur within 12 months of another deferment.

**Deferred Interest Payment**

In addition, the company is obligated to pay Bondholders a Deferred Interest Payment of 1% per annum, cumulative, non-compounding, accruing daily on the Maturity Date of the Bonds.

On Maturity Date (as may be extended), the company is obligated to pay the Bondholders a cumulative non-compounding Deferred Interest Payment at a fixed rate of 1% per annum. Deferred Interest Payments will not be made in the instances of any Optional Redemption or Death and Disability Redemption. See "***Description of Bonds – Optional Redemption At The Option Of The Bondholders***" and "***Description of Bonds – Death and Disability Redemption***" for more information.

While our company is required to make the Deferred Interest Payments, we do not intend to establish a sinking fund to fund such payments. Therefore, our ability to honor this obligation will be subject to our ability to generate sufficient cash flow or procure additional financing in order to fund those payments. If we cannot generate sufficient cash flow or procure additional financing to honor this obligation, we may need to liquidate some or all of our company's assets to fund the payments, or we may not be able to fund the payments in their entirety or at all, which shall constitute an Event of Default. See "***Description of Bonds - Event of Default***" for more information.

**THE REQUIRED INTEREST PAYMENTS AND PRINCIPAL PAYMENT ARE NOT A GUARANTY OF ANY RETURN TO YOU NOR ARE THEY A GUARANTY OF THE RETURN OF YOUR INVESTED CAPITAL. While our company is required to make the Interest Payments, Principal Payment and Deferred Interest Payments as described in the Bond Purchase Agreement, the Form of Bond, and above, we do not intend to establish a sinking fund to fund such payments. Therefore, our ability to honor these obligations will be subject to our ability to generate sufficient cash flow or procure additional financing in order to fund those payments. If we cannot generate sufficient cash flow or procure additional financing to honor these obligations, we may need to liquidate some or all of our company's assets to fund the payments, or we may not be able to fund the payments in their entirety or at all. If we cannot fund the above payments, Bondholders will have claims against us with respect to such violation.**

**Optional Redemption at the Option of the Bondholder**

The Bonds will be redeemable at the election of the Bondholder beginning on the one-year anniversary of first issuance date of the Bonds, or the Optional Redemption. In order to request redemption, the Bondholder must provide written notice to us at our principal place of business that the Bondholder requests redemption of all or a portion (consisting of at least 50%) of the Bondholder's Bonds, or a Notice of Redemption. The price per Bond to be paid for redemptions made pursuant to Optional Redemption shall be $850 per Bond plus all accrued but unpaid interest on the Bonds being redeemed, excluding any Deferred Interest Payment. Deferred Interest Payments will not be made in the instances of Optional Redemption. We will have 120 days from the date the applicable Notice of Optional Redemption is provided to redeem the requesting Bondholder's Bonds, subject to the limitations set forth in the Bond. Our obligation to redeem Bonds with respect to Notices of Redemption received in any given Redemption Period (as defined below) is limited to an aggregate principal amount of Bonds equal to 5.0% of the aggregate principal of Bonds under the Bond Purchase Agreement as of the close of business on the last business day of the preceding Redemption Period, or, if there be no preceding Redemption Period, then as of close of business on the first business day of such initial Redemption Period (the "5.0% Limit"). Any Bonds redeemed as a result of a Bondholder's right upon death, disability or bankruptcy will be included in calculating the 5.0% Limit and will thus reduce the number of Bonds available to be redeemed pursuant to Optional Redemption. Optional Redemptions and Death and Disability Redemptions shall be subject to the company's determination that the company has or will have cash available from operations or the sale of assets to make the requested redemptions (the "Cash Limitation"). Optional Redemptions will occur in the order that notices are received. If the company is unable to redeem all Bonds for which Notices of Optional Redemption are received in any Redemption Period as a result of the 5.0% Limit or the Cash Limitation, the company will treat unsatisfied or partially unsatisfied redemption requests as a Notice of Optional Redemption for the following Redemption Period, unless such Notice of Optional Redemption is withdrawn. The company shall have no obligation to make Optional Redemptions. A Redemption Period shall be a period of three (3) calendar months, with Redemption Periods beginning on March 1, June 1, September 1 and December 1 of each calendar year. Deferred Interest Payments will not be made in the instances of any optional redemption at the option of the Bondholders.

**Death and Disability Redemption**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsection (b) below, within 60 days of the death or Qualifying Disability (as defined below), or a Holder Redemption Event, of a holder who is a natural person or a Person who beneficially holds Bonds, the estate of such Person, such Person, or legal representative of such Person, may request the company to repurchase, without penalty in whole or in part, the Bonds held or beneficially held by such Person (including Bonds of such Person held or beneficially held in his or her individual retirement accounts), as the case may be, by delivering to the company a repurchase request.

Qualifying Disability shall mean with respect to any Bondholder or beneficial holder, a determination of disability based upon a physical or mental condition or impairment arising after the date such Bondholder or beneficial holder first acquired Bonds. Any such determination of disability must be made by any of: (1) the Social Security Administration; (2) the U.S. Office of Personnel Management; or (3) the Veteran's Benefits Administration, or the Applicable Governmental Agency, responsible for reviewing the disability retirement benefits that the applicable Bondholder or beneficial holder could be eligible to receive.

Any repurchase request for Death and Disability Redemption shall specify the particular Holder Redemption Event giving rise to the right of the holder to have his or her Bonds repurchased by the company. If a Bond is held jointly by natural persons who are legally married, then a repurchase request may be made by (i) the surviving holder or beneficial holder upon the occurrence of a Holder Redemption Event arising by virtue of a death, or (ii) the disabled holder or beneficial holder (or a legal representative) upon the occurrence of a Holder Redemption Event arising by virtue of a Qualifying Disability. In the event a Bond is held together by two or more natural persons that are not legally married (regardless of whether held as joint tenants, co-tenants or otherwise), neither of these persons shall have the right to request that the company repurchase such Bond unless a Holder Redemption Event has occurred for all such co-holders or co-beneficial holders of such Bond. A holder or beneficial holder that is not an individual natural person does not have the right to request repurchase under Death and Disability Redemption.

Any repurchase request for Death and Disability must be made in accordance with Section 7 of the Form of Bond and are subject to the limitations defined therein.

Deferred Interest Payments will not be made in the instances of Death and Disability Redemption.

**Redemption at the Option of the Company**

We may redeem the Bonds at our option, in whole or in part at any time after their issuance. The redemption price for redemptions at the option of the company shall be equal to the then outstanding principal on the Bonds being redeemed, plus any accrued but unpaid interest on such Bonds including the Deferred Interest (the "Company Redemption Price"). If we plan to redeem the Bonds, we will give notice of redemption not less than 30 days prior to any redemption date to each such holder's address appearing in the Bond Register maintained by the Great Lakes, unless we designate another Bond Registrar. In the event the Company elects to redeem less than all of the Bonds, the particular Bonds to be redeemed will be selected by the Company in its sole discretion.

**Merger, Consolidation or Sale**

We may consolidate or merge with or into any other corporation, and we may sell, lease or convey all or substantially all of our assets to any corporation, provided that the successor entity, if other than us:

&nbsp;&nbsp;&nbsp;&nbsp;· is organized and existing under the laws of the United States
of America or any United States, or U.S., state or the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;· assumes in a written instrument between the Company and the
successor entity all of the Company's obligations to perform and observe all of the Company's obligations under the Bonds
and the Bond Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· and provided further that no Event of Default under the Bond
Purchase Agreement shall have occurred and be continuing.

The Bond Purchase Agreement does not provide for any right of acceleration in the event of a consolidation, merger, sale of all or substantially all of the assets, recapitalization or change in our stock ownership. In addition, the Bond Purchase Agreement does not contain any provision which would protect the Bondholders against a sudden and dramatic decline in credit quality resulting from takeovers, recapitalizations or similar restructurings.

**Certain Covenants**

*Secured Indebtedness*

The Bonds would rank junior to any of our secured indebtedness, and will be structurally subordinated to the indebtedness of our direct or indirect subsidiaries. We and our subsidiaries are permitted to incur additional indebtedness, including secured indebtedness, as long as we continue to meet the requirements of our Equity-Bond Ratio.

*Appraisals and Broker Opinion of Value*

While any of the Bonds remain outstanding, at least once per calendar, including the calendar year following the year in which the property was acquired, the company shall commission or otherwise obtain an appraisal or broker opinion of value of each property owned by the company or a subsidiary of the company, and then on or before each subsequent anniversary of the prior appraisal.

*Equity-Bond Ratio*

The Bonds will be unsecured; however, while any of the Bonds remain outstanding, the sum of the aggregate property Equity Values plus any cash or cash equivalents, as defined by GAAP, then held by the company shall be equal to or exceed seventy percent (70%) of aggregate principal amount of the outstanding Bonds (the "Equity-Bond Ratio"). Except as otherwise provided in the Bond Purchase Agreement, as long as the company complies with secured indebtedness restriction above and the Equity-Bond Ratio, the company and any of its subsidiaries shall be entitled to incur additional indebtedness on the Properties.

As with all non-payment defaults, our company will have a 120-day cure period to cure any breach of the Equity-Bond Ratio covenant before a default may be declared relative to such covenant.

*Cash Coverage Ratio*

While any Bonds remain outstanding, the Bond Purchase Agreement provides that our company will maintain cash and cash equivalents, as defined by GAAP, equal to at least 120% of our company's Bond Service Obligations for a period of three (3) months. If our company falls out of compliance with the Cash Coverage Ratio covenant it shall notify the Bondholders within 60 days of such default, and it will have 120 days to cure such non-compliance.

*Reports*

We will furnish the following reports:

<u>Reporting Requirements under Tier II of Regulation A</u>. We are required to comply with certain ongoing disclosure requirements under Rule 257 of Regulation A. We are required to file: an annual report with the SEC on Form 1-K; a semi-annual report with the SEC on Form 1-SA; current reports with the SEC on Form 1-U; and a notice under cover of Form 1-Z. The necessity to file current reports will be triggered by certain corporate events, similar to the ongoing reporting obligation faced by issuers under the Exchange Act, however the requirement to file a Form 1-U is expected to be triggered by significantly fewer corporate events than that of the Form 8-K. Parts I & II of Form 1-Z will be filed by us if and when we decide to and are no longer obligated to file and provide reports pursuant to the requirements of Regulation A.

<u>Annual Reports</u>. As soon as practicable, but in no event later than one hundred twenty (120) days after the close of our fiscal year, ending December 31st, our Manager will cause to be mailed or made available, by any reasonable means, to each Bondholder as of a date selected by our Manager, an annual report containing financial statements of our company for such fiscal year, presented in accordance with GAAP, including a balance sheet and statements of operations, Company equity and cash flows, with such statements having been audited by an accountant selected by our Manager. Our Manager shall be deemed to have made a report available to each Bondholder as required if it has either (i) filed such report with the SEC via its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system and such report is publicly available on such system or (ii) made such report available on any website maintained by our company and available for viewing by the Bondholders.

<u>Compliance with Certain Covenants Under Bond Purchase Agreement</u>. The Company will report compliance with certain covenants in the Bond Purchase Agreement quarterly. Such reports will be made available to Bondholders electronically.

*Insurance*

We will, and will cause each of our subsidiaries to, keep all of its insurable property insured against loss or damage at least equal to their then full insurable value with insurers of recognized responsibility and having an A.M Best policy holder's rating of not less than A-V.

*Payment of Taxes and Other Claims*

We will pay or discharge or cause to be paid or discharged, before the same shall become delinquent: (i) all taxes, assessments and governmental charges levied or imposed upon us or any subsidiary or upon the income, profits or property of us or any subsidiary; and (ii) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of us or any subsidiary; provided, however, that we shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings or for which we have set apart and maintain an adequate reserve.

There is no public market for the Bonds. We may apply for quotation of the Bonds on an alternative trading system or over the counter market beginning after the final closing of this offering. However, even if the Bonds are listed or quoted, no assurance can be given as to (1) the likelihood that an active market for the Bonds will develop, (2) the liquidity of any such market, (3) the ability of Bondholders to sell the Bonds or (4) the prices that Bondholders may obtain for any of the Bonds. No prediction can be made as to the effect, if any, that future sales of the Bonds, or the availability of the Bonds for future sale, will have on the market price prevailing from time to time. Sales of substantial amounts of the Bonds, or the perception that such sales could occur, may adversely affect prevailing market prices of the Bonds. See "***Risk Factors — Investment Risks***."

**Event of Default**

The following are Events of Default under the Bond Purchase Agreement with respect to the Bonds:

&nbsp;&nbsp;&nbsp;&nbsp;· default
in the payment of any interest, including Deferred Interest Payment, on the Bonds when due and payable, which continues for sixty (60)
days;

&nbsp;&nbsp;&nbsp;&nbsp;· default
in the payment of any principal of or premium on the Bonds when due, which continues for sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;· default
in the performance of any other obligation or covenant contained in the Bond Purchase Agreement or in this Offering Circular for the
benefit of the Bonds, which continues for 120 days after written notice;

&nbsp;&nbsp;&nbsp;&nbsp;· specified
events in bankruptcy, insolvency or reorganization of us;

&nbsp;&nbsp;&nbsp;&nbsp;· any
final and non-appealable judgment or order for the payment of money in excess of $25,000,000 singly, or in the aggregate for all such
final judgments or orders against all such Persons shall be rendered against us or any Significant Subsidiary and shall not be paid or
discharged; and

Book- entry and other indirect Bondholders should consult their banks or brokers for information on how to give notice or direction to or make a request of the Company and how to declare or rescind an acceleration of maturity.

**Remedies if an Event of Default Occurs**

Subject to any respective cure period, if an Event of Default occurs and is continuing, the Bondholders have remedies available at law and in equity to enforce their rights. In such event, the Bondholders will likely need to rely on liquidation proceeds upon sales of our assets, including properties and any equity interest we own and our debt investments, for repayment.

The Bondholders of a majority in principal amount of the outstanding Bonds may waive any default, except a default:

&nbsp;&nbsp;&nbsp;&nbsp;· in
the payment of any amounts due and payable or deliverable under the Bonds; or

&nbsp;&nbsp;&nbsp;&nbsp;· in
an obligation contained in, or a provision of, the Bond Purchase Agreement which cannot be modified under the terms of the Bond Purchase
Agreement without the consent of each Bondholder

Each Bondholder has the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Bond on the respective due dates (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment and such rights shall not be impaired without the consent of such Bondholder.

**LEGAL PROCEEDINGS**

There are currently no legal proceedings involving our company.

On December 23, 2015, the Secretary of State of the State of Illinois entered a consent order censuring GK Development, Inc. dba GK Real Estate, our Manager, and Garo Kholamian, the President, sole director and sole shareholder of our Manager for violation of the Illinois Securities Act related to certain previous private offerings. The Illinois Secretary of State stated in the order that it is not intended to trigger or otherwise result in disqualification from the usage of Regulation A or Regulation D. The Illinois Secretary of State alleged failures of risk disclosure in those offerings based upon the actual performance of those programs and to disclose certain prior performance information considered required by the Illinois Secretary of State. Our Manager and Mr. Kholamian disputed these allegations but, nevertheless, on December 22, 2015 stipulated to the entry of the consent order to settle this matter without any admission of the veracity of the alleged facts or conclusions of law of the Illinois Secretary of State.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

*Security Ownership of Certain Beneficial Owners (more than 10%)*

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Name and Address of Beneficial<br> Owner** | **Amount and Nature of<br> Beneficial Ownership** | **Percent of Class** |
| Class A | Garo Kholamian(1)(2) | 78% Membership Interest | 78% |

---

*Security Ownership of Management*

---

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

---

(1) Garo Kholamian individually holds 78% Membership Interest.

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

We may provide incentive grants of economic profit interest of the company to our employees in the future. Time, manners and terms of such grants, which will be subject to the sole discretion of the company, have not been determined as of the date of this Offering Circular.

**DIRECTORS AND EXECUTIVE 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.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position with our Company** | **Director/Officer Since** |
| Garo Kholamian | 66 | President and Sole Director | 1995 |
| Sherry Mast | 59 | Principal - Operations | 1997 |
| Steven Higdon | 59 | Chief Financial Officer | 2020 |

---

**Executive Officers**

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

**Garo Kholamian***,* age 66, is the President, sole Director and sole shareholder of GK Real Estate. Since the formation of the GK Real Estate in 1995, Mr. Kholamian and his affiliates have acquired and developed over 120 million square feet of commercial property including apartments, office and commercial rental. 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 59, is the Principal - Operations at GK Real Estate. Ms. Mast joined GK Real Estate in 1997 and, prior to taking over leasing, established property management and financial systems for GK Real Estate. Ms. Mast is responsible for leasing of the company's entire portfolio and manages outside broker relationships, as well as day-to-day leasing activity. 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.

**Steven Higdon**, age 59, is the Chief Financial Officer at GK Real Estate. He brings over 36 years of corporate finance, capital markets, investment banking and accounting experience to the team. As CFO, Steve is primarily responsible for managing the company's finances, including; financial and tax planning, treasury management and investing, internal financial controls, risk management, and financial reporting. He supervises the accounting and finance departments. He is the financial spokesperson for the company while being fully integrated on the real estate development, property and leasing operations, acquisitions/dispositions teams, and is a key member in fund/bond administration for all Req A and Reg D Offerings. He leads the internal audit as well as the external SEC driven audit & legal teams.

Prior to joining GK-Real Estate in 2020, Steve was the CFO of a high net-worth private family office, Aegis Asset Management, based out of New York. He provided strategic investment, financial and asset management insight and analysis to a $2Bn nationwide portfolio of office/retail/industrial properties. While there, his primary focus was on driving the real estate business intelligence capabilities of the Family Office and the third-party teams to increase the property and portfolio NOI, accretive value and income tax mitigation with a longer-term legacy hold mindset.

Steve holds a Bachelor's Degree in both Accounting and Finance from Illinois State University. Steve earned his license as a Certified Public Accountant in 1988, but is currently non-practicing.

**Directors**

Garo Kholamian is the sole shareholder and director of GK Real Estate.

**EXECUTIVE COMPENSATION**

Our company does not have executives. It is operated by a sole Manager, 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 Executive Officers.***" See "***Compensation of our Manager and its Affiliates***" for a list of fees payable to GK Real Estate and/or its affiliates.

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

Pursuant to a Service Fee Agreement between the Company and its Manager, the Company shall pay the Manager certain fees for the services it provides to the Company. The Company may also pay certain fees to the Manager or its affiliates for aspects of the management of our Company's assets. The Service Fee Agreement may not be amended to increase the amount any of the specific fees described below without the consent of a Bondholder Majority.

GK Real Estate, our company's Manager, or its affiliates will be responsible for all aspects of the management of our Company's assets. In exchange for this management and pursuant to the Service Fee Agreement, 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 real property purchased 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 annual 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.

**Loan Management Fee**. GK Real Estate will be entitled to an annual loan management fee equal to one-half percent (0.50%) of the outstanding principal amount of each debt investment made by our Company.

**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, a construction management fee, and loan guarantees. GK Real Estate will endeavor to determine such fees based upon benchmark market rates.

**POLICIES WITH RESPECT TO CERTAIN TRANSACTIONS**

**Conflicts Generally**

GK Real Estate has not established any formal procedures to resolve the conflicts of interest discussed below. Bondholders, therefore, will be dependent on the good faith of the respective parties to resolve conflicts equitably. Although GK Real Estate will attempt to monitor these conflicts, it will be extremely difficult if not impossible to assure that these conflicts do not arise, and may, in certain circumstances, result in adverse consequences to our company.

**Specific Conflicts Inherent in our Company**

**As described below, certain conflicts of interest are inherent in an investment in our company. By investing in this offering, each Bondholder will be deemed to have consented to these conflicts and to have agreed not to assert any claim that any such conflicts violate any duty owed by GK Real Estate, our Manager, or its affiliates to the Bondholders, except to the extent that such conflict results in liability under the Securities Act. These conflicts include those inherent to the business relationship between our company and GK Real Estate described in the preceding section. See "*Certain Relationships and Related Transactions*" for more information.**

**Property Purchased from GK Real Estate and their Affiliates.** Our company may acquire properties, or an interest therein, from GK Real Estate, and/or its affiliates. These properties, or interests therein, may be acquired in exchange for any combination of cash, debt and/or equity in our company. GK Real Estate, or their affiliates, may derive a profit as a result of these acquisition transactions.

**Loans to GK Real Estate and Affiliates**. Our Company may lend on properties owned, in part or wholly, by GK Real Estate and/or its affiliates. GK Real Estate, or their affiliates, may derive a profit as a result of these acquisition transactions.

**Other Activities.** GK Real Estate and its shareholder, director, officers and employees are not required to devote their full time to the business of our company, and GK Real Estate and its shareholder, director, officers and employees may have conflicts of interest in allocating management time between our company and other activities of GK Real Estate. However, GK Real Estate is required to spend such time as is reasonably needed for the operations of our company and as is consistent with the due care that a fiduciary would use in the conduct of an enterprise of a like character and with like aims. GK Real Estate believes that it has sufficient staff to be fully capable of discharging its responsibilities to our company. GK Real Estate and its respective affiliates may have other business interests or may engage in other business ventures of any nature or description whatsoever, whether presently existing or created later, and whether or not competitive with the business of our company or its affiliates. GK Real Estate will have no right (including without limitation a right of first opportunity, first offer or first refusal with respect to any real estate investment presented to GK Real Estate or any of their respective affiliates) by virtue of its participation in our company in or to such ventures or activities or to the income or profits derived from them. To the extent GK Real Estate or its affiliates already have an ownership interest in an existing property in a market in which our company intends to acquire property, such other property may be in competition with our company's investment for prospective tenants. Further, GK Real Estate will have sole discretion to determine which among its affiliate's sponsored programs should purchase any particular property or make any other investment, or enter into a joint venture for the acquisition and operation of specific properties.

**Co-Investments.** GK Real Estate has the right, in its sole discretion, to determine whether it or any of its affiliates may co-invest with our company with respect to any particular property investment.

**Loans, Mezzanine Debt and Preferred Equity Financing.** We are not restricted from obtaining future debt financing, including loans and mezzanine debt, or preferred equity financing from our Manager or an affiliate of our Manager. While we believe these debt and preferred equity financing arrangements are, and any such arrangements in the future will be, fair and at market rates consistent with such loans, mezzanine debt or preferred equity financing, the terms of any such arrangements were not, and will not be, negotiated at arm's length.

**No Separate Representation of Bondholders by Counsel to our Company.** Legal counsel for our company does not represent the Bondholders in connection with the organization or business of our company or this offering, and such counsel disclaims any fiduciary or attorney-client relationship with the Bondholders. Prospective investors should obtain the advice of their own legal counsel regarding legal matters.

**COMPENSATION OF OUR MANAGER AND ITS AFFILIATES**

The following is a description of compensation that may be received by GK Real Estate and its affiliates from our company or in connection with the proceeds of this offering. These compensation arrangements have been established by GK Real Estate and its affiliates and are not the result of arm's-length negotiations. Services for which our company engages GK Real Estate or its affiliates and which are not described below will be compensated at the market rate. Fees payable to GK Real Estate or its affiliates in excess of the rate set forth in this section entitled "***Compensation of our Manager and Its Affiliates***" will require the consent of a majority of the Bonds. For this purpose, a Bondholder will be deemed to have consented with respect to its Bonds if he has not objected in writing within five (5) calendar days after the receipt of the consent request. GK Real Estate or an affiliate may elect to waive or defer certain of these fees in its sole discretion. This table assumes that the maximum offering amount of $75,000,000 is sold.

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| | | |
|:---|:---|:---|
| **Form of<br> Compensation** | **Description** | **Estimated Amount of<br> Compensation** |
| **Offering and Organization Stage:** |  |  |
| Organizational and Offering Fee: | GK Real Estate will receive an organizational and offering fee in an amount equal to 2.0% of the gross offering proceeds from this offering. | $1500000 |
| **Operating Stage:** |  |  |
| Property Management Services Fee: | In connection with the provision of property management services, GK Real Estate, will receive an annual property management fee, of up to 5.0% of the monthly gross income from any property it manages. The property management fee will be paid in arrears on a monthly basis. | Impractical to determine at this time |
| Acquisition Fee: | GK Real Estate will be entitled to 2% of the purchase price of each property purchased, including from affiliates, for identifying, reviewing, evaluating, investing in and the purchase of real property acquisitions. Our company does not anticipate acquiring any properties from third party sellers in the twelve (12) months following the qualification of this offering, and, therefore, does not expect to pay any acquisition fees during that time period. However, our company has not yet entered any definitive agreements for the purchase of assets from affiliates. | Impractical to determine at this time |
| Financing Fee: | GK Real Estate will be entitled to 2% of the principal amount of any financing in conjunction with purchase or refinance of an asset.(1) | Impractical to determine at this time |
| Disposition Fee: | GK Real Estate will receive 2% of the gross sale price from the disposition of each property by our company. | Impractical to determine at this time |
| Asset Management Fee: | In connection with asset management services, GK Real Estate, will receive an annual asset management fee, of up 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 fee will be paid in arrears on a monthly basis. | Impractical to determine at this time |
| Loan Management Fee: | GK Real Estate will be entitled to an annual loan management fee equal to one-half percent (0.50%) of the outstanding principal amount of each debt investment made by our Company. | Impractical to determine at this time. |
| Reimbursement of Expenses: | GK Real Estate will be reimbursed by our company for all costs incurred by GK Real Estate and its affiliates when performing services on behalf of our company. | Impractical to determine at this time |
| **Liquidation Stage:** |  |  |
| Reimbursement of Expenses: | GK Real Estate will be reimbursed by our company for reasonable and necessary expenses paid or incurred by GK Real Estate in the future in connection with the liquidation of our company, including any legal and accounting costs to be paid from operating revenue. | Impractical to determine at this time |

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(1) GK Real Estate may employ third parties, both affiliated and unaffiliated, to assist in securing debt financing for our company. In such an event, GK Real Estate may reallow all or a portion of the financing fee to such third party.

**PRIOR PERFORMANCE SUMMARY**

**Prior Investment Programs**

The information presented in this section represents the historical experience of real estate programs sponsored by GK Development. These are mostly private programs as GK Development has sponsored only two public program other than our company. GK Development has sponsored two public offering conducted by our affiliates, GK Investment Holdings, LLC ("GKIH") and GK Investment Property Holdings II, LLC ("GKIPH II"), pursuant to an exemption from registration under Regulation A of the Securities Act of 1933, as amended. Offering statements of the aforementioned offerings were qualified by the SEC on September 30, 2016, and March 12, 2021, respectively. Further information regarding such offerings may be found on the SEC's website at <u>http://www.sec.gov</u>. Investors in this offering should not assume that they will experience returns, if any, comparable to those experienced by investors in any of GK Development's prior programs. Investors who purchase Bonds will not acquire any ownership interest in any of the programs discussed in this section.

The Prior Performance Tables set forth information as of March 31, 2025 regarding certain prior programs include: (1) experience in raising and investing funds; (2) compensation to GK Development or its affiliates (separate and distinct from any return on its investment); (3) annual operating results; and (4) results of completed programs.

As of March 31, 2025, GK Development was the sponsor of twenty-one programs, including nineteen private programs and two public programs, that had offerings in the prior years; only GKIH & GHIPH II had investment objectives similar to our company. Of the programs that closed offerings within the prior five years, only GKIH and GKIPH II had similar investment objectives to our company. Of the remaining offerings, we do not believe that any of them had similar investment objectives to our company because: the programs were equity programs designed to invest in a single, identified asset; or were equity programs designed to make loans to identified affiliates of GK Development with an identified asset.

As of March 31, 2025, the twenty-one programs, including nineteen private programs and two public programs, of which GK Development was sponsor raised in the aggregate $246 million in equity and debt capital from approximately 2,500 investors and acquired a total of thirty properties with an aggregate acquisition cost of approximately $700 million. Of these twenty-one programs, fourteen have been completed.

Set forth below is a brief summary of the most recent ten prior programs sponsored by GK Development in the prior years as of March 31, 2025 that have gone full cycle and where all assets of the funds have been liquidated, and investors/bondholders' equity and/or debt has been returned.

*Grand Center Partners, LLC ("GCP")*

In March 2012, GCP raised $2,410,000 from accredited investors through a private placement offering for the purpose of making a preferred equity investment to fund the development of a retail shopping center known as The Shops at North Grand, located in Ames, IA. The property consisted of (i) 98,827 square feet of inline "big box" retail space leased to Kohl's, The Gap Outlet, Shoe Carnival and TJ Maxx; (ii) two fully leased single tenant outparcel buildings totaling 5,613 square feet; (iii) an outparcel pad approximating 0.57 acres; and (iv) a multi-tenant outparcel building consisting of 8,731 square feet. The retail shopping center was sold in November 2013. Investors received cash distributions aggregating $3,224,000 resulting in an internal rate of return (IRR) of 23%. The projected liquidation for this investment was 2017; however, the investors were redeemed in 2013.

*GDH Investments, LLC ("GDH")*

In September 2012, GDH raised $2,000,000 from accredited investors through a private placement offering for the purpose of making a preferred equity investment into GDH to fund the re-development of a neighborhood shopping center located in the Lincoln Park area of Chicago, Illinois. The center consisted of 35,400 square feet of retail space and a 43-car underground parking facility. The property was sold in January 2014. Investors received cash distributions of $3,123,000 resulting in an IRR of 38%. The projected liquidation for this investment was 2017; however, the investors were redeemed in 2014.

*GK Secured Income I, LLC ("GKSI I")*

GKSI I was formed in December 2012 to provide a loan to an entity affiliated with the manager of GKSI I. GKSI I raised $7,364,587 from accredited investors through a private placement offering. The investors were entitled to receive a return of 8% per annum payable monthly. As of December 31, 2018, all of the equity has been returned to the investors, together with an 8% annualized return. As of December 31, 2018, the investors have been fully redeemed.

*GK Preferred Income I (Lakeview Square), LLC ("GKPI I")*

GKPI I was formed in February 2013, to acquire, own and operate, through a wholly owned subsidiary, a regional mall known as Lakeview Square Mall, located in Battle Creek, MI. Lakeview Square Mall consists of 551,228 square feet of retail space, of which 259,635 square feet is owned by GKPI I, with the remaining 291,593 square feet being owned by the following anchor tenants: Sears, JC Penney and Macy's. GKPI I raised $5,177,239 of preferred equity from accredited investors through a private placement offering. The investors were entitled to receive a minimum preferred return of 7% per annum. As of March 31, 2015, all of the preferred equity has been returned to the investors, together with a 15% annualized preferred return and a total IRR of 22%.

*GK Secured Income Investments III, LLC ("GKSI III")*

GKSI III was formed in October 2014 to provide loans to InvestLinc/GK Properties Fund I, LLC ("Fund I") and to Peru GKD Partners, LLC ("Peru") on a 50/50 basis. Peru is owned by InvestLinc GK Properties Fund III, LLC ("Fund III"). Both Fund I and InvestLinc GK Properties Fund II, LLC ("Fund II") are affiliated with the manager of GKSI III. Through December 31, 2015, GKSI III raised $11,111,776 from accredited investors through a private placement offering. The members are entitled to receive a preferred return of 9% per annum payable monthly. Through December 31, 2018, $3,790,933 had been paid to investors, representing a 9% annual return. Fund I and Peru were not able to make the full interest payments on their loans due to GKSI III as of July 15, 2019. Due to this lack of full payment, GKSI III was not able to distribute anticipated preferred returns to its investors as of July 15, 2019. No assurances were given regarding future distributions of preferred returns by GKSI III. From 2019 through 2023, compounded by the COVID-19 global pandemic and electronic retail commerce, only limited distributions were able to be made to the investors and the notes with Fund I and Peru were deemed uncollectible and were written off. On June 30, 2023, the investors received a final liquidation distribution of $824,824 resulting in a 49% overall return of equity and the fund was terminated.

*GK Secured Income IV, LLC ("GKSI IV")*

GKSI IV was formed in September 2015 to provide loans in the aggregate of $10,000,000 to Lake Mead Partners, LLC. Loans were secured by our company pledging all of its equity interest in Lake Mead Partners, LLC. Through December 31, 2015, GKSI IV raised $10,779,000 from accredited investors through a private placement offering. Investors received returns ranging from 12% to 14% per annum, depending on their length of investment. As of December 31, 2018, all equity was returned to investors. Investors averaged a 13% annual return over the life of the investment.

*GK Preferred Income III (Lufkin), LLC ("GKPI III")*

GKPI III was formed on April 2, 2015, to acquire, own and operate, through a wholly owned subsidiary, the Lufkin regional mall in Lufkin Texas. Lufkin Mall consists of 371,309 square feet of total space, of which approximately 348,468 square feet is owned by GKPI III, with the remaining 22,841 square feet being owned by Boot Barn. GKPI III raised $9,835,745 of preferred equity from accredited investors through a private placement offering. The investors were entitled to receive a preferred return of 7% per annum. Through December 31, 2018, $2,007,284 had been paid to its investors, representing a 7% annual preferred return from inception. From 2019 through 2023, compounded by the COVID-19 global pandemic and electronic retail commerce, distributions to investors became more limited. On December 21, 2022, the underperforming mall was sold and $1,450,000 of net proceeds were distributed to investors. On May 16, 2023 GKPI III made a final distribution to investors of $50,000 resulting in a 57% overall return of equity and the fund was terminated.

*GK DST – Cedar Falls Grocery, LLC (*"*GK DST")*

GK DST was formed on April 5, 2016, to acquire, through a Section 1031 exchange, and operate, through a wholly owned subsidiary, a one tenant Hy-Vee grocery store, located in Cedar Falls, Iowa. The Hy-Vee Grocery Store consists of 105,817 square feet. GK DST raised $5,076,122 of funding from accredited investors through a private placement offering. Through December 31, 2018, a 6% annual preferred return totaling $787,686 was paid to its investors. In January 2019, the Hy-vee property was sold for $11,200,000 representing an approximate 7% IRR for the investors. This liquidation event closed the fund, and all of the preferred equity was returned to the investors.

*GK Secured Income V, LLC ("GKSI V")*

GKSI V was formed on October 3, 2016 with the objective of achieving current income and capital preservation by making loans for the purchase of shopping centers, office buildings and other commercial real estate properties. Through December 31, 2022, GKSI V has raised $18,618,000 of preferred equity from accredited investors through a private placement offering. Investors are entitled to a preferred return ranging from 9% to 11% per annum, depending on their length of investment. In August 2024, a retail shopping center in Lemont Illinois was sold and GKSI V was repaid $5,205,000 in loan proceeds. With the newly available liquidity, on October 4, 2024, all investors of GKSI V were offered to have their investment redeemed at various percentages ranging from 65% to 85% of their original equity investment through a Tender Offer in the gross amount of $4,000,000 utilizing a "dutch auction" format. On November 7, 2024, GKSI V liquidated $4,197,729 in investors equity paying $3,068,381 in cash to the investors. The resultant discount was on average 27% of the investor's original equity. Even at the discounted liquidation the investors on average were returned a 3% annual return and 16% in total return over the life of their respective fund investment.

*GK Investment Property Holdings II, LLC ("GKIPH II")*

GK Investment Property Holdings II, LLC, ("GKIPH II"), 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. The Bond Offering statement of the aforementioned offering was qualified by the SEC on January 20, 2020. Further information regarding the offering may be found on the SEC's website at <u>http://www.sec.gov</u>. GKIPH II sold $16,538,000 in Bonds and has redeemed $371,000 of Bonds and had $16,167,000 in outstanding Bonds as of February 28, 2025. 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. On February 28, 2025, the Series A bonds matured, and the affected bondholders were repaid their face value of the bonds of $2,505,000 along with a 1% accrued interest payment since the bondholders Series A investment date. The total annual rate for the Series A Bondholder equaled 8%, with a total return of 37% during the bond period.

**Prior Performance Tables**

The Manager of the Company is GK Development, Inc. dba GK Real Estate, an Illinois corporation ("GK Real Estate"). GK Real Estate was formed on May 19, 1994 under the laws of Illinois, and Mr. Garo Kholamian is the sole director and shareholder of GK Real Estate.

**Prior Performance Tables**

We are providing a number of tables that illustrate the results of the Projects:

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| | | |
|:---|:---|:---|
| *Table* | *Projects Included in Table* | *Purpose and Subject Matter* |
| I. Experience Raising Funds | Projects the offering of which closed within the last eight years. | Provides information concerning the offerings themselves, including how the offering proceeds were deployed. |
| II. Compensation to Sponsor | Other Projects from which the Sponsor received compensation during the last eight years. | Describes all compensation paid to the sponsor within the last eight years, whether in the form of management fees |
| III. Operating Results | Programs the offering of which closed within the last eight years. | Sets forth the annual operating results of the Programs included. |
| IV. Completed Programs | Programs completed (no longer own properties) within the last eight years. | Summarizes the results of the Programs included, including the return to Program investors. |
| V. Sales of Property | All Programs that have sold property within the last eight years. | Summarizes the result of property sales. |

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Because of the similarities between the Programs and the Company, investors who are considering purchasing Bonds from the Company might find it useful to review these tables. However, prospective investors should bear in mind that PRIOR PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE FACT THAT OUR MANAGER HAS BEEN SUCCESSFUL WITH THESE PROGRAMS DOES NOT GUARANTEE THAT THE COMPANY WILL BE SUCCESSFUL.

The following tables are included herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Table I - Experience in Raising and Investing Funds;

· Table II - Compensation to Sponsor;

· Table
III - Operating Results of Prior Programs;

· Table
 IV - Results of Completed Programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Table
 V - Sales and Dis positions of Properties.

The information in these tables should be read together with the summary information under "Prior Performance Summary" in this Offering Circular.

Only for programs the offering of which closed in the most recent three years.

Table I - Experience in Raising and Investing in Funds

As of March 31, 2025 (unaudited)

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| | | |
|:---|:---|:---|
|  | GK DST River Forest Grocery | GK Investment Property Holdings II, LLC |
| Dollar amount offered | $6641000 | $50000000 |
| Dollar amount raised (100%) | $6607882 | $16438000 |
| Date offering began | 8/17/2021 | 1/29/2020 |
| Length of offering (in months) | 43 | 31 |
| Months to invest 90% of amount available for investment (measured from beginning of offering) | 43 | 29 |

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Table II - Compensation to Sponsor

As of March 31, 2025 (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | GK DST River Forest Grocery | GK Investment Property<br> Holdings II, LLC | GK Opportunity Zone<br> Fund I |
| Type of Compensation |  |  |  |
| Date offering commenced | 8/17/2021 | 1/29/2020 | 3/10/2021 |
| Dollar amount raised | $6607882 | $16438000 | $5094472 |
| Amount paid to sponsor from proceeds of offering |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting fees | $128301 | $392658 | $325192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions fees | $215570 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Real estate commissions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Advisory fees | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Other (identify and quantify) | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | N/A | N/A | N/A |
| Dollar amount of cash generated from operations before deducting payments to sponsor | $2278000 | 5076000 | $254386 |
| Amount paid to sponsor from operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Property management fees | $112795 | $30125 | $3928 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Partnership management fees | N/A | $133403 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- Reimbursements | $3331 | $43989 | $7267 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Leasing commissions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- Other (Signatory Trustee Fees) | $23000 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- Other (Accounting Fees) | $20000 | $36000 | $75328 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Other (Financing Fees) | N/A | $103800 | $60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Other (Acquisition Fees) | N/A | $161000 | $80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Other (Disposition Fees) | N/A | $215570 | N/A |
| Dollar amount of property sales and refinancing before deducting payments to sponsor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cash | N/A | $6607922 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- Notes | N/A | N/A | N/A |
| Amount paid to sponsor from property sales and refinancing |  |  |  |
| - Real estate commissions | N/A | N/A | N/A |
| - Incentive fees(4) | N/A | N/A | N/A |
| - Other (identify and quantify) | N/A | N/A | N/A |

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Table III - Operating Results of Prior Programs

Operating results of prior programs below are amounts for the years ended December 31 (unaudited):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | GK DST River Forest Grocery (TIC Ownership) | GK DST River Forest Grocery (TIC Ownership) | GK DST River Forest Grocery (TIC Ownership) | GK DST River Forest Grocery (TIC Ownership) | GK DST River Forest Grocery (TIC Ownership) |
| Years | 2020 | 2021 | 2022 | 2023 | 2024 |
| Gross Revenues | N/A | 287000 | 665000 | 663000 | 663000 |
| Profit on sale of properties | N/A | N/A | N/A | N/A | N/A |
| Less: Operating expenses | N/A | 24000 | 56000 | 56000 | 58000 |
| Interest expense | N/A | 90000 | 175000 | 184000 | 180000 |
| Depreciation | N/A | 148000 | 208000 | 208000 | 208000 |
| Net Income — GAAP Basis | N/A | 25000 | 226000 | 215000 | 217000 |
| Taxable Income | N/A | 99000 | 213000 | 215000 | 217000 |
| — from operations | N/A | 99000 | N/A | N/A | N/A |
| — from gain on sale | N/A | N/A | 213000 | 215000 | 217000 |
| Cash generated from operations | N/A | 194000 | 420000 | 436000 | 424000 |
| Cash generated from sales | N/A | N/A | N/A | N/A | N/A |
| Cash generated from refinancing | N/A | N/A | N/A | N/A | N/A |
| Cash generated from operations, sales and refinancing | N/A | 194000 | 420000 | 436000 | 424000 |
| Less: Cash distributions to investors | N/A | 127000 | 327000 | 328000 | 317000 |
| — from operating cash flow | N/A | 127000 | 327000 | 328000 | 317000 |
| — from sales and refinancing | N/A | N/A | N/A | N/A | N/A |
| — from other | N/A | N/A | N/A | N/A | N/A |
| Cash generated (deficiency) after cash distributions | N/A | 67000 | 93000 | 108000 | 107000 |
| Less: Special items (not including sales and refinancing) (identify and quantify) | N/A | N/A | N/A | N/A | N/A |
| Cash generated (deficiency) after cash distributions and special items | N/A | 67000 | 93000 | 108000 | 107000 |
| Tax and Distribution Data Per $1000 Invested | N/A | 127000 | 327000 | 328000 | 317000 |
| Federal Income Tax Results: |  |  |  |  |  |
| Ordinary income (loss) | N/A | 99000 | 213000 | 215000 | 217000 |
| — from operations | N/A | 99000 | 213000 | 215000 | 217000 |
| — from recapture | N/A | N/A | N/A | N/A | N/A |
| Capital gain (loss) | N/A | N/A | N/A | N/A | N/A |
| Cash Distributions to Investors Source (on GAAP basis) | N/A | 127000 | 327000 | 328000 | 317000 |
| — Investment income | N/A | 127000 | 327000 | 328000 | 317000 |
| — Return of capital | N/A | N/A | N/A | N/A | N/A |
| Source (on cash basis) | N/A | 127000 | 327000 | 328000 | 317000 |
| — Sales | N/A | N/A | N/A | N/A | N/A |
| — Refinancing | N/A | N/A | N/A | N/A | N/A |
| — Operations | N/A | 127000 | 327000 | 328000 | 317000 |
| — other | N/A | N/A | N/A | N/A | N/A |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |

---

Table III - Operating Results of Prior Programs

Operating results of prior programs below are amounts for the years ended December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | GK Investment Property Holdings II, LLC | GK Investment Property Holdings II, LLC | GK Investment Property Holdings II, LLC | GK Investment Property Holdings II, LLC | GK Investment Property Holdings II, LLC |
| Years | 2020 | 2021 | 2022 | 2023 | 2024\* |
| Gross Revenues | 290000 | 895000 | 855000 | 1497000 | 1539000 |
| Profit on sale of properties | N/A | 2300000 | N/A | N/A | N/A |
| Less: Operating expenses | (147000) | (384000) | (301000) | (148000) | (146000) |
| Bondholder Interest expense(see Footnote) | (337000) | (1142000) | (1752000) | (1799000) | (1797000) |
| Depreciation | (110000) | (154000) | N/A | N/A | N/A |
| Net Income — GAAP Basis | (304000) | (785000) | (1198000) | (450000) | (404000) |
| Taxable Income\* | (224000) | (972000) | (331000) | 503000 | 209000 |
| — from operations | (224000) | (1048000) | (1094000) | (391000) | (325000) |
| — from gain on sale | N/A | 76000 | 763000 | 894000 | 534000 |
| Cash generated from operations | (14000) | (129000) | 500000 | 1250000 | 806000 |
| Cash generated from sales | N/A | 76000 | 763000 | 894000 | 534000 |
| Cash generated from refinancing | N/A | N/A | N/A | N/A | N/A |
| Cash generated from operations, sales and refinancing | (14000) | (53000) | 1263000 | 2144000 | 1340000 |
| Less: Cash Interest Payments to Bondholders …(see Footnote) | 142000 | 623000 | 1106000 | 1137000 | 1131000 |
| — from operating cash flow | N/A | N/A | N/A | N/A | N/A |
| — from sales and refinancing | N/A | N/A | N/A | N/A | N/A |
| — from other | N/A | N/A | N/A | N/A | N/A |
| Cash generated (deficiency) after bond interest payments …(see Footnote) | (156000) | (676000) | 157000 | 1007000 | 209000 |
| Less: Special items (not including sales and refinancing) (identify and quantify) | N/A | N/A | N/A | N/A | N/A |
| Cash generated (deficiency) after cash distributions and special items | (156000) | (676000) | 157000 | 1007000 | 209000 |
| Tax and Distribution Data Per $1000 Invested\* | N/A | N/A | N/A | N/A | N/A |
| Federal Income Tax Results: | N/A | N/A | N/A | N/A | N/A |
| Ordinary income (loss) | (224000) | (1048000) | (1094000) | (391000) | (325000) |
| — from operations | (224000) | (1048000) | (1094000) | (391000) | (325000) |
| — from recapture | N/A | N/A | N/A | N/A | N/A |
| Capital gain (loss) |  | 76000 | 763000 | 894000 | 534000 |
| Cash Distributions to Investors Source (on GAAP basis) | N/A | N/A | N/A | N/A | N/A |
| — Investment income | N/A | N/A | N/A | N/A | N/A |
| — Return of capital | N/A | N/A | N/A | N/A | N/A |
| Source (on cash basis) | N/A | N/A | N/A | N/A | N/A |
| — Sales | N/A | N/A | N/A | N/A | N/A |
| — Refinancing | N/A | N/A | N/A | N/A | N/A |
| — Operations | N/A | N/A | N/A | N/A | N/A |
| — other | N/A | N/A | N/A | N/A | N/A |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). | 100.00% | 95.43% | 57.54% | 25.62% | 12.19% |

---

**Footnote:**

This table reflects a bond debt investor and not a equity investor. An equity investor receives cash/property distributions, whereas, a bond debt investor receives interest payments

\* Amounts listed are unaudited

Table IV - Results of Completed Programs

As of March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | GKSI III | GKPI III |
| Program Name | GK Secured Income III | GK Preferred Income III |
| Dollar Amount Raised | $11111780 | $9836199 |
| Number of Properties Purchased | N/A | 1 |
| Date of Closing of Offering | 12/31/2018 | 5/31/2019 |
| Date of First Sale of Property | N/A | 12/27/2022 |
| Date of Final Sale of Property | N/A | 12/27/2022 |
| Tax and Distribution Data for Investment Through Fund Closing | $5404767 | $5642291 |
| Federal Income Tax Results: |  |  |
| Ordinary income (loss) | $4354365 | $(3480824) |
| —from operations | $4354365 | $(3480824) |
| —from recapture | N/A | N/A |
| Capital Gain (loss) | $(10061378) | $(713084) |
| Deferred Gain | N/A | N/A |
| Capital | N/A | N/A |
| Ordinary | N/A | N/A |
| Cash Distributions to Investors | $5404767 | $5642291 |
| Source (on GAAP basis) |  |  |
| —Investment income | $4354365 | $(3480824) |
| —Return of capital Source (on cash basis) | $5404767 | $5642291 |
| —Sales | N/A | N/A |
| —Refinancing | N/A | N/A |
| —Operations | N/A | N/A |
| —Other | N/A | N/A |
| Receivable on Net Purchase Money Financing8 | N/A | N/A |

---

Table V - Sales and Dispositions of Properties

As of March 31, 2025 (unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property | Date acquired |  | Date of Sale (1) | Selling Price, Net of Closing Costs and GAAP Adjustments | Selling Price, Net of Closing Costs and GAAP Adjustments | Selling Price, Net of Closing Costs and GAAP Adjustments | Selling Price, Net of Closing Costs and GAAP Adjustments | Selling Price, Net of Closing Costs and GAAP Adjustments | Cost of Properties Including Closing and Soft Costs | Cost of Properties Including Closing and Soft Costs | Cost of Properties Including Closing and Soft Costs |  |  |
|  |  |  |  | Cash received net of closing costs (2) | Mortgage balance at time of sale | Purchase money mortgage taken back by program | Adjustments resulting from application of GAAP | Total (3) | Original mortgage financing | Total acquisition cost, capital improvement closing and soft costs (4) | Total | Excess (Deficiency) of Property Operating Cash Receipts Over Cash Expenditures |  |
| Holiday Village Mall - Scheel's Bldg. - GKSI V | &nbsp;&nbsp;7/27/2006 |  | &nbsp;&nbsp;6/7/2022 | $12094774 | $11191946 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $1173221 | $8893032 | $423704 | $9316735 | $&nbsp;&nbsp;7725474 | (5) |
| Lake Mead Dev. - Credit Union Bldg. - GKIH | &nbsp;&nbsp;11/12/2015 |  | &nbsp;&nbsp;9/28/2022 | $2119372 | $400000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $2130192 | $260823 | $28980 | $289804 | $&nbsp;&nbsp;81773 | (5) |
| Lufkin Mall - GKPI III | &nbsp;&nbsp;5/31/2019 | &nbsp;&nbsp;(7) | &nbsp;&nbsp;12/22/2022 | $21482799 | $20728945 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $(2248239) | $23526482 | $9973518 | $33500000 | $&nbsp;&nbsp;6026738 |  |
| Lake Mead Dev. - BrakeMasters Land - GKIH | &nbsp;&nbsp;11/12/2015 |  | &nbsp;&nbsp;2/16/2023 | $695714 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $680123 | $63232 | $7026 | $70258 | $&nbsp;&nbsp;18312 | (6) |
| Holiday Village Mall - Verizon Bldg. - GKSI V | &nbsp;&nbsp;7/27/2006 |  | &nbsp;&nbsp;6/24/2024 | $2345222 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $2179072 | $298778 | $14235 | $313013 | $&nbsp;&nbsp;276670 | (5) |
| Lemont Plaza - GKSI V | &nbsp;&nbsp;2/1/2020 |  | &nbsp;&nbsp;8/6/2024 | $10309094 | $9183354 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $3037195 | $9305000 | $3895000 | $13200000 | $&nbsp;&nbsp;2467518 |  |
| LM Self Storage - GKIH | &nbsp;&nbsp;11/12/2015 |  | &nbsp;&nbsp;2/20/2025 | $15494595 | $10624000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | $3200691 | $10624000 | $2469882 | $13093882 | $&nbsp;&nbsp;(1194643) |  |

---

---

| |
|:---|
| **Footnotes:** |
| (1) None of the sales of property were to a related party. |
| (2) Amounts reflected are cash received, net of closing costs, and do not reflect payoff of mortgage , if applicable. |
| (3) Amounts reflected are a capital gain (loss) for tax purposes but does not include depreciation, if applicable. None of the sales of property were on the installment basis. |
| (4) Amounts reflected include all real estate commissions taken. None of the amounts reflected include a pro-rata share of original offering costs |
| (5) A portion of the overall property (building) was sold, therefore we allocated a proportionate share of net cash flow (using square feet sold to total square footage owned as the allocation measurement) |
| (6) A portion of the overall property (land outparcel) was sold, therefore we allocated a proportionate share of net cash flow (using acreage sold to total acreage owned as the allocation measurement) |
| (7) The property was recapitalized with GKPI III raised capital in 5/31/2019, it was originally purchased on 2/9/2006. |

---

**LIMITATIONS ON LIABILITY**

Our Manager and executive officers, if any are appointed by our Manager, will owe fiduciary duties to our company and our members in the manner prescribed in the Delaware Limited Liability Company Act and applicable case law. Neither our Manager nor any executive officer will owe fiduciary duties to our bondholders. Our Manager is required to act in good faith and in a manner that it determines to be in our best interests. However, nothing in our Operating Agreement precludes our Manager or executive officers or any affiliate of our Manager or any of their respective officers, directors, employees, members or trustees from acting, as a director, officer or employee of any corporation, a trustee of any trust, an executor or administrator of any estate, a member of any company or an administrative official of any other business entity, or from receiving any compensation or participating in any profits in connection with any of the foregoing, and neither our company nor any member shall have any right to participate in any manner in any profits or income earned or derived by our Manager or any affiliate thereof or any of their respective officers, directors, employees, members or trustees, from or in connection with the conduct of any such other business venture or activity. Our Manager, its executive officers, any affiliate of any of them, or any shareholder, officer, director, employee, partner, member or any person or entity owning an interest therein, may engage in or possess an interest in any other business or venture of any nature or description, provided that such activities do not compete with the business of our company or otherwise breach their agreements with our company; and no member or other person or entity shall have any interest in such other business or venture by reason of its interest in our company.

Our Manager or executive officers have no liability to our company or to any member for any claims, costs, expenses, damages, or losses suffered by our company which arise out of any action or inaction of any Manager or executive officer if such Manager or executive officer meets the following standards: (i) such Manager or executive officer, in good faith, reasonably determined that such course of conduct or omission was in, or not opposed to, the best interests of our company, and (ii) such course of conduct did not constitute fraud, willful misconduct or gross negligence or any breach of fiduciary duty to our company or its members. These exculpation provisions in our Operating Agreement are intended to protect our Manager and executive officers from liability when exercising their business judgment regarding transactions we may enter into.

Insofar as the foregoing provisions permit indemnification or exculpation of our Manager, executive officers or other persons controlling us from liability arising under the Securities Act, we have been informed that in the opinion of the SEC this indemnification and exculpation is against public policy as expressed in the Securities Act and is therefore unenforceable.

**INDEPENDENT AUDITORS**

The financial statements of GK Investment Holdings III LLC, as of March 31, 2025, and for the period from inception (March 5, 2025) through March 31, 2025, included in this offering circular have been audited by Cherry Bekaert LLP, an independent registered public accounting firm, as set forth in their report thereon.

**LEGAL MATTERS**

Certain legal matters in connection with this offering, including the validity of the Bonds, will be passed upon for us by Williams Mullen, PC.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We maintain a website, www.gkdevelopment.com, which contains additional information concerning GK Real Estate and our company. Our company will file, annual, semi-annual and special reports, and other information, as applicable, with the SEC. The SEC also maintains a website that contains reports, and informational statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

Our company has filed an Offering Statement of which this Offering Circular is a part with the SEC under the Securities Act. The Offering Statement contains additional information about us. You may inspect the Offering Statement without charge at the office of the SEC at Room 1580, 100 F Street, N.E., Washington, D.C. 20549, and you may obtain copies from the SEC at prescribed rates.

This Offering Circular does not contain all of the information included in the Offering Statement. We have omitted certain parts of the Offering Statement in accordance with the rules and regulations of the SEC. For further information, we refer you to the Offering Statement, which may be found at the SEC's website at http://www.sec.gov. Statements contained in this Offering Circular and any accompanying supplement about the provisions or contents of any contract, agreement or any other document referred to are not necessarily complete. Please refer to the actual exhibit for a more complete description of the matters involved.

------

GK Investment Holdings III LLC

(a Delaware limited liability company)

------

**Financial Report**

**For the Period from Inception (March 5, 2025) to March 31, 2025**

**GK Investment Holdings III LLC**

**Table of Contents**

---

| | |
|:---|:---|
| [**Report of Independent Auditor**](#f_001) | [F-2](#f_001) |
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;[Balance Sheet](#f_002) | [F-4](#f_002) |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#f_003) | [F-5](#f_003) |
| &nbsp;&nbsp;&nbsp;[Statement of Members' Equity](#f_004) | [F-6](#f_004) |
| &nbsp;&nbsp;&nbsp;[Statement of Cash Flows](#f_005) | [F-7](#f_005) |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#f_006) | [F-8 - F-12](#f_006) |

---

**Report of Independent Auditor**

To the Members

GK Investment Holdings III LLC

Barrington, Illinois

**Opinion**

We have audited the accompanying financial statements of GK Investment Holdings III LLC (the "Company"), which comprise the balance sheet as of March 31, 2025, and the related statements of operations, members' equity, and cash flows for the period from inception (March 5, 2025) through March 31, 2025, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its cash flows for the from inception (March 5, 2025) through March 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional
skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude whether, in our judgment, there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going
concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Cherry Bekaert LLP

Richmond, VA

June 12, 2025

**GK Investment Holdings III LLC**

Balance Sheet

**March 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Rental properties | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation | - |
| &nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;Restricted cash - funded reserves |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable - tenants |  |
| &nbsp;&nbsp;&nbsp;Other assets | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**-** |
| **LIABILITIES AND MEMBER'S EQUITY** |  |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Notes payable - Net | $- |
| &nbsp;&nbsp;&nbsp;Bonds payable - Net | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  |
| **Member's Equity** |  |
| &nbsp;&nbsp;&nbsp;Member's Equity | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and member's equity** | $**-** |

---

See notes to financial statements.

**GK Investment Holdings III LLC**

Statement of Operations

**For the Period from Inception (March 5, 2025) to March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Revenues** | $|  |
| **Operating Expenses** |  |  |
| **Net Income** | $| - |

---

See notes to financial statements.

**GK Investment Holdings III LLC**

Statement of Members' Equity

**For the Period from Inception (March 5, 2025) to March 31, 2025**

---

| | |
|:---|:---|
| Balance - March 5, 2025 | $- |
| Net Income | - |
| Balance - March 31, 2025 | $**-** |

---

See notes to financial statements.

**GK Investment Holdings III LLC**

Statement of Cash Flows

**For the Period from Inception (March 5, 2025) to March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Cash Flows from Operating Activities** | $| - |
| **Cash Flows from Investing Activities** | | - |
| **Cash Flows from Financing Activities** | | - |
| **Net (Decrease) Increase in Cash** |  |  |
| **Cash - Beginning of period** | | - |
| **Cash - End of period** | **$** | **-** |

---

See notes to financial statements.

**GK Investment Holdings III LLC**

Notes to Financial Statements

**For the Period from Inception (March 5, 2025) to March 31, 2025**

**Note 1 – Organization and Summary of Significant Accounting Policies for Future Operations**

The following items represent the Company's accounting policies and will be used once operations commence. There have been no operations to date.

**Description of Business** – GK Investment Holdings III LLC, ("GKIH III" and/or the "Company"), was formed on March 5, 2025 with the intent to acquire and or loan on existing income producing commercial properties for the purpose of 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, GKIH III is permitted to transact in any lawful business in addition to that stated above. GKIH III anticipates funding acquisitions in part, by offering to investors the opportunity to purchase up to a maximum of $75,000,000 of bonds (the Bonds). The Bonds are unsecured indebtedness of GKIH III.

The Company is managed by GK Development, Inc. (the "Manager" and "Sponsor of the bonds"), an affiliate of the member of GKIH III. The Company has one class of units, Class A units, which are owed 100% by individuals related to the Manager. 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.

As reflected in the accompanying financial statements, the Company held no assets during the period and has not issued any Bonds, and therefore, does not have any operating activities as of March 31, 2025.

**Allocation of Profits and Losses** - Profits or losses from operations of the Company are allocated to the members of GKIH III as set forth in the Agreement. Gains and losses from the sale, exchange, or other disposition of Company property will be allocated to the members of GKIH III in their ownership percentages.

**Basis of Accounting** - The Company maintains its accounting records and prepares its 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 balance sheet.

**Estimates** - The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Cash and Restricted Cash** - The Company will maintain cash and restricted cash balances in federally insured financial institutions that, from time to time, exceed the Federal Deposit Insurance Corporation limits of $250,000. The Company believes that they are not exposed to any significant credit risk on its cash and restricted cash.

Funded reserves are likely to consist of (a) funds required to be maintained under the terms of the various loan agreements, which reserves have been pledged as additional collateral for the loans requiring funds to be reserved; (b) bond service reserve to be maintained under the bond indenture agreement for a period of twelve months commencing from the first bond closing date, and (c) tenant improvement reserve.

**GK Investment Holdings III LLC**

Notes to Financial Statements

**For the Period from Inception (March 5, 2025) to March 31, 2025**

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

**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, building, 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.

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 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. There were no asset acquisitions during the Period from inception (March 5, 2025) to March 31, 2025.

**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. Since there are no long-lived assets recorded on the balance sheet at March 31, 2025, there is no impairment to be considered.

**Debt Issuance Costs**– Debt issuance costs represent fees and other third-party costs associated with obtaining financing for the rental properties. These costs are amortized on a straight-line basis, which approximates the effective interest method, over the term of the respective agreements. Debt issuance costs are presented on the balance sheet as a direct reduction from the carrying amount of the notes payable. Unamortized costs are expensed when the associated notes payable is refinanced or repaid before maturity. Amortization expense is included in interest expense on the accompanying statement of operations.

**GK Investment Holdings III LLC**

Notes to Financial Statements

**For the Period from Inception (March 5, 2025) to March 31, 2025**

**Note 1 – Organization and Summary of Significant Accounting Policies for Future Operations (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 balance sheet 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 statement of operations.

**Deferred Leasing Costs** – Deferred leasing costs represent leasing commissions, legal fees and other third-party costs associated with obtaining tenants for the rental properties. These costs are amortized on a straight-line basis over the terms of the respective leases.

**Lease Intangible Assets and Liabilities** – GAAP requires intangible assets and liabilities to be recognized apart from goodwill if they arise from contractual or other legal rights (regardless of whether those rights are transferrable or separable from the acquired entity or from other rights and obligations).

**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. At March 31, 2025, no amounts were reserved as an allowance for doubtful accounts. In the event a bad debt expense is recorded such amount would be presented net with income related to leases on the accompanying statement of operations.

**Revenues from Rental Properties** - 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 respective leases, inclusive of leases which provide 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 agreements is recorded as deferred rent receivable on the accompanying balance sheet. Rents received in advance are deferred until they become due and are recorded as prepaid rent in the accompanying balance sheet. Additionally, during the term of their respective leases, tenants pay either (i) their pro rata share of real estate taxes, insurance, and other operating expenses (as defined in the underlying lease agreement), or (ii) a fixed rate for recoveries. For most of our leases, we receive a fixed payment from the tenant for these reimbursed expenses, which is recognized as revenue on a straight-line basis over the term of the lease. We accrue reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. There were no leases in place as of March 31, 2025.

**Income Taxes** – GKIH III 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 GKIH III are taxed individually on their pro-rata ownership share of the Company's earnings.

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.

**GK Investment Holdings III LLC**

Notes to Financial Statements

**For the Period from Inception (March 5, 2025) to March 31, 2025**

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

Management has analyzed the tax positions taken by the Company and has concluded that as of March 31, 2025, there were no uncertain tax positions taken or expected to be taken that would require disclosure in the financial statements.

**Accounting Pronouncements**

For each of the accounting pronouncements that affect the Company, the Company has elected or plans to elect to follow the rule that allows companies engaging in an initial Regulation A offering to follow private company implementation dates.

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

In March 2020, the FASB issued ASU 2020-04, *Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting*. The London Interbank Offered Rate (LIBOR), which is widely used as a reference interest rate in debt agreements and other contracts, was effectively discontinued for new contracts as of December 31, 2021, and its publication for existing contracts is scheduled to be discontinued by June 30, 2023. Financial market regulators in certain jurisdictions throughout the world undertook reference rate reform initiatives to guide the transition and modification of debt agreements and other contracts that are based on LIBOR to the successor reference rate that will replace it. ASU 2020-04 was issued to provide companies that are impacted by these changes with the opportunity to elect certain expedients and exceptions that are intended to ease the potential burden of accounting for or recognizing the effects of reference rate reform on financial reporting. Under ASU 2020-04, companies may generally elect to make use of the expedients and exceptions provided therein for any reference rate contract modifications that *Reference Rate Reform (Topic 848): Deferral of the Sunset of Topic 848*, to extend that timeline from December 31, 2022 to December 31, 2024. The Company is currently evaluating the effect the adoption of this ASU will have on the consolidated financial statements. 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.

**GK Investment Holdings III LLC**

Notes to Financial Statements

**For the Period from Inception (March 5, 2025) to March 31, 2025**

**Note 2 – Fair Value**

Accounting standards require certain assets and liabilities to be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the valuation techniques and inputs used to measure fair value.

Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset.

In instances whereby inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgement and considers factors specific to each asset or liability.

**Note 3 – Subsequent Events**

The financial statements and related disclosures include evaluation of events up through and including June 12, 2025, which is the date the financial statements were available to be issued.

On June 12, 2025, the Company submitted its initial offering of up to $75,000,000 in the aggregate of 7.75% bonds. The purchase price per bond was offered at $1,000, with a minimum purchase amount of $5,000. Through June 12, 2025, the Company had sold $0 of Bonds.

**GK INVESTMENT HOLDINGS III LLC**

**$75,000,000 Maximum Offering Amount (75,000 Bonds)**

**PRELIMINARY OFFERING CIRCULAR**

June 12, 2025

**PART III - EXHIBITS**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| [(1)(a)](tm2517430d1_ex1a.htm) | [Form of Managing Dealer Agreement by and between Wealthforge Distributors, LLC and GK Investment Holdings III LLC.](tm2517430d1_ex1a.htm) |
| [(2)(a)](tm2517430d1_ex2a.htm) | [Limited Liability Company Agreement of GK Investment Holdings III LLC dated March 5, 2025.](tm2517430d1_ex2a.htm) |
| [(2)(b)](tm2517430d1_ex2b.htm) | [Limited Liability Company Agreement of the Company date March 5, 2025.](tm2517430d1_ex2b.htm) |
| [(3)(a)](tm2517430d1_ex3a.htm) | [Form of Bond Purchase Agreement.](tm2517430d1_ex3a.htm) |
| [(3)(b)](tm2517430d1_ex3b.htm) | [Form of Unsecured 8.0% Bond.](tm2517430d1_ex3b.htm) |
| [(4)](tm2517430d1_ex4.htm) | [Form of Subscription Agreement.](tm2517430d1_ex4.htm) |
| [(6)(a)](tm2517430d1_ex6a.htm) | [Escrow Agreement by and between by and between Wealthforge Distributors, LLC and GK Investment Holdings III LLC.](tm2517430d1_ex6a.htm) |
| [(6)(b)](tm2517430d1_ex6b.htm) | [Service Fee Agreement by and between GK INVESTMENT HOLDINGS III LLC, a Delaware limited liability company and GK DEVELOPMENT, INC, an Illinois corporation, d/b/a "GK Real Estate".](tm2517430d1_ex6b.htm) |
| [(11)(a)](tm2517430d1_ex11a.htm) | [Consents of Cherry Bekaert LLP](tm2517430d1_ex11a.htm) |
| [(11)(b)](tm2517430d1_ex12.htm) | [Consent of Williams Mullen, PC.\*](tm2517430d1_ex12.htm) |
| [(12)](tm2517430d1_ex12.htm) | [Opinion of Williams Mullen, PC regarding legality of the Bonds.](tm2517430d1_ex12.htm) |

---

\* Included with the legal opinion provided pursuant to item (12)

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the County of Cook, State of Illinois on June 12, 2025.

**GK Investment Holdings III LLC,**<br> a Delaware limited liability company<br>

---

| | |
|:---|:---|
| By: | **GK Development, Inc. dba GK Real Estate,** |
|  | an Illinois corporation, Manager |

---

---

| | |
|:---|:---|
| By: | /s/ Garo Kholamian |
| Name: | Garo Kholamian |
| Its: | Sole Director |
| Date: | June 12, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Garo Kholamian |
| Name: | Garo Kholamian |
| Its: | President of our manager (Principal Executive Officer) |
| Date: | June 12, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Steven Hidgon |
| Name: | Steven Hidgon |
| Its: | Chief Financial Officer of our manager<br> (Principal Financial Officer and Principal Accounting Officer) |
| Date: | June 12, 2025 |

---

## Ex1A-1

**Exhibit 1(a)**

![](tm2517430d1_ex1aimg001.jpg)

**MANAGING BROKER-DEALER AGREEMENT**

This Managing Broker-Dealer Agreement (this "Agreement") is entered into by and between GK Investment Holdings III, LLC, a Delaware limited liability company (the "Issuer") and WealthForge Distributors, LLC, a Virginia limited liability company (the "Managing Broker-Dealer"), effective _______, 2025, (the "Effective Date") regarding the offering and sale by the Issuer of up to $75,000,000 of Bonds (75,000 Bonds) (the "Securities") of the Issuer (the "Offering") for which the Managing Broker-Dealer provides services described herein (the "Services").

1. <u>Appointment of the Managing Broker-Dealer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. On the basis of the representations, warranties and covenants herein contained, but subject to the terms and conditions herein set forth, the Managing Broker-Dealer is hereby appointed and agrees to provide the Services on a "best efforts" basis pursuant to the applicable laws, regulations, and state blue sky exemptions for (i) Regulation A offerings, or (ii) non-traded public offerings offered pursuant to the Investment Company Act of 1940 (the "40 Act"). The Managing Broker-Dealer is authorized to present Issuer's Offerings to qualified members of the Financial Industry Regulatory Authority, Inc. ("FINRA") acceptable to the Issuer (the "Selling Group Members" or "Soliciting Dealers") and to engage such Selling Group Members to sell the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall submit to the Managing Broker-Dealer all regulatory filings for advance review and approval. The Issuer shall not submit regulatory filings to the SEC listing the Managing Broker-Dealer as the broker-dealer on the Offering unless it has written approval from the Managing Broker-Dealer and the Issuer's submission must be substantially in the form that the Managing Broker-Dealer approves. The Issuer shall notify the Managing Broker-Dealer that the Issuer has sent the regulatory filings to the SEC immediately upon filing. Upon receipt of that notice, the Managing Broker-Dealer shall file the Form 5110 related to this Offering to FINRA. The Managing Broker-Dealer and the Issuer will use reasonable efforts to address comments from the SEC and FINRA related to the Offering during the qualification process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. It is understood that no sale of the Securities shall be regarded as effective unless and until accepted by the Issuer. The Issuer reserves the right in its sole discretion to accept or reject any subscription for the Securities (the "Subscription Agreement") in whole or in part for a period of thirty (30) days after receipt of the Subscription Agreement. Any proposed subscription for the Securities not accepted within thirty (30) days of the receipts shall be deemed rejected. The Securities will be offered during a period commencing on the date of the Offering Document and continuing until the Offering Termination Date as defined in the Offering Document (the "Offering Period"). All written Offering Materials are subject to the Managing Broker-Dealer's review and approval before Issuer makes the materials available to Prospective Subscribers, which the Managing Broker-Dealer shall not unreasonably withhold or delay. The Managing Broker-Dealer does not hold Subscriber's funds, and all funds raised are held in escrow or trust until released to the Issuer or refunded to the Subscriber. Notwithstanding the foregoing, the Managing Broker-Dealer's execution of this Agreement shall not be construed or represented as approval of the Offering. The Managing Broker-Dealer's ratification of the Notice of Offering, which may have a form as described – if at all – as Exhibit C, alone shall constitute its approval of the Offering. In the event of any conflict between the financial terms of the Notice of Offering and this Agreement, the relevant terms of the Notice of Offering shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Subject to the performance by the Issuer of all the obligations to be performed hereunder and to the completeness and accuracy of all the Issuer's representations and warranties contained herein, the Managing Broker-Dealer hereby accepts such agency and agrees on the terms and conditions herein set forth to use its best efforts during the Offering Period to present, educate, and otherwise make known the Securities to the Selling Group Members and enlist such Selling Group Members to sell the Securities in accordance with Section 5.8 hereof.

2. <u>Representations and Warranties of the Issuer.</u> The Issuer hereby represents and warrants to the Managing Broker-Dealer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Issuer has been duly organized and is validly existing as a limited liability company in good standing under the laws of the state of Delaware has all requisite power and authority to enter into this Agreement, and has all requisite power and authority to conduct its business as described in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. No defaults exist in the due performance or observance of any material obligation, term, covenant, or condition of any agreement or instrument to which the Issuer is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Subject to Section 3.3, the Offering Document does not include, nor will it include, through the Offering Termination Date, any untrue statement of a material fact nor does it or will it omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. No consent, approval, authorization, or other order of any governmental authority is required in connection with the execution or delivery by the Issuer of this Agreement or the issuance and sale by the Issuer of the Securities, except such as may be required under the Securities Act or applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. At the time of the issuance of the Securities, the Securities will have been duly authorized and validly issued, and upon payment therefor, will be fully paid and nonassessable and will conform to the description thereof contained in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. As of the Effective Date of the Agreement and while it is effective, the Issuer represents and warrants that it will comply with the Subscription Agreements and with the laws, rules, and regulations applicable to its business and the Offering, including specifically that the Issuer and its employees and agents shall comply with Section 15(a) of the Exchange Act of 1934, as amended (the "Exchange Act") and with parallel state issuer-broker-dealer registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. It does not have knowledge of and has not been apprised verbally or in writing of a Major Offering Impediment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. It will promptly communicate to the Managing Broker-Dealer any circumstance reasonably relating to the underlying health or viability of the Offering, which may include any: (i) pending or threatened litigation or civil or criminal charges involving Issuer or its officers or any investment vehicles offered by Issuer or any affiliate or subsidiary of Issuer or involving any other employee, director, or officer of Issuer; or (ii) the material likelihood that any performance metrics described in the Offering Document may be unfulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. All its associated persons participating in the sale of securities that are not Issuer-Affiliated Representatives: (x) are exempt from registration as a broker under the registration safe harbor provided by 17 C.F.R. 240.3a4-1; and (y) will remain exempt from registration as a broker by meeting the conditions and restricting participation in the Offering as set forth in 17 C.F.R. 240.3a4-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. The Issuer represents that, as of the Effective Date and at the time of any sale of the Securities (each, an "Applicable Date"), neither it, nor any of its directors, executive officers, general partners, managing members, or other officers, employees, or representatives participating in the Offering of the Securities (each, an "Issuer Covered Person" and, together, "Issuer Covered Persons"), is subject to any of the "Bad Actor" disqualifications described in 17 C.F.R. § 230.262(a)(1) to (8) under the Securities Act (a "Disqualification Event"). The Issuer will notify the Managing Broker-Dealer in writing of (a) any Disqualification Event relating to any Issuer Covered Person not previously disclosed to the Managing Broker-Dealer in accordance with this Section 2.10, and (b) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1. The Issuer agrees to immediately notify the Managing Broker-Dealer if there is a violation or potential violation of the representations set forth in this Section 2.10 during the Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. The representations and warranties made in this Section 2 are made as of the date hereof and shall be continuing representations and warranties throughout the Offering Period. In the event that any of these representations or warranties becomes untrue or is incorrect, the Issuer will immediately notify the Managing Broker-Dealer in writing of the fact which makes the representation or warranty untrue or incorrect.

3. <u>Duties and Obligations of the Issuer.</u> The Issuer agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Issuer will deliver to the Managing Broker-Dealer such numbers of copies of the Offering Document and any amendment or supplement thereto, with all appendices thereto, as the Managing Broker-Dealer may reasonably request for the purposes contemplated by federal and applicable state securities laws. The Issuer also will deliver to the Managing Broker-Dealer such number of copies of any printed sales literature or other materials as the Managing Broker-Dealer may reasonably request in connection with the Offering. The Issuer shall create, and is solely responsible for, all statements in the Offering Materials. The Issuer shall not use Offering Materials that reference the Managing Broker-Dealer unless the Managing Broker-Dealer has approved the Offering Materials in writing in each instance. Without exception, the Managing Broker-Dealer must approve all Offering Materials, including all Advertising Materials, before the Issuer distributes them. Upon approval, Offering Materials may only be used for the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Issuer will comply with all requirements imposed upon it by the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"), and by all applicable state securities laws and regulations, to permit the continuance of offers and sales of the Securities, in accordance with the provisions of this Agreement and the Offering Document, and will amend or supplement the Offering Document in order to make the Offering Document comply with the requirements of federal and applicable state securities laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. If at any time any event occurs as a result of which the Offering Document would include an untrue statement of a material fact or, in view of the circumstances under which it was made, omit to state any material fact necessary to make the statements therein not misleading, the Issuer will notify the Managing Broker-Dealer thereof, effect the preparation of an amendment or supplement to the Offering Document which will correct such statement or omission, and deliver to the Managing Broker-Dealer as many copies of such amendment or supplement to the Offering Document as the Managing Broker-Dealer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. The Issuer will apply the net proceeds from the Offering received by it in the manner set forth in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Subject to the Managing Broker-Dealer's actions and the actions of others in connection with the Offering, the Issuer will comply with all requirements imposed upon it by applicable federal securities laws and regulations and applicable state securities laws. Upon request, the Issuer will furnish to the Managing Broker-Dealer a copy of such papers filed by the Issuer in connection with any such exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. The Issuer will furnish the Managing Broker-Dealer with either: (i) auditor-reviewed financial statements; (ii) Issued-prepared financial statements; or (iii) audited financials, and will deliver to the Managing Broker-Dealer a copy of each such report at the time that such reports are furnished to the holders of the Securities, and such other information concerning the Issuer, as may reasonably be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. After execution of this Agreement, the Issuer shall not accept funds in the Offering unless the Managing Broker-Dealer processes those investment subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1. During the Offering and for six (6) months following the final Escrow Release of the Offering, the Issuing Party agrees to notify the Managing Broker-Dealer of an Investor's transfer or assignment of: (x) the Securities; or (y) any of the obligations or rights associated with the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2. The Issuer may also enter into agreements for the sale of the Securities to certain Investors with non-FINRA registered investment advisers, and the Managing Broker-Dealer shall assist in the administration of such arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. In order to use electronic delivery of the Offering documents, the Issuer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1. Provide a form of consent to electronic delivery to be signed by prospective Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2. Comply with Sections I(A)1 (b)–(e), I(A)2(d), I(B)2, and I(C), (E), (G), (H), (I), and (J) of the NASAA Statement of Policy Regarding Use of Electronic Offering Documents and Electronic Signatures. The Issuer is responsible for the storage and backup of its own records pertaining to its Offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. In order to use electronic signatures, the Issuer will (i) retain electronically signed documents in compliance with applicable laws and regulations, (ii) not condition participation in the Offering on the use of electronic signatures, (iii) maintain written policies and procedures covering the use of electronic signatures, and (iv) provide a form of consent to electronic signatures to be signed by prospective Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. The Issuer shall provide all reasonable cooperation with respect to Managing Broker-Dealer-facilitated escrow account established for an Offering, if applicable. The Managing Broker-Dealer reserves the right to charge reasonable additional fees related for the establishment, maintenance, and transactions related to any such escrow account. Any such fees, and the details surrounding which, which will be disclosed to the Issuer in writing with commercially reasonable terms prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. Notwithstanding the foregoing provisions of this Section 3, the Issuer reserves the right, in its sole discretion, to refuse to accept any or all Subscription Agreements tendered by the Managing Broker-Dealer and/or to terminate the Offering at any time before the Offering Termination Date.

4. <u>Representations and Warranties of the Managing Broker-Dealer.</u> The Managing Broker-Dealer represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Managing Broker-Dealer is a duly organized Virginia limited liability company in good standing and has all requisite power and authority to enter into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. This Agreement, when executed by the Managing Broker-Dealer, will have been duly authorized and will be a valid and binding agreement of the Managing Broker-Dealer, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The consummation of the transactions contemplated herein and those contemplated by the Offering Document will not result in a breach or violation of any order, rule, or regulation directed to the Managing Broker-Dealer by any court, FINRA, or any federal or state regulatory body or administrative agency having jurisdiction over the Managing Broker-Dealer or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. The Managing Broker-Dealer will take commercially reasonable steps to ensure that all Selling Group Members receiving transaction-based compensation and all Compensated Solicitors are not subject to a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. The Managing Broker-Dealer will use commercially reasonable efforts to: (x) maintain the overall security of its network and related infrastructure; (y) protect confidential and personally identifiable information provided by the Issuer; and (z) maintain and execute processes designed to prevent the introduction of malware, spyware, viruses, and other corruption into its network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. The Managing Broker-Dealer hereby confirms that it (i) is a member in good standing of FINRA, (ii) is qualified and fully registered to act as a broker-dealer within all states in which it will sell the Securities, (iii) is a broker-dealer duly registered with the SEC pursuant to the Exchange Act, and (iv) will maintain all such registrations and qualifications in good standing for the duration of the Managing Broker-Dealer's involvement in the Offering. The Managing Broker-Dealer agrees to immediately notify the Issuer if it ceases to be a member of FINRA in good standing. The Managing Broker-Dealer will comply with all applicable laws, regulations, requirements, and rules of the Securities Act, the Exchange Act, applicable state law, and FINRA. The Managing Broker-Dealer has all required licenses and permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. The Managing Broker-Dealer has reasonable grounds to believe, based on information made available to it by the Issuer, that all material facts are adequately and accurately disclosed in the Offering Document and provide an adequate basis for evaluating an investment in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. This Agreement, or any supplement or amendment hereto, may be filed by the Issuer with the SEC or FINRA, if such filing should be required, and may be filed with, and may be subject to the approval of any applicable federal and applicable state securities regulatory agencies, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. To the best of Managing Broker-Dealer's knowledge, no agreement will be made by the Managing Broker-Dealer with any person permitting the resale, repurchase, or distribution of the Securities purchased by such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. The Managing Broker-Dealer has established and implemented anti-money-laundering compliance programs, in accordance with FINRA Rule 3310 and Section 352 of the Money Laundering Abatement Act ("AML Compliance") and Section 326 of the Patriot Act of 2001. Notwithstanding the foregoing, the Managing Broker-Dealer is not responsible for Outside Services, including accreditation checks, know-your-client ("KYC") checks, AML Compliance and other diligence for Subscribers and Investors, which is hereby delegated to the Selling Group Members to perform pursuant to the Soliciting Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. The Managing Broker-Dealer represents that, as of the Effective Date and at the Applicable Date, neither it, nor any of its directors, executive officers, general partners, managing members, or other officers, employees, or representatives participating in the Offering of the Securities (each, a "Managing Broker-Dealer Covered Person" and, together, "Managing Broker-Dealers Covered Persons"), is subject to any of the Disqualification Events described in Rule 262(a)(1) to (8) under the Securities Act. The Managing Broker-Dealer will notify the Issuer in writing of (a) any Disqualification Event relating to any Managing Broker-Dealer Covered Person not previously disclosed to the Issuer in accordance with this Section 4.11, and (b) any event that would, with the passage of time, become a Disqualification Event relating to any Managing Broker-Dealer Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11.1. The Managing Broker-Dealer agrees to immediately notify the Issuer if there is a violation or potential violation of the representations set forth in this Section 4.11 during the Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. The representations and warranties made in this Section 4 are and shall be continuing representations and warranties throughout the Offering Period. In the event that any of these representations or warranties becomes untrue, the Managing Broker-Dealer will immediately notify the Issuer in writing of the fact which makes the representation or warranty untrue.

5. <u>Duties and Obligations of the Managing Broker-Dealer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Managing Broker-Dealer will serve in a "best efforts" capacity in the presentation to and engagement of Issuer's Offerings to any such Selling Group Members to sell the Securities. The Managing Broker-Dealer may offer the Securities as an agent, but any such sales shall be made by the Issuer, acting through the Managing Broker-Dealer as an agent, and not by the Managing Broker-Dealer as a principal. Managing Broker-Dealer's agency for any sales shall be limited to institutional investors. The Managing Broker-Dealer shall have no authority to appoint any person or other entity as an agent or sub-agent of the Managing Broker-Dealer or the Issuer, except to appoint Selling Group Members acceptable to the Issuer in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Managing Broker-Dealer shall not execute any transactions in which, to the best of Managing Broker-Dealer's knowledge, an Investor invests in the Securities in a discretionary account without prior written approval of the transaction by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Managing Broker-Dealer will comply in all respects with the subscription procedures and plan of distribution set forth in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. In the event the Managing Broker-Dealer receives any customer funds for the Securities, the Managing Broker-Dealer will transmit such customer funds, not later than noon of the next business day following receipt of such funds for the Securities, as described in the Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. The Managing Broker-Dealer shall complete all steps necessary to permit the Issuer to perform its obligations under this Agreement pursuant to exemptions available under applicable federal law and applicable state laws. The Managing Broker-Dealer shall conduct all its Services in conformity with applicable securities laws and regulations, and exemptions available under applicable state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. The Managing Broker-Dealer shall notify the Issuer of Subscription Agreements it receives within two (2) business days of receipt so that the Issuer may make any required federal or state law filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. The Managing Broker-Dealer will promptly bring to the attention of the Issuer any circumstance or fact which causes the Managing Broker-Dealer to believe the Offering Document, or any other literature distributed pursuant to the Offering, or any information supplied by prospective Investors in their subscription materials, may be inaccurate or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. The Managing Broker-Dealer will terminate the Offering upon written request of the Issuer at any time and will resume the Offering upon subsequent request of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. The Managing Broker-Dealer shall enter into a Soliciting Dealer Agreement in the form attached hereto as Exhibit A (the "Soliciting Dealer Agreement") with each Selling Group Member, and shall not modify, amend, or supplement the terms of the Soliciting Dealer Agreement without the prior written consent of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. The Managing Broker-Dealer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.1. Maintain written policies and procedures covering the use of electronic offering documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.2. Store the electronic offering documents in a non-rewriteable and non-erasable format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.3. Comply with any additional requirements imposed on the Issuer as set forth in Section 3, to the extent within its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.4. Require the Selling Group Members to comply with the electronic delivery requirements set forth in the Soliciting Dealer Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.5. Take prompt action in the event of a security breach to (i) identify and locate the breach, (ii) secure the affected information, (iii) suspend the use of the particular device or technology that has been compromised until information security has been restored, and (iv) provide notice of the security breach to any Investor whose confidential personal information has been improperly accessed in connection with the security breach. Compliance with this item after the discovery of a security breach or any other breach of personal information shall not substitute or in any way affect other requirements or obligations, including notification, imposed on the Managing Broker-Dealer pursuant to applicable laws, regulations, or standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. The Managing Broker-Dealer will require each Selling Group Member, as agent of the Issuer, if it uses electronic signatures in connection with the Offering, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11.1. Receive a prospective Investor's prior, informed consent to obtain the use of electronic signatures in the form provided by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11.2. Comply with all the provisions of the Policy Regarding Use of Electronic Signatures included in the NASAA Statement of Policy Regarding Use of Electronic Offering Documents and Electronic Signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. The Managing Broker-Dealer shall maintain written policies and procedures covering the use of electronic signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13. The Managing Broker-Dealer will provide independent due diligence services with respect to the material information and representations contained in the Offering documents. The Managing Broker-Dealer will provide feedback to the Issuer with respect to the Offering documents.

6. <u>Compensation.</u> Subject to Section 7, as compensation for services rendered by the Managing Broker-Dealer under this Agreement, the Managing Broker-Dealer will be entitled to receive Fees from the Issuer, as described in the Service Schedule by the parties pursuant to the terms of this Agreement.

Subject to the terms of the Fee Addendum, attached hereto, the parties agree that the Managing Broker-Dealer shall invoice for its Services, and Issuer shall pay for such Services, according to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fees for all Services are due and payable monthly, in advance, and the fees for any partial months shall be prorated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The first invoice will be due and payable upon the qualification of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Engagement Fee will be invoiced and will become due and payable upon the qualification of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Thereafter, the Issuer shall be invoiced, monthly, the Platform and Syndication Fee until the Offering is fully subscribed, as per the Offering Document, and such fees will be invoiced and due and payable upon the qualification of the Offering and monthly thereafter as described herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A maintenance fee, which shall be invoiced monthly in the event that the Issuer requests that the Managing Broker-Dealer provides such maintenance services.

Notwithstanding the foregoing, in the event that the Managing Broker-Dealer does not accept the Offering within thirty (30) days of the Agreement Effective Date, the Managing Broker-Dealer and Issuer agree to use good faith efforts to perfect the Offering Materials and any other collateral such that the Managing Broker-Dealer may ratify the Notice of Offering, unless, Issuer provides notice of its intent to terminate the Agreement pursuant to the terms of Section 18.2, below. All fees paid described in this Section 6 are non-refundable.

7. <u>Conditions to Payment of Commissions, Allowances, and Expense Reimbursements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. No selling commissions, Allowances, expense reimbursements, or other compensation will be payable with respect to (i) any Subscription Agreements that are rejected by the Issuer, or if the Issuer terminates the Offering for any reason whatsoever, or (ii) any sale of the Securities by a Selling Group Member pursuant to the applicable Soliciting Dealer Agreement or through the Issuer unless and until such time as the Issuer has received and accepted the total proceeds of any such sale from the Escrow Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Except as provided in Section 17, all other expenses incurred by the Managing Broker-Dealer in the performance of the Managing Broker-Dealer's obligations hereunder, including, but not limited to, expenses related to the Offering of the Securities and any attorneys' fees, shall be at the Managing Broker-Dealer's sole cost and expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason.

8. <u>Offering.</u> The Offering of the Securities shall be at the offering price and upon the terms and conditions set forth in the Offering Document.

9. <u>Indemnification by the Issuer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Subject to the conditions set forth below, the Issuer, with respect to the Offering, agrees to indemnify, defend, and hold harmless the Managing Broker-Dealer and the Selling Group Members, and their respective owners, managers, members, trustees, partners, directors, officers, employees, agents, attorneys, and accountants (the "Selling Parties") against any and all loss, liability, claim, damage, and expense whatsoever ("Loss") arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. Any untrue statement or alleged untrue statement of a material fact contained in the Offering Document or in any application or other document filed in any jurisdiction in order to qualify the Securities under or exempt the Offering of the Securities from the registration or qualification requirements of the securities laws thereof unless any of the Selling Parties know such statement to be untrue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. The omission or alleged omission from the Offering Document of a material fact required to be stated therein or necessary to make the statements therein not misleading unless any of the Selling Parties know such statement to be untrue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3. The failure of the Issuer as a result of its acts or omissions to comply with any of the applicable provisions of securities laws or regulations thereunder, or any applicable state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4. Any verbal or written representations made in connection with the Offering by the Issuer in violation of the Securities Act, or any other applicable federal or state securities laws and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.5. The Issuer's gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.6. A claim of infringement relating to the Issuer's intellectual property or other materials provided by the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.7. The breach by the Issuer of any term, condition, representation, warranty, obligation, or covenant in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. If any Action is brought against any of the Selling Parties arising from any of the foregoing indemnities in Section 9.1, the Managing Broker-Dealer or the Selling Group Members, as the case may be, shall promptly notify the Issuer in writing of the institution of such Action, and the Issuer shall assume the defense of such Action; provided, however, that the failure to notify the Issuer shall not affect the provisions in this Section 9 except to the extent such failure to notify the Issuer has a material and adverse effect on the defense of such claims. The affected Selling Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be at the Issuer's expense and authorized in writing by the Issuer; provided that the Issuer will not be obligated to pay for legal fees and expenses for more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. The Issuer agrees to promptly notify the Managing Broker-Dealer of the commencement of any litigation or proceedings against the Issuer or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. The indemnity provided to the Managing Broker-Dealer pursuant to this Section 9 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1. any untrue statement or alleged untrue statement of material fact made by the Managing Broker-Dealer or any agent of the Managing Broker-Dealer, or any omission or alleged omission of a material fact required to be disclosed by the Managing Broker-Dealer or any agent of the Managing Broker-Dealer, made in reliance upon and in conformity with written information furnished to the Issuer by the Managing Broker-Dealer specifically for use in the preparation of the Offering Document (or any amendment or supplement thereto) or any sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules, or regulations caused by an action or omission of the Managing Broker-Dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.3. the breach by the Managing Broker-Dealer of any term, condition, representation, warranty, obligation, or covenant in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. The indemnity provided to the Selling Group Member pursuant to this Section 9 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1. any untrue statement or alleged untrue statement of material fact made by the Selling Group Member or any agent of the Selling Group Member, or any omission or alleged omission of a material fact required to be disclosed by the Selling Group Member or any agent of the Selling Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules, or regulations caused by an action or omission of the Selling Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.3. the offer or sale by the Selling Group Member of a Security to a person who fails to meet the standards regarding suitability under any applicable federal, state, or FINRA laws, rules, and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.4. the breach by the Selling Group Member of any term, condition, representation, warranty, obligation, or covenant under its Soliciting Dealer Agreement with the Managing Broker-Dealer relating to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. The Issuer will be entitled to conduct the defense of any Action for which any of the applicable Selling Parties seek indemnification hereunder and such defense will be conducted by counsel chosen by it and reasonably satisfactory to the applicable Selling Parties. Subject to the terms of Section 9.2, the Issuer will not be liable under this Section 9 to the applicable Selling Party in the suit for any legal or other expenses subsequently incurred by the applicable Selling Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. The Issuer will be entitled to conduct the defense of any Action for which any of the applicable Selling Parties seek indemnification hereunder and such defense will be conducted by counsel chosen by it and reasonably satisfactory to the applicable Selling Parties. Subject to the terms of Section 9.2, the Issuer will not be liable under this Section 9 to the Indemnified Parties in the suit for any legal or other expenses subsequently incurred by the applicable Selling Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. The applicable Selling Parties will bear the fees and expenses of any additional counsel retained by such Selling Party unless: (i) the employment of counsel by such Selling Party has been authorized in writing by the Issuer; (ii) the Issuer will not in fact have employed counsel to assume the defense of such Action, in either of which events such fees and expenses will be borne by the Issuer, or (iii) the applicable Selling Party, based on the advice of counsel, reasonably believes that it has defenses that are different from or additional to those available to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. The indemnification provisions provided in this Section 9 are further limited to the extent that no such indemnification will be permitted under this Agreement for or arising out of an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations by the party against whom indemnification is sought; (ii) such claims against the party against whom indemnification is sought have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party against whom indemnification is sought.

10. <u>Indemnification by the Managing Broker-Dealer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Subject to the conditions set forth below, the Managing Broker-Dealer agrees to indemnify, defend, and hold harmless the Issuer and the Selling Group Members, and their respective owners, managers, members, trustees, partners, directors, officers, employees, agents, attorneys, and accountants (the "ISGM Parties"), against any and all third-party Losses arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. Any verbal or written representations made in connection with the Offering by the Managing Broker-Dealer in violation of the Securities Act, or any other applicable federal or state securities laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. Any misrepresentation contained in any sales or other materials provided by the Managing Broker-Dealer to the Selling Group Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. The Managing Broker-Dealer's failure to comply with any of the applicable provisions of the Securities Act, the Exchange Act, any regulations thereunder, the applicable requirements and rules of FINRA, or any applicable state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4. The breach by the Managing Broker-Dealer of any term, condition, representation, warranty, obligation, or covenant in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5. The Managing Broker-Dealer's gross negligence or willful misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6. Any electronic signatures and/or stamped signatures in any form which have been directly used by or obtained by the Managing Broker-Dealer with respect to this Agreement or in any Soliciting Dealer Agreement related to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. If any Action is brought against any of the ISGM Parties arising from any of the foregoing indemnities in Section 10.1, the Issuer or the Selling Group Members, as the case may be, shall promptly notify the Managing Broker-Dealer in writing of the institution of such Action, and the Managing Broker-Dealer shall assume the defense of such Action; provided, however, that the failure to notify the Managing Broker-Dealer shall not affect the provisions in this Section 10 except to the extent such failure to notify the Managing Broker-Dealer has a material and adverse effect on the defense of such claims. The affected ISGM Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be at the Managing Broker-Dealer's expense and authorized in writing by the Managing Broker-Dealer, provided that the Managing Broker-Dealer will not be obligated to pay for legal fees and expenses for more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. The Managing Broker-Dealer agrees to promptly notify the Issuer of the commencement of any litigation or proceedings against the Managing Broker-Dealer or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. The indemnity provided to the Issuer pursuant to this Section 10 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1. any untrue statement or alleged untrue statement of material fact made by the Issuer or any agent of the Issuer (other than the Managing Broker-Dealer), or any omission or alleged omission of a material act required to be disclosed by the Issuer or any agent of the Issuer (other than the Managing Broker-Dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules, or regulations caused by an action or omission of the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.3. the breach by the Issuer of its representations, warranties, or obligations in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. The indemnity provided to the Selling Group Member pursuant to this Section 10 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1. any untrue statement or alleged untrue statement of material fact made by the Selling Group Member or any agent of the Selling Group Member, or any omission or alleged omission of a material fact required to be disclosed by the Selling Group Member or any agent of the Selling Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules or regulations caused by an action or omission of the Selling Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3. the offer or sale by the Selling Group Member of a Security to a person who fails to meet the standards regarding suitability under any applicable federal, state, or FINRA laws, rules, and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.4. the breach by the Selling Group Member of any term, condition, representation, warranty, obligation or covenant under its Soliciting Dealer Agreement with the Managing Broker-Dealer relating to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. The Managing Broker-Dealer will not provide indemnification for any liability or loss suffered by the applicable ISGM Party, nor will the applicable ISGM Party be held harmless for any liability suffered by the applicable ISGM Parties unless all of the following conditions are met: (i) the person seeking indemnification was acting on behalf of or performing services on behalf of the Managing Broker-Dealer or the Issuer; and (ii) such liability or loss was not the result of negligence or misconduct on the part of the party seeking indemnification or the applicable ISGM Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. The Managing Broker-Dealer will be entitled to conduct the defense of any Action for which any of the applicable ISGM Parties seek indemnification hereunder and such defense will be conducted by counsel chosen by it and reasonably satisfactory to the applicable ISGM Parties. Subject to the terms of Section 10.2, the Managing Broker-Dealer will not be liable under this Section 10 to the applicable ISGM Parties in the suit for any legal or other expenses subsequently incurred by the applicable ISGM Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. The applicable ISGM Parties will bear the fees and expenses of any additional counsel retained by such ISGM Party unless: (i) the employment of counsel by such ISGM Party has been authorized in writing by the Managing Broker-Dealer; (ii) the Managing Broker-Dealer will not in fact have employed counsel to assume the defense of such Action, in either of which events such fees and expenses will be borne by the Managing Broker-Dealer, or (iii) the applicable ISGM Party, based on the advice of counsel, reasonably believes that it has defenses that are different from or additional to those available to the Managing Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. The indemnification provisions provided in this Section 10 are further limited to the extent that no such indemnification will be permitted under this Agreement for or arising out of an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations by the party against whom indemnification is sought; (ii) such claims against the party against whom indemnification is sought have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party against whom indemnification is sought.

11. <u>Indemnification by the Selling Group Member.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Subject to the conditions set forth below, and except for Losses that are indirect, special, incidental, exemplary, punitive, or consequential damages, whether foreseeable or otherwise, resulting from, or otherwise arising out of, any of the breaches described in this Section 11.1, each Selling Group Member agrees to indemnify, defend, and hold harmless the Issuer and the Managing Broker-Dealer and their respective owners, managers, members, trustees, partners, directors, officers, employees, agents, attorneys, and accountants (the "IMBD Parties"), against any and all Losses, arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. Any verbal or written representations made in connection with the Offering, including in an Offering Document, or any amendments or supplements thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but solely to the extent that such loss, liability, claim, damage, or expense results from an untrue statement of material fact or omission of a material fact contained in information provided by a Selling Group Member in writing to the Issuer specifically for inclusion in any Offering Document by such Selling Group Member, its employees, or affiliates in violation of the Securities Act, or any other applicable federal or state securities laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. Any use of sales materials or use of unauthorized verbal representations by such Selling Group Member, its employees or affiliates concerning the Offering in violation of the Soliciting Dealer Agreement or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. Such Selling Group Member's failure to comply with any of the applicable provisions of the Securities Act, the Exchange Act, any regulations thereunder, the applicable requirements and rules of FINRA, or any applicable state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. The breach by such Selling Group Member of any term, condition, representation, warranty, obligation, or covenant of the Soliciting Dealer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5. The failure by any Investor to comply with the investor suitability requirements set forth in the Offering Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6. Any electronic signatures and/or stamped signatures in any form which have been used, obtained, or relied upon by the Selling Group Member with respect to this Agreement, the applicable Soliciting Dealer Agreement or any Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. If any Action is brought against any of the IMBD Parties arising from any of the foregoing indemnities in Section 11.1, the Issuer or the Managing Broker-Dealer shall promptly notify the applicable Selling Group Member in writing of the institution of such Action, and the Selling Group Member shall assume the defense of such Action; provided, however, that the failure to notify the Selling Group Member shall not affect the provisions in this Section 11 except to the extent such failure to notify the Selling Group Member has a material and adverse effect on the defense of such claims. The affected IMBD Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be at such Selling Group Member's expense and authorized in writing by such Selling Group Member, provided that such Selling Group Member will not be obligated to pay for legal fees and expenses for more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. The Selling Group Member agrees to promptly notify the Issuer and the Managing Broker-Dealer of the commencement of any litigation or proceedings against the Selling Group Member or any of the Selling Group Member's managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. The indemnity provided to the Managing Broker-Dealer pursuant to this Section 11 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1. any untrue statement or alleged untrue statement of material fact made by the Managing Broker-Dealer or any agent of the Managing Broker-Dealer, or any omission or alleged omission of a material fact required to be disclosed by the Managing Broker-Dealer or any agent of the Managing Broker-Dealer made in reliance upon and in conformity with written information furnished to the Issuer by the Managing Broker-Dealer specifically for use in the preparation of the Offering Document or any sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules or regulations caused by an action or omission of the Managing Broker-Dealer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3. the breach by the Managing Broker-Dealer of any term, condition, representation, warranty, obligation, or covenant of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. The indemnity provided to the Issuer pursuant to this Section 11 shall not apply to the extent that any Loss arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1. any untrue statement or alleged untrue statement of material fact made by the Issuer or any agent of the Issuer (other than the Managing Broker-Dealer), or any omission or alleged omission of a material fact required to be disclosed by the Issuer or any agent of the Issuer (other than the Managing Broker-Dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2. the failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules, or regulations caused by an action or omission of the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3. the breach by the Issuer of any term, condition, representation, warranty, obligation, or covenant in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. The Selling Group Member will not provide indemnification for any liability or loss suffered by the applicable IMBD Party, nor will the applicable IMBD Party be held harmless for any liability suffered by the applicable IMBD Parties unless such liability or loss was not the result of negligence or misconduct on the part of the party seeking indemnification or the applicable ISGM Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. The Selling Group Member will be entitled to conduct the defense of any Action for which any of the applicable IMBD Parties seek indemnification hereunder and such defense will be conducted by counsel chosen by it and reasonably satisfactory to the applicable IMBD Parties. Subject to the terms of Section 11.2, the Selling Group Member will not be liable under this Section 11 to the applicable IMBD Parties in the suit for any legal or other expenses subsequently incurred by the applicable IMBD Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8. The applicable IMBD Parties will bear the fees and expenses of any additional counsel retained by such IMBD Party unless: (i) the employment of counsel by such IMBD Party has been authorized in writing by the Selling Group Member; (ii) the Selling Group Member will not in fact have employed counsel to assume the defense of such Action, in either of which events such fees and expenses will be borne by the Selling Group Member, or (iii) the applicable IMBD Party, based on the advice of counsel, reasonably believes that it has defenses that are different from or additional to those available to the Selling Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9. The indemnification provisions provided in this Section 11 are further limited to the extent that no such indemnification will be permitted under this Agreement for or arising out of an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations by the party against whom indemnification is sought; (ii) such claims against the party against whom indemnification is sought have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party against whom indemnification is sought.

12. <u>Contribution.</u> In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections 9, 10, and 11 is for any reason held to be unavailable from the Issuer, the Managing Broker-Dealer or the Selling Group Members, as the case may be, the Issuer, the Managing Broker-Dealer, and the Selling Group Members shall contribute to the aggregate Loss (including any amount paid in settlement of any action, suit, or proceeding or any claims asserted) in such amounts as a court of competent jurisdiction may determine (or in the case of settlement, in such amounts as may be agreed upon by the parties) in such proportion to reflect the relative fault of the Issuer, the Managing Broker-Dealer, and the Selling Group Members and their respective owners, managers, members, trustees, partners, directors, officers, employees, agents, attorneys, and accountants in connection with the events described in Sections 9, 10, and 11, as the case may be, which resulted in such Loss, as well as any other equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer, the Managing Broker-Dealer, and the Selling Group Members and their respective owners, managers, members, trustees, partners, directors, officers, employees, agents, attorneys, and accountants and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such omission or statement. The parties and any person who controls the Managing Broker-Dealer shall also have rights to contribution under this Section 12.

13. <u>Disclaimers; Limitations of Liability.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Disclaimer.</u> EXCEPT FOR THE WARRANTIES SET FORTH ABOVE, THE SERVICES ARE PROVIDED "AS IS." THE MANAGING BROKER-DEALER DISCLAIMS ALL WARRANTIES: EXPRESS, IMPLIED, OR STATUTORY, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT OF THIRD-PARTY RIGHTS. THE MANAGING BROKER-DEALER DOES NOT WARRANT THAT THE SERVICES WILL MEET THE ISSUER'S REQUIREMENTS. THE ISSUER ACKNOWLEDGES THAT UNDER NO CIRCUMSTANCES DOES THE MANAGING BROKER-DEALER REPRESENT OR WARRANT THAT THE ISSUER'S GOALS FOR AN OFFERING WILL BE MET. THE MANAGING BROKER-DEALER IS NOT RESPONSIBLE FOR THE ACCURACY OR COMPLETENESS OF INFORMATION PROVIDED BY OR ON BEHALF OF THE ISSUER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Limitations of Liability.</u> EXCEPT AS PROVIDED IN SECTION 13.3, AND EXCEPT TO THE EXTENT PROHIBITED BY LAW:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 A PARTY HAS NO LIABILITY TO THE OTHER PARTY OR TO THIRD PARTIES FOR SPECIAL, INCIDENTAL, INDIRECT, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF BUSINESS, LOSS OF PROFITS OR REVENUE, GOODWILL, OR SAVINGS, OR DAMAGE TO, LOSS OF, OR REPLACEMENT OF DATA OR COST OF PROCUREMENT OF SUBSTITUTE SERVICES) RELATING IN ANY MANNER TO THE SERVICES (WHETHER ARISING FROM CLAIMS BASED IN CONTRACT, TORT, OR OTHERWISE), EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH CLAIM OR DAMAGE; AND THE DISCLAIMERS AND LIMITATIONS CONTAINED IN THIS SECTION 13 ARE A FUNDAMENTAL PART OF THE BASIS OF THE BARGAIN HEREUNDER, AND THE MANAGING BROKER-DEALER WOULD NOT PROVIDE THE SERVICES TO THE ISSUER AND THE ISSUER WOULD NOT ENGAGE THE MANAGING BROKER-DEALER WITHOUT THEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 EXCEPT AS PROVIDED UNDER SECTION 13.3, MANAGING BROKER-DEALER'S TOTAL AGGREGATE LIABILITY FOR CLAIMS ARISING HEREUNDER SHALL BE LIMITED TO DIRECT DAMAGES CAUSED BY MANAGING BROKER-DEALER IN AN AMOUNT NOT TO EXCEED THE AMOUNT OF NET FEES COLLECTED BY MANAGING BROKER-DEALER UNDER THIS AGREEMENT DURING THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING THE DATE OF THE CLAIM GIVING RISE TO THE CLAUSE OF ACTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>Exclusions.</u> The limitations of liability set forth in Section 13.2 do not apply to a party's: (i) obligations under Sections 9, 10, and 11 (Indemnification by Issuer, the Managing Broker-Dealer, and the Selling Group Member, respectively); (ii) obligations under Section 15 (Privacy Act); and (iii) fraud, gross negligence, or intentional misconduct.

NOTWITHSTANDING ANY TERMS TO THE CONTRARY HEREIN AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE MANAGING BROKER-DEALER'S ENTIRE LIABILITY FOR SERVICES UNDER THIS AGREEMENT IS LIMITED TO TWO MILLION DOLLARS ($2,000,000.00) IN THE AGGREGATE FOR THE TERM OF THE AGREEMENT.

14. <u>Compliance.</u> All actions, direct or indirect, by the Managing Broker-Dealer and its agents, members, employees, and affiliates, shall conform to (i) requirements applicable to broker-dealers under federal and applicable state securities laws, rules, and regulations and (ii) applicable requirements and rules of FINRA.

15. <u>Privacy Act.</u> To protect Customer Information (as defined below) and to comply as may be necessary with the requirements of the Gramm-Leach-Bliley Act, the relevant state and federal regulations pursuant thereto, and state privacy laws, the parties wish to include the confidentiality and non-disclosure obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. "Customer Information" means any information contained on a customer's application or other form and all nonpublic personal information about a customer that a party receives from the other party. Customer Information shall include, but not be limited to, name, address, telephone number, social security number, health information and personal financial information (which may include consumer account number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. The parties understand and acknowledge that they may be financial institutions subject to applicable federal and state customer and consumer privacy laws and regulations, including Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801, et seq.) and regulations promulgated thereunder (collectively, the "Privacy Laws"), and any Customer Information that one party receives from the other party is received with limitations on its use and disclosure. The parties agree that they are prohibited from using the Customer Information received from the other party other than (i) as required by law, regulation, or rule; or (ii) to carry out the purposes for which one party discloses Customer Information to the other party pursuant to this Agreement, as permitted under the use in the ordinary course of business exception to the Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. The parties shall establish and maintain safeguards against the unauthorized access, destruction, loss, or alteration of Customer Information in their control which are no less rigorous than those maintained by a party for its own information of a similar nature. In the event of any improper disclosure of any Customer Information, the party responsible for the disclosure will immediately notify the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. The Managing Broker-Dealer may disclose, without prior notice, Customer Information to the applicable regulatory authority (including FINRA) as required or requested pursuant to regulation or in the course of an audit, investigation, or examination. Nothing in this Agreement prohibits a party from initiating communications directly with, responding to any inquiry from, or providing testimony before the SEC, FINRA, any other self-regulatory organization, or any other state or federal regulatory authority regarding a party's actions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. The provisions of this Section 15 shall survive the termination of this Agreement.

16. <u>Survival.</u> Except as the context otherwise requires, all representations, warranties, and agreements contained in this Agreement shall be deemed to be representations, warranties, and agreements at and as of the Offering Termination Date, and such representations, warranties, and agreements by the Managing Broker-Dealer or the Issuer, including the indemnity agreements contained in Sections 9, 10, and 11 and the contribution agreements contained in Section 12 shall remain operative and in full force and effect regardless of any investigation made by the Managing Broker-Dealer, the Issuer, and/or any controlling person, and shall survive the sale of, and payment for, the Securities.

17. <u>Costs of the Offering.</u> Except for the compensation payable to the Managing Broker-Dealer and the Allowances and reimbursements described in Section 7, which are the sole obligations of the Issuer or its affiliates, the Managing Broker-Dealer will pay all of its own costs and expenses, including, but not limited to, all expenses necessary for the Managing Broker-Dealer to remain in compliance with any applicable federal, state, or FINRA laws, rules, or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Managing Broker-Dealer's counsel. The Issuer agrees to pay all other expenses incident to the performance of its obligations hereunder, including all expenses incident to filings with federal and state regulatory authorities and to the exemption of the Securities under federal and state securities laws, including fees and disbursements of the Issuer's counsel, and all costs of reproduction and distribution of the Offering Document and any amendment or supplement thereto.

18. <u>Term and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. The term of this Agreement shall continue from the Effective Date until the Offering is Complete (the "Term"). "Complete" means the earlier of: (i) the Offering Termination Date; (ii) the Offering is expired by its own terms; (iii) the Offering is withdrawn by the Issuer; or (iv) the termination of the Agreement pursuant to the terms of Section 18.2, Section 18.3, and Section 18.4, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. This Agreement is terminable by either party without cause upon sixty (60) days prior written notice to the party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3. A party hereto may immediately terminate this Agreement at any time by giving written notice of such termination to the other party if the other party materially breaches the terms of this Agreement and fails to remedy or cure such breach within thirty (30) days of the date it becomes aware of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4. Either party may immediately terminate this Agreement at any time by giving written notice of such termination to the other party if (i) such other party or any agent or representative thereof commits or causes the terminating party to commit a material violation of any applicable laws, rules or regulations, or (ii) such other party commits or engages in willful misconduct, gross negligence, fraud or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5. Any such termination pursuant to the terms of this Section 18 shall not affect the indemnification agreements set forth in Sections 9, 10, and 11 or the contribution agreements set forth in Section 12. Additionally, any termination of this Agreement by the Managing Broker-Dealer pursuant to the terms of Sections 18.3 and 18.4, above, shall be subject to Section 22, below.

19. <u>Governing Law.</u> This Agreement shall be governed by, subject to, and construed in accordance with, the laws of the state of Delaware without regard to conflict of law provisions.

20. <u>Venue.</u> Any dispute relating to or arising out of this Agreement shall be resolved through the Arbitration provisions described herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. <u>Arbitration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1. Except for the Arbitration Exceptions in Section 20.2 below, the parties agree that all controversies arising out of or relating to this Agreement or an Offering will be settled by arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2. The arbitration will be in accordance with FINRA's rules then in effect, unless FINRA declines jurisdiction or FINRA jurisdiction is clearly not invoked by the nature of at least one of the claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3. If FINRA jurisdiction does not apply as set forth in Section 20.2.2, then the controversy will be settled by arbitration under the American Arbitration Association, and its Supplementary Procedures for Securities Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2. The Arbitration Exceptions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1. A party may seek injunctive or other equitable relief in any state or federal court of competent jurisdiction for any actual or alleged infringement of any intellectual property or other proprietary rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2. Either party may seek the relief set forth in Section 18 or any other damages contemplated herein in a state or federal court located either: (x) where the defendant resides or has assets; or (y) in Richmond, Virginia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.3. A party may bring suit in the Richmond General District Court, located in Richmond, Virginia for amounts in controversy that do not exceed $25,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3. Unless FINRA or American Arbitration Association rules apply and dictate otherwise, and except as stated above, the venue for any dispute will be in the state or federal courts in Richmond, Virginia.

21. <u>Severability.</u> If any portion of this Agreement shall be held invalid or inoperative, then so far as it is reasonable and possible (i) the remainder of this Agreement shall be considered valid and operative, and (ii) effect shall be given to the intent manifested by the portion held invalid or inoperative.

22. <u>[Reserved</u>.]

23. <u>Counterparts.</u> This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, and together which shall constitute one and the same instrument.

24. <u>Modification or Amendment.</u> This Agreement may not be modified or amended except by written agreement executed by the parties hereto.

25. <u>Notices.</u> All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, (i) if sent to the Managing Broker-Dealer, shall be mailed or delivered to WealthForge Distributors, LLC, 3015 W. Moore Street, Suite 102, Richmond, Virginia 23230, Attn: Legal or (ii) if sent to the Issuer, shall be mailed or delivered to GK Investment Holdings III, LLC, 257 E. Main Street, Suite 200 Attn: _______. The notice shall be deemed to be received on the date of its actual receipt by the party entitled thereto.

26. <u>Assignment.</u> Neither party may assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, the Managing Broker-Dealer may, without the consent of Issuer, assign this Agreement or rights granted hereunder to: (x) an affiliate or subsidiary, or (y) a successor entity in the event of a merger, corporate reorganization, acquisition, or the sale of all or substantially all of the Managing Broker-Dealer's assets, provided that the assignee shall assume all rights and obligations under this Agreement. Any unauthorized assignment shall be null and void and constitute a breach of this Agreement.

27. <u>Publicity.</u> The Managing Broker-Dealer may reference the Issuer and the Offering by name and include other information about the Offering as permitted by 17 C.F.R. 230.134(a) in marketing materials for the Managing Broker-Dealer's benefit.

28. <u>Parties.</u> This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, the parties referred to in Sections 9, 10, 11, and 12, their respective successors and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained.

29. <u>Delay.</u> Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

30. <u>Non-Solicitation.</u> Each party agrees that it will not solicit, offer work to, employ, or contract with, one or more of the other party's or its Affiliates' Team Members. The restriction in the prior sentence: (i) applies until the Offering Termination Date and during the twelve (12) months immediately following the conclusion of Offering; and (ii) does not apply to the hiring of a Team Member that responds to a general newspaper or Internet advertisement or other solicitations not targeting the Team Member. If a party breaches this Section 30, then upon request the breaching party will pay to the non-breaching party the greater of one (1) year's compensation: (x) offered to the Team Member by the breaching party; or (y) paid by the non-breaching party to the Team Member at the time of the breach. The parties waive the right to object to the validity of the agreed damages for the breach of this section on the grounds that they are void as penalties or are not reasonably related to actual damages. If request for payment under this section is made and not timely remitted and if the non-breaching party files suit, then the non-breaching party may claim all damages available to it as allowed by law in addition to or instead of the amounts set forth in this Section 30.

31. <u>Recovery of Costs.</u> If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys' fees and other costs incurred in that action or proceeding (and any additional proceeding for the enforcement of a judgment) in addition to any other relief to which it or they may be entitled.

32. <u>Entire Agreement.</u> This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings or written or oral agreements between them respecting the subject matter hereof.

33. <u>Confirmation.</u> The Issuer agrees to confirm all orders for purchase of Securities that are accepted by the Issuer and provide such confirmation to the Managing Broker-Dealer and the Selling Group Members.

34. <u>Due Diligence.</u> The Issuer will authorize a collection of information regarding the Offering (the "Due Diligence Information"), which collection the Issuer may amend and supplement from time to time, to be delivered by the Managing Broker-Dealer to the Selling Group Members (or their agents performing due diligence) in connection with their due diligence review of the Offering. In the event a Selling Group Member (or its agent performing due diligence) requests access to additional information or otherwise wishes to conduct additional due diligence regarding the Offering, the Issuer and the Managing Broker- Dealer will reasonably cooperate with such Selling Group Member to accommodate such request. All Due Diligence Information received by the Managing Broker-Dealer and/or the Selling Group Members in connection with their due diligence review of the Offering are confidential and shall be maintained as confidential and not disclosed by the Managing Broker-Dealer or the Selling Group Members except to the extent such information is disclosed in the Offering Document.

IN WITNESS WHEREOF, this Agreement has been executed as of the Effective Date.

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| |
|:---|
| ISSUER: |
| GK Investment Holdings III, LLC, |
| a Delaware limited liability company |
| By: |
| Name: |
| Title: |
| MANAGING BROKER-DEALER: |
| WealthForge Distributors, LLC, |
| a Virginia limited liability company |
| By: |
| Name: |
| Title: |

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[Signature Page to Managing Broker-Dealer Agreement]

**Addendum**

**<u>Definitions Exhibit</u>**

a. "Action" means a third-party claim or legal action or administrative proceeding of an action.

b. "Advertising Materials" means, but is not limited to, websites, offering landing pages, emails, and all written materials about an Offering provided by the Issuer, or any party acting as the Issuer's agent or on the Issuer's behalf to the Issuer's knowledge, to Prospective Subscribers, and all written materials that include a disclaimer stating that securities are offered through the Managing Broker-Dealer, or otherwise mentions the Managing Broker-Dealer.

c. "Affiliate" means a person or entity controlling, controlled by, or under common control with a party.

d. "Allowances" means marketing allowances, diligence expenses, and other reimbursements or fees the Issuing Party or other party has agreed to pay in the Offering Materials for an Offering.

e. "Commissions" means the amount of sales commissions the Issuing Party has agreed to pay in an Offering to the party making Wholesale Introductions. Commissions are independent from Allowances.

f. "Compensated Solicitor" means all persons who will receive compensation, directly or indirectly, for soliciting Prospective Subscribers by, through, or on behalf of the Managing Broker-Dealer for an Offering. Compensated Solicitors include agents of Selling Group Members and Issuer-Affiliated Representatives and all Other MBD Representatives.

g. "Covered Person" means all directors, executive officers, general partners, managing members, other officers participating in an Offering, or beneficial owners of 20% or more of outstanding voting equity securities, calculated on the basis of voting power.

h. "Engagement Fee" means the initial Fee due from Issuer upon execution of the Agreement, which is comprised of the initial Platform and Syndication Fees.

i. "Escrow Bank" means the agreed upon federally chartered financial institution designated to hold Subscriber Funds prior to Escrow Release.

j. "Escrow Release" means each distribution of Subscriber funds to the Issuing Party, or to the Managing Broker-Dealer on the Issuing Party's behalf, by the escrow agent.

k. "Fees" means the various fees described more particularly in the Fee Addendum.

l. "Fee Addendum" means the fee addendum attached to Exhibit B.

m. "Gross Proceeds" means the aggregate gross proceeds received from the sale of Securities for which the Managing Broker-Dealer provides Services under this Agreement.

n. "Indemnified Party" means a party that has exercised its right to indemnification.

o. "Individual Investment" means a single transaction for which the Managing Broker-Dealer provides Services where an Issuer accepts and receives funds from a Subscriber.

p. "Investor(s)" means an individual or entity who has completed an Individual Investment in an Offering.

q. "Issuer-Affiliated Representative" means a registered representative affiliated with the Managing Broker-Dealer that is also the Issuer's employee, shareholder, member, officer, board member, or owner.

r. "Issuing Party" means the party that is issuing the Securities in an Offering. Unless there is an issuer-affiliated issuer, or an entity that is an issuer of Securities that is the Issuer's affiliate, the Issuer is the Issuing Party.

s. "Major Offering Impediment" means the following relating to an Offering: potential litigation, a violation of applicable law or regulation, a circumstance which would preclude an Offering from exemption from registration pursuant to Section 4(a)(2) of the Securities Act; a state or SEC sanction or investigation; or a circumstance that, when reasonably evaluated, creates a material adverse effect on the Issuer's ability to raise capital in the Offering.

t. "Maintenance Fee" means the Fee payable by the Issuer to the Managing Broker-Dealer, which covers the Managing Broker-Dealer's due diligence activities, advertising review, and other related services necessary for the maintenance of the Offering.

u. "MBD Representative" means all registered representatives affiliated with the Managing Broker-Dealer. MBD Representatives include the Issuer-Affiliated Representatives and Other MBD Representatives.

w. "Notice of Offering" means the document that the Managing Broker-Dealer and the Issuer will sign upon the Managing Broker-Dealer's approval of the Offering.

x. "Offering Materials" means all written or oral communications the Issuer intends to provide a Prospective Subscriber related to an Offering, including, as applicable, the Offering Document, operating agreement, subscription agreement, and Advertising Materials.

y. "Offering Termination Date" means the date referred to in the Offering Document as the expected closing date for the Offering.

z. "Other MBD Representative" means a registered representative affiliated with the Managing Broker-Dealer that is *not* the Issuer's employee, shareholder, member, officer, board member, or owner.

aa. "Outside Services" means services for an Offering that the Managing Broker-Dealer or its contractors do not perform that would be in the scope of this Services for that Offering.

bb. "Platform and Syndication Fee" means the Fee payable by the Issuer to the Managing Broker-Dealer upon the Agreement Effective Date and monthly thereafter and which compensates the Managing Broker-Dealer for its Services related to the Offering including syndication and investor processing.

cc. "Prospective Subscriber" means an individual or entity that may be eligible to purchase Securities in an Offering through a Selling Group Member.

dd. "Regulatory Filing Services" means filing applicable required federal and/or state regulatory filings related to the Offering.

ee. "Remaining Funds" means funds: (x) that remain in escrow when the Managing Broker-Dealer's MBD Services end because (i) the Issuer elects to discontinue those Services for an Offering and does not have a termination right under this Agreement to do so or (ii) the Managing Broker-Dealer terminates its Services for an Offering for material breach; and (y) for which the Managing Broker-Dealer performed MBD Services on behalf of the Issuer for the corresponding Subscriber; and (z) that the Issuer has discretion to accept and elects not to accept.

ff. "Rep Supervision Services" means the Managing Broker-Dealer's Services to supervise Issuer-Affiliated Representatives as initiated by a Registered Representative Supervision Agreement, it being understood that Managing Broker-Dealer will provide such services solely with respect to Issuer Affiliated Representatives engages exclusively in Wholesale Services.

gg. "Securities" means the debt or equity securities that the Issuing Party makes available in an Offering.

hh. "Selling Group Member" means a financial intermediary that has demonstrated interest in introducing Prospective Subscribers to an Offering, including other broker-dealers, registered investment advisors, and other intermediaries and their respective representatives.

ii. "Service Schedule" refers to the Broker-Dealer Service Schedule attached as Exhibit B.

jj. "Sponsor" means the entity that organizes and initiates a securities transaction either directly or indirectly, including through an Affiliate, to the Issuer or Issuing Party.

kk. "Subscriber" means an individual or entity that has submitted an order to purchase Securities.

ll. "Subscription Agreement" means an agreement that a Prospective Subscriber executes to place a subscription for Securities. Upon executing a Subscription Agreement, the Prospective Subscriber is a Subscriber.

mm. "Subscription Documents" means the documents a Prospective Subscriber completes, which will be either accepted or rejected by the Issuer or the Issuing Party.

nn. "Team Member" means an individual: (x) that a party or its Affiliate employs as a partner, employee, or individual independent contractor; and (y) with which the other party comes into direct contact in the course of this Agreement.

oo. "Transaction Fee" means the transaction based fees collected by the Managing Broker-Dealer as compensation pursuant to its role as MBD.

**EXHIBIT A**

**SOLICITING DEALER AGREEMENT**

**EXHIBIT B**

**<u>BROKER-DEALER SERVICE SCHEDULE</u>**

This Broker-Dealer Service Schedule ("Service Schedule") with an effective date of _______, 2025 (the "Effective Date"), is made by and between WealthForge Distributors, LLC (the "Managing Broker-Dealer"), a Virginia limited liability company, and GK Investment Holdings III, LLC, a Delaware limited liability company (the "Issuer"), pursuant to the Managing Broker-Dealer Agreement, with an effective date of _________, 2025, made by and between the Managing Broker-Dealer and the Issuer (the "Agreement"). All capitalized terms not defined herein shall have the meaning ascribed to them in the Agreement.

1. <u>Overview</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Service Schedule governs the Managing Broker-Dealer's provision of Broker-Dealer Services to the Issuer as further set forth below. The Managing Broker-Dealer provides the Services under this Service Schedule independently of its Affiliates and the obligations and benefits of the Managing Broker-Dealer under this Service Schedule are those of the Managing Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If set forth on the Fee Addendum or other mutually-executed writing, the Managing Broker-Dealer may provide Rep Supervision Services as further set forth in the Registered Representative Supervision Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Issuer agrees to maintain, at a minimum, all Services opted-into as of the Effective Date through the termination or expiration of this Agreement, subject to the terms of this Services Schedule and the Agreement.

2. <u>Definitions.</u> Definitions for Broker-Dealer Services are found on the Definitions Exhibit addendum attached to the Agreement, which is incorporated by reference.

3. <u>Managing Broker-Dealer Services.</u> The Managing Broker-Dealer conducts the following Managing Broker-Dealer Services (the "MBD Services") for an Offering subject to the terms specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Manage a syndicate of Selling Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Perform diligence on Selling Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Administer for the Issuer's benefit the commissions for the Selling Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Process deposits by Subscribers and execute accepted orders. The Managing Broker-Dealer provides reports to the Issuer regarding each Offering's status as agreed between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Conduct the following diligence before it starts accepting subscriptions on the Issuer's behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bad Actor Checks on Covered Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Independent diligence services on claims and material representations that the Issuer makes in its Offering Materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Review and provide feedback regarding Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If the Offering requires an escrow account for the Managing Broker-Dealer to perform its Services, then the Managing Broker-Dealer will facilitate execution of a tri-party escrow agreement between the Managing Broker-Dealer, the Issuer, and a bank that serves as an escrow agent and trustee of Subscriber funds in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The Managing Broker-Dealer directs payments from Subscribers into a third-party escrow account and notifies the escrow agent of a request to distribute funds to the Issuer (and to the Managing Broker-Dealer for Fees that the Issuer owes to the Managing Broker-Dealer) to effectuate a closing of each Individual Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Maintain records as required under applicable law and regulation for all closed Individual Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In addition to conducting its required due diligence on the Offering, the Managing Broker-Dealer will, or will have within the previous six months, conduct due diligence on the Registered Investment Advisors ("RIA's") who have access to the Offering. Specifically, the Managing Broker-Dealer will review the RIA's disciplinary history, review Form ADV (including the RIA's Regulation BI disclosure), and take reasonable steps to ensure the RIA and its investment advisor representatives are not bad actors under the definition of 17 C.F.R. 230.262.

4. The Managing Broker-Dealer provides Regulatory Filing Services *unless* the Issuer and the Managing Broker-Dealer otherwise agree in writing. In providing these Services, the Managing Broker-Dealer shall file on the Issuer's behalf all required federal and state filings, including notice filings. The Fee for Regulatory Filing Services is the per-filing rate set forth on the Fee Addendum, plus all filing costs, which vary by jurisdiction.

5. <u>Wholesale Services.</u> The Managing Broker-Dealer may also provide Wholesale Services through Issuer-Affiliated Representatives and other registered representatives as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Issuer-Affiliated Representatives may engage in wholesaling efforts, which means marketing the Offering to financial intermediaries that may or may not be current Selling Group Members ("Wholesale Services").

6. <u>RIA Agreement.</u> Prior to or concurrent with the acceptance of any Subscription Documents provided for under the Agreement, the Managing Broker-Dealer will enter into an agreement with each RIA governing the obligations of that RIA and its Affiliates with respect to the sale of the Securities, a form of which has been provided to the Managing Broker-Dealer by Issuer and which has been agreed to by the Managing Broker-Dealer and the Issuer or with respect to the sale of Offerings. The Managing Broker-Dealer and the Issuer are third-party beneficiaries of the RIA's obligations under that agreement, including the RIA's representations and warranties, indemnification, and other obligations such as those pertaining to KYC, suitability, best interest determinations, and electronic signatures. The Managing Broker-Dealer shall review the Form ADV for any RIA with whom it enters into a Registered Investment Advisor Agreement.

7. <u>Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Managing Broker-Dealer shall be due Transaction Fees as compensation for MBD Services. The Offering Materials may also provide for retail commissions and Allowances, which are payable to the Managing Broker-Dealer as set forth herein solely for re-allowance to service providers for the Offering, including Selling Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Transaction Fees under this Agreement shall be as described in the Fee Addendum attached to this Service Schedule hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If: (x) the Issuer elects to discontinue MBD Services for an Offering and does not have a termination right under the Agreement to do so, or if the Managing Broker-Dealer terminates its Services for an Offering for material breach; and (y) there are Remaining Funds, then upon invoice from the Managing Broker-Dealer: the Issuer shall pay the Managing Broker-Dealer the Transaction Fee for the Remaining Funds as if the Remaining Funds were Gross Proceeds of an Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Amounts in Escrow.</u> Where an escrow account is in place: the Managing Broker-Dealer may withhold all transaction-based fees and commissions and all other Fees that the Issuer owes under this Service Schedule out of the amounts held in escrow upon Escrow Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Beginning on January 1, 2026, and annually thereafter, the Managing Broker-Dealer may, in its sole discretion, but contingent on FINRA approval and SEC qualification of the Offering, increase each Fee, that is not based upon a proportion of the aggregate offering proceeds, described in the Fee Addendum (each an "Adjustable Fee"), annually, on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each Adjustable Fee will be adjusted in direct proportion based on the percentage change in the U.S. City Average Consumer Price Index for all Urban Consumers (All Items) (the "CPI-U") as reported by the Bureau of Labor Statistics, with the index calculated using the base period of 1982-1984=100, between the average of the prior calendar year and the then current calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Notwithstanding the foregoing, annually each Adjustable Fee, if changed, will be adjusted no less than two and a half percent (2.5%) and no more than five percent (5%); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Managing Broker-Dealer shall provide at least thirty (30) days prior written notice of any and all such Adjustable Fee changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Service Schedule, including the Fee Addendum, sets forth the maximum Fee the Managing Broker-Dealer may charge for the applicable Service unless otherwise agreed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Overdue Fees under this Service Schedule are subject to: (x) interest of eighteen percent (18.0%) per annum or the maximum rate permissible by law, whichever is less; and (y) all costs of collection, including attorney's fees.

**Addendum to Broker-Dealer Service Schedule**

**<u>Fee Addendum</u>**

Pursuant to the Services described in this Services Schedule, the parties agree that the Fees described below will apply, as applicable, to the various Services ordered by the Issuer from the Managing Broker-Dealer:

1. **Fee Summary**. The following Fees apply to the Services:

---

| | | |
|:---|:---|:---|
| Breakpoint | Platform and<br> Syndication Fee | Transaction Fee\* |
| First $5,000,000 | $2500 | 0.50% |
| Next 5,000,000 | $5000 | 0.50% |
| Over 10,000,000 | $7500 | 0.50% |

---

**\*** The Transaction Fee is a percentage of the actual gross cash proceeds of the sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **National Accounts** … not included in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Broker Affiliation & Supervision** … not included in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Regulatory Filing Services Fees**: $350.00 each for all requested
federal and state filings, including notice filings, plus filing fees for each jurisdiction, which vary by jurisdiction (inclusive of
Form 5110). For the avoidance of doubt the filing of Form 5110 is required for the Offering.

2. **Timing of Payment**

Invoicing will start upon the qualification of the Offering. All subsequent invoices will be due monthly, in advance, and will be prorated per month as necessary.

**<u>EXHIBIT C</u>**

![](tm2517430d1_ex1aimg001.jpg)

**<u>NOTICE OF OFFERING</u>**

This Notice of Offering, effective ________________, is between WealthForge Distributors, LLC, a Virginia limited liability company, and ________________ ("Issuer") and is incorporated by reference into the Managing Broker-Dealer Agreement between the parties effective _____________.

**<u>Name of Offering:</u>**

**<u>Registration Type:</u>**

**<u>Maximum/Minimum Amount of Raise:</u>**

**<u>Is there a contingency for the first Escrow Release for the Offering?</u>**

**<u>Compensation:</u>** [\*\*]

**<u>Other Terms:</u>**

In witness hereof, the parties have caused this Agreement to be duly executed by an authorized representative:

---

| | |
|:---|:---|
| **MANAGING BROKER-DEALER:** | **ISSUER:** |
| WealthForge Distributors, LLC | GK Investment Holdings, III |
| **By:** | **By:** |
| **Name:** | **Name:** |
| **Title:** | **Title:** |
| **Date:** | **Date:** |

---

## Ex1A-2A

**Exhibit 2(a)**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex2aimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware The First State Page 1 10120577 8100 Authentication: 203093742 SR# 20250935419 Date: 03-05-25 You may verify this certificate online at corp.delaware.gov/authver.shtml I, CHARUNI PATIBANDA-SANCHEZ, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF FORMATION OF "GK INVESTMENT HOLDINGS III LLC", FILED IN THIS OFFICE ON THE FIFTH DAY OF MARCH, A.D. 2025, AT 2:56 O`CLOCK P.M.  |

---

&nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex2aimg002.jpg)<br>

## Ex1A-2B

**Exhibit 2(b)**

**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**GK INVESTMENT HOLDINGS III LLC**

This Limited Liability Company Agreement is made, entered into and effective as of March 5, 2025, by and among GK Investment Holdings III LLC, a Delaware limited liability company (the "<u>Company</u>"), GK Development, Inc., an Illinois corporation (the "<u>Manager</u>"), and the undersigned members of the Company (each, a "<u>Member</u>" and collectively, the "<u>Members</u>").

**<u>AGREEMENT</u>**

WHEREAS, the Company was formed on March 5, 2025, pursuant to the Delaware Limited Liability Company Act (Title 6, Subtitle II, Chapter 18), as amended from time to time.

NOW, THEREFORE, in consideration of the mutual promises of the parties, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, the Manager and the Members hereby agree as follows:

**SECTION I**

**<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "**Act**" means the Delaware Limited Liability Company Act (Title 6, Subtitle II, Chapter 18), as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "**Accountant**" means the certified public accounting firm selected by the Manager to provide accounting services to the Company and its Affiliates generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "**Affiliate**" means any Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, a Person. The term "control" (including the terms "controlling," "controlled by," and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of the voting securities of such Person, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "**Agreement**" means this Limited Liability Company Agreement, as it may be amended from time to time, which the parties intend to constitute an operating agreement within the meaning of the Act and is further intended to be the sole document to serve as such operating agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 "**Capital Account**" shall have the meaning set forth in <u>Section 6.2</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 "**Capital Contribution**" means, with respect to any Member, the total amount of money and the initial fair market value of any property (other than money), less the amount of debt to which such property is subject, contributed to the Company by such Member. Any reference in this Agreement to the Capital Contributions of a Member shall include the Capital Contributions of its predecessors in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 "**Certificate of Formation**" means the Company's Certificate of Formation, as filed with the State, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 "**Code**" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 "**Commission**" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "**Company**" has the meaning set forth in the introductory paragraph above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "**Company Minimum Gain**" shall have the same meaning as the term "partnership minimum gain" set forth in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "**Date of Formation**" shall have the meaning set forth in <u>Section 2.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "**Depreciation**" means, for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "**Fiscal Year**" shall have the meaning set forth in <u>Section 10.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "**Gross Asset Value**" means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except 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;(i) The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as determined by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the Manager, as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution, (ii) the distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Regulations Section l.704-l (b)(2)(ii)(g), and (iv) the grant an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a member capacity, or by a new Member acting in a member capacity or in anticipation of becoming a Member of the Company; provided, however, that an adjustment described in clauses (i), (ii) or (iv) above shall be made only if the Manager determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value (taking Code Section 7701(g) into account) of such asset on the date of distribution, as determined by the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph (vii) of the definition of Net Profit and Net Loss or Section 8.2(f), provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (iv) to the extent the Manager determines that an adjustment pursuant to subparagraph (ii) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv).

If the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraphs (i), (ii) or (iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Profit and Net Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "**Majority**" means, with respect to the Members as a whole or a specific class of Members, Members owing more than 50% of the Units then held by all Members of the Company or of such class, entitled to vote or consent on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "**Manager**" means GK Development, Inc., an Illinois corporation, and any subsequent Person elected to be successor Manager pursuant to <u>Section 5.2</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 "**Member Nonrecourse Debt**" shall have the same meaning as the term "partner nonrecourse debt" set forth in Section 1.704-2-(b)(4) of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 "**Member Nonrecourse Debt Minimum Gain**" shall have the same meaning as the term "partner nonrecourse debt minimum gain" set forth in Section 1.704- 2(i)(2) of the Regulations and shall be determined in accordance with Section 1.704-2(i)(3) of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 "**Member**" means any holder of Units who is admitted to the Company as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 "**New Partnership Audit Procedures**" means Subchapter C of Chapter 63 of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, any amended or successor version, Treasury Regulations promulgated thereunder, official interpretations thereof, related notices, or other related administrative guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 "**Net Profits and Net Losses**" means for each Fiscal Year or other period, an amount equal to the Company's net taxable income or loss for such year or period as determined for federal tax purposes (including separately stated items) in accordance with the accounting method and rules used by the Company and in accordance with Section 703 of the Code with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any items of income, gain, loss and deduction which are specially allocated to a Member shall not be taken into account in computing Net Profit or Net Loss under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profit and Net Loss (pursuant to this definition) shall be included in determining Net Profit or Net Loss hereunder by adding such amount of income to taxable income or taxable loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any expenditure of the Company described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures and not otherwise taken into account in computing Net Profit and Net Loss (pursuant to this definition) shall be including in determining Net Profit or Net Loss hereunder by deducting such expenditure from such taxable income or taxable loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of Gross Asset Value of any Company asset is adjusted pursuant to subparagraphs (ii) or (iii) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Profit and Net Loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Gain or loss resulting from the disposition of Company property shall be computed by reference to the Gross Asset Value of such property, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To the extend an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code or Section 743(b) of the Code is require pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Percentage Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increase the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Profit or Net Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 "**Notice**" shall have the meaning set forth in <u>Section 10.3</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 "**Officers**" shall have the meaning set forth in <u>Section 5.5</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 "**Percentage Interest**" means, as applicable, the interest of a Member in the Company, or in any class or classes of the Company's Units, at any particular time, expressed as a percentage and calculated by dividing the total number of Units owned by the Member in the Company, or in the class of Units in question, by the total number of Units of the Company, or such applicable class, as are issued and outstanding as of the date of calculation and then multiplying the quotient by 100. The Percentage Interest of each Member is set forth on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 "**Person**" means and includes an individual, proprietorship, trust, estate, partnership, joint venture, association, company, corporation, limited liability company or other entity, regardless of the form of organization and whether organized for profit or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 "**Proceeding**" means any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative and whether formal or informal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 "**Regulations**" mean the final and temporary income tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 "**Regulatory Provisions**" shall have the meaning set forth in <u>Section 8.3</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 "**Service**" means the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 "**State**" means the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 "**Terminating Capital Transaction**" means the sale, exchange or other disposition of all or substantially all of the assets of the Company with the intent to liquidate the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 "**Transfer**" shall have the meaning set forth in <u>Section 9.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 "**Transferee**" means a Person to whom or which Units are transferred in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 "**Trustee**" means UMB Bank or any successor as Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 "**Units**" shall mean an interest in the Company entitling the owner of the Unit if admitted as a Member to the respective voting and other rights afforded to a Members, as provided for in this Agreement.

**SECTION II**

**<u>FORMATION, NAME AND TERM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Formation**. The Members acknowledge the formation of the Company as a Delaware limited liability company pursuant to the tiling of the Certificate of Formation with the Secretary of State of the State on March 5, 2025 (the "<u>Date of Formation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Name, Office and Registered Agent**. The name of the Company shall be "GK Investment Holdings III LLC." The principal office and place of business of the Company shall be 257 East Main Street, Suite 200, Barrington, Illinois 60010. The name of the registered agent and the registered office of the Company, for purposes of the Act is Corporate Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. The Manager may at any time change the location of the principal office or the registered agent, provided the Manager gives Notice to all Members of any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Governing Law**. This Agreement and all questions with respect to the rights and obligations of the Members, its construction, enforcement, and interpretation, and the formation, administration, and termination of the Company shall be governed by the provisions of the Act and other applicable laws of the State without regard to conflicts of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Term**. The term of the Company commenced on the Date of Formation and shall continue perpetually, unless sooner terminated as provided in <u>Section 2.5</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Events of Dissolution**. The Company shall be dissolved upon the occurrence of the following events:

&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) The determination in writing of the Manager and a Majority of the Members to dissolve the Company; or

&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) As otherwise required by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Conclusion of Affairs**. Upon the dissolution of the Company for any reason, if the Company is not continued as permitted by this Agreement, the Manager shall proceed promptly to wind up the affairs of the Company. Except as otherwise provided in this Agreement, the Members and their successors in interest shall continue to share distributions during the period of winding up in the same manner as before the dissolution. The Manager shall determine the time, manner, and terms of any sale or sales of Company assets pursuant to such winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Termination**. Upon completion of the winding up of the Company and the distribution of all Company assets to the Members, pro rata, in accordance with their Percentage Interests, the Company shall terminate, and the Members shall execute and record a Certificate of Cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.

**SECTION III**

**<u>BUSINESS OF THE COMPANY</u>**

The Company is formed with the intent to acquire, own, develop, redevelop, operate, and lend on commercial real estate, including, without limitation, the entry into such business transactions with any of its subsidiaries or Affiliates.

**SECTION IV**

**<u>RIGHTS AND OBLIGATIONS OF MEMBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Members**. The Members of the Company are those Persons set forth on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Other Activities**. Except as otherwise expressly provided in this Agreement, any Member may engage in, or possess any interest in, another business or venture of any nature and description, independently or with others, and neither the Company nor any Member shall have any rights in, or to, any such independent ventures or the income or profits derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **No Right to Withdraw**. Except as otherwise set forth in this Agreement, no Member shall have any right to withdraw voluntarily from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Place of Meetings**. All meetings of the Members shall be held at such place, either within or outside the State, as from time to time may be fixed by the Manager. A Member may attend in person or by conference call or other means where each participant can hear and be heard. For purposes of this Agreement, such telephonic attendance shall be deemed in person attendance at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Meetings**. A meeting of the Members for any purpose or purposes may be called at any time by the Manager. Member(s) in the aggregate owning not less than 20% of the Units may request in writing that the Manager call a meeting. Any such request shall include the purpose of the special meeting and a proposed time and date for the meeting. The Manager, in its sole discretion, may call any meeting so requested. At a meeting, no business shall be transacted and no action shall be taken other than that stated in the Notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Notice of Meetings**.

&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) When calling a meeting, the Manager shall provide all Members with Notice at least ten (10) calendar days and at most sixty (60) calendar days before the date of the meeting to each Member entitled to vote at the meeting, which notice may be waived in writing by any Member.

&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) Any Notice of a meeting of the Members shall be given in accordance with the provisions of <u>Section 10.3</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Voting**. Except as otherwise provided in this Agreement or the Act, or as otherwise require by law:

&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) At any meeting, each Member shall be entitled to cast one vote for each Unit such Member owns. The failure of a Member to vote in person at a meeting or to timely deliver such Member's proxy on or before the commencement of such meeting, shall be deemed to constitute the consent and approval by such Member to all business transacted at the applicable meeting. The Members neither shall take part in the management of the Company, nor transact any business for the Company in their capacity as Members; neither shall they have power to sign for, or to bind, the Company; provided, however, that the Members shall have the right as provided in this Agreement to approve or consent to certain matters.

&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) A Majority of Members at the time of any meeting shall constitute a quorum for the transaction of business.

&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) The affirmative vote of a Majority of the Members represented at a meeting and entitled to vote shall be the act of the Members, unless a greater or lesser vote is required by the Act or this Agreement.

&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) Except as otherwise provided in this Agreement, upon approval by the Manager and recommendation to the Members, a Majority of the Members, either present and voting at a meeting duly called and held or acting by written consent pursuant to <u>Section 4.8</u> shall be required to approve the following actions with respect to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amendment of the Certificate of Formation or, subject to <u>Section</u> <u>5.3</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Merger, equity interest exchange, business combination or consolidation with any other Person, except a wholly-owned subsidiary, in which the Company is not the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Terminating Capital Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A decision to file a voluntary petition or otherwise initiate proceedings to have the Company adjudicated insolvent, or seeking an order for relief of the Company as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 et seq.); to file any petition seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency, or other relief for debtors with respect to the Company; or to seek the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of the Company or of all or any substantial part of the assets of the Company, or to make any general assignment for the benefit of creditors of the Company, or to admit in writing the inability of the Company to pay its debts generally as they become due, or to declare or effect a moratorium on the Company's debt or to take any action in furtherance of any of the above proscribed actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any decision to dissolve or liquidate the Company, except as specifically set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Action Without a Meeting**. Any action required to be taken at a meeting of the Members, or any action which may be taken at a meeting of the Members, may be taken without a meeting with a written consent. Such consent shall set forth the action so taken with the signature of the requisite Members required to act, whether before or after such action. Such consent shall have the same force and effect as a requisite vote of the Members, and the Manager may describe it as such in any article or document filed with the Secretary of State of the State or otherwise. The Manager shall be promptly provided with a copy of any written consent of the Members and shall maintain such written consent at its principal place of business.

**SECTION V**

**<u>MANAGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Power and Authority of the Manager**. Except for those matters specifically requiring approval of the Members as set forth in <u>Section 4.7(d)</u>, the Manager shall have complete and exclusive control of the management of the Company's business and affairs (including tax and accounting elections), and the Members shall have no right to participate in the management or the conduct of the Company's business and affairs nor any power or authority to act for, or on behalf of, the Company in any respect whatsoever. Except as otherwise specifically provided in the Certificate of Formation, this Agreement or the Act, the Manager shall have the right, power, and authority on behalf of the Company and in its name to exercise all of the rights, powers, and authority of the Company under the Act. The Manager shall direct, manage, and control the business of the Company to the best of its ability and shall have full and complete authority, power, and discretion to make any and all decisions and to do any and all things that the Manager shall deem to be reasonably required to accomplish the business and objectives of the Company, including the Company's business and affairs with the Trustee. The Manager shall act in good faith and in a manner that the Manager reasonably believes to be in the best interests of the Company. In addition to, and not as a limitation upon, <u>Section 5.6</u>, but subject to Section 18-1011 of the Act, any loss or damage incurred by the Manager by reason of any act or omission performed or omitted by it or its agents and employees in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority granted to it by this Agreement and in the best interests of the Company (but not, in any event, any loss or damage incurred by the Manager by reason of gross negligence, willful misconduct, fraud or any breach of his fiduciary duty as the Manager with respect to such acts or omissions) shall be paid from Company assets to the extent available (but no Member shall have any personal liability to the Manager under any circumstances on account of any such loss or damage incurred by the Manager or on account of the payment thereof). To the extent that the Act allows this Agreement to define the fiduciary standard of the Manager, that standard shall be met unless the error or omission of the Manager constituted gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Managers; Removal; Resignation; Election**.

&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) **Number of Managers**. GK Development, Inc., an Illinois corporation, shall be the sole Manager of the Company until its replacement pursuant to <u>Section 5.2(c)</u> hereof.

&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) **Qualification**. The Manager need not be a Member of the Company.

&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) **Removal; Resignation; Dissolution; Election**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Removal**. The Manager may only be removed by a Majority of the Members if it has made a decision to file a voluntary petition or otherwise initiate proceedings to have the Manager adjudicated insolvent, or to seek an order for relief of the Manager as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 et seq.); to file any petition seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency, or other relief for debtors with respect to the Manager; to seek the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of the Company or of all or any substantial part of the assets of the Company, to make any general assignment for the benefit of creditors of the Company, to admit in writing the inability of the Company to pay its debts generally as they become due, or to declare or effect a moratorium on the Company's debt or to take any action in furtherance of any of the above proscribed actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Resignation**. The Manager may resign upon the earlier of 180 days written Notice to the Company or upon the election of a replacement Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Dissolution**. The Manager shall cease to be the manager upon its dissolution or death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Election**. Upon a dissolution, removal or resignation of the Manager, a replacement Manager shall be elected by a Majority of the Members at the meeting called for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Reserved Powers**.

&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) Notwithstanding any provision to the contrary contained herein, the approval of the Manager shall be required for the following actions with respect to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amendment of the Certification of Formation or this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The conversion of the Company to another type of entity organized within or outside the State, including without limitation, a limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Merger, equity interest exchange, business combination or consolidation with any other Person, excepting a wholly-owned subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Creating or authorizing any new class or series of Units or equity, or selling, issuing or granting additional Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A decision to file a voluntary petition or otherwise initiate proceedings to have the Company adjudicated insolvent, or seeking an order for relief of the Company as debtor under the United States Bankruptcy Code (11 U.S.C. §§ 101 et seq.); to file any petition seeking any composition, reorganization, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy laws or any other present or future applicable federal, state or other statute or law relative to bankruptcy, insolvency, or other relief for debtors with respect to the Company; or to seek the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of the Company or of all or any substantial part of the assets of the Company, or to make any general assignment for the benefit of creditors of the Company, or to admit in writing the inability of the Company to pay its debts generally as they become due, or to declare or effect a moratorium on the Company's debt or to take any action in furtherance of any of the above proscribed actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any decision to dissolve or liquidate the Company, except as specifically set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Approving any budget or strategic or business plan for the Company or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except with respect to an Affiliate of the Company, making any investment in any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Encumbering all of the assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Making any distributions of Company cash or other property except as specifically provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Action Without a Meeting**. Notwithstanding any other provision of this Agreement, any action required to be taken, or which may be taken, by the Manager, may be taken by consent in writing, setting forth the action so taken, shall be signed before or after such action by the Manager. The Manager shall maintain a copy of any written consent at its principal place of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Officers**.

&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) **Designation and Election of Officers; Terms**. The Manager, at its discretion, may elect and appoint officers (the "<u>Officers</u>"), whose titles may be specified by the Manager. All Officers shall hold office until removed by the Manager. Any two or more offices may be held by the same person.

&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) **Removal of Officers; Vacancies**. Any Officer may be removed summarily with or without cause, at any time, by the Manager. Vacancies, including a vacancy caused by the death, disability, resignation, or removal of any Officer or Officers, may be filled by the Manager.

&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) **Duties**. The Officers shall have such powers and duties as from time to time shall be conferred upon them by the Manager. The Manager shall have the power to delegate any of its authority hereunder to any Officer or Officers.

&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) **Limitation on Liability of Officers**. In acting in the capacity as an Officer, each Officer shall only be liable to the extent that, and shall be indemnified as, the Manager would be under <u>Section 5.6</u> had the Manager taken the action delegated to the Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Indemnification**.

&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) **Nature of Indemnity**. Subject to <u>Section 5.1</u>, the Manager and its agents and employees who was or is made a party (or is threatened to be made a party) to or is involved in any Proceeding by reason of the fact that he, or a Person of whom he is the legal representative, is or was, or has agreed to be, the Manager, or is or was serving at the request of the Company as the Manager, employee, trustee, fiduciary, or agent of, or in any other capacity with another Person, including without limitation any Affiliate of the Company, shall be indemnified and held harmless by the Company, unless prohibited from doing so by the Act (but, in the case of any amendment of the Act, only to the extent that such amendment permits the Company to provide broader indemnification rights than the Act permitted the Company to provide prior to such amendment) from and against all expense, liability and loss (including attorneys' fees actually and reasonably incurred by such Person in connection with such Proceeding) and such indemnification shall inure to the benefit of his heirs, legatees, devisees, executors, administrators, trustees, personal representatives, successors and assigns; provided, however, that, except as provided in <u>Section 5.6(b)</u>, the Company shall indemnify any such Person seeking indemnification in connection with a Proceeding initiated by such Person only if such Proceeding was authorized by the Manager. The right to indemnification conferred in this <u>Section 5.6(a)</u>, subject to <u>Sections 5.6(b)</u> and <u>(d)</u>, shall include the right to be paid by the Company the expenses incurred in defending any such Proceeding in advance of its final disposition. The Company may, by action of the Manager, provide indemnification to employees and agents of the Company with the same scope and effect as the foregoing indemnification of any other such Person contemplated in this <u>Section 5.6(a)</u>. Notwithstanding the foregoing or any provision to the contrary contained in this Agreement, the Manager and its agents and employees shall have no right to indemnification pursuant to this <u>Section 5.6</u> for any loss or damage incurred by such Person by reason of the gross negligence, willful misconduct or fraud of such Person or any breach of such Person's fiduciary duty.

&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) **Procedure for Indemnification**. Any indemnification of a Manager or its agents and employees under <u>Section 5.6(a)</u> or advance of expenses under <u>Section 5.6(d)</u> shall be made promptly, and in any event within thirty (30) days after the Company's approval of the written request of such Person seeking indemnification. If the Company is required under the terms of this Agreement to make a determination as to whether the Manager or its agents and employees is entitled to indemnification pursuant to this <u>Section 5.6</u> and the Company fails to make such determination within thirty (30) days from receipt by the Company of a written request from such Person seeking indemnification, the Company shall be deemed to have approved the request.

&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) **Section Not Exclusive**. The rights to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its final disposition conferred in this <u>Section 5.6</u> shall not be exclusive of any other right which the Manager and its agents and employees may have or hereafter acquire under the Act or other applicable law, provisions of the Certificate of Formation, this Agreement, or otherwise.

&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) **Expenses**. Expenses incurred by the Manager or its agents and employees described in <u>Section 5.6(a)</u> in defending a Proceeding shall be paid by the Company in advance of such Proceeding's final disposition unless otherwise determined by the Manager upon receipt of a written undertaking by or on behalf of such Person to repay such amount if ultimately it shall be determined that he is not entitled to be indemnified by the Company. Such expenses incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Manager deems appropriate.

&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) **Employees and Agents**. Persons who are not covered by the foregoing provisions of this <u>Section 5.6</u> and who are or were employees or agents of the Company or the Manager, or who are or were serving at the request of the Company as employees or agents of an Affiliate, may be indemnified to the extent authorized at any time or from time to time by the Manager.

&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) **Contract Rights**. The provisions of this <u>Section 5.6</u> shall be deemed to be a contract right between the Company and the Manager (or any other Person entitled to indemnification under the terms contained in, and in accordance with, this <u>Section 5.6</u>), who serves in any such capacity at any time while this <u>Section 5.6</u>, the Certificate of Formation or the relevant provisions of the Act or other applicable law are in effect, and any repeal or modification of this <u>Section 5.6</u>, the Certificate of Formation or any such law shall not affect any rights or obligations then existing with respect to any state of facts or Proceeding then existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **Transactions with the Manager and Affiliates**. The Manager may appoint, employ, contract, or otherwise deal with any Person, including without limitation the Manager or its respective Affiliates, and with Persons, who or which have a financial interest in the Manager or in which the Manager has a financial interest, for transacting the Company's or any of its subsidiaries' or other Affiliates' businesses; provided, however, that the fees or other payments to any such Persons shall not be in excess of prevailing competitive rates for the transaction in question and the terms of which shall be at least as favorable to the Company as the terms available to the Company from an independent third-party in an arms-length transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 **No Exclusive Duty to Company**. The Manager shall not be required to manage the Company as the Manager's sole and exclusive function and the Manager may have other business interests and may engage in other activities in addition to those relating to the Company. Neither the Company nor any Member shall have any right, by virtue of this Agreement, to share or participate in such other investments or activities of the Manager or to the income or proceeds derived therefrom. The Manager shall incur no liability to the Company or to any of the Members as a result of engaging in any other business or ventures.

**SECTION VI**

**<u>CAPITAL CONTRIBUTIONS, CAPITAL ACCOUNTS, UNITS AND</u>**

**<u>FINANCIAL OBLIGATIONS OF MEMBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Capital Contributions**. Members shall make the Capital Contributions listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Capital Accounts**. A capital account (the "<u>Capital Account</u>") shall be established for each Member on the books and records of the Company and shall be maintained in accordance with the rules for determining and maintaining capital accounts set forth in Regulations Section 1.704-l(b)(2)(iv), as amended from time to time, or any successor provision. No interest shall be paid or accrued at any time on a Member's Capital Account or on any Capital Contribution. Each Member shall have a single Capital Account reflecting its entire Percentage Interest, regardless of the time or times and the manner in which the Percentage Interests were acquired by the Member. The Capital Accounts of the Members may be adjusted at the discretion of the Manager pursuant to, in accordance with, and upon the occurrence of the events set forth in Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Company property (as provided in the definition of Gross Asset Value) and, in such event, the Capital Accounts of the Members shall be adjusted in accordance with Regulations Section 1.704-l(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property. A transferee of a Percentage Interest (or portion thereof) will succeed to the Capital Account of the transferor to the extent it relates to the Percentage Interest (or portion thereof) transferred. The foregoing provisions, and other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. If the Manager determines that it is prudent to modify the manner in which Capital Accounts, or any debits or credits thereto, are computed in order to comply with those Regulations, the Manager may make such modification upon written notice to all Members of such proposed modification, provided that such modification is not likely to have a material effect on the amount distributable to any Member upon dissolution of the Company. Any such modification shall not require an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Classes of Units**. There shall be only one class of Units. Members shall receive and be deemed holders of the class of Units specified on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **No Interest on Contributions**. Except as provided in this Agreement, no Member shall be entitled to interest on his, her or its Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Return of Capital Contributions**. Except as otherwise provided in this Agreement, no Member shall be entitled to a return of any part of his, her or its Capital Contribution or to receive any distribution from the Company, and there shall be no obligation to return to any Member any part of such Member's Capital Contribution for so long as the Company continues in existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **No Liability**. No Member, as such, shall be liable for any of the debts of the Company or be required to contribute any additional capital to the Company, each Member's liability being limited to its Capital Contribution. Notwithstanding the foregoing or any provision to the contrary contained herein, all agreements and instruments executed by Members assuming or guaranteeing obligations of the Company shall be valid and enforceable in accordance with their terms.

**SECTION VII**

**<u>DISTRIBUTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Distributions to Members**. The Manager shall cause the Company to make distributions to the then Members in such amounts and at such times as the Manager shall determine, in its sole and absolute discretion. If elected by the Manager, distributions to the then Members shall be made pro rata, in accordance with their Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Tax Withholding**. If the Company incurs a withholding tax obligation with respect to the share of income allocated to any Member: (a) any amount which is (i) actually withheld from a distribution that would otherwise have been made to such Member and (ii) paid over in satisfaction of such withholding tax obligation shall be treated for all purposes under this Agreement as if such amount had been distributed to such Member; and (b) any amount which is so paid over by the Company, but which exceeds the amount, if any, actually withheld from a distribution which would otherwise have been made to such Member, shall be treated as an interest free advance (subject to the other provisions of this <u>Section 7.2</u>) to such Member. Amounts treated as advanced to any Member pursuant to this <u>Section 7.2</u> shall be repaid by such Member to the Company within thirty (30) days after the Manager gives notice to such Member making demand therefor. Any amounts so advanced and not timely repaid shall bear interest, commencing on the expiration of said thirty (30) day period, compounded monthly on unpaid balances, at an annual rate of eight percent (8.00%). The Company shall collect any unpaid advance amounts from any future distributions that would otherwise be made to such Member.

**SECTION VIII**

**<u>TAX CONSIDERATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Net Profit and Net Loss**.

&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) **Allocation**. Subject to the provisions of <u>Section 8.2</u> hereof, the Net Profit and Net Loss, as the case may be, as of the end of any Fiscal Year shall be allocated among the Members in accordance with their Percentage Interests.

&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) **Changes in Percentage Interests**. Upon any change in the relative Percentage Interests, whether by reason of the admission or withdrawal of a Member, a Transfer or otherwise, the Members' shares of Net Profit, Net Loss and all other Company items shall be determined by taking into account their varying Percentage Interests using any permissible method under Code Section 706 and the Regulations, as determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Special Income Tax Allocations**. During any Fiscal Year of the Company, the following special allocations shall be made in the following order and priority:

&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) **Minimum Gain Chargeback**. Except as otherwise provided in Regulations Section l.704-2(f), notwithstanding any other provision of this Article VIII, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other period, each Member shall be specially allocated items of Company income and gain for such year or other period (and, if necessary, subsequent years) in an amount equal to such Member's share of the net decrease in Company Minimum Gain, determined in accordance with Section 1.704-2(g) of the Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to the various Members pursuant thereto. The items to be so allocated shall be determined in accordance with Sections l.704-2(f)(6) and 1.704(j)(2) of the Regulations. This Section 4.3(a) is intended to comply with the minimum gain chargeback requirement in Section l.704-2(f) of the Regulations and shall be interpreted consistently therewith.

&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) **Member Minimum Gain Chargeback**. Except as otherwise provided in Regulations Section l.704-2(i)(4), notwithstanding any other provision of this Article VIII, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal Year or other period, each Member with a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Regulations shall be specially allocated items of Company income and gain for such year or other period (and, if necessary, subsequent years) in an amount equal to such Member's share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Section l.704-2(i)(4) of the Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to the various Members pursuant thereto. The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-20)(2) of the Regulations. This <u>Section 8.2(b)</u> is intended to comply with the minimum gain chargeback requirement in Section l.704-2(i)(4) of the Regulations and shall be interpreted consistently therewith.

&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) **Qualified Income Offset**. If a Member unexpectedly receives an adjustment, allocation, or distribution described in Regulations Section l.704-l(b)(2)(ii)(d)(4), (5) or (6), any of which causes or increases a deficit in such Member's Capital Account, then such Member will be specially allocated items of income and gain in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the deficit in such Member's Capital Account as quickly as possible; provided, however, an allocation pursuant to this Section 8.2(c) will be made if and only to the extent that such Member would have a Capital Account deficit after all other allocations provided for in this Article VIII have been tentatively made as if this <u>Section 8.2(c)</u> were not in this Agreement. This Section 8.2(c) is intended to constitute a "qualified income offset" within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d)(3) and shall be interpreted consistently therewith.

&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) **Gross Income Allocation**. In the event any Member has a deficit Capital Account at the close of any Fiscal Year which is in excess of the amount such Member is obligated to restore under this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections l.704-2(g)(l) and 1.704-2(i)(5), such Member shall be specially allocated items of gross income or gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this <u>Section 8.2(d)</u> shall be made only if and to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article VIII have been tentatively made as if <u>Section 8.2(c)</u> and this <u>Section 8.2(d)</u> were not in this Agreement.

&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) **Nonrecourse Deductions and Member Nonrecourse Deductions**. Nonrecourse Deductions as defined in Section l.704-2(b)(l) and Section 1.704-2(c) of the Regulations shall be allocated to the Members in accordance with and on the same basis as the allocation of Net Losses. Notwithstanding any provision hereof to the contrary, "partner nonrecourse deductions" as defined in the Regulations Section 1.704-2(i)(1) and Section 1.704-2(i)(2) for any Fiscal Year or other period shall be specially allocated to the Members who bear the economic risk of loss for the "partner nonrecourse debt" to which such "partner nonrecourse deductions" are attributable, as provided in Regulations Section l.704-2(i)(l).

&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) **Code Section 754 Adjustments**. To the extent that an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section l.704-l(b)(2)(iv)(m)(2) or Regulations Section 1.704-l(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of its Percentage Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in accordance with their Percentage Interest the event that Regulations Section 1.704-l(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event that Regulations Section 1.704-l(b)(2)(iv)(m)(4) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Curative Allocations**. The allocations set forth in Section 8.2 (collectively, the "Regulatory Provisions") are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all allocations pursuant to the Regulatory Provisions shall be offset either with other allocations pursuant to the Regulatory Provisions or, if necessary, with curative allocations of other items of income, gain, loss or deduction pursuant to this <u>Section 8.3</u>. Therefore, notwithstanding any other provision of this Agreement, other than the Regulatory Provisions, allocations pursuant to the Regulatory Provisions shall be taken into account in allocating other items of income, gain, expense or loss among the Members so that, to the extent possible, the net amount of such allocations of other items and the allocations pursuant to the Regulatory Provisions to each Member are equal to the net amount that would have been allocated to such Member if the Regulatory Provisions were not part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Section 704(c) Allocations**. In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction (including depreciation) with respect to any property contributed to the capital of the Company by a Member shall, solely for tax purposes, be allocated so as to take into account any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value at the time it was contributed to the Company (computed in accordance with subparagraph (i) of the definition of Gross Asset Value). In the event the Gross Asset Value of any Company asset is adjusted, pursuant to subparagraph (ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as required under Section 704(c) of the Code and the Regulations thereunder. Allocations pursuant to this <u>Section 8.4</u> are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member's Capital Account or share of allocations or distributions pursuant to any provision of this Agreement.

**SECTION IX**

**<u>TRANSFERS AND THE ADDITION, SUBSTITUTION AND WITHDRAWAL OF MEMBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Restrictions on Transfer; General Provisions Regarding Transfers**.

&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) Units may be, in whole or in part, and directly or indirectly, sold, pledged, encumbered, mortgaged, donated, bequeathed, assigned or otherwise transferred (whether voluntarily or by operation of law) (each, a "<u>Transfer</u>") in accordance with the terms of this Agreement, including without limitation, this <u>Section 9.1</u>. A Member seeking to Transfer Units shall provide the Manager (at the Company's principal place of business) with Notice of its intent to Transfer his, her or its Units, including without limitation a description of the proposed Transferee. The Manager shall have sole power to consent to the requested Transfer and no such consent shall be given unless in writing.

&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) Each Transferee (i) shall be admitted to the Company as a Member with respect to the Units so transferred to such Person when any such Transfer is reflected in the books and records of the Company and such Member becomes the record Holder of the Units so transferred, (ii) shall become bound, and shall be deemed to have agreed to be bound, by the terms of this Agreement, (iii) shall be deemed to represent that he, she or it has the capacity, power and authority to enter into this Agreement and (iv) makes the consents, acknowledgements and waivers contained in this Agreement, all with or without execution of this Agreement by such Person. A Person may become a Member without the consent or approval of any of the other Members. A Person may not become a Member without acquiring Units and until such Person is reflected in the books and records of the Company as the record Holder of such Units.

&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) Any Member who has transferred his, her or its Units shall cease to be a Member upon the Transfer of all of the Member's Units and thereafter shall have no further powers, rights, and privileges as a Member hereunder but shall, unless otherwise relieved of such obligations by written agreement of the Manager or by operation of law, remain liable for all obligations and duties incurred as a Member.

&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) Notwithstanding the provisions above, a Transferee who becomes a substitute Member is liable for any obligations of his, her or its transferor to make Capital Contributions as provided in this Agreement or in the Act.

&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) Notwithstanding <u>Section 10.13</u>, upon the occurrence of any Transfer, or any change to the Percentage Interests of any Member, the Manager may amend <u>Exhibit A</u> to this Agreement to reflect such change.

**SECTION X**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Fiscal Year**. The fiscal year of the Company shall be from January 1st through December 31st of each year ("<u>Fiscal Year</u>"), with the first Fiscal Year of the Company ending on December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Reports**. As soon as practicable, but in no event later than one hundred twenty (120) days after the close of each Fiscal Year of the Company, the Manager shall cause to be mailed or made available, by any reasonable means, to each Member as of a date selected by the Manager, an annual report containing financial statements of the Company for such Fiscal Year of the Company, presented in accordance with GAAP, including a balance sheet and statements of operations, Company equity and cash flows, with such statements having been audited by the Accountant selected by the Manager. The Manager shall be deemed to have made a report available to each Member as required by this <u>Section 10.2</u> if it has either (i) filed such report with the Commission via its Electronic Data Gathering, Analysis and Retrieval system and such report is publicly available on such system or (ii) made such report available on any website maintained by the Company and available for viewing by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Notices**. Unless otherwise set forth in this Agreement, any notice required under this Agreement ("<u>Notice</u>") shall be given in writing, either personally or by mail or other means of written communication, including facsimile, charges prepaid, addressed to the Member at the address of the Member appearing on the books of the Company or given by the Member to the Company for the purpose of notice or to the Company at its principal place of business. Any Member may designate a different address for notice by a Notice to the Company in accordance with the provisions of this <u>Section 10.3</u>. The Company (in care of the Manager), if it is not the party to which Notice is being given, shall be sent a copy of all Notices related to this Agreement by any method permitted by this <u>Section 10.3</u> for the giving of Notice. Any Notice shall be deemed given at the time when delivered personally, or deposited in the mail or sent by other means of written communication, including facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Binding Effect**. Subject in all respects to the limitations concerning the Transfer of Units in the Company contained in this Agreement, and except as otherwise herein expressly provided, the provisions of this Agreement shall be binding upon and inure to the benefit of the Company, the Members, and their respective heirs, legatees, devisees, executors, trustees, administrators, personal representatives and successors and assigns. This Agreement shall not be construed to provide any rights to third parties, including without limitation the creditors of the Company or of the Members, it being the intent of the parties to this Agreement that there shall be no third-party beneficiaries of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Counterparts**. This Agreement may be executed in any number of counterparts, each of which shall for all purposes constitute one agreement, which is binding on the Company and all of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Section Headings**. Section titles or captions contained in this Agreement are inserted as a matter of convenience and for reference only and shall not be construed in any way to define, limit, or extend or describe the scope of this Agreement or the intention of its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **Exhibits**. The terms of the Exhibits to this Agreement are made a part of this Agreement by reference as though such Exhibits were fully set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 **Variation in Pronouns**. All pronouns shall be deemed to refer to masculine, feminine, neuter, singular or plural, as the identity of the Person or Persons to which they refer may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 **Severability**. Each provision of this Agreement is intended to be severable, and the invalidity or illegality of any portion of this Agreement shall not affect the validity or legality of the remainder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 **Qualification in Other States**. If the business of the Company is carried on or conducted in states in addition to Delaware, then the Members severally agree to execute such other and further documents as may be required or requested by the Manager to qualify the Company in such states.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 **Entire Agreement**. This Agreement constitutes the entire agreement of the parties concerning the matters set forth in this Agreement and supersedes any understanding or agreement, oral or written, made before this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 **Forum**. Any action by one or more Members against the Company or the Manager or any of their respective Affiliates or by the Company or the Manager or any of their respective Affiliates against one or more Members or their respective Affiliates, which arises under, or in any way relates to this Agreement, including without limitation transactions permitted hereunder, or otherwise related in any way to the Company, the Manager, the Members or the Affiliates of any of them, shall be brought only in the United States District Court for the County of Cook, Illinois or in the courts of record of the State for the County of Cook, Illinois, and each party hereto hereby irrevocably waives any right that it may have to challenge such jurisdiction or the laying of venue in any such courts or the right to assert any inconvenience of the forum in connection with any such proceeding. The losing party shall bear any fees and expenses of the other parties to such action, including reasonable attorney's fees, any costs of producing witnesses and any other reasonable costs or expenses incurred by the prevailing party. If the losing party is a Member and such Member does not reimburse the prevailing party or parties in such action within thirty (30) days after the disposition of the action at issue, the Company may apply any distributions payable to such Member to the Member's reimbursement obligation to the prevailing party or parties. The foregoing shall not limit the remedies which a prevailing party may have hereunder or at law. **EACH PARTY HERETO ALSO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUCH ACTION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 **Amendments**. This Agreement may not be amended, except with the consent of a Majority of the Members; provided, however, that no Member shall be required without his, her or its prior written consent to make any Capital Contribution in excess of the amount set forth in this Agreement or its Exhibits. All amendments of this Agreement shall be in writing, copies of which shall be kept at the principal place of business of the Company. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, the Manager may amend this Agreement, without the consent of the consent of any Member, to the extent that such amendment is permitted under any other Section of this Agreement or otherwise reflects a result that is reasonably contemplated under this Agreement (including, without limitation, any one or more amendments permitted under <u>Section 9.1</u> or any amendment that the Manager determines to be necessary to accurately reflect any Transfer permitted under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 **Tax Matters Partner**. Garo Kholamian shall be the Tax Matters Partner within the meaning of such term as set forth in Section 6231(a)(7) of the Code, and as such, shall have the right to take all actions on behalf of the Company authorized or required by the Code for a Tax Matters Partner. The Manager shall have the right to replace the Tax Matters Partner at any time.

[Signature Pages Follow]

IN WITNESS WHEREOF, the undersigned have executed and delivered this Limited Liability Company Agreement of GK Investment Holdings III LLC as of the date first set forth above.

---

| | |
|:---|:---|
| **MEMBERS**: | **MEMBERS**: |
| **Declaration Establishing Garo Kholamian** | **Declaration Establishing Garo Kholamian** |
| **Revocable Trust, dated January 4, 2007** | **Revocable Trust, dated January 4, 2007** |
| By: |  |
|  | Garo Kholamian, Trustee |
| **Charlene M. Mast Trust, dated April 8, 2010** | **Charlene M. Mast Trust, dated April 8, 2010** |
| By : |  |
|  | Charlene M. Mast, Trustee |
| **Evan Shtulman** | **Evan Shtulman** |
| **Steven Higdon** | **Steven Higdon** |
| **James Kholamian** | **James Kholamian** |
| **MANAGER:** | **MANAGER:** |
| GK DEVELOPMENT, INC., | GK DEVELOPMENT, INC., |
| an Illinois corporation, d/b/a GK Real Estate | an Illinois corporation, d/b/a GK Real Estate |
| By: |  |
| Name: Garo Kholamian | Name: Garo Kholamian |
| Title: President | Title: President |

---

**<u>EXHIBIT A</u>**

As of March 5, 2025

---

| | | | |
|:---|:---|:---|:---|
| **MEMBER:** | **CAPITAL<br> CONTRIBUTION** | **UNITS** | **PERCENTAGE<br> INTEREST** |
| Garo Kholamian Revocable Trust dtd. Jan. 4, 2007 | $78.00 | 78 | 78% |
| Charlene M. Mast Revocable Trust dtd. Apr. 8, 2010 | $7.00 | 7 | 7% |
| Evan Shtulman | $5.00 | 5 | 5% |
| Steven Higdon | $5.00 | 5 | 5% |
| James Kholamian | $5.00 | 5 | 5% |
| **Total:** | $**100.00** | 100 | 100% |

---

## Ex1A-3

**Exhibit 3(a)**

BOND PURCHASE AGREEMENT

GK INVESTMENT HOLDINGS III LLC

and

THE HOLDERS OF THE BONDS

$75,000,000

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| Article 1 DEFINITIONS AND RULES OF CONSTRUCTION | Article 1 DEFINITIONS AND RULES OF CONSTRUCTION | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.2 | Rules of Construction | 4 |
| Article 2 THE SECURITIES | Article 2 THE SECURITIES | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.1 | Form and Dating | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Terms | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Agents | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | Paying Agent To Hold Money in Trust | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | Holder Lists | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.6 | Transfer and Exchange | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.7 | Treasury Bonds Disregarded for Certain Purposes | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.8 | Cancellation | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.9 | Redemption | 7 |
| Article 3 COVENANTS | Article 3 COVENANTS | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Payment of Bonds | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Compliance with Laws | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Existence | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | Books and Records | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.5. | Intentionally Deleted | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.6 | Amendment to Organizational Documents | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.7 | Secured Indebtedness Restriction | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.8 | Equity-Bond Ratio | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.9 | Bond Service Obligation | 9 |
| Article 4 DEFAULTS AND REMEDIES | Article 4 DEFAULTS AND REMEDIES | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Events of Default | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Intentionally Deleted | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | Appraisals | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Waiver of Past Events of Default; Postponement of Interest Payments | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Rights of Holders To Receive Payment | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Priorities | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Undertaking for Costs | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.8 | Actions of a Holder | 11 |
| Article 5 AMENDMENTS | Article 5 AMENDMENTS | 12 |
| &nbsp;&nbsp;&nbsp;Section 5.1 | Without Consent of Holders | 12 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Section 5.2 | With Consent of Holders | 12 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Revocation and Effect of Consents and Waivers | 12 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | Notice of Amendment; Notation on or Exchange of Bonds | 12 |
| Article 6 MISCELLANEOUS | Article 6 MISCELLANEOUS | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Notices | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Legal Holidays | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | No Recourse Against Others | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | Duplicate Originals | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.5 | Variable Provisions | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.6 | Governing Law and Venue | 14 |

---

This BOND PURCHASE AGREEMENT (the "***Agreement***"), effective as of _______________, 202__ is made and entered into by and among GK INVESTMENT HOLDINGS III LLC, a Delaware limited liability company (the "***Company***"), and each of the other persons who have executed a Subscription Agreement (defined herein) that have been accepted by the Company (collectively, the "***Holders***").

**Article 1** **<br> DEFINITIONS AND RULES OF CONSTRUCTION**

**Section 1.1 Definitions.**

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, all capitalized terms used herein shall have the meanings set forth in <u>Annex A</u> annexed hereto and made a part hereof.

**Section 1.2 Rules of Construction.**

Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) words in the singular include the plural, and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) provisions apply to successive events and transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "herein," "hereof" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "including" means including without limitation.

**Article 2** **<br> THE SECURITIES**

**Section 2.1 Form and Dating.**

The Bonds may be issued in book entry form, uncertified form, or certified form. Except for Bonds held by a Depository through a global bond, Bonds will only be certified at the Company's discretion. The Bonds and the certificate of authentication shall be substantially in the form of <u>Exhibit A</u> hereto and in such other forms as authorized pursuant to this Agreement (the "Form of Bond"). The Bonds may have notations, legends or endorsements required by law, stock exchange rule, automated quotation system, agreements to which the Company is subject, or usage. Each Bond shall be dated the date that the Company determines to be the date when the investor's Subscription Agreement has been accepted and good funds have been collected. Bonds surrendered for registration of transfer pursuant to Section 2.6 may be reissued (bearing the name of the new registered Holder) with a date reflecting the date such registration of transfer took effect in accordance with the records of the Company. Bonds are not issuable in bearer form.

**Section 2.2 Terms.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bonds shall be issuable as registered Bonds and in the denominations of One Thousand U.S. dollars ($1,000) or any integral multiple thereof. Initially, the Bonds will be offered starting from the date of qualification of the Regulation A Offering Statement on Form 1-A filed on ____________ (File No. ___________). The Bonds will bear interest at a fixed rate of seven percent (7.0%) per annum payable on each Interest Payment Date. Interest payable shall be calculated using the Interest Accrual Period immediately preceding such Interest Payment Date, if applicable. Interest on the Bonds will be paid monthly on the fifteenth (15th) day of each calendar month and the first interest payment on a Bond will be paid on the fifteenth (15th) day of the calendar month following the issuance of such Bond. In addition, the Company is obligated to pay Bondholders a cumulative non-compounding 1% Deferred Interest Payment on the Maturity Date. The Maturity Date and any extensions for the Bonds shall be set forth in the Form of Bond.

The principal of and the interest on the Bonds, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the Corporate Trust Office or agency of the Paying Agent; *provided, however*, that at the option of the Company and prior written consent of the registered holder of the Bond, payment of interest, may be made by check mailed by the Company directly to the address of the Person entitled thereto as such address shall appear in the Bond Register or shall be wired by the Company in accordance with the wire instructions provided by the registered holder of the Bond. Each Bond shall be dated the date of its authentication by the Company. Interest on the Bonds shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest installment on any Bond that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name said Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Date for such interest installment. In the event that any Bond is called for redemption and the redemption date is subsequent to a Record Date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Bond will be paid upon presentation and surrender to the Paying Agent of such Bond as provided in Section 2.9. Notwithstanding any other provisions of this Section 2.2, for Bonds held in Global Form payment of principal of and any interest on the Bonds shall be made to a Depositary or its nominee, as the case may be, as the sole registered owner and holder of the Bonds for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any interest on any Bond that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called "Defaulted Interest") shall forthwith cease to be payable to the registered holder on the relevant Record Date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

&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) The Company may make payment of any Defaulted Interest on Bonds to the Persons in whose names such Bonds (or their respective Predecessor Bonds) are registered at the close of business on a special Record Date for the payment of such Defaulted Interest. The Company shall fix a special Record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Company of the notice of the proposed payment. Such Defaulted Interest shall be paid to the Persons in whose names such Bonds (or their respective Predecessor Bonds) are registered on such special record date.

&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 Company may make payment of any Defaulted Interest on any Bonds in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Bonds may be listed, and upon such notice as may be required by such exchange. Subject to the foregoing provisions of this Section, each Bond delivered under this Agreement upon transfer of or in exchange for or in lieu of any other Bond shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless otherwise provided in the applicable form of Bond, no later than 60 days prior to the Maturity Date of a Bond the Company shall send to the Paying Agent, and each holder of record of such maturing Bond as of the Record Date set forth in the Notice of Maturity described in the next succeeding clause, or if no such Record Date is set forth then the date of such Notice of Maturity (a "Maturity Record Date"), a Notice of Maturity (via first class U.S. mail, facsimile or electronic transmission) stating the Maturity Date and whether the Company intends to elect any rights of extension of the Maturity Date as may be set forth in the applicable form of Bond. Unless otherwise provided in the applicable form of the Bond, to the extent the Company fails to provide such Notice of Maturity no later than 60 days prior to the Maturity Date of a Bond, the Company shall be deemed to have waived any right of extension of the Maturity Date and the Company shall pay all amounts due on the Maturity Date.

**Section 2.3 Agents.**

The Company shall maintain or cause to be maintained an office or agency where Bonds may be presented for registration of transfer or for exchange ("***Registrar***"), and where Bonds may be presented for payment ("***Paying Agent***"). The Registrar shall keep a register of the Bonds and of their transfer and exchange.

The Company may appoint more than one Registrar or Paying Agent. The Company may act as Paying Agent and/or Registrar. The Company shall notify the Holders of the name and address of any Agent that is not the Company.

The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent; provided, however, that no such removal shall become effective until acceptance or any appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor. The Registrar or Paying Agent may resign at any time upon written notice to the Company.

**Section 2.4 Paying Agent To Hold Money in Trust.**

On or before each due date of the Principal and Interest on any Bond, the Company shall deposit with the Paying Agent (if not the Company) a sum sufficient to pay such Principal and Interest when so becoming due. The Company shall require each Paying Agent (if not the Company) to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders all money held by the Paying Agent for the payment of the Principal of or Interest on the Bonds.

**Section 2.5 Holder Lists.**

The Company shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders (the "Bondholder List"). The Holder shall update the Company upon any change of its address information (including without limitation its electronic address). A Holder may only request access to such Bondholder List upon the occurrence of an Event of Default as defined in Section 4.1. If a Holder wishes to communicate with other Holders after an Event of Default has occurred, the Holder must first send the proposed communication to the Company to transmit to the other Holders, in any manner of the Company's choice. If the Company does not transmit the proposed communication to the other Holders within 30 days of receipt, then the Holder may request access to the Bondholder List, which shall not be withheld; provided, that such Bondholder List shall be used solely for purposes of communication regarding the then current Event of Default, if any, and upon any waiver or cure of such Event of Default, the Holder shall return all copies of the Bondholder List to the Company immediately, or destroy the same.

**Section 2.6 Transfer and Exchange.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Form</u>. The Company shall issue the Bonds in book entry form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>No Duty of Registrar</u>. The Registrar (if not the Company) shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Bond other than to require delivery of such certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>General Provisions Relating to Transfers and Exchanges</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) Bonds may be exchanged upon presentation thereof at the office or agency of the Bond Registrar (as defined in the Form of Bond), or such other location designated by the Company, for other Bonds of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Bonds so surrendered for exchange, the Company shall execute, and such office or agency shall deliver in exchange therefor the Bond or Bonds that the Bondholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. In addition to any fee that the Company charges to a Holder of Bond for any registration of transfer or exchange, the Company may also require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection with any registration of transfer, conversion or exchange thereof.

&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) Bonds issued upon any registration of transfer or exchange of Bonds shall be the valid obligations of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Agreement, as the Bonds surrendered upon such registration of transfer or exchange.

&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) Neither the Company nor the Registrar shall be required to register the transfer of or to exchange a Bond between a Record Date and the next succeeding Interest Payment Date.

&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) Prior to due presentment for the registration of a transfer of any Bond, any Agent and the Company may deem and treat the Person in whose name any Bond is registered as the absolute owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest on such Bonds and for all other purposes whatsoever, whether or not such Bond be overdue, and none of the Trustee, neither any Agent nor the Company shall be affected by notice to the contrary.

&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) Each Holder of a Bond agrees to indemnify the Company against any liability that may result from the transfer, exchange or assignment of such Holder's Bond in violation of any provision of this applicable United States federal or state securities law, including any violation of the Securities Act.

&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) Upon any purchase of a Bond, the Company must certify to the Registrar (if not the Company), and the Registrar may not transfer any Bond unless the Company certifies to it, that such transfer would not be required to be registered under the Securities Act or would be excluded from registration pursuant to an exception under the Securities Act.

&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) The Registrar shall retain copies of all certifications, letters, notices and other written communications received pursuant to this Section 2.6. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice.

**Section 2.7** **Treasury Bonds Disregarded for Certain Purposes.**

In determining whether the Holders of the required Principal amount of Bonds have concurred in any direction, waiver or consent, Bonds owned by the Company or an Affiliate shall be disregarded and deemed not to be outstanding, except that, for the purposes of determining whether the Registrar shall be protected in relying on any such direction, waiver or consent, only Bonds that the Registrar has actual knowledge of such ownership shall be so disregarded. Bonds so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Registrar the pledgee's right to deliver any such direction, waiver or consent with respect to the Bonds and that the pledgee is not the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other obligor.

**Section 2.8** **Cancellation.**

The Company at any time may deliver Bonds to the Registrar for cancellation. The Paying Agent shall forward to the Registrar any Bonds surrendered to it for payment. The Registrar shall cancel all Bonds surrendered for registration of transfer, exchange, payment or cancellation. The Company may not issue new Bonds to replace Bonds that it has paid or which have been delivered to the Registrar for cancellation, except that (1) where a Bond is surrendered for registration of transfer or partial redemption, then a new Bond of the same number may be issued, and (2) where a Bond is surrendered for exchange, one or more new Bonds may be issued.

**Section 2.9 Redemption**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bonds may be redeemed, in whole or from time to time in part, subject to the conditions set forth in this Agreement and in the Form of Bond. If the Company elects to redeem Bonds pursuant to this Section 2.9, it shall notify the Holders of the Bonds up for redemption in writing of the redemption date, the redemption price and the principal amount of Bonds to be redeemed. The Company shall give notice of redemption to the applicable Bondholder and any Paying Agent not less than thirty (30) days before the redemption date, together with such documentation and records as necessary to reflect the Company's selection of Bonds for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In case the Company shall desire to exercise any right to redeem all or, as the case may be, a portion of the Bonds in accordance with any right reserved so to do, the Company shall, or shall cause the Paying Agent to, give notice of such redemption to holders of the Bonds to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than thirty (30) days before the date fixed for redemption to such holders at their last addresses as they shall appear upon the Bond Register unless a shorter period is specified in the Bonds to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Bond designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Bonds. If less than all the Bonds are to be redeemed, the notice to the holders of Bonds to be redeemed in whole or in part shall specify the particular Bonds to be so redeemed. In case any Bond is to be redeemed in part only, the notice that relates to such Bond shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Bond to the Paying Agent, a new Bond or Bonds in principal amount equal to the unredeemed portion thereof will be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If less than all of any class or series of the Bonds are to be redeemed, the Company shall give the Bondholder and Paying Agent at least thirty (30) days' notice in advance of the date fixed for redemption as to the aggregate principal amount of Bonds to be redeemed, and the Company's selection of the specific Bonds to be redeemed in accordance with the terms of the applicable Bond form. The Company may, if and whenever it shall so elect, by delivery of instructions signed by the Company, instruct any Paying Agent to call all or any part of the Bonds for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as such Paying Agent as it may deem advisable. In any case in which notice of redemption is to be given by such Paying Agent, the Company shall deliver or cause to be delivered to, or permit to remain with, such Paying Agent, as the case may be, such Bond Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable such Paying Agent to give any notice by mail that may be required under the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the giving of notice of redemption shall have been completed as above provided, the Bonds or portions of Bonds to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Bonds or portions of Bonds shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Bond or portion thereof. On presentation and surrender of such Bonds on or after the date fixed for redemption at the place of payment specified in the notice, said Bonds shall be paid and redeemed at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable Record Date pursuant to this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Upon presentation of any Bond that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Bond is presented shall deliver to the holder thereof, at the expense of the Company, a new Bond of authorized denominations in principal amount equal to the unredeemed portion of the Bond so presented.

The Bonds may be redeemable at the election of the Bondholder in accordance with Section 6 of the Form of Bond.

**Article 3** **<br> COVENANTS**

**Section 3.1** **Payment of Bonds**

The Company shall pay the Principal of and Interest on the Bonds on the dates and in the manner provided in the Bonds and this Agreement. Principal and Interest shall be considered paid on the date due if the Paying Agent holds in accordance with this Agreement on that date money sufficient to pay all Principal and Interest then due and the Paying Agent is not prohibited from paying such money to the Holders on such date pursuant to the terms of this Agreement.

**Section 3.2** **Compliance with Laws.**

The Company shall, and shall cause the Manager to, conduct its business in compliance with all applicable requirements of all laws, ordinances or governmental rules or regulations to which each of them is subject (including, without limitation, the USA Patriot Act), including, without limitation, all relevant Governmental Approvals, except where any failure to comply could not reasonably be expected to result in a Material Adverse Effect, and except that the Company may, at its expense, contest by appropriate proceedings conducted in good faith the validity or application of any such requirement of law, so long as (a) none of the Holders could reasonably be expected to be subject to any civil or criminal liability for failure to comply therewith and (b) the result of such proceedings could not reasonably be expected to have a Material Adverse Effect.

**Section 3.3** **Existence.**

The Company will at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Preserve and maintain its legal existence as a limited liability company under the applicable laws of the State of Delaware and all of is material licenses, rights, privileges and franchises necessary for the maintenance of its corporate existence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Comply, in all material respects, with its Organizational Documents.

**Section 3.4** **Books and Records.**

The Company will maintain proper books of record and account in conformity with applicable accounting principles and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company.

**Section 3.5.** **Appraisals.**

While any of the Bonds remain Outstanding, the Company shall commission or otherwise obtain an Appraisal or Boker Opinion of Value of each real property owned by the Company or a subsidiary of the Company, at least once per calendar, including the calendar year following the year in which the property was acquired, and then on or before each subsequent anniversary of the prior Appraisal.

**Section 3.6** **Amendment to Organizational Documents.**

The Company will not amend, modify or change any terms or conditions of any of its Organizational Documents, other than those amendments, modifications or changes that would not reasonably be expected to have a Material Adverse Effect.

**Section 3.7 Secured Indebtedness Restriction.**

The Company, and its subsidiaries, may incur any indebtedness that would be senior to the Bonds, so long as the Company is in compliance with Section 3.8 of this Agreement.

**Section 3.8 Equity-Bond Ratio.**

While any of the Bonds remain outstanding, the sum of the aggregate Property Equity Values plus any Cash or Cash Equivalents then held by the Company shall be equal to or exceed seventy percent (70%) of aggregate principal amount of the Outstanding Bonds.

**Section 3.9 Bond Service Obligation.**

While any Bonds remain outstanding, the Company shall maintain a Cash Coverage Ratio equal to at least 120% of the Bond Service Obligations for a period of three (3) months.

**Article 4** **<br> DEFAULTS AND REMEDIES**

**Section 4.1** **Events of Default.**

An "Event of Default" occurs if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company defaults in the payment of any installment of interest, upon any of the Bonds as and when the same shall become due and payable, and continuance of such default for a period of 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Bonds as and when the same shall become due and payable, and continuance of such default for a period of 60 days, whether at maturity, upon redemption, by declaration or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company fails to observe or perform any other of its covenants or agreements contained in this Agreement for a period of 120 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a "Notice of Default" hereunder, shall have been given to the Company by the Holders of at least 25% in Principal amount of the Bonds at the time Outstanding, by registered or certified mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Company pursuant to or within the meaning of any Bankruptcy Law:

&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) commences a voluntary case,

&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) consents to the entry of an order for relief against it in an involuntary case,

&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) consents to the appointment of a custodian of it or for all or substantially all of its property, or

&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) makes a general assignment for the benefit of its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&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) is for relief against the Company in an involuntary case,

&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) appoints a custodian of the Company or for all or substantially all of its property, or

&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) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days.

The foregoing will constitute Events of Default whatever the reason for any such Event of Default, whether it is voluntary or involuntary, or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

The term "***Bankruptcy Law***" means title 11 of the U.S. Code or any similar federal or state law for the relief of debtors. The term "***Custodian***" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

The notice under clause (3) above must specify the Event of Default, demand that it be remedied to the extent consistent with law, and state that the notice is a "Notice of Default."

The Company will provide the Holders of the Bonds with semi-annual reports as required pursuant to Rule 257 of Regulation A that state whether the Company is in compliance with the covenants and other agreements contained in this Agreement. The semi-annual reports will be available to Holders as provided in the offering circular.

**Section 4.2** **Intentionally Deleted.**

**Section 4.3** **Intentionally Deleted.**

**Section 4.4** **Waiver of Past Events of Default; Postponement of Interest Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Holders of a majority in Principal amount of the Bonds by notice to the Company may waive an existing Event of Default and its consequences except:

&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) an Event of Default in the payment of the Principal of or Interest on any Bond; or

&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) an Event of Default with respect to a provision that under Section 5.2 cannot be amended without the consent of each Holder affected.

**Section 4.5** **Rights of Holders To Receive Payment.**

Notwithstanding any other provision of this Agreement, the right of any Holder of a Bond to receive payment of Principal and Interest on the Bond, on or after the respective due dates expressed in the Bond, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of the applicable Holder; provided, however, that the Holders of a majority in Principal amount of the Bonds may negotiate and enter into a settlement, payment schedule or other arrangement (including, without limitation, the reduction or increase of Interest and Principal due Holders, the modification of the manner, place or terms of payment, and the release or discharge of any claims, fees or amounts due Holders) on behalf of all Holders during the course of any suit, Proceeding or otherwise. In the event of any Proceeding, the settlement, payment schedule or other arrangement referenced in the preceding sentence must be in conformity with applicable Bankruptcy Law and approved by the applicable bankruptcy court before it may become effective.

**Section 4.6** **Priorities.**

After the occurrence and during the continuance of an Event of Default, any money or other property distributable in respect of the Company's obligations under this Agreement shall be paid in the following order:

First: to Holders for amounts due and unpaid on the Bonds for Principal and Interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Bonds for Principal and Interest, respectively; and

Second: to the Company.

**Section 4.7** **Undertaking for Costs.**

In any suit for the enforcement of any right or remedy under this Agreement, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.

**Section 4.8** **Actions of a Holder.**

For the purpose of providing any consent, waiver or instruction to the Company, a Holder shall include a Person who provides to the Company an affidavit of beneficial ownership of a Bond together with a satisfactory indemnity against any loss, liability or expense to such party to the extent that it acts upon such affidavit of beneficial ownership (including any consent, waiver or instructions given by a Person providing such affidavit and indemnity).

**Article 5** **<br> AMENDMENTS**

**Section 5.1** **Without Consent of Holders.**

The Company may amend this Agreement or the Bonds without the consent of any Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to make any change that does not adversely affect the rights of any Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to increase the number of Bonds to be issued pursuant to this Agreement.

**Section 5.2** **With Consent of Holders.**

The Company may amend this Agreement or the Bonds with the written consent of the Holders of at least a majority in Principal amount of the Bonds. However, without the consent of each Holder affected, an amendment under this Section may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce the amount of Bonds whose Holders must consent to an amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the Interest on or, except as provided in Section 6.4, change the time for payment of Interest on any Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce the Principal of or change the fixed maturity of any Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Bond payable in money other than that stated in the Bond; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) make any change in Section 4.4 or the first sentence of this Section 5.2.

It shall not be necessary for the consent of the Holders under this Section 5.2 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

**Section 5.3** **Revocation and Effect of Consents and Waivers.**

A consent to an amendment or a waiver by a Holder of a Bond shall bind the Holder and every subsequent Holder of that Bond or portion of the Bond that evidences the same debt as the consenting Holder's Bond, even if notation of the consent or waiver is not made on the Bond. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder's Bond or portion of the Bond if the Company receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder.

The Company may, but shall not be obligated to, fix a Record Date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Agreement. If a Record Date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such Record Date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

**Section 5.4** **Notice of Amendment; Notation on or Exchange of Bonds.**

After any amendment under this Article 5 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Article 5.

The Company may place an appropriate notation about an amendment or waiver on any Bond thereafter authenticated. The Company may issue, in exchange for affected Bonds, new Bonds that reflect the amendment or waiver.

**Article 6** **<br> MISCELLANEOUS**

**Section 6.1** **Notices.**

Any notice by one party to the other shall be in writing and sent to the other's address stated in Section 6.5. The notice is duly given if it is delivered in Person or sent by a national courier service that provides next Business Day delivery or by first-class mail.

A party by notice to the other party may designate additional or different addresses for subsequent notices.

Any notice sent to a Holder shall be mailed by first-class letter mailed to its address shown on the register kept by the Registrar. Failure to mail a notice to a Holder or any defect in a notice mailed to a Holder shall not affect the sufficiency of the notice mailed to other Holders.

If a notice is delivered or mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

A "Notice" includes any communication required by this Agreement.

**Section 6.2** **Legal Holidays.**

A "Legal Holiday" is a Saturday, a Sunday or a day on which banking institutions are not required to be open in both New York City, New York. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding Business Day that is not a Legal Holiday, and no Interest shall accrue for the intervening period.

**Section 6.3** **No Recourse Against Others.**

A director, officer, employee or member, as such, of the Company shall not have any liability for any obligations of the Company under the Bonds or this Agreement or for any claim based on, in respect of or by reason of such obligations or their creation.

**Section 6.4** **Duplicate Originals.**

The parties may sign any number of copies, and may execute such in counterparts, of this Agreement. One signed copy is enough to prove this Agreement.

**Section 6.5** **Variable Provisions.**

"***Officer***" means the Chairman, Chief Executive Officer, President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

The Company initially appoints Great Lakes Fund Solutions, Inc., as Registrar and Paying Agent.

The Company initially establishes the fee for registration of transfer or exchange of a Bond under Section 2.6 at $25 per transfer or exchange.

The Company's address is:

GK INVESTMENT HOLDINGS III LLC<br> 257 East Main Street, Suite 200

Barrington, IL 60010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847) 277-9930

Each Holder's address as set forth in such Holder's Subscription Agreement.

**Section 6.6** **Governing Law and Venue.**

This Agreement, the Bonds and all claims and causes of action arising hereunder or thereunder or relating hereto or thereto will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any conflict of law principles that would result in the application of the laws of any other jurisdiction. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of Illinois (Cook or Lake counties) or in the federal courts located in the Illinois. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non-convenience.

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|:---|
| GK INVESTMENT HOLDINGS III LLC |
| By: |
| Name: |
| Title: |

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|:---|
| BONDHOLDER: |
| By: |
| Name: |
| Title: |

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*Signature Page to Bond Purchase Agreement*

**ANNEX A**

**DEFINITIONS**

"***Affiliate***" shall mean any Person controlling or controlled by or under common control with the referenced Person. "Control" for this definition means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise. The terms "controlling" and "controlled" have meanings correlative to the foregoing.

"***Agent***" shall mean any Registrar or Paying Agent.

"***Bankruptcy Law***" shall have the meaning set forth in Section 4.1.

***"Bonds"*** shall mean the $75,000,000 in the aggregate of the Company's 8.0% unsecured bonds offered pursuant to the Company's Regulation A Offering Statement as defined in Section 2.2, in any case, registered in the name of the Holder thereof and issued in accordance with Article 2 hereof, substantially in the form of Exhibit A.

"***Bond Service Obligations***" shall mean, for any period or payable at any time, the principal of, premium, if any, on and interest on the Bonds for that period or payable at the time whether due on an Interest Payment Date, at maturity or upon acceleration or redemption.

***"Broker Value of Opinion"*** shall mean an estimate of a property's market value conducted by a licensed real estate broker, agent or qualified realty firm.

"***Business Day***" shall mean a day that is not a Legal Holiday.

***"Cash and Cash Equivalents"*** shall have the meaning prescribed by GAAP.

***"Cash Coverage Ratio"*** means the ration of the Cash and Cash Equivalents maintained by the Company to the aggregate Bond Service Obligations for a period of three (3) months.

"***Company***" shall mean GK Investment Holdings III LLC, a Delaware limited liability company and all successors thereto.

***"Custodian"*** shall have the meaning set forth in Section 4.1.

"***Default***" shall mean any event which is, or after notice or passage of time would be, an Event of Default.

"***Default Interest***" shall have the meaning set forth in Section 2.2(2).

"***Distribution***" shall mean any distribution by the Company (in cash, property of the Company or obligations) on, or other payment or distribution on account of, or the setting apart of money for a sinking or other analogous fund for, or the purchase, redemption, retirement or other acquisition by the Company of, any portion of any equity interest in the Company.

"***Event of Default***" shall have the meaning set forth in Section 4.1.

"***Governmental Approval***" shall men any authorization, consent, approval, license, ruling, permit, tariff, rate, certification, exemption, filing, variance, claim, order, judgment, decree, publication, notice to, declaration of or with, or restriction by or with, any Governmental Authority.

"***Governmental Authority***" shall mean any government, governmental department, commission, board, bureau, agency, regulatory authority, instrumentality, judicial or administrative body, domestic or foreign, federal, state or local, having jurisdiction over the matter or matters in question.

"***Holder***" shall mean a Person in whose name a Bond is registered.

"***Interest***" shall have the meaning set forth in Section 2.4.

***"Interest Payment Date"*** means the date for payment of interest, including any Deferred Interest, as set forth in the applicable Form Bond.

"***Material Adverse Effect***" shall mean a material adverse effect on (a) the assets, business or financial condition of the Company or (b) the ability of the Company to make timely payments of Principal Interest and other amounts due on the Bonds.

"***Maturity Date***" shall have the meaning set forth in Section 2.2(3).

"***Notice***" shall have the meaning set forth in Section 6.1.

***"Notice of Maturity"*** means a notice from the Company to a Bondholder that the Bondholder's Bond will be maturing on the related Maturity Date.

"***Officer***" shall have the meaning set forth in Section 6.5.

"***Organizational Documents***" shall mean the certificate of formation and the limited liability company agreement of the Company, as amended, supplemented or restated from time to time.

"***Paying Agent***" shall have the meaning set forth in Section 2.9.

"***Person***" shall mean any individual, corporation, partnership, joint venture, association, limited liability company, joint stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.

"***Principal***" of a Bond means the principal balance of the respective Bond.

"***Proceeding***" shall mean a liquidation, dissolution, bankruptcy, insolvency, reorganization, receivership or similar proceeding under Bankruptcy Law, an assignment for the benefit of creditors, any marshalling of assets or liabilities, or winding up or dissolution.

***"Property"*** means any interest in any kind of property or asset, whether, real, personal or mixed, whether tangible or intangible, owned or acquired by the Company or any Subsidiary of the Company.

***"Property Value"*** means either (a) if within two years of the Company's or its subsidiary's acquisition of Property and absent a later dated Appraisal of the Property then the gross purchase price of the Property or if such Property be a Real Property Debt Interest, then the outstanding principal amount of such Real Property Debt Interest; or (b) if on or after the second anniversary of the acquisition of the Property by the Company or its subsidiary if such Property be real property, then the appraised value of the Property in accordance with the Appraisal required under Section 3.5 hereof.

"***Property Equity Value***" means, with respect to any real Property held by the Company or a subsidiary, the Property Value less (1) the aggregate outstanding indebtedness secured by such Property, (2) the aggregate unsecured debt of any subsidiary with a direct or indirect interest in a Property, and (3) the aggregate debt secured by the Company's direct or indirect interest in any Subsidiary, and, if the subject Property be held in a subsidiary, further multiplied by the Company's proportionate interest in such Subsidiary; provided, however, for purposes of this Indenture, the minimum Property Equity Value of any Property shall be deemed to be $0.00.

"***Record Date***" have the meaning set forth in the Bonds.

"***Real Property Debt Interest***" means any note, bond, debenture or other evidence of indebtedness, or interest therein, issued or made by any Person owning, directly or through one or more subsidiaries, real property, and secured by a lien on either (a) real property; or (b) any equity interest in the owner (direct or indirect of real property.

"***Registrar***" shall have the meaning set forth in Section 6.5.

"***Securities Act***" shall mean the Securities Act of 1933, as amended.

"***Subscription Agreement***" shall mean the agreement by which each Person desiring to become a Holder shall evidence (i) the number of Bonds which such Person wishes to acquire, (ii) such Person's agreement to become a party to, and be bound by the provisions of, this Agreement and (iii) certain representations regarding the Person's finances and investment intent.

**EXHIBIT A**

FORM OF BOND

## Ex1A-3

**Exhibit 3(b**)

**GK INVESTMENT HOLDINGS III LLC**

**8.0% unsecured Bonds (Bonds)**

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| |
|:---|
| CUSIP No. [·] |
| ISIN No. [·] |
| No. of 8.0% unsecured bonds (the "**Bonds**"): [·] |
| Principal Amount of the Bonds: $[·] |

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GK INVESTMENT HOLDINGS III LLC, a Delaware limited liability company (the "**Company**"), for value received, promises to pay to the applicable Paying Agent (as defined in the Bond Purchase Agreement), or its registered assigns, the principal sum of up to $75,000,000, as more particularly stated and revised from time to time by the Schedule of Exchanges of Interests in Bonds attached hereto, on the Maturity Date (as defined herein).

Interest Payment Dates: Monthly payments on the 15<sup>th</sup> of each month commencing on the first month following the issuance of such Bond and continuing monthly thereafter until its maturity date.

Record Dates: The last day of each calendar month.

Reference is made to the further provisions of this Bond certificate (the "**Certificate**") contained herein, which will for all purposes have the same effect as if set forth at this place.

IN WITNESS WHEREOF, the Company has caused this Certificate to be signed manually or by facsimile by its duly authorized officer.

Dated: [·]

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| | |
|:---|:---|
| GK INVESTMENT HOLDINGS III LLC, | GK INVESTMENT HOLDINGS III LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| By: |  |
| Name: |  |
| Its: | Authorized Signatory |

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CERTIFICATE OF AUTHENTICATION

The Bonds are the 8.0% unsecured Bonds described in the within-mentioned Bond Purchase Agreement. Dated: ___________, 2025.

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| | |
|:---|:---|
| GK Investment Holdings III LLC | GK Investment Holdings III LLC |
| By: |  |
| Name: |  |
| Its: | Authorized Signatory |

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<u>SCHEDULE OF EXCHANGES OF BONDS</u>

The following exchanges of a part of this Certificate for an interest in another certificate or exchanges of a part of another certificate for an interest in this Certificate have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date of <br> Exchange | Amount of Decrease in <br> Principal Amount of<br> this Certificate | Amount of Increase in<br> Principal Amount of<br> this Certificate | Principal Amount of <br> this Certificate<br> Following such<br> Decrease (or Increase) | Signature of <br> Authorized Officer or<br> Trustee of Registrar |

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(Reverse of Bond)

8.0% Bonds

Bonds

This Certificate is governed by that certain bond purchase agreement by and among the holders of the bonds (the "**Bondholders**") and the Company, dated as of __________, 2025 (the "**Bond Purchase Agreement**"), as amended or supplemented from time to time, relating to the offer of $75,000,000 in the aggregate of 8.0% bonds (the "**Bonds**") of the Company as such amount and securities may be adjusted in accordance with the Bond Purchase Agreement. Capitalized terms used herein shall have the meanings assigned to them in the Bond Purchase Agreement referred to below unless otherwise indicated.

SECTION 1. <u>Interest and Deferred Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company promises to pay interest on the principal amount of the Bonds represented by this certificate at 7.0% per annum from the date of issuance, up to but not including the fifth anniversary of the initial closing of the Bonds (the "**Initial Maturity Date**") subject to the Company's ability to extend the Maturity Date for two additional one-year periods (each an "**Extension Period**") in its sole and absolute discretion by providing written notice of such extension to the Paying Agent and Bondholders of the maturing Bond at least 60 days prior to the Maturity Date and subject to Automatic Extension (as defined herein). The Initial Maturity Date as may be extended pursuant to this Section 1(a) is referred to herein after as the the "**Maturity Date**". Upon the exercise of the optional Extension Period, the Bonds shall bear interest at a fixed rate of seven and a quarter percent (7.25%) per annum payable on each Interest Payment Date for the first year following the Initial Maturity Date and a fixed rate of seven and a half percent (7.50%) per annum payable on each Interest Payment Date for the second year following the Initial Maturity Date. If, as of the expiration of Extension Periods, the Illiquid Assets of the Company are (i) publicly listed for sale as determined in the sole discretion of the Company; or (ii) in the case of Illiquid Assets that are Real Property Debt Interests, such Real Property Debt Interests mature within one (1) year of the Maturity Date, the Maturity Date shall be automatically extended for one (1) year at the current annualized interest rate (the "**Automatic Extension**"). The Company will pay interest due on the Bonds on the Interest Payment Dates, or if any such day is not a business day, the next Business Day. Interest on the Bonds will accrue from the first day of the calendar month immediately preceding the Interest Payment Date through the last day of the calendar month immediately preceding the Interest Payment Date, subject to Section 6.2 of the Bond Purchase Agreement. The Company shall pay interest on overdue principal and premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Bonds; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Deferred Interest Payment Date (as defined below) of the Bond, the Company shall pay the Bondholder a cumulative non-compounding deferred interest payment at a fixed rate of 1.0% per annum (the "**Deferred Interest**"), which shall accrue from the date of issuance of the Bond up to, but not including, the Deferred Interest Payment Date (the "**Deferred Interest Payment**"). A Deferred Interest Payment will not be made in the instance of any early optional redemptions requested by the Bondholder as set forth in Section 6 or redemptions upon death, disability or bankruptcy as set forth in Section 7. Deferred Interest Payment shall be paid on the earliest of Maturity Date as extended in accordance with Section 2(a) ("**Deferred Interest Payment Date"**). Deferred Interest Payment Date shall be the date on which Deferred Interest Payment is due and payable upon occurrences of the date of redemption pursuant to Section 5 hereof.

SECTION 2. <u>Method of Payment</u>. The Company will pay interest on the Bonds to the Persons who are registered holders of Bonds at the close of business on the last day of each calendar month immediately preceding the Interest Payment Date, whether or not such date is a Business Day (the "**Record Date**"), even if such Bonds are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.02 of the Indenture with respect to Defaulted Interest. The Bonds will be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Company shall pay principal, premium, if any, and interest on the Bonds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts ("**U.S. Legal Tender**"). Principal, premium, if any, and interest on the Bonds will be payable at the office or agency of the Company maintained for such purpose except that, at the option of the Company, the payment of interest may be made by check mailed to the holders of Bonds at their respective addresses set forth in the Bond Register. Until otherwise designated by the Company, the Company's office or agency will be the office of the Paying Agent maintained for such purpose.

SECTION 3. <u>Paying Agent and Registrar</u>. The Company hereby appoints Great Lakes Fund Solutions, Inc. as paying agent and registrar for Bonds held in any other name (the "**Paying Agent**" and "**Bond Registrar**"). The Company may change the paying agent or registrar without notice to the holders of Bonds. Except as provided in the Bond Purchase Agreement, the Company or any of its Subsidiaries may act in any such capacity.

SECTION 4. <u>Bond Purchase Agreement</u>. The Company issued the Bonds under the Bond Purchase Agreement. The terms of the Bonds include those stated in the Bond Purchase Agreement for a complete description of the terms of the Bonds. The Bonds are subject to all such terms, and holders of Bonds are referred to the Bond Purchase Agreement. To the extent any provision of this Certificate conflicts with the express provisions of the Bond Purchase Agreement, the provisions of the Bond Purchase Agreement shall govern and be controlling.

SECTION 5. <u>Optional Redemption</u>. The Company may redeem the Bonds, in whole or in part, without penalty. Any redemption of a Bond will be at a price equal to the then outstanding principal on the Bonds being redeemed, plus any accrued but unpaid interest on such Bonds including the Deferred Interest. If the Company plans to redeem the Bonds, the Company will give notice of redemption not less than thirty (30) days prior to any redemption date to each such holder's address appearing in the Bond Register maintained by the applicable Bond Registrar. In the event the Company elects to redeem less than all of the Bonds, the particular Bonds to be redeemed will be selected by the Company in its sole discretion. Except as set forth in this Section 5, or pursuant to Section 2.9 of the Bond Purchase Agreement, the Bonds may not be redeemed by the Company.

SECTION 6. <u>Optional Redemption at Election of Bondholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bonds will be redeemable at the election of the Bondholder beginning on the one-year anniversary of last issuance date of the series of Bonds held by the Bondholder. In order to request redemption, the Bondholder must provide written notice to us at our principal place of business that the Bondholder requests redemption of all or a portion (consisting of at least 50%) of the Bondholder's Bonds (a "**Notice of Redemption**"). The price per Bond to be paid for redemptions made pursuant to this section shall be $850 per Bond plus all accrued but unpaid interest on the Bonds being redeemed, excluding any Deferred Interest Payment. Deferred Interest Payments will not be made in the instances of redemption as set forth in this Section. We will have 120 days from the date the applicable Notice of Optional Redemption is provided to redeem the requesting Bondholder's Bonds, subject to the limitations set forth herein. Our obligation to redeem Bonds with respect to Notices of Redemption received in any given Redemption Period (as defined below) is limited to an aggregate principal amount of Bonds equal to 5.0% of the aggregate principal of Bonds under the Indenture as of the close of business on the last business day of the preceding Redemption Period, or, if there be no preceding Redemption Period, then as of close of business on the first business day of such initial Redemption Period (the "**5.0% Limit**"). Any Bonds redeemed as a result of a Bondholder's right upon death, disability or bankruptcy set forth in Section 7 will be included in calculating the 5.0% Limit and will thus reduce the number of Bonds available to be redeemed pursuant to this Section. Redemptions pursuant to this Section 6 and Section 7 shall be subject to the Company's determination that the Company has or will have cash available from operations or the sale of assets to make the requested redemptions (the "**Cash Limitation**"). Bond redemptions set forth in this Section will occur in the order that notices are received. If the Company is unable to redeem all Bonds for which Notices of Optional Redemption are received in any Redemption Period as a result of the 5.0% Limit or the Cash Limitation, the Company will treat unsatisfied or partially unsatisfied redemption requests as a Notice of Optional Redemption for the following Redemption Period, unless such Notice of Optional Redemption is withdrawn. The Company shall have no obligation to make redemptions under this Section following the listing of the Bonds on a national securities exchange.

SECTION 7. <u>Redemption upon Death or Disability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsection (b) below, within 60 days of the death or Qualifying Disability of a holder who is a natural person or a Person who beneficially holds Bonds (a "**Holder Redemption Event**"), the estate of such Person, such Person, or legal representative of such Person may request that the Company to repurchase, in whole but not in part, without penalty, the Bonds held or beneficially held by such Person, as the case may be, by delivering to the Company a repurchase request in form and content acceptable to the Company in its sole discretion (a "**Repurchase Request**"). Redemptions due to death or disability shall count towards the annual 10% limit on redemptions described above; provided, however, that any redemptions pursuant to death or disability shall not be subject to the 10% limit. Any Repurchase Request shall specify the particular Holder Redemption Event giving rise to the right of the holder or beneficial holder to have his or her Securities repurchased by the Company. If a Bond or beneficial interest is held jointly by natural persons who are legally married, then a Repurchase Request may be made by (i) the surviving holder or beneficial holder upon the occurrence of a Holder Redemption Event arising by virtue of a death, or (ii) the disabled holder or beneficial holder (or a legal representative) upon the occurrence of a Holder Redemption Event arising by virtue of a Disability. In the event a Bond or beneficial interest is held together by two or more natural persons that are not legally married (regardless of whether held as joint tenants, co-tenants or otherwise), neither of these persons shall have the right to request that the Company repurchase such Bond or beneficial interest unless a Holder Redemption Event has occurred for all such co-holders or co-beneficial holders of such Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Qualifying Disability shall mean with respect to any Holder or beneficial holder, a determination of disability based upon a physical or mental condition or impairment arising after the date such Holder or beneficial holder first acquired the Bonds. Any such determination of disability must be made by any of: (1) the Social Security Administration; (2) the U.S. Office of Personnel Management; or (3) the Veteran's Benefits Administration, or the Applicable Governmental Agency, responsible for reviewing the disability retirement benefits that the applicable Bondholder or beneficial holder could be eligible to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of a Repurchase Request under subsection (a) above, the Company shall designate a date for the repurchase of such Bond and notify the Paying Agents of such Repurchase Date, which date shall not be later than 90 days after the Company receives facts or certifications establishing to the reasonable satisfaction of the Company the occurrence of a Holder Redemption Event. Any redemption of a Bond under this Section will be at a price equal to all accrued and unpaid interest, to but not including the date on which the Bonds are redeemed, plus the then outstanding principal amount of such Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All redemptions pursuant to this Section 7 shall be subject to the Cash Limitation. In addition, our obligation to redeem Bonds with respect to repurchase requests received under this Section in any given Redemption Period is limited to an aggregate principal amount of Bonds equal to 1.25% of the aggregate principal of Bonds issued under the Indenture as of the close of business on the last business day of the preceding Redemption Period, or, if there be no preceding Redemption Period, then as of close of business on the first business day of such initial Redemption Period (the "**1.25% Limit**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Repurchase requests under this Section will be processed in the order in which they are received. If the Company is unable to redeem all Bonds for which repurchase requests are received under this Section in any Redemption Period as a result of the 1.25% Limit or the Cash Limitation, the Company will treat unsatisfied or partially unsatisfied repurchase requests as a repurchase request for the following Redemption Period, unless such repurchase request is withdrawn. The Company shall have no obligation to make repurchases under this Section following the listing of the Bonds on a national securities exchange.

SECTION 8. <u>Denominations, Transfer Exchange</u>. The Bonds are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The transfer of Bonds may be registered and Bonds may be exchanged as provided in the Indenture. The Bond Registrar may require a holder of Bonds, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a holder of Bonds to pay any taxes and fees required by law or permitted by the Indenture. The Company and the Bond Registrar are not required to transfer or exchange any Bonds selected for redemption. Also, the Company and the Bond Registrar are not required to transfer or exchange any Bonds for a period of 15 days before a selection of Bonds to be redeemed.

SECTION 9. <u>Persons Deemed Owners</u>. The registered holder of Bonds may be treated as its owner for all purposes.

SECTION 10. <u>Amendment, Supplement and Waiver</u>. Any existing Default or compliance with any provision may be waived with the consent of the holders of a majority of the Bonds then outstanding. Without notice to or consent of any holder of Bonds, the parties thereto may amend or supplement the Indenture and the Bonds as provided in the Indenture.

SECTION 11. <u>Defaults and Remedies</u>. If an Event of Default occurs and is continuing, the Holders will have all remedies available in law and at equity in accordance with the provisions of the Bond Purchase Agreement. If an Event of Default occurs and is continuing, the Bonds will continue to accrue interest at the applicable rate for Bonds. Holders of Bonds may not enforce the Bond Purchase Agreement or the Bonds except as provided in the Bond Purchase Agreement.

SECTION 12. <u>Restrictive Covenants</u>. The Bond Purchase Agreement contains certain covenants as set forth in Article III.

SECTION 13. <u>No Recourse Against Others</u>. No recourse for the payment of the principal of, premium, if any, or interest on any of the Bonds or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Bond Purchase Agreement, or in any of the Bonds or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Company or of any successor Person thereof. Each Holder, by accepting the Bonds, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of the Bonds.

SECTION 14. <u>Authentication</u>. This Certificate shall not be valid until authenticated by the manual signature of the Paying Agent or an authenticating agent.

SECTION 15. <u>Abbreviations</u>. Customary abbreviations may be used in the name of a holder of Bonds or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

SECTION 16. <u>Registered Form</u>. The Bonds are in registered form within meaning of Treasury Regulations Section 1.871-14(c)(1)(i) for U.S. federal income and withholding tax purposes.

SECTION 17. <u>Governing Law</u>. This Bond and this Certificate shall be governed by, and construed in accordance with, the laws of the State of New York.

## Ex1A-4

**Exhibit 4**

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 GK INVESTMENT HOLDINGS III LLC SUBSCRIPTION AGREEMENT INSTRUCTION PAGE We, GK INVESTMENT HOLDINGS III LLC (the "Company"), are selling up to a maximum of 75,000 bonds (the "Bonds") in connection with this offering (the "Offering"). Each Bond will be sold at a public offering price of $1,000 per Bond as may be supplemented (the "Offering Circular"). Your broker-dealer or registered investment advisor should mail properly completed and executed ORIGINAL documents, along with your check payable to "[____________], Escrow Agent for GK Investment Holdings III LLC" to GK INVESTMENT HOLDINGS III LLC at the address below. Documents may also be scanned and sent electronically to the email address listed below. MAIL AND OVERNIGHTIII DELIVERY GK INVESTMENT HOLDINGS III LLC c/o Great Lakes Fund Solutions, Inc., 500 Park Avenue, Suite 114, Lake Villa, IL 60046 Phone: (847) 265-1334 \| Fax: (847) 265-1472 \| Email: GKIPH@GLFSI.com WIRE INSTRUCTIONS [BANK NAME] ABA No: _____________ Acct No: Acct Name: _____________, Escrow Agent for GK INVESTMENT HOLDINGS III LLC Ref: [Investor Name] \*For Custodial Accounts, mail investor signed documents to the Custodian for signatures. INSTRUCTIONS TO SUBSCRIBERS Section 1: Indicate investment amount and payment type. Make all checks payable to "_____________, Escrow Agent for GK Investment Holdings III LLC" or wire funds pursuant to the instructions above. Section 2: Indicate type of ownership. Section 3: Fill-in all names, addresses, dates of birth, Social Security or Tax ID numbers of all investors or trustees. Section 4: Indicate distribution option. Section 5: Indicate if you consent to the electronic delivery of documents. Section 6: Indicate your qualification for purchasing the Bonds. If you are claiming to be an accredited investor, you must complete Addendum A. Section 7: Read each of the acknowledgments and representations. Your signature in Section 8 indicates that you have read Section 7, in its entirety, and the Company may rely on your signature that you understand and/or meet the acknowledgments and representations contained therein. Section 8: Execute the Subscription Agreement. NON-CUSTODIAL OWNERSHIP Accounts with more than one owner must have ALL PARTIES SIGN in Section 8. Be sure to attach copies of all plan documents for Pension Plans, Trust or Corporate Partnerships required in Section 2. CUSTODIAL OWNERSHIP For New IRA/Qualified Plan Accounts, please complete the form/application provided by your custodian of choice in addition to this Subscription Agreement and forward to the custodian for processing. For existing IRA Accounts and other Custodial Accounts, information must be completed BY THE CUSTODIAN. Have all documents signed by the appropriate officers, as indicated in the corporate resolution, and include them with your other subscription documents. |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 SUBSCRIPTION AGREEMENT 8% Bonds Issued by GK INVESTMENT HOLDINGS III LLC INVESTMENT (Select only one.) Initial Investment (minimum initial investment of 5 Bonds) Additional Investment in this Offering (no fractional bonds) Account number for existing account: Amount of Subscription Price per Bond (no fractional bonds) Payment type: Check Enclosed Wire transfer sent on the following date: DTC/Clearing Firm Settlement TYPE OF OWNERSHIP Non-Custodial Ownership Individual — One signature required. Joint Tenants with Rights of Survivorship — All parties must sign. Community Property — All parties must sign. Tenants in Common — All parties must sign. Uniform Gift to Minors Act — State of — Custodian signature required. Uniform Transfer to Minors Act — State of — Custodian signature required. Qualified Pension or Profit Sharing Plan — Include plan documents. Trust — Include title, signature and "Powers of the Trustees" pages. Corporation — Include corporate resolution, articles of incorporation and bylaws. Authorized signature required. Partnership — Include partnership agreement. Authorized signature(s) required. Other (Specify) — Include title and signature pages. Custodial Ownership Traditional IRA — Owner and custodian signatures required. Roth IRA — Owner and custodian signatures required. Simplified Employee Pension/Trust (SEP) — Owner and custodian signatures required. KEOGH — Owner and custodian signatures required. Other — Owner and custodian signatures required. Custodian Information (To be completed by custodian.) Name of Custodian: Mailing Address: City: State: Zip Code: Custodian Tax ID #: Custodian Telephone #: Custodian Account #: Custodian Email: $$ |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 SUBSCRIBER/INVESTOR INFORMATION (All fields must be completed) Investor/Trust Name/Plan Name Co-Investor/Name of Trustee(s) Investor Social Security Number/Tax ID Number Co-Investor Social Security Number/Tax ID Number Birth Date/Articles of Incorporation (MM/DD/YY) Co-Investor Birth Date (MM/DD/YY) Please indicate Citizenship Status U.S. Citizen Non-resident Alien – Country of Origin Resident Alien – Country of Origin Residential Address (No P.O. Box allowed) Street Address City State Zip Code Home Telephone Email Mailing Address\* (if different from above – P.O. Box allowed) Street Address City State Zip Code \*If the co-investor resides at another address, please attach that address to the subscription agreement DISTRIBUTION OPTIONS FOR NON-QUALIFIED ACCOUNTS (Select only one.) I (we) hereby subscribe for the Bond(s) of GK INVESTMENT HOLDINGS III LLC and elect the distribution option indicated below (choose one of the three options): I choose to have distribution checks mailed to me at the mailing address listed in Section 3. I choose to have distribution checks mailed to me at the following address. Mailing Address City State Zip Code I choose to have distributions deposited directly in a checking, savings or brokerage account. I authorize the Company or its agent to deposit my distribution to the account indicated below. This authority will remain in force until I notify the Company to change it. In the event that the Company deposits funds erroneously into my account, the Company is authorized to debit my account for the amount of the erroneous deposit. Name of Financial Institution Your Bank's ABA Routing # Your Account #: Name on Account or FBO: Account Type: Checking Savings Brokerage |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Please attach a pre-printed, voided check. The deposit services above cannot be established without a pre-printed, voided check/ or a deposit form if a savings account. For Electronic Funds Transfers, the signatures of the bank account owner(s) must appear exactly as they appear on the bank registration. If the registration at the bank differs from that on this Subscription Agreement, all parties must sign below (see page 4). ELECTRONIC DELIVERY OF DOCUMENTS (OPTIONAL) In lieu of receiving documents by mail, I authorize the company to make available on its web site at TBD its semi-annual reports, annual reports, or other reports required to be delivered to me, as well as any investment or marketing updates, and to notify me via e-mail when such reports or updates are available. Any investor who elects this option must provide an e-mail address below. Please carefully read the following representations before consenting to receive documents electronically. If you check this box, you represent the following: I acknowledge that access to the internet, email and the World Wide Web is required in order to access documents electronically. I may receive by email notification the availability of a document in electronic format. The notification e-mail will contain a web address (or hyperlink) where the document can be found. By entering this address into my web browser, I can view, download and print the document from my computer. I acknowledge that there may be costs associated with the electronic access, such as usage charges from my internet provider and telephone provider, and that these costs are my responsibility. a. I acknowledge that I may receive at no cost from the Company a paper copy of any documents delivered electronically by calling my financial advisor. b. I acknowledge that documents distributed electronically may be provided in Adobe's Portable Document Format (PDF). The Adobe Reader software is required to view documents in PDF. The reader software is available free of charge from Adobe's web site at www.adobe.com. The Adobe Reader software must be correctly installed on my system before I will be able to view documents in PDF. Electronic delivery also involves risks related to system or network outage that could impair my timely receipt of or access to stockholder communications. c. I understand that if the e-mail notification is returned to the Company as "undeliverable," a letter will be mailed to me with instructions on how to update my e-mail address to begin receiving communications via electronic delivery. I further understand that if the Company is unable to obtain a valid e-mail address for me, the Company will resume sending a paper copy of its filings by U.S. mail to my address of record. d. I understand that my consent may be updated, including any updates in e-mail address to which documents are delivered, or cancelled, at any time by calling my financial advisor. E-mail Address: Signature of Date Individual/Trustee/Beneficial Owner Printed Name Signature of Joint Owner/Co-trustee Date Printed Name |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 INVESTOR ELIGIBILITY CERTIFICATION I understand that to purchase Bonds, I must either be an "accredited investor" as such term is defined in Rule 501 of Regulation D promulgated under the act, or I must limit my investment in the Bonds to a maximum of: (i) 10% of my net worth or annual income, whichever is greater, if I am a natural person; or (ii) 10% of my revenues or net assets, whichever is greater, for my most recently completed fiscal year, if I am a non-natural person. I understand that if I am a natural person I should determine my net worth for purposes of these representations by calculating the difference between my total assets and total liabilities. I understand this calculation must exclude the value of my primary residence and may exclude any indebtedness secured by my primary residence (up to an amount equal to the value of your primary residence). In the case of fiduciary accounts, net worth and/or income suitability requirements may be satisfied by the beneficiary of the account or by the fiduciary, if the fiduciary directly or indirectly provides funds for the purchase of the Bonds. I hereby represent and warrant that I meet the qualifications to purchase Bonds because (please mark one): I am a natural person, and the aggregate purchase price for the Bonds I am purchasing in the offering does not exceed 10% of my net worth or annual income, whichever is greater. I am a non-natural person, and the aggregate purchase price for the Bonds I am purchasing in the offering does not exceed 10% of my revenues or net assets, whichever is greater, for my most recently completed fiscal year. I am an accredited investor. If you marked that you are an accredited investor, please complete Addendum A, attached hereto, and return it with this Subscription Agreement. If Addendum A is not received with this Subscription Agreement, your subscription will not be accepted. |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 INVESTOR ACKNOWLEDGEMENTS AND REPRESENTATIONS a. I understand that the Company reserves the right to, in its sole discretion, accept or reject this subscription, in whole or in part, for any reason whatsoever, and to the extent not accepted, unused funds transmitted herewith shall be returned to the undersigned in full. b. I have received the Offering Circular. c. I am purchasing the Bonds for my own account. d. I agree that my rights and responsibilities relative to my ownership of the Bonds subscribed for in this offering shall be governed (i) by that certain Bond Purchase Agreement by and among the Company and the Bondholders, filed as an exhibit to the Offering Circular; and (ii) the Form of Bond filed as an exhibit to the Offering Circular. e. I hereby represent and warrant that I am not, and am not acting as an agent, representative, intermediary or nominee for any person identified on the list of blocked persons maintained by the Office of Foreign Assets Control, U.S. Department of Treasury. In addition, I have complied with all applicable U.S. laws, regulations, directives, and executive orders relating to anti-money laundering including but not limited to the following laws: (1) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56; and (2) Executive Order 13224 (Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) of September 23, 2001. By making the foregoing representations you have not waived any right of action you may have under federal or state securities law. Any such waiver would be unenforceable. The company will assert your representations as a defense in any subsequent litigation where such assertion would be relevant. This subscription agreement and all rights hereunder shall be governed by, and interpreted in accordance with, the laws of the State of Delaware without giving effect to the principles of conflict of laws. INVESTOR SIGNATURES Digital ("electronic") signatures, often referred to as an "e-signature", enable paperless contracts and help speed up business transactions. The 2001 E-Sign Act was meant to ease the adoption of electronic signatures. The mechanics of this Subscription Agreement's electronic signature include your signing this Agreement below by typing in your name, with the underlying software recording your IP address, your browser identification, the timestamp, and a securities hash within an SSL encrypted environment. This electronically signed Subscription Agreement will be available to both, you and the Company, as well as any associated brokers, so they can store and access it at any time, and it will be stored and accessible on https://partnershipaccounting.com/gkdevelop. You and the Company each hereby consents and agrees that electronically signing this Subscription Agreement constitutes your signature, acceptance and agreement as if actually signed by you in writing. Further, all parties agree that no certification authority or other third party verification is necessary to validate any electronic signature; and that the lack of such certification or third party verification will not in any way affect the enforceability of your signature or resulting contract between you and the Company. You understand and agree that your e-signature executed in conjunction with the electronic submission of this Subscription Agreement shall be legally binding and such transaction shall be considered authorized by you. You agree your electronic signature is the legal equivalent of your manual signature on this Subscription Agreement. You consent to be legally bound by this Subscription Agreement's terms and conditions. Furthermore, you and the Company, each hereby agrees that all current and future notices, confirmations and other communications regarding this Subscription Agreement specifically, and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Subscription Agreement or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or due to a recipient's change of address, or due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire. Your Consent is Hereby Given: By signing this Subscription Agreement electronically, you are explicitly agreeing to receive documents electronically including your copy of this signed Subscription Agreement as well as ongoing disclosures, communications and notices. |

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| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Certification Instructions: You must cross out item (ii) above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. SIGNATURES: THE UNDERSIGNED HAS THE AUTHORITY TO ENTER INTO THIS PURCHASER QUESTIONNAIRE AND SUBSCRIPTION AGREEMENT ON BEHALF OF THE PERSON(S) OR ENTITY REGISTERED ABOVE. Executed on (date): Signature (Investor, or authorized signatory) Title: Joint Signature (Investor, or authorized signatory) Title: SUBSCRIPTION ACCEPTED \| GK INVESTMENT HOLDINGS III LLC, A Delaware Limited Liability Company By: Title: Dated: Form W-9: I HEREBY CERTIFY Under penalty of perjury (i) that the taxpayer identification number shown on the Subscription is correct (ii) that I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and (iii) I am a U.S. citizen or other U.S. person (including a U.S. resident alien). |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 BROKER-DEALER/FINANCIAL ADVISOR INFORMATION (All fields must be completed) The investor's registered representative (the "Registered Representative") of a participating broker-dealer ("Broker-Dealer") or an authorized representative of the investor's Registered Investment Advisor ("Registered Investment Advisor") must sign below to complete the order. If sold by a Registered Representative, the Registered Representative and the Broker-Dealer hereby represent and warrant that he/she and the Broker-Dealer are duly licensed and may lawfully conduct securities business in the state designated as the investor's legal residence. If sold by a Registered Investment Advisor, the Registered Investment Advisor represents that he/she is either registered under the Investment Advisers Act of 1940 or exempt from registration. RIA Submission Check this box to indicate whether submission is made through the Registered Investment Advisor (RIA) in its capacity as the RIA and not in its capacity as a Registered Representative of a Broker-Dealer, if applicable, whose agreement with the subscriber includes a fixed or "wrap" fee feature for advisory and related brokerage services. I understand that by checking the above box, I will not receive a selling commission. The undersigned confirm on behalf of the Broker-Dealer or Registered Investment Advisor that they (1) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (2) have discussed such investor's prospective purchase of Bonds with such investor; (3) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the Bonds; (4) have delivered a current Offering Statement and related supplements, if any, to such investor; (5) have reasonable grounds to believe that the investor is purchasing these Bonds for his or her own account; and (6) have reasonable grounds to believe that the purchase of Bonds is a suitable investment for such investor, that such investor meets the suitability standards applicable to such investor set forth in the Offering Circular and related supplements, if any, and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto. Registered Representative or RIA Signature Date State of Sale Broker-Dealer Principal Approval Date (If required by Broker-Dealer) Broker-Dealer or RIA Firm Name Broker-Dealer CRD Number Firm Telephone Number Firm Fax Number Firm Operations Email Firm Mailing Address City State Zip Code Registered Representative or IAR Name RR or IAR Branch Name/Number RR or IAR Telephone Number RR or IAR Fax Number RR or IAR Mailing Address City State Zip Code RR or IAR Email |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECTION IS REQUIRED FOR ACCREDITED INVESTORS ONLY If you marked in Section 6, Investor Eligibility Certifications, that you are an accredited investor as that term is defined in Rule 501 of Regulation D of the Securities Act of 1933, please complete this Addendum A. If a natural person, I hereby represent and warrant that (mark as appropriate): ☐ I have an individual net worth, or joint net worth with my spouse (or spousal equivalent), of more than $1,000,000, excluding primary residence, see calculation below; or ☐ I have individual income in excess of $200,000 or joint income with my spouse (or spousal equivalent) in excess of $300,000, in each of the two most recent years and I have a reasonable expectation of reaching the same income level in the current year. ☐ I am an executive officer, director, advisory board member, trustee or general partner of the Company, or serve in a similar capacity, or I serve in a similar capacity of the general partner of the Company. ☐ I am a holder in good standing of certain professional certifications or designations, including the Financial Industry Regulatory Authority, Inc. Licensed General Securities Representative (Series 7), Licensed Investment Adviser Representative (Series 65), or Licensed Private Securities Offerings Representative (Series 82) certifications. If other than a natural person, I represent and warrant that I am: (mark as appropriate): ☐ an organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, a corporation, Massachusetts or similar business trust, partnership, or organization described in Code Section 501(c)(3), not formed for the specific purpose of acquiring Bonds, with total assets over $5,000,000; ☐ an entity with investments (as defined in Section 2a51-1(b) of the Investment Company Act) exceeding $5,000,000, not formed for the specific purpose of acquiring Bonds; ☐ a trust, with total assets over $5,000,000, not formed for the specific purpose of acquiring Bonds and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of an investment in the Bonds as described in Rule 506(b)(2)(ii) under the Securities Act of 1933 (the "Securities Act"); ☐ a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended; ☐ an investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") or a business development company (as defined in Section 2(a)(48) of the Investment Company Act); ☐ an investment adviser registered under the Investment Advisers Act of 1940 (the "Advisers Act"), or an exempt reporting adviser (as defined in Section 203(l) or Section 203(m) of the Advisers Act), or a state- registered investment adviser; ☐ a family client of family office, with total assets of at least $5,000,000, not formed for the specific purpose of AddendumA |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2517430d1_ex4img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquiring Bonds and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that the family office is capable of evaluating the merits and risks of an investment in Bonds as described in Section 202(a)(11)(G)-1(b) under the Advisers Act; ☐ a small business investment company licensed by the Small Business Administration under Section 301(c) or (d) or the Small Business Investment Act of 1958, as amended; ☐ a Rural business investment company (as defined in Section 384A of the Consolidated Farm and Rural Development Act); ☐ an employee benefit plan within the meaning of ERISA, if the investment decision is made by a plan fiduciary (as defined in Section 3(21) of ERISA), which is either a bank, savings and loan association, insurance company, or registered investment advisor, or if such employee benefit plan has total assets over $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; ☐ a private business development company (as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended); ☐ a bank as defined in Section 3(a)(2) of the Securities Act, any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity, or any insurance company as defined in Section 2(13) of the Securities Act; ☐ a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets of more than $5,000,000; or ☐ an entity (including an Individual Retirement Account) in which all of the equity owners are accredited investors. Note: For the purposes of calculating your net worth, Net Worth is defined as the difference between total assets and total liabilities. This calculation must exclude the value of your primary residence and may exclude any indebtedness secured by your primary residence (up to an amount equal to the value of your primary residence). In the case of fiduciary accounts, net worth and/or income suitability requirements may be satisfied by the beneficiary of the account or by the fiduciary, if the donor or grantor is the fiduciary and the fiduciary directly or indirectly provides funds for the purchase of the Bonds. _____________________________________ Signature (Investor, or authorized signatory) _____________________________________ Joint Signature (Investor, or authorized signatory) Title: ______________________________ Title: ______________________________ |

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## Ex1A-6

**Exhibit 6(a)**

![](tm2517430d1_ex6aimg001.jpg)

**<u>SUBSCRIPTION ESCROW AGREEMENT</u>**

This Subscription Escrow Agreement (the "Agreement") is made effective as of [DATE] (the "Effective Date"), by and between GK Investment Holdings III LLC, a Delaware limited liability company with its principal place of business located at 257 E. Main Street, Suite 200, Barrington, Illinois 60010 (the "Company"), WealthForge Distributors, LLC, a Virginia limited liability company with its principle place of business located at 3015 W. Moore Street, Suite 102, Richmond, VA 23230 (the "Placement Agent"), and SouthState Bank, N.A., a Florida banking corporation (the "Escrow Agent").

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

**WHEREAS,** the Securities are proposed to be offered for sale to investors by participating broker-dealers pursuant to an exemption from registration under the Securities Act of 1933, as amended, and pursuant to exemptions from registration under certain state securities laws;

**NOW THEREFORE,** in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Company and the Escrow Agent agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Deposits in Escrow.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and Placement Agent shall deposit or cause to be deposited with the Escrow Agent all subscription proceeds received from investors who desire to purchase the securities (the "<u>Subscribers</u>") to be held in escrow under the terms of this Agreement until it receives notice from Placement Agent as described in Section 3. Proceeds the Escrow Agent receives from the Subscribers are "<u>Subscription Proceeds</u>." The Escrow Agent shall have no responsibility for Subscription Proceeds until such proceeds are actually received, clear through normal banking channels, and constitute collected funds. The Escrow Agent shall have no duty to collect or seek to compel payment of any Subscription Proceeds, except to place such proceeds or instruments representing such proceeds for deposit and payment through customary banking channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request, the Company and/or Placement Agent shall deliver to the Escrow Agent, in a form acceptable to the Escrow Agent, schedules disclosing the name and address of each of the Subscribers, the number of Securities subscribed for by each Subscriber, the federal tax identification number of each of the Subscribers, the amount of Subscription Proceeds received from each Subscriber, and such other information as required. The Escrow Agent shall deposit each Subscriber's Subscription Proceeds into a non-interest-bearing account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds from the Company, the Placement Agent, or any investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Rejection of Subscription Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Subscription Agreement may be rejected by the Company in whole or in part. The Placement Agent shall promptly notify the Escrow Agent in writing in the event of any such rejection. Upon the receipt of a payment file from the Placement Agent instructing the Escrow Agent to return funds, the Escrow Agent shall promptly return funds tendered by such Subscriber, without deduction or payment of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a withdrawal of a Subscription Agreement by a Subscriber, the Placement Agent shall promptly notify the Escrow Agent in writing that a Subscription Agreement has been withdrawn by a Subscriber. Upon the receipt of a payment file from the Placement Agent instructing Escrow Agent to return funds, the Escrow Agent shall promptly return to such Subscriber the Subscription Proceeds tendered therewith, without deduction or payment of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disbursements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Company acknowledges that Escrow Agent shall be obligated to disburse Subscription Proceeds only in accordance with Section 3(b) and 3(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon notice from the Placement Agent, the Escrow Agent shall disburse Subscription Proceeds in its possession to the account of the Company in accordance with the instructions and payment file the Placement Agent provides (the "<u>Initial Disbursement</u>"). The Placement Agent shall notify the Escrow Agent (i) the timing and how to disburse Subscription Proceeds deposited after Initial Disbursement, if applicable, and (ii) upon the final disbursement of Subscription Proceeds, after which this Agreement terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or before the execution and delivery of this Agreement, the Company shall provide to the Placement Agent, who will provide to the Escrow Agent a completed Form W-9 or Form W-8, whichever is appropriate. Notwithstanding anything to the contrary herein provided, the Escrow Agent shall have no duty to prepare or file any federal or state tax report or return with respect to any funds held pursuant to this Agreement or any income earned thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall make a copy of this Agreement available to each Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Investment of Subscription Proceeds; Compensation of Escrow Agent.</u>

The Company, the Placement Agent and the Escrow Agent further covenant, warrant and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Escrow Agent shall deposit all Subscription Proceeds, at the written direction of the Company, in non-interest bearing accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Placement Agent shall promptly pay to the Escrow Agent compensation, and reimburse the Escrow Agent for costs and expenses, including the Escrow Agent's attorney's fees, all in accordance with the provisions the Master Services Agreement entered into by and between the Placement Agent and the Escrow Agent contemporaneously herewith, which Master Services Agreement incorporated herein by reference and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties of Escrow Agent; Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no additional duties or obligations shall be implied hereunder. In performing its duties under this Agreement, or upon the claimed failure to perform any of its duties hereunder, the Escrow Agent shall not be liable to anyone for any damages, losses or expenses which may be incurred as a result of the Escrow Agent's so acting or failing to so act; provided, however, that the Escrow Agent shall not be relieved from liability for damages arising from the Escrow Agent's gross negligence or willful misconduct. The Escrow Agent shall in no event incur any liability with respect to (i) any action taken or omitted to be taken in good faith upon advice of legal counsel, which may be counsel to either party hereto, given with respect to any question relating to the duties and responsibilities of the Escrow Agent hereunder, or (ii) any action taken or omitted to be taken in reliance upon any instrument delivered to the Escrow Agent and believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company warrants to and agrees with the Escrow Agent that, to its knowledge, there is no security interest in the Subscription Proceeds or any part of the Subscription Proceeds and that no financing statement under the Uniform Commercial Code of any jurisdiction is on file in any jurisdiction claiming a security interest in or describing, whether specifically or generally, the Subscription Proceeds or any part of the Subscription Proceeds; and the Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Subscription Proceeds or any part of the Subscription Proceeds or to file any financing statement under the Uniform Commercial Code of any jurisdiction with respect to the Subscription Proceeds or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As an additional consideration for and as an inducement for the Escrow Agent to serve as escrow agent hereunder, it is understood and agreed that, in the event of any disagreement resulting in adverse claims and demands being made in connection with or for any money or other property involved in or affected by this Agreement, the Escrow Agent shall be entitled, at the option of the Escrow Agent and in good faith, to refuse to comply with the demands of any parties so long as such disagreement shall continue. In such event, the Escrow Agent may elect not to make any delivery or other disposition of the Subscription Proceeds or any part of such Subscription Proceeds upon the provision of prior written notice to Company and the Placement Agent as soon as commercially possible. Anything herein to the contrary notwithstanding, the Escrow Agent shall not be or become liable to such parties or any of them for the failure of the Escrow Agent to comply with the conflicting or adverse demands of such parties. The Escrow Agent shall be entitled to continue to refrain and refuse to deliver or otherwise dispose of the subscription proceed or any part thereof or to otherwise act hereunder, as stated above, unless and until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the rights of such parties have been finally settled or duly adjudicated in a court having jurisdiction
of the parties and the Subscription Proceeds and the Escrow Agent, has received written instructions as to disbursement thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the parties have reached an agreement resolving their differences and have notified the Escrow Agent in
writing of such agreement and have provided the Escrow Agent with indemnity satisfactory to the Escrow Agent against any liability, claims
or damages resulting from compliance by the Escrow Agent with such agreement.

In the event of a disagreement as described above, the Escrow Agent shall have the right, in addition to the rights described above and at the option of Escrow Agent, to tender into the registry or custody of any court having jurisdiction, all money and property comprising the Subscription Proceeds and may take such other legal action as may be appropriate or necessary, in the opinion of Escrow Agent or its legal counsel. Upon such tender, the Escrow Agent shall be discharged from all further duties under this Agreement; provided, however, that the filing of any such legal proceedings shall not deprive the Escrow Agent of its compensation hereunder earned prior to such filing and discharge of the Escrow Agent of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company agrees that in the event any controversy arises under or in connection with this Agreement or the Subscription Proceeds or the Escrow Agent is made a party to or intervenes in any litigation pertaining to this Agreement or the Subscription Proceeds, to pay to the Escrow Agent reasonable compensation for its extraordinary services and to reimburse the Escrow Agent for all costs and expenses, including legal fees and expenses, associated with such controversy or litigation; provided, however, that such compensation and legal reimbursement shall not apply if the controversy relates to the Escrow Agent's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Escrow Agent may resign at any time from its obligations under this Agreement by providing written notice to the Company and Placement Agent. Such resignation shall be effective on the date set forth in such written notice, which shall be no earlier than ninety (90) days after such written notice has been given. In the event no successor escrow agent has been appointed on or prior to the date such resignation is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent jurisdiction all assets then held by it hereunder and shall thereupon be relieved of all further duties and obligations under this Agreement; provided however, the Escrow Agent shall be entitled to its compensation earned prior thereto. The Escrow Agent shall have no responsibility for the appointment of a successor escrow agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Escrow Agent shall have no obligation to take any legal action in connection with this Agreement or its enforcement, or to appear in, prosecute or defend any action or legal proceeding which would or might involve the Escrow Agent in any cost, expense, loss or liability unless security and indemnity satisfactory to the Escrow Agent, shall be furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and Placement Agent jointly and severally agree to indemnify the Escrow Agent and each of its officers, directors, employees and agents and to save the Escrow Agent and each of its officers, directors, employees and agents harmless from and against any and all Claims (as hereunder defined) and Losses (as hereinafter defined) which may be incurred by the Escrow Agent or any of such officers, directors, employees or agents as a result of Claims asserted against Escrow Agent or any of such officers, directors, employees or agents directly or indirectly as a result of or in connection with Escrow Agent's serving in the capacity of escrow agent under this Agreement, other than Claims relating to damages arising from the Escrow Agent's gross negligence or willful misconduct. For the purposes hereof, the term "Claims" shall mean all claims, lawsuits, causes of action or other legal actions and proceedings of whatever nature brought against (whether by way of direct action, counterclaim, cross action or interpleader) the Escrow Agent or any such officer, director, employee or agent, even if groundless, false or fraudulent, so long as the claim, lawsuit, cause of action or other legal action or proceeding is alleged or determined, directly or indirectly, to arise out of, result from, relate to or be based upon, in whole or in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the acts or omissions of the Company and Placement Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the appointment of the Escrow Agent under this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the performance by the Escrow Agent of its powers and duties under this Agreement, other than claims relating
to damages arising from the Escrow Agent's gross negligence or willful misconduct.

The term "Losses" shall mean all losses, costs, damages, expenses, judgments and liabilities of whatever nature (including but not limited to attorneys', accountants' and other professionals' fees, litigation and court costs and expenses and amounts paid in settlement), directly or indirectly resulting from, arising out of or relating to one or more Claims. Upon the written request of the Escrow Agent or any such officer, director, employee or agent (each referred to hereinafter as an "Indemnified Party"), the Company agrees to assume the investigation and defense of any Claim, including the employment of counsel acceptable to the applicable Indemnified Party and the payment of all expenses related thereto and, notwithstanding any such assumption, the Indemnified Party shall have the right, and the Company and Placement Agent agree to pay the costs and expense thereof, to employ separate counsel with respect to any such Claim and to participate in the investigation and defense thereof in the event that such Indemnified Party shall have been advised by legal counsel that there may be one or more legal defenses available to such Indemnified Party which are different from or additional to those available to the Company or the Placement Agent. The Company and Placement Agent hereby agree that the indemnifications and protections afforded Escrow Agent and the other Indemnified Parties in this section shall survive the termination of this Agreement and any resignation or removal of the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company acknowledges that the Escrow Agent is serving as escrow agent for the limited purposes set forth herein and represents, covenants and warrants to the Escrow Agent that no statement or representation, whether oral or in writing, has been or will be made to any Subscriber to the effect that the Escrow Agent has investigated the desirability or advisability of investment in the Securities or approved, endorsed or passed upon the merits of such investment or is otherwise involved in any manner with the transactions contemplated hereby, other than as Escrow Agent under this Agreement. It is further agreed that the Company shall not use or permit the use of the name "SouthState", "SouthState Bank, N.A." or any variation thereof in any sales presentation, placement or offering memorandum or literature pertaining directly or indirectly to the Offering except strictly in the context of the duties of the Escrow Agent as escrow agent under this Agreement and in general references to the Placement Agent's frequent retention of the Escrow Agent. Any breach or violation of the paragraph shall be grounds for immediate termination of this Agreement by the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Escrow Agent shall have no duty or responsibility for determining whether the Securities or the offer and sale thereof conform to the requirements of applicable Federal or state securities laws, including but not limited to the Securities Act of 1933 or the Securities Exchange Act of 1934. The Company and the Placement Agent represent and warrant to the Escrow Agent that the Securities and the Offering will comply in all respects with applicable Federal and state securities laws and further represents and warrants that the Company has obtained and acted upon the advice of legal counsel with respect to such compliance with applicable Federal and state securities laws. The Company acknowledges that the Escrow Agent has not participated in the preparation or review of any sales or offering material relating to the Offering or the Securities. In addition to any other indemnities provided for in this Agreement, the Company agrees to indemnify and hold harmless the Escrow Agent and each of its officers, directors, agents and employees from and against all claims, liabilities, losses and damages (including attorneys' fees) incurred by the Escrow Agent or such persons and which directly or indirectly result from any violation or alleged violation of any Federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Notices.</u>

Any notices, elections, demands, requests and responses thereto permitted or required to be given under this Agreement shall be in writing, signed by or on behalf of the party giving the same, and addressed to the other party at the address of such other party set forth below or at such other address as such other party may designate in writing in accordance herewith. Any such notice, election, demand, request or response shall be addressed as follows and shall be deemed to have been delivered upon receipt by the addressee thereof:

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| | |
|:---|:---|
| If to Escrow Agent: | SouthState Bank, N.A. |
|  | Attn: John Seeds |
|  | 1101 First Street South |
|  | Winter Haven, FL 33880 |
|  | E-mail: john.seeds@@southstatebank.com |

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| | |
|:---|:---|
| If to Company: | GK Investment Holdings III LLC |
|  | 257 E. Main Street, Suite 200 |
|  | Barrington, IL 60010 |
|  | E-Mail: <u>Steve@gk-re.com</u>, <u>James@gk-re.com</u> |
|  | Tax identification #: 33-3781161 |

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| | |
|:---|:---|
| If to Placement Agent: | WealthForge Distributors, LLC |
|  | 3015 W Moore St, Suite 102 |
|  | Richmond, VA 23230 |
|  | E-mail: jraper@wealthforge.com |
|  | Tax identification #: 27-068786 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Successors and Assigns; Amendment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Construction.</u>

This Agreement shall be construed and enforced according to the laws of Virginia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Term.</u>

This Agreement shall terminate and the Escrow Agent shall be discharged of all responsibilities hereunder at such time as the Escrow Agent shall have disbursed all Subscription Proceeds in accordance with the provisions of this Agreement; provided, however, that the provisions of Sections 4(b), 5(g) and 5(i) hereof shall survive any termination of this Agreement and any resignation or removal of the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement.</u>

This Agreement, including any exhibits, schedules, or separate agreements directly referenced herein, represents the entire and final agreement between the parties, and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

[REMAINDER INTENTIONALLY BLANK

SIGNATURE PAGE TO FOLLOW]

**IN WITNESS WHEREOF,** the Parties hereto have caused this Agreement to be executed as of the date first above written.

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| |
|:---|
| SouthState Bank, N.A., as Escrow Agent |
| By: |
| Title: |

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|:---|
| Company: GK Investment Holdings III LLC |
| By: |
| Title: |

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| Placement Agent: WealthForge Distributors, LLC |
| By: |
| Title: |

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## Ex1A-6

**Exhibit 6(b)**

**<u>SERVICE FEE AGREEMENT</u>**

THIS SERVICE FEE AGREEMENT ("**Agreement**") is made and entered as of ___________________, 2025, by and between GK INVESTMENT HOLDINGS III LLC, a Delaware limited liability company (the "**Company**") and GK DEVELOPMENT, INC, an Illinois corporation, d/b/a "GK Real Estate" ("**Agent**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company was formed on March 5, 2025, to acquire, own, develop, redevelop, operate, and lend on commercial real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to that certain Limited Liability Company Agreement dated as of March 5, 2025 (the "**Operating Agreement**"), Agent is the sole Manager of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Company requests that Agent perform certain services for and on behalf of the Company in connection with the selection and acquisition of properties and for the development, financing, management and leasing of the Company's properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company and Agent desire to enter this Agreement to describe the services to be performed and provided by Agent and the fees payable by the Company to Agent in connection therewith.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, respectively, by each of the parties hereto, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Recitals</u>**. The recitals set forth above are hereby incorporated into the body of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services</u>**. Agent will be responsible for all aspects of the management of the Company's properties including, without limitation, the identification and selection of properties for acquisition and the development, financing, management and leasing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. In exchange for the services provided by Agent to the Company, Agent shall be entitled to the fees enumerated below:

&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) **<u>Acquisition Fees</u>**. Agent will be entitled to two percent (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. The acquisition fees are payable by the Company to Agent regardless of whether the property ever generates positive cash flow.

&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) **<u>Property Management Services Fees</u>**. Each property owned by the Company will be managed by Agent. For its services, Agent will be paid property management fees, leasing compensation and other compensation, provided that property management fees for any property may not exceed five percent (5%) of annual gross revenues from that property. The property management fees will be paid in arrears monthly. The property management fees are payable by the Company to Agent regardless of whether the property ever generates positive cash flow.

&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) **<u>Disposition Fees</u>**. Agent will receive two percent (2%) of the gross sale price from the disposition of each property by the Company. The disposition fees are payable by the Company to Agent at the closing of the sale transaction regardless of whether the investment is sold at a gain or a loss.

&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) **<u>Asset Management Fees</u>**. Each property owned by the Company will be managed by Agent. For its services, Agent will be entitled to an asset management fee equal to one percent (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 the Company to Agent regardless of whether the asset ever generates positive cash flow.

&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) **<u>Financing Fees</u>**. Agent will be entitled to two percent (2%) of the principal amount of any financing in conjunction with the purchase or refinance of an asset. The financing fees are payable by the Company to Agent regardless of whether the asset generates positive cash flow.

&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) **<u>Loan Management Fees</u>**. Agent will be entitled to one-half percent (0.5%) of the principal amount loaned. The loan management fees are payable by the Company to Agent regardless of whether the asset generates positive cash flow.

&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) **<u>Other Fees & Expenses</u>**. Agent may be entitled to certain additional, market rate fees in association with other activities imperative to the operations of the Company including, without limitation, property leasing, property development, and loan guarantees. Agent may also be entitled to reimbursement of its commercially reasonable out of pocket expenses incurred with providing the services provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Financial Records</u>**. Agent shall maintain books of accounts of all cash receipts and cash disbursements incurred in the management of real estate owned by the Company, which records at all times shall be open to the Company's inspection. Agent is authorized at the expense of the Company, to engage necessary professional services, including legal, accounting and brokerage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality</u>**. Each party agrees to not disclose any matters set forth in this Agreement or disseminate or distribute any information without the express written consent of the other party, except with respect to its attorneys, employees, contractors, accountants, and lenders who shall be advised of the confidential nature of this Agreement, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Notices</u>**. Any notice required or permitted to be given hereunder shall be sufficient if in writing and either delivered in person and receipted for; or three (3) days after being mailed by United States registered or certified mail, postage prepaid and return receipt requested; or via by commercial overnight delivery service. Any party may change its address for purposes of giving notice by written notice given in the foregoing manner. Notice will be deemed received when delivered and receipted for in person; or when deposited in the United States mail or received by the commercial overnight delivery service in accordance with the foregoing requirements. Notice given in any other manner will be deemed effective when actually received.

---

| | |
|:---|:---|
| Company: | GK Investment Holdings III LLC |
|  | c/o GK Development, Inc. |
|  | 257 E. Main Street, Suite 200 |
|  | Barrington, IL 60010 |
| Agent: | GK Development, Inc. |
|  | 257 E. Main Street, Suite 200 |
|  | Barrington, IL 60010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Default and Remedies</u>**. In the event of a breach or default of this Agreement by any party hereunder, the non-defaulting party shall be entitled to pursue any and all rights and remedies available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Amendments</u>**. This Agreement shall not be amended, altered, or changed except by a written agreement signed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Term</u>**. The term of this Agreement shall begin on the Effective Date and may be terminated by either party upon sixty (60) days prior written notice to the other party hereto, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the internal laws of the state of Illinois without reference to the conflicts of laws or choice of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Attorneys' Fees</u>**. Should either party institute any action or proceeding to enforce or interpret this Agreement or any provisions hereof, for damages by reason of any alleged breach of this Agreement or any provision hereof, or for a declaration of rights hereunder, the prevailing party in any such action or proceeding shall be entitled to receive from the other party all costs and expenses, including reasonable attorney's and other fees, incurred by the prevailing party in connection with such action or proceeding. The term "attorneys' and other fees" shall mean and include such fees incurred in actions, proceedings, suits, arbitrations, appeals and other similar proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>No Assignment</u>**. This Agreement constitutes a "personal services" contract. The parties agree that this Agreement shall not be assigned or transferred in whole or in part by either party without the express written consent of the other, which may be granted or withheld in the sole discretion of such party. Any attempted assignment or transfer shall not confer any rights upon the assignee or transferee but rather will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original against any party whose signature appears thereon, and all of which when taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Successors and Assigns</u>**. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Entire Agreement</u>**. This Agreement, together with the Operating Agreement, shall constitute the full and entire understanding and agreement between the parties hereto with regard to the subject matter hereof.

[SIGNATURE PAGE FOLLOWS]

WHEREFORE, the parties have executed this Service Fee Agreement on the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **AGENT:** | **AGENT:** | **COMPANY:** | **COMPANY:** |
| GK DEVELOPMENT, INC., <br> an Illinois corporation | GK DEVELOPMENT, INC., <br> an Illinois corporation | GK INVESTMENT HOLDINGS III LLC, <br> a Delaware limited liability company | GK INVESTMENT HOLDINGS III LLC, <br> a Delaware limited liability company |
|  |  | By: | GK Development, Inc., |
| By: |  |  | an Illinois corporation, its Manager |
| Name: | Garo Kholamian |  |  |
| Title: | President |  |  |

---

By:   <br> Name: Garo Kholamian <br> Its: President

## Ex1A-11

**Exhibit 11(a)**

**Consent of Independent Registered Public Accounting Firm**

GK Investment Holdings III LLC

Barrington, Illinois

We hereby consent to the use in the Offering Circular constituting a part of this Regulation A Offering Statement on Form 1-A of GK Investment Holdings III LLC (the "Company") of our report dated June 12, 2025, with respect to the balance sheet of the Company as of March 31, 2025 and of the related statements of operations, members' equity, and cash flows for the period from inception (March 5, 2025) through March 31, 2025, and the related notes to the financial statements.

/s/ Cherry Bekaert LLP

Richmond, Virginia

June 12, 2025

## Ex1A-12

**Exhibit 12**

June 12, 2025

GK Investment Holdings III LLC

257 East Main Street, Suite 200

Barrington, IL 60010

To the addressee set forth above:

We have acted as special counsel to you in connection with the preparation and filing by you, on or about the date of this opinion letter, of an Offering Statement on Form 1-A (as amended, the "Offering Statement") under the Securities Act of 1933, as amended (the "Act") and Regulation A promulgated thereunder, with respect to the qualification of $75,000 of 8% unsecured bonds (the "Bonds") of GK Investment Holdings III LLC (the "Company") (CIK: 0002072338). This opinion letter is being furnished in accordance with the requirements of Item 17 of Form 1-A under the Act, and no opinion is expressed in this letter as to any matter pertaining to the contents of the Offering Statement or related offering circular (the "Offering Circular"), other than as expressly stated in this letter with respect to the issuance of the Bonds.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining in this letter as to the internal laws of the State of New York and the Delaware Limited Liability Company Act, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to any matters of municipal law or the laws of any local agencies within any state.

Subject to the foregoing and the other matters set forth in this letter, it is our opinion that, as of the date hereof, when the Bonds have been duly executed, issued and authenticated in accordance with the terms of the Bond Purchase Agreement between the Company and holders of the Bonds in the form most recently filed as an exhibit to the Offering Statement (the "Bond Purchase Agreement") and the form of Bond most recently filed as an exhibit to the Offering Statement and delivered against payment therefor in the circumstances contemplated by form of subscription agreement most recently filed as an exhibit to the Offering Statement, the Bonds will have been duly authorized by all necessary limited liability company action of the Company, will be validly issued, fully paid and non-assessable; and will be valid and binding obligations of the Company.

You have informed us that you intend to issue the Bonds over time on a continuous basis beginning with the date of qualification of the Offering Statement. We understand that prior to issuing any Bonds you will afford us an opportunity to review the final form of the Bonds to be issued and final form of the Bond Purchase Agreement and you will file such supplement or amendment to this opinion (if any) as we may reasonably consider necessary or appropriate by reason of the terms of such Bonds or Bond Purchase Agreement.

Our opinion is subject to: (i) the effects of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights or remedies of creditors; (ii) (a) the effects of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), (b) concepts of materiality, reasonableness, good faith and fair dealing and (c) the discretion of the court before which a proceeding is brought; and (iii) the invalidity under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy.

We express no opinion as to: (a) consents to, or restrictions upon, governing law, jurisdiction, venue, service of process, arbitration, mediation, remedies or judicial relief; (b) advance waivers of claims, defenses, rights granted by law or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law or other procedural rights; (c) waivers of broadly or vaguely stated rights; (d) covenants not to compete; (e) provisions for exclusivity, election or cumulation of rights or remedies; (f) provisions authorizing or validating conclusive or discretionary determinations; (g) grants of setoff rights; (h) any provision requiring the payment of attorneys' fees, where such payment is contrary to law or public policy; (i) proxies, powers and trusts, and powers of attorney; (j) provisions prohibiting, restricting or requiring consent to assignment or transfer of any agreement, right or property; (k) any provision for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty; (l) provisions permitting, upon acceleration of any indebtedness (including the Bonds), collection of that portion of the stated principal amount thereof that might be determined to constitute unearned interest thereon; (m) any "swap" (as such term is defined in the Commodity Exchange Act), including any guarantee thereof, by any party that is not an "eligible contract participant" (as such term is defined in the Commodity Exchange Act) or any provision of any Document (as defined below) that purports to share the proceeds of any guarantee or collateral provided by any party that is not an eligible contract participant with the provider of any such swap or the effect of such sharing provisions on the opinions expressed in this letter; (n) provisions that (i) seek to preserve the solvency of any party by purporting to limit the amount of the liability of, or to provide rights of contribution in favor of, such person, (ii) authorize the exercise of self-help or similar remedies without judicial process, or (iii) relieve a party from liability for injury or damages where such injury or damage was caused by the act, omission or neglect of such party; or (o) the severability, if invalid, of provisions to the foregoing effect.

With your consent, we have assumed (a) that the Bond Purchase Agreement and the Bonds (collectively, the "Documents") have been duly authorized, executed and delivered by the parties thereto other than the Company, (b) that the Documents constitute legally valid and binding obligations of the parties thereto other than the Company, enforceable against each of them in accordance with their respective terms, (c) that the status of the Documents as legally valid and binding obligations of the parties is not affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or make required registrations, declarations or filings with, governmental authorities, (d) the (i) genuineness of all signatures on all documents, (ii) authenticity of all documents submitted to us as originals, (iii) conformity to authentic originals of all documents submitted to us as copies, and (iv) legal capacity of all natural persons, (e) that there are no agreements or understandings among any parties, written or oral, and there is no usage of trade of course of prior dealing among any parties, that would, in any case, amended, define, supplement, modify or qualify any terms of any Documents, (f) that there has not been any mutual mistake or misunderstanding of fact, fraud, duress or undue influence by any person or entity with respect to the Bonds, and (g) that all conditions precedent to the effectiveness of the Documents have been satisfied or waived.

We have further assumed, with your consent, that all members or managers of the Company that are entities have duly taken such internal actions (such as board, member, manager or partner approval) as may be necessary to enable them to duly act, and that such entities have duly acted (and duly authorized, executed and delivered the Documents, as applicable), in their capacities as members or managers of the Company in connection with the Documents. We assume for purposes of this opinion that the Company will remain duly organized, validly existing and in good standing under Delaware law.

This opinion is for your benefit in connection with the Offering Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Offering Statement and to the reference to our firm contained in the Offering Statement under the heading "Legal Matters." In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Sincerely, |
| /s/ Williams Mullen |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** GK Investment Holdings III LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2025

**CIK:** 0002072338

**I.R.S. Employer Identification Number:** 33-3781161

**Primary Standard Industrial Classification Code:** 6500

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 257 EAST MAIN STREET, SUITE 200, BARRINGTON, IL 60010

**Company Phone:** 847-277-9930

**Person to contact:** Rhys James

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount   |
|:---|:---|
| Cash and Cash Equivalents                | $0.00    |
| Investment Securities                    | $0.00    |
| Accounts and Notes Receivable            | $0.00    |
| Property, Plant and Equipment (PP&E)     | $0.00    |
| Total Assets                             | $0.00    |
| Accounts Payable and Accrued Liabilities | $0.00    |
| Long-Term Debt                           | $0.00    |
| Total Liabilities                        | $0.00    |
| Total Stockholders' Equity               | $0.00    |
| Total Liabilities and Equity             | $0.00    |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount   |
|:---|:---|
| Total Revenues                            | $0.00    |
| Costs and Expenses Applicable to Revenues | $0.00    |
| Depreciation and Amortization             | $0.00    |
| Net Income                                | $0.00    |
| Earnings Per Share - Basic                | 0.00     |
| Earnings Per Share - Diluted              | 0.00     |

**Auditor Information**

| Metric          | Amount              |
|:---|:---|
| Name of Auditor | Cherry Bekaert, LLP |

### Outstanding Securities

| Class            |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Membership Units |           100 | 000000N/A | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Debt

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount   |
|:---|:---|
| Number of securities offered                                    | 75000    |
| Number of securities outstanding                                | 0        |
| Price per security                                              | $1000.00 |
| Issuer's aggregate offering price                               | $0.00    |
| Aggregate offering price of securities held by security holders | $0.00    |
| Aggregate price of securities offered concurrently              | $0.00    |
| Total aggregate offering price                                  | $0.00    |

**Anticipated Fees**

| Service Provider   | Name                  | Fees      |
|:---|:---|:---|
| Auditor            | Cherry Bekaert, LLP   | $45000.00 |
| Legal              | Williams Mullen, P.C. | $75000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $69970000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR