# EDGAR Filing Document

**Accession Number:** 0001991899
**File Stem:** 0001213900-25-084445
**Filing Date:** 2025-9
**Character Count:** 1136607
**Document Hash:** 9e9a9a5ae27159c048102c595b7c6d02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-084445.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001213900-25-084445

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Central RoRo, LLC
- **CENTRAL INDEX KEY:** 0001991899
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 933133266
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12658
- **FILM NUMBER:** 251292838

**BUSINESS ADDRESS:**
- **STREET 1:** 829 N 1ST AVE
- **STREET 2:** SUITE 201
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 800-617-8981

**MAIL ADDRESS:**
- **STREET 1:** 829 N 1ST AVE
- **STREET 2:** SUITE 201
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004

## Part

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. 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 PRELIMINARY OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS 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 OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**PRELIMINARY OFFERING CIRCULAR**

**DATED SEPTEMBER 4, 2025**

![](image_001.jpg)

**CENTRAL RORO, LLC**

**829 N 1st Ave Suite 201**

**Phoenix AZ 85003** 

**800-617-8981** 

**www.atarihotels.com**

**$8,668,000 Minimum Offering Amount** 

**$75,000,000 Maximum Offering Amount**

Central RoRo, LLC is a Delaware limited liability company that we refer to in this offering circular as the "Company." The Company is offering a minimum of $8,668,000 of its units of membership interest, or "Units," or 17,336 Units, and a maximum of $75,000,000 of Units, or 150,000 Units, which we refer to in this offering circular as the "Minimum Offering Amount" and "Maximum Offering Amount," respectively. This offering of the Company's Units pursuant to this Offering Statement on Form 1-A of which this offering circular forms a part, is referred to as the "Offering." The Company has a holding company structure, meaning that it will operate its business through majority or wholly owned subsidiaries, or through current affiliates that will become the Company's majority or wholly owned subsidiaries upon the closing of an acquisition thereof. See "*Risk Factors — Risk Related to Our Holding Company Structure*" on page 6 for more information. As a result of the Company's holding company structure, we sometimes refer to ourselves and our majority owned subsidiaries or our affiliates which will become majority owned subsidiaries upon the closing of a Company securities offering, together as "we," "us," "our" and similar references as dictated by the context. See "*Notes on Offering Circular Presentation*" on page ii for information regarding the presentation of this offering circular and certain capitalized terms used in this offering circular.

The Company's first intended majority-owned subsidiary is our affiliate, Main & Main RoRo Property Owner, LLC, a Delaware limited liability company referred to in this offering circular as "Main & Main." We will acquire a majority of Main & Main's units of membership interest upon the initial closing of this Offering, which will occur only if we raise the Minimum Offering Amount. Through Main & Main, we intend to use the net proceeds of this Offering to develop, construct, and eventually operate an Atari-branded hotel and attached entertainment complex in the Roosevelt Row Arts District in Phoenix, Arizona.

We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses set forth in "*Use of Proceeds*" of page 37 for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023 (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main& Main's redemption of $3,900,000 of Main & Main Units following the initial closing of this Offering pursuant to Main& Main's Third Amended and Restated Operating Agreement, which we refer to as the "Main & Main Operating Agreement." See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" on pages 41 and 73 for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" on page 21 for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" on page 8 for more information. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel.

The Company and Main & Main are managed by Central RoRo Manager, LLC, an Arizona limited liability company, which we refer to as our "Manager," according to the Amended and Restated Operating Agreement of the Company, which we refer to as the "Operating Agreement," and the Main & Main Operating Agreement, respectively. See "*Our Manager*" on page 69 for more information about our Manager. You should note that there are conflicts of interest between us and our Manager, and that there are risks associated with such conflicts. See "*Risk Factors — Risks Related to Conflicts of Interest*" on page 18 for more information. Potential Investors should also note that we have zero to very limited ability to remove our Manager under our operating agreements and a certain line of credit with the Commerce Bank of Arizona CBAZ, do not expect to receive or make any cash distributions in the foreseeable future, and that our Manager, who holds sole management authority over the Company, Main & Main, and our business, does not hold any equity in either Main & Main or the Company but is entitled to a significant carried interest in Main & Main pursuant to the Main & Main Operating Agreement. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — We do not expect to be able to make cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*," and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*" on pages 24, 21, 22 and 23 for more information

We have engaged Castle Placement, LLC, or "Castle," an SEC-registered broker-dealer and a FINRA member, to act as the managing broker-dealer in this Offering on a "commercially reasonable basis." Pursuant to our agreement with Castle, we will pay them a commission equal to 2.75% of the gross proceeds from this Offering on capital it directly sources from investors which may be shared with soliciting dealers at its discretion, and 1.25% of the gross proceeds from this Offering sourced by the Company or by soliciting broker-dealers identified by the Company and approved by Castle. Notwithstanding the foregoing, aggregate fees payable to Castle will not exceed $2,092,500. See "*Plan of Distribution*" on page 27 for more information.

Until we close on the Minimum Offering Amount of $8,668,000, which we refer to as the "Initial Closing," all Offering proceeds will be held in a third-party escrow account, the "Escrow Account," managed by Silicon Valley Bank, a Division of First Citizens Bank & Trust Company, which we refer to as the "Escrow Agent." This Offering will terminate on the earlier of (i) the date we raise the Maximum Offering Amount, or (ii) the date that is one year from the qualification date of this Offering by the SEC, *provided*, *however*, that we may terminate this Offering at any time prior to the deadline identified in this offering circular, if doing so is in the best interest of our business. Any money tendered by potential investors but not closed upon as a result of any termination of the Offering, including as a result of (ii) above, will be promptly returned by the Escrow Agent without any interest or deduction. We will also amend or supplement this offering circular as appropriate in accordance with federal securities law. While our Offering of Units will be continuous and ongoing within the meaning of Rule 251(d)(3) of Regulation A, closings of the Offering, each of which is referred to in this offering circular as a "Closing" and together the "Closings," may take place from time to time, over the term of the Offering after the Minimum Offering Amount is raised, in order to maximize economic efficiencies for the duration of the Offering. In any event, we intend to hold a Closing at least every four weeks following the Initial Closing. An executed subscription agreement for any particular investor in this Offering will be accepted or rejected by our Manager within 15 days of being received by the Company. See "*Plan of Distribution*" for more information.

There is no market for our Units, and none may develop in the future. Our Units have limited voting rights as described in our operating agreements. Furthermore, there are certain restrictions on the transfer of our Units, and a holder thereof is not permitted to assign, pledge, mortgage, hypothecate, give, sell, or otherwise dispose of or encumber all or a portion of its units unless certain conditions are fulfilled. See "*Description of Our Units and the Units of Main & Main*" on page 73 for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Price to Public** | **Broker-Dealer <br> Commissions <sup>(1)</sup>** | **Proceeds**<br> **to the<br> Company <sup>(2)</sup>** |
| Per Unit | $500 | $10 | $490 |
| Total Minimum | $8668000 | $173360 | $8494640 |
| Total Maximum | $75000000 | $1500000 | $73500000 |

---

(1) For
 illustrative purposes only, based on an average blended broker-dealer commission of 2%. See "*Plan of Distribution* "
 for more information.

(2) Does not include other expenses
 of the Offering. See "*Use of Proceeds*" for more information.

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act, or the "JOBS Act," and, as such, may elect to comply with certain reduced reporting requirements for this offering circular and future filings after the Offering.

**By participating in this Offering, you are purchasing the Company's Units, and not the Main & Main Units. See "*Plan of Distribution*" on page 27 for more information.**

**The purchase of the securities offered through this offering circular involves a high degree of risk. You should carefully read the entire offering circular, including the section entitled "*Risk Factors*" beginning on page 6, before buying any Units.**

**THE U.S. SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF 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 SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**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)I OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO WWW.INVESTOR.GOV.**

This offering circular follows the offering circular format described in Part II (a)(1)(i) of Form 1-A.

**The approximate date of commencement of proposed sale to the public is September 30, 2025.**

\* THE "ATARI" NAME AND LOGO ARE THE EXCLUSIVE INTELLECTUAL PROPERTY OF ATARI INTERACTIVE, INC. AND ARE USED IN CONNECTION WITH HOTEL AND ENTERTAINMENT PROJECTS SOLELY PURSUANT TO A LIMITED LICENSE. CENTRAL RORO, LLC, MAIN & MAIN RORO PROPERTY OWNER, LLC, AND AH ENDEAVORS LLC ARE THE CURRENT LICENSEES; APART FROM THIS LICENSING RELATIONSHIP, THEY HAVE NO AFFILIATION WITH ATARI INTERACTIVE, INC. THIS INVESTMENT OPPORTUNITY IS NEITHER SPONSORED NOR ENDORSED BY ATARI INTERACTIVE, INC. OR ANY OF ITS AFFILIATES, AND IT CONFERS NO EQUITY OR OTHER OWNERSHIP INTEREST IN ATARI INTERACTIVE, INC., NOR IS IT GUARANTEED BY ATARI INTERACTIVE, INC. OR ITS AFFILIATES.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Notes on Offering Circular Presentation](#a_001) | ii |
| [Cautionary Statement Regarding Forward-Looking Statements](#a_002) | v |
| [Offering Circular Summary](#a_003) | 1 |
| [Summary Offering Terms](#a_033) | 4 |
| [Risk Factors](#a_004) | 6 |
| [Dilution](#a_005) | 26 |
| [Plan of Distribution](#a_006) | 27 |
| [Investment Reward Program](#a_007) | 33 |
| [Use of Proceeds](#a_008) | 37 |
| [Our Corporate Structure and Operational History](#a_009) | 41 |
| [Description of Business](#a_010) | 46 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_011) | 58 |
| [Directors, Executive Officers, and Significant Employees](#a_012) | 68 |
| [Our Manager](#a_013) | 69 |
| [Security Ownership of Management and Certain Securityholders](#a_014) | 70 |
| [Interest of Management and Others in Certain Transactions](#a_015) | 71 |
| [Description of Our Units and the Units of Main & Main](#a_016) | 73 |
| [Material United States Tax Considerations](#a_017) | 79 |
| [Legal Matters](#a_018) | 83 |
| [Independent Auditor](#a_019) | 83 |
| [Where You Can Find More Information](#a_020) | 83 |
| [Audited Financial Statements of Central RoRo, LLC](#a_021) | F-1 |
| [Audited Financial Statements of Main & Main RoRo Property Owner, LLC](#a_022) | F-11 |

---

**FOR INVESTORS OUTSIDE THE UNITED STATES**: We have not done anything that would permit possession or distribution of this offering circular in any jurisdiction where action for that purpose is required other than the United States. You are required to inform yourselves about and observe any restrictions relating to this Offering and the distribution of this offering circular.

i

**NOTES ON OFFERING CIRCULAR PRESENTATION**

Central RoRo, LLC, the Company, is the issuer in this Offering. The Company has a holding company structure, meaning that it will operate its business through majority or wholly owned subsidiaries, or through current affiliates that will become the Company's majority or wholly owned subsidiaries upon the closing of an acquisition thereof, if any. See "*Description of Business*" for more information. Upon the Initial Closing of this Offering, the Company will acquire a majority ownership stake in Main & Main, through which the Company will develop, construct, and operate the Phoenix, Arizona-based Atari Hotel business and any other Atari-brand hotels which the Company is licensed to develop, build, and operate, if any.

Throughout this offering circular, we refer to Central RoRo as the "Company," and to Main & Main RoRo Property Owner, LLC as "Main & Main." We also refer to the Company and Main & Main together, as "we," "us," "our," etc., due to the Company's holding company structure and the fact that Main & Main is the subsidiary through whom we will initially conduct our operations with respect to the Phoenix, Arizona-based Atari Hotel, unless dictated otherwise by context, for example, that:

● disclosure regarding this Offering, the Units, the "Plan of Distribution," and our agreement with Castle, refer to the Company, and

● disclosure regarding the acquisition of the Land Parcel, and the development, construction, and eventual operation of the Phoenix, Arizona-based Atari Hotel, refer to Main & Main. See "*Description of Business*" and "*Risk Factors — Risks Related to Our Holding Company Structure*" for more information.

You should rely only on the information contained or incorporated by reference in this offering circular prepared by us or to which we have referred you. We have not authorized anyone to provide you with any information other than the information contained in this offering circular and take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This offering circular is an offer to sell only the Units offered hereby but only under circumstances and in jurisdictions where it is lawful to do so. For the avoidance of doubt, this offering circular is not an offer to sell any Main & Main Units, and investors in this Offering will only receive Units by investing in this Offering. The information contained in this offering circular is current only as of its date, regardless of the time of delivery of this offering circular or any sale of Units. Neither the delivery of this offering circular nor any sale or delivery of our securities shall, under any circumstances, imply that there has been no change in our affairs since the date of this offering circular. This offering circular will be updated and made available for delivery to the extent required by federal securities law.

The industry and market data used throughout this offering circular have been obtained from our own research, surveys or studies conducted by third parties and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable but do not guarantee the accuracy and completeness of such information. We believe that each of these studies and publications is reliable. We have not engaged any person or entity to provide us with industry or market data.

Except as stated otherwise in this offering circular, we own the trademarks, service marks, and trade names that we use in connection with the operation of our business. This offering circular may also contain trademarks, service marks, and trade names of other companies, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names, or products in this offering circular is not intended to, and should not be read to, imply a relationship with or endorsement or sponsorship of us. Solely for convenience, some of the trademarks, service marks, and trade names referred to in this offering circular are listed without the TM, SM, and® symbols, but we will assert, to the fullest extent under applicable law, our applicable rights, if any, in these trademarks, service marks and trade names. All other trademarks are the property of their respective owners.

No information contained in this offering circular, nor in any prior, contemporaneous, or subsequent communication, should be construed by a prospective investor as legal or tax advice. We are not providing any tax advice as to the acquisition, holding, or disposition of the securities offered in this offering circular. In making an investment decision, investors are strongly encouraged to consult their own tax advisor to determine the U.S. Federal, state and any applicable foreign tax consequences relating to their investment in our securities. This written communication is not intended to be "written advice," as defined in Circular 230, published by the U.S. Treasury Department

**THE "ATARI" NAME AND LOGO ARE THE EXCLUSIVE INTELLECTUAL PROPERTY OF ATARI INTERACTIVE, INC. AND ARE USED IN CONNECTION WITH HOTEL AND ENTERTAINMENT PROJECTS SOLELY PURSUANT TO A LIMITED LICENSE. CENTRAL RORO, LLC, MAIN & MAIN RORO PROPERTY OWNER, LLC, AND AH ENDEAVORS LLC ARE THE CURRENT LICENSEES; APART FROM THIS LICENSING RELATIONSHIP, THEY HAVE NO AFFILIATION WITH ATARI INTERACTIVE, INC. THIS INVESTMENT OPPORTUNITY IS NEITHER SPONSORED NOR ENDORSED BY ATARI INTERACTIVE, INC. OR ANY OF ITS AFFILIATES, AND IT CONFERS NO EQUITY OR OTHER OWNERSHIP INTEREST IN ATARI INTERACTIVE, INC., NOR IS IT GUARANTEED BY ATARI INTERACTIVE, INC. OR ITS AFFILIATES. SEE "*Risk Factors - Risks Related to Our Business and Industry - We will hold a limited license to the Atari brand for use in the Phoenix, Arizona-based Atari Hotel and do not have any affiliation with Atari Interactive, Inc.,*" AND "*Risk Factors - Risks Related to Our Business and Industry - If we fail to comply with its obligations in the agreements under which it will license intellectual property and other rights from third parties or otherwise experience disruptions to its business relationships with any licensor, it could lose license rights that are important to the business*" FOR MORE INFORMATION.**

ii

Throughout this prospectus, we refer to the following terms:

● "Atari Hotel," "Atari Entertainment Complex," "City of Atari," and the "Phoenix, Arizona-based Atari Hotel," which refers to the Phoenix, Arizona-based Atari Hotel and Phoenix Atari Entertainment Complex together, unless context dictates otherwise, will include 19 suites, 72 hotel rooms, and more than 60,000 square-feet immersive entertainment and video game experiences, food and beverage, and other retail offerings with nationally and internationally known brands offering apparel, products, collectibles, and video-games, which will be developed and constructed on an approximately 46,000 square-foot parcel of land in the Roosevelt Row Arts District in Phoenix, Arizona.

● "AH Endeavors" means AH Endeavors LLC, an Arizona limited liability company owned by Jason Merck and Jordan Taylor, our Manager's co-managers. Under a certain Assignment and Assumption Agreement dated February 14, 2025, between AH Endeavors and Breakout 1976 LLC, a now-dissolved Delaware limited liability company formerly owned by our Manager's co-managers, AH Endeavors became the successor in interest to and assignee of all rights, title, and interest in and to the assets of Breakout 1976 LLC, together with all associated obligations. These rights and obligations include those set forth in the Option and License Agreement with Atari, under which Atari granted Breakout 1976 a transferable license to use its intellectual property in connection with the Phoenix, Arizona-based Atari Hotel and to expand the licensed Atari trademark through that project. For purposes of this offering circular and the related offering statement, we will not refer to this assignee-assignor relationship and instead will act as if the Option and License Agreement was entered into by and between Atari and AH Endeavors.

● "CBAZ" means the Commerce Bank of Arizona, Scottsdale Branch, which extended the CBAZ LOC to Main & Main as partial financing for the Land Purchase Agreement's $10,500,000 purchase price for the Land Parcel.

● "CBAZ LOC" means the $3,000,000 line of credit extended to Main & Main by the Commerce Bank of Arizona, Scottsdale Branch, as partial financing for the Land Purchase Agreement's $10,500,000 purchase price for the Land Parcel.

● "Central RoRo," the "Company," and similar references refer to Central RoRo, LLC., a Delaware limited liability company organized to aggregate and facilitate indirect retail investment in the units of membership interests of Main & Main RoRo Property Owner, LLC.

● "Closing" or "Closings" means each closing on amounts raised in the Offering after the Initial Closing.

● "Code" refers to the Internal Revenue Code.

● "Escrow Agent" refers to Silicon Valley Bank, a Division of First Citizens Bank & Trust Company, which will manage the third-party escrow account containing proceeds derived from the Offering.

● "Exchange Act" means the Securities Exchange Act of 1934, as amended.

● "FINRA" means the Financial Industry Regulatory Authority.

● "Initial Closing" refers to the initial closing we intend to conduct once the minimum offering amount has been raised.

● "Intel" refers to Intel Corporation.

● "JMJT" refers to JMJT Roosevelt 2 LLC, a Delaware limited liability company and our affiliate.

● "JOBS Act" means the Jumpstart Our Business Startups Act.

● "Land Parcel" or the "Phoenix, Arizona-based Land Parcel" means the 46,000-square-foot plot of land located at 840 N Central Ave, Phoenix, AZ 85004, in the heart of the arts and cultural district of Phoenix known as Roosevelt Row and is in close proximity to two of the country's largest gaming states, California and Texas.

● "Land Purchase Agreement" means the Land Purchase Agreement between JMJT, an affiliate of the Company and Main & Main, and Audacy Atlas, LLC, which JMJT assigned to Main & Main on December 8, 2023, which sets forth the terms and conditions of Main & Main's acquisition of the Land Parcel. The Land Parcel is collateral for the CBAZ LOC, which Main & Main used to partially finance the Land Purchase Agreement's $10,500,000 purchase price. See "*Our Corporate Structure and Operating History*" for more information.

iii

● "Leaseback Agreement" means the leaseback agreement by and between Audacy Atlas, LLC and Main & Main, which was entered into as a condition of the Land Parcel Purchase Agreement.

● "Main & Main" refers to Main & Main RoRo Property Owner, LLC, a Delaware limited liability company that intends to operate the Phoenix, Arizona-based Atari Hotel, which is also managed by our Manager.

● "Main & Main Operating Agreement" means the Amended and Restated Operating Agreement of Main & Main RoRo Property Owner, LLC.

● "Main & Main Units" mean the units of membership interests of Main & Main which are not for sale in this offering circular but which the Company will acquire with the net proceeds of this Offering immediately after the Initial Closing and each subsequent closing of the Offering until it is either completed or terminated, whichever occurs first.

● "Main & Main Unitholders" means the holders of the Main & Main Units.

● "Manager" and "Shared Manager" refer to Central RoRo Manager, LLC, an Arizona limited liability company, and the Manager of Main & Main.

● "Maximum Offering Amount" means 150,000 Units ($75,000,000), the Maximum number of Units we must sell to perform an Initial Closing.

● "Castle" refers to the Castle Placement, LLC, though which we will be offering our Units and of which we have also engaged as our managing broker-dealer to assist in the offering of our units, on a commercially reasonable efforts basis, in those states it is registered to undertake such activities. As such, Castle is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.

● "Minimum Investment Amount" means one (1) Unit ($500), the minimum number of Units a person must buy to participate in this Offering.

● "Offering" refers to our offering of a minimum of $8,668,000 (the "Minimum Offering Amount"), and up to a maximum of $75,000,000 (the "Maximum Offering Amount"), of Units of membership interest in the Company.

● "Operating Agreement" means the Operating Agreement of Central RoRo, LLC, the Company.

● "Option and License Agreement" means the agreement between Atari Interactive, Inc. and AH Endeavors, as the same may be amended from time to time, pursuant to which AH Endeavors holds a transferrable license to use the Atari intellectual property in the Phoenix, Arizona-based Atari Hotel and to expand the licensed Atari trademark through the Phoenix, Arizona-based Atari Hotel project.

● "Original Members" refers to QOZB Affiliate and RoRo Affiliate, the original members of Main & Main whose investment therein financed Main & Main's purchase of the Land Parcel.

● "QOZB Affiliate" refers to Main & Main QOZB, LLC, a Delaware limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, on October 24, 2023, which is also an affiliate of the Company and Main & Main.

● "RoRo Affiliate" means Main & Main RoRo, LLC, an Arizona limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, on September 21, 2023, which is another affiliate of the Company and Main & Main.

● "Securities Act" means the Securities Act of 1933, as amended.

● "Unit(s)" means the Unit(s) of the Company being offered for sale in this Offering at $500 per Unit.

● "Unitholder(s)" means the holders of the Company's Unit(s) being offered for sale in this Offering.

● "We," "Us," "Our," and similar terms and their lowercase versions refers to the Company and Main & Main due to our holding company structure. See "*Risk Factors — Risks Related to Our Holding Company Structure*" for more information.

iv

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

Some of the statements in this offering circular constitute forward-looking statements. Forward-looking statements relate to our expectations, beliefs, projections, future plans, and strategies, anticipated events or trends and similar matters that are not historical facts. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will" and "would" or the negatives of these terms or other comparable terminology.

You should not place undue reliance on forward-looking statements. The cautionary statements set forth in this offering circular which relate to our business and the Phoenix, Arizona-based Atari Hotel which we intend to construct and operate, including in the "*Risk Factors*" section and elsewhere, identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:

● our dependence upon external sources for the financing of our operations;

● our ability to market its future services successfully and profitably;

● the acceptance of our future services by the target market;

● the amount and nature of competition from other Phoenix, Arizona-based hotels;

● our success in establishing and maintaining collaborative and licensing arrangements;

● our ability to obtain and enforce intellectual property and to protect our trade secrets, others could use our technology to compete with us, which could create undue competition and pricing pressures;

● our ability to obtain and maintain regulatory approvals and comply with applicable laws and regulations;

● our goals and strategies;

● our future business development, financial condition and results of operations;

● our projected revenues, profits, earnings, and other estimated financial information;

● our ability to secure additional funding necessary for the expansion of its business;

● the growth of and competition trends in the hotel and immersive entertainment industry;

● our expectations regarding the popularity, demand for, and market acceptance of, the Phoenix, Arizona-based Atari Hotel products and of our services;

● our ability to maintain strong relationships with its customers, clients, and service suppliers;

● our expectation regarding the use of proceeds from this Offering; and

● fluctuations in general economic and business conditions in the markets in which we operate.

Although the forward-looking statements in this offering circular are based on our beliefs, assumptions, and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material or adverse. We undertake no obligation, other than as maybe be required by law, to re-issue this offering circular or otherwise make public statements updating our forward-looking statements.

v

**OFFERING CIRCULAR SUMMARY**

 

*This summary highlights selected information contained elsewhere in this offering circular. It is not complete and does not contain all the information that you should consider before deciding whether to invest in our Units. You should read this entire offering circular carefully, including the "Risk Factors*" *section, our audited financial statements and the notes thereto, each included elsewhere in this offering circular. You should also note that immediately following the Initial Closing on the Minimum Offering Amount of $8,668,000, the Company will acquire a minimum of 15,701 Main & Main Units, at $500 per unit, for a total price of at least $7,850,500, which will result in the Company owning more than 50% of the issued and outstanding Main & Main Units. Potential Investors should note that an investment in this Offering is an investment in the Units of the Company and not, for the avoidance of doubt, the Main & Main Units being purchased by the Company with the net proceeds of this Offering. See "Risk Factors — Risks Related to Our Holding Company Structure" for more information*. *See also "Notes on Offering Circular Presentation*" *for information about capitalized terms used in this section but not defined.*

**Our Business**

We are in the hotel and immersive entertainment business, which includes hotel development and construction, the offering of hotel rooms and related amenities, and immersive experiences revolving around gaming, technology, food and beverage, nostalgia, and pop culture. Our business specifically focuses on the development, construction, and operation of various Atari-branded hotels, if any, either directly through the Company, or indirectly through majority or wholly owned subsidiaries, including the Phoenix, Arizona-based Atari Hotel which will be the first Atari-branded hotel that we will develop, build, and operate. The structure of any additional Atari-branded hotel arm of our business is dictated by economic efficiencies, deal deadlines, and the best interests of our Unitholders. While we cannot guarantee that we will develop, build, and construct any additional Atari-branded hotels, we expect to pursue and exercise any opportunities to do so, including the opportunity to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area pursuant to amendment no. 4 to the License and Option Agreement. See "*Interest of Management and others in certain transactions*" and "*Corporate Structure and Operational History*" for more information. For the avoidance of doubt Main & Main will become our majority owned subsidiary following the Initial Closing of this Offering. See "*Our Corporate Structure and Operational History*" for more information.

We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023 (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing of this Offering. See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel.

***The Phoenix Atari Hotel***

Through Main & Main, we will develop and build the Phoenix, Arizona-based Atari Hotel on the 46,000 square-foot Land Parcel located at 840 N Central Ave Phoenix, AZ 85004. The Phoenix, Arizona-based Atari Hotel is intended to be the first Atari Hotel. We cannot guarantee that we will develop, build, and construct any additional Atari-branded hotels. Assuming the success of this Offering and our business model and structure, we expect to pursue and exercise any opportunities to do so, including, without limitation, the opportunity to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area pursuant to amendment no. 4 to the License and Option Agreement. See "*Interest of Management and others in certain transactions*" and "*Corporate Structure and Operational History*" for more information.

The location of the first Atari-branded hotel will be in the heart of the arts and cultural district of Phoenix, known as Roosevelt Row, and is near two of the country's largest gaming states, California and Texas. For these reasons, we believe the Phoenix, Arizona-based Atari Hotel will attract people of all ages and demographics, providing spaces and rooms that will cater to gamers, families, business travelers, collectors, entertainment seekers, and foodies alike while embracing the legacy of Phoenix and its diverse and growing population and emerging tech culture. Once construction is complete, we will operate the Phoenix, Arizona-based Atari Hotel and offer various hotel and gaming-related services throughout the property, including lodging, food and beverage, retail gift and souvenir shops, event hosting, and immersive gaming experiences.

The Phoenix, Arizona-based Atari Hotel and attached Atari Entertainment Complex, referred to together as the "City of Atari" and the "Atari Hotel," will include 19 suites, 72 hotel rooms, and more than 60,000 square feet of immersive entertainment and video game experiences, food and beverage, and other retail offerings with nationally and internationally known brands offering apparel, products, collectibles, and video-games. Our intention is that the City of Atari will utilize the latest technologies and artificial intelligence to immerse guests in nostalgic and pop-culture-centric experiences focused on the history of videogames, movies, and music of the 1980s and 1990s; current and future video game brands; and a futuristic aesthetic inspired by Atari and other brands like "Bladerunner" and "Tron." We believe that the Phoenix, Arizona-based Atari Hotel will attract people of all ages and demographics, providing spaces and rooms that will cater to gamers, families, business travelers, collectors, entertainment seekers, and foodies alike while embracing the legacy of Phoenix, Arizona, and its diverse and growing.

**Intellectual Property**

Under the Option and License Agreement with Atari Interactive, Inc., our affiliate holds a transferable license to use the Atari brand, logo, and game titles for Atari-branded hotels in specified markets (e.g., Phoenix, Arizona and Denver, Colorado). We plan to sub-license these rights for the Phoenix, Arizona-based Atari Hotel within 30 days following the Initial Closing of this Offering, in exchange for $4,000,000 cash consideration. We will also assume certain additional licensing fee obligations for any subsequent Atari-branded hotels. The license rights become perpetual once each hotel is completed and launched by a specified date. For example, the Phoenix-based Atari Hotel must be completed by December 31, 2029, or the license rights for that market will revert to Atari Interactive, Inc. We expect similar requirements for other Atari-branded hotels. See "*Interest of Management and Others in Certain Transactions*" for more information.

**Investment Reward Program**

We have established a tiered investment reward program with escalating benefits for investors in this Offering. The reward program is progressive, which means that an investment of an amount required to achieve one tier will also entitle the investor to the benefits and rewards of each preceding tier. The reward program has seven tiers, with investment amount requirements ranging from $500 to $250,000. See "*Investment Reward Program*" for more information.

**Market Opportunity and Customers**

Companies such as Disney and Great Wolf Lodge have blended immersive entertainment with lodging accommodations for many years. However, we intend that the Phoenix, Arizona-based Atari Hotel will focus its immersive entertainment offerings on technology-based experiences, AI, and video gaming, with corresponding decorations and themes in common areas as well as in the hotel's private rooms and suites. We also plan to provide experiences in the property's many venues and rooms that embrace and leverage the gaming industry, which has quickly become the largest entertainment vertical in the world.

**Competition and Competitive Strengths**

Commercial real estate is highly competitive, and we may face competition from many sources, including from other income producing real estate both in the immediate vicinity and the geographic markets where we will construct Atari-branded hotels, including the Phoenix, Arizona-based Atari Hotel. If so, this would increase the number of hotel rooms available and may decrease occupancy and rooms rates at our hotels. We will also compete with other hotels in the downtown Phoenix market as well as other regional destination style hotels, restaurants and bars in the area as well as the pop-up and long-term immersive experiences throughout the Phoenix market. See "*Risk Factors — Risks Related to Our Business and Industry*" and "*Description of Business — Our Competition and Competitive Strengths*" for more information.

We believe that the Phoenix, Arizona-based Atari Hotel, and any future geographic markets in which we may develop, build, and operate an Atari-branded hotel, will have an advantage over other hotels in such markets and neighboring markets given the exclusive Atari license such hotels may utilize, which, in any case, grants the sole ability to utilize the Atari brand in a given market, including the Phoenix hotel market. However, our realization of the above competitive strength, the success of our business and of any future Atari-branded hotel development, construction, and operation project, is dependent on the construction and operation of the Phoenix, Arizona-based Atari Hotel, and, pursuant to a certain amendment no. 4 to the Option and License Agreement dated May 29, 2024, the breaking of ground on construction of the Phoenix, Arizona-based Atari Hotel on or before June 30, 2026, with an option to further extend the term of the Option and License Agreement until December 31, 2026, in exchange for payment of a $50,000 extension fee. However, if we require no more than nine months of additional time to break ground on the Phoenix, Arizona-based Atari Hotel's construction due to city permitting delays or acts of god and has secured required capital for the project, Atari's approval of such additional time will not be unreasonably withheld. See "*Interest of Management and Others in Certain Transactions — Option and License Agreement*" and "*Description of Business — Our Competition and Competitive Strengths*" for more information.

**Growth Strategies**

We expect to grow the Atari-branded hotel business, and our Phoenix, Arizona-based Atari Hotel business, through advanced and modern marketing techniques, influencer programs, and brand and operator partnerships while creating an immersive environment that will stand apart from existing hotels around the world. We also expect to develop an Atari-centric hotel loyalty program to drive repeat customer growth. See "*Description of Business — Our Business — Future Point-Based Loyalty Program*" for more information.

**Effect of Seasonality** 

We expect seasonality to having a significant effect on the business of our Atari-branded hotels due to climactic patterns and decreases or increases in temperature due to the city's climatic patterns. With respect to the Phoenix, Arizona-based Atari Hotel, we believe that the cooler months from November to April attract more visitors to Phoenix who are seeking refuge from colder climates, and that such season represents a peak season the Phoenix hotel market, where we can expect higher occupancy rates in their hotel and increased patronage of their immersive entertainment offerings. Conversely, Phoenix's extremely hot summers may deter tourists, potentially reducing the demand for outdoor activities and impacting hotel occupancy rates.

Despite the foregoing effect, our focus on offering unique, indoor immersive entertainment experiences could counterbalance the typical seasonal downturns experienced by the broader hotel industry. By providing engaging indoor activities, we believe we can draw visitors looking for entertainment options that are not affected by the outside temperature, which would help stabilize demand throughout the year.

**Corporate Information**

We were organized as a Delaware limited liability company on August 16, 2023. Main & Main was organized as a Delaware limited liability company on October 24, 2023. Both the Company and Main & Main are managed by Central RoRo Manager, LLC, an Arizona limited liability company formed on August 16, 2023. Our Manager is a project-specific manager that is owned and controlled by Jason Merck and Jordan Taylor, the co-managers of our Manager. See "*Our Corporate Structure and Operational History*" for more information.

Our principal executive offices are located at 829 N 1st Ave, Suite 201, Phoenix, AZ 85003. Our telephone number is 800-617-8981. Our website address is www.atarihotels.com. The information on or accessible through our website is not part of this offering circular.

**SUMMARY OFFERING TERMS**

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| | |
|:---|:---|
| **Securities Being Offered:** | A minimum of 17,336 Units for minimum gross proceeds of $8,668,000 and up to a maximum of 150,000 Units for total gross proceeds of up to $75,000,000. |
| **Offering Price:** | $500 per Unit. |
| **Minimum Subscription:** | There is a $500 minimum subscription amount in this Offering. |
| **Units Outstanding Before the Offering:** | 0 Units. |
| **Units Outstanding After the Offering if All of the Units Being Offered Are Sold:** | 150,000 Units.<br>|
| **Managing Broker-Dealer:** | Castle Placement, LLC |
| **Certain Uses of Proceeds:** | We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023; (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing of this Offering. See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.<br>For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information. |
| **Risk Factors:** | Investing in our Units involves risks. See the section entitled "*Risk Factors*" in this offering circular and other information included in this offering circular for a discussion of factors you should carefully consider before deciding to invest in our securities. Due to the Company's holding company structure and our relationship with Main & Main, whose units will be the Company's only asset upon the Initial Closing of the offering. See "*Risk Factors —* R*isks Related to Our Holding Company Structure*" for more information. There are also various risks associated with our relationship with our Manager. See "*Risk Factors — Risks Related to Conflicts of Interest*" for more information. |
| **Investment Reward Program:** | We have established a tiered investment reward program with escalating benefits that relate to the Phoenix, Arizona-based Atari Hotel for investors in this Offering. The reward program is progressive, such that the investment of an amount required to achieve one tier will also entitle the investor to the benefits and rewards of each preceding, lower-ranked tier. See "*Investment Reward Program*" and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — A portion of the offering proceeds will be used for non-cash investment rewards, which may not enhance the value of your investment*" for more information. |

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| | |
|:---|:---|
| **Commissions, Fees and Expenses:** | Pursuant to our agreement with Castle, we have paid or will pay Castle (a) a one-time, non-refundable consulting/advisory fee of $25,000 paid upon execution of our agreement; and (b) a success fee upon each closing of this Offering equal to (i) 2.75% of the gross proceeds from this Offering on capital raised from investors directly sourced by Castle, sharable with soliciting dealers in its discretion, if any, and (ii) 1.25% of gross proceeds from this Offering on capital raised from investors we source or from investors sourced by soliciting broker-dealers identified by us and whose participation in this Offering is approved by Castle. Notwithstanding the foregoing, the aggregate fees payable to Castle shall not exceed $2,092,500. See "Plan of Distribution" for more information. |
| **Escrow Agent:** | The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with Silicon Valley Bank, a Division of First Citizens Bank & Trust Company, acting as the "Escrow Agent," and will not be commingled with the operating account of the Company, until, if and when there is a closing with respect to the Offering. |
|  | When the Escrow Agent has received instructions from the Company and Castle that a closing will occur and the investor's subscription is to be accepted (either in whole or part), the Escrow Agent will disburse such investor's subscription proceeds in its possession to the account of the Company. See "Plan of Distribution" for more information. |
| **Transfer Agent** | We intend to enter into an agreement with Colonial Stock Transfer Company, Inc., a registered transfer agent, to perform transfer agent functions with respect to the sale of the Units. |
| **Restrictions on Investment Amount:** | 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. |
| **Termination of the Offering:** | Until we raise and close on the Minimum Offering Amount of $8,668,000, which we refer to as the "Initial Closing," all Offering proceeds will be held in a third-party escrow account, the "Escrow Account," managed by Silicon Valley Bank, a Division of First Citizens Bank & Trust Company, which we refer to as the "Escrow Agent." This Offering will terminate on the earlier of (i) the date we raise the Maximum Offering Amount, or (ii) the date that is one year from the qualification date of this Offering with the Securities and Exchange Commission, provided, that in any case, funds tendered by potential investors but not closed upon, including as a result of roman numeral two (ii) above, will be promptly returned to such potential investors by the Escrow Agent without any interest or deduction. After we perform the Initial Closing, we intend to perform a closing every 30 days beginning on the date that is 30 days from the date of the Initial Closing of this Offering, if at all, at which the Escrow Agent will release to the Company any funds then held in the Escrow Account and we will issue the Units being offered hereby. Any closing is referred to in this offering circular as a "Closing" and, collectively, the "Closings." While our Offering of Units will be continuous and ongoing within the meaning of Rule 251(d)(3) of Regulation A, Closings may take place from time to time over the term of the Offering after the Minimum Offering Amount is raised, as determined by our Manager in order to maximize economic efficiencies for the duration of the Offering. Notwithstanding the foregoing, the Company may amend, rescind, or terminate this Offering and cause the Escrow Agent to return any investments which have not been closed upon, if any, at any time and we will amend or supplement this offering circular as appropriate. An executed subscription agreement for any particular investor in this Offering will be accepted or rejected by the Manager within 15 days of being received by the Company. If the Offering is terminated without closing, or if a prospective investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with the Offering being terminated will be borne by the Company. See "Plan of Distribution" for more information. |
| **Secondary Market Public Trading:** | Prior to this Offering, there has not been a public market for our Units. Following the completion of this Offering, we may apply for the listing of our Units on a secondary market trading platform. We cannot offer any assurance that our Units will be listed or quoted on any marketplace following this Offering. |
| **Concurrent Offerings:** | We may conduct private placements of our Units to accredited investors, as defined in Rule 501(a) of Regulation D under the Securities Act, concurrently with this Offering, pursuant to Rule 506(c) of Regulation D. Proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with conducting concurrent offerings. See "*Risk Factors — Risks Related To This Offering and Ownership of Our Units — We may conduct a concurrent offering of our Units under Rule 506(c) of Regulation D, which could be integrated with this Offering of our Units pursuant to Rule 152 of the Securities Act if we fail to ensure compliance with the requirements of Regulation A and Regulation D, or fail to comply with any safe harbor from integration under Rule 152*" on page 21 for more information.  |

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**RISK FACTORS**

*An investment in our Units involves a high degree of risk. In addition to other information contained elsewhere in this offering circular, you should carefully consider the following risks before acquiring our Units offered by this offering circular. The occurrence of any of the following risks could materially and adversely affect the business, prospects, financial condition, or results of operations of the Company, and the market price of our Units, if any, could decline, which could cause you to lose all or some of your investment. Prospective investors should obtain their own legal and tax advice prior to making an investment in the Units and should be aware that an investment in the Units may be exposed to other risks of an exceptional nature from time to time. The following considerations are among those that should be carefully evaluated before making an investment in the interests. Some statements in this offering circular, including statements in the following risk factors, constitute forward-looking statements. See "Cautionary Statement Regarding Forward-Looking Statements*" *for more information.*

**FOR PURPOSES OF THIS RISK FACTOR SECTION, UNLESS THE CONTEXT DICTATES OTHERWISE, WE REFER TO THE COMPANY AND MAIN & MAIN TOGETHER, AS "WE," "US," "OUR," ETC. DUE TO THE COMPANY'S HOLDING COMPANY STRUCTURE AND OUR RELATIONSHIP WITH MAIN & MAIN, WHOSE UNITS WILL BE THE COMPANY'S ONLY ASSET UPON THE INITIAL CLOSING OF THE OFFERING. SEE "*RISKS RELATED TO OUR HOLDING COMPANY STRUCTURE*" FOR MORE INFORMATION.**

**Risks Related to Our Holding Company Structure**

***There are risks posed by our holding company structure.***

 

We have a holding company structure, and as such, the Company's only assets upon the initial closing of this Offering, and thereafter, will be the Main & Main Units which the Company will acquire via its investment of the net offering proceeds from this Offering into Main & Main. As a holding company, the Company has no material business operations and does not expect to receive any distributions from Main & Main, or to make any distributions to the holders of its Units, until the Phoenix, Arizona-based Atari Hotel begins to generate revenue. As such, the Company and its Unitholders will depend on the appreciation in value of the Phoenix, Arizona Atari Hotel and the future potential resale of the Main & Main Units and Units, respectively, in order to realize any return on their investments. As such, the risks posed to the Company and its Unitholders are the same as the risks associated with Main & Main that affect the value of Main & Main's assets since the value of Main & Main's assets will dictate the value of the Company's investments in the Main & Main Units, and in turn, the value of the Units. As such, the occurrence of any material adverse effects on Main & Main due to the below risks will have a downstream material adverse effect on the Company's results of operations, business, and financial condition and could have the effect of materially reducing the value of our Units sold in this Offering or causing the same to become worthless.

***An investment in this Offering is an investment in the Company's Units, and not in Main & Main directly, the assets of Main & Main, or the Main & Main Units.***

An investment in this Offering is specifically an investment in the Units of the Company, and not directly in Main & Main, Main & Main's underlying assets, or the Main & Main Units which will be held by the Company. As such, the nature of your indirect investment in Main & Main via your purchase of our Units poses the following types of risks:

● *Market Perception and Sentiment.* The value of the Company's Units is significantly influenced by investors' perception of the Company, which may not always align with the financial condition and operational status of Main & Main. Market sentiment can be swayed by broader economic indicators, industry trends, or speculative forces, leading to potential discrepancies between the intrinsic value of Main & Main's assets and the market value of the Units.

● *Indirect Exposure*. Investors in the Units have indirect exposure to the successes and failures of Main & Main. While this might buffer investors from immediate impacts of any negative developments within Main & Main, it also means that positive gains realized by Main & Main might not directly or fully translate to increased value of the Units due to the holding structure and any associated costs or liabilities that the Company might bear.

● *Operational Risks.* Operational risks at Main & Main, such as management decisions, project failures, or unforeseen operational hurdles, could detrimentally affect Main & Main's valuation and, by extension, the value of the Company's Units. Investors have no direct say in the operational decisions of Main & Main, adding a layer of risk stemming from potentially divergent interests between the Company's management and Main & Main's operational team.

● *Financial Performance and Distribution Risks.* Neither Main & Main nor the Company intend to make any distributions until after the Atari hotel begins operating and generating revenue, if at all. Thus, the value of our Units and the ability of the holders thereof to obtain a favorable return on their investment will depend on the appreciation in value of the Main & Main Units, via the appreciation in value of the Phoenix, Arizona-based Atari Hotel, the development of an active public trading market for the Units, or the future potential resale of the Main & Main Units and Units, respectively.

As a result of the above risks, even if Main & Main's performance is favorable, the value of your Units could materially differ, or become worthless, as a result of external market influences which are out of the Company's control.

**Risks Related to Our Business and Industry**

***We are a newly formed entity with no prior operating history, which makes our future performance difficult to predict.***

We are newly formed entities that have little to no prior operating history. You should consider an investment in this Offering in light of the risks, uncertainties and difficulties frequently encountered by other newly formed companies with similar objectives. Our success in this market depends on:

● increase awareness of our brand within the themed hotel market;

● attract, integrate, motivate, and retain qualified personnel to manage day-to-day operations; and

● build and expand operations structure to support the business.

We will be dependent upon our ability to finance our operations via the sale of our Units for the foreseeable future. Our failure to successfully raise operating capital could result in bankruptcy or other events that would have a material adverse effect on us and our investors. Although our Manager has experience in acquiring, developing, and operating real estate, there can be no assurance that the performance of those activities will be applicable to the development of an Atari-branded hotel or reflective of our future performance. There can be no assurance that we will succeed in our endeavors or that we will successfully complete our operations via the sale of our Units in this Offering. If we do not succeed in such financing efforts, the value of the Main & Main Units may decrease, which would cause a decrease in the value of your Unit holdings via a decrease in the value of the Company's only assets, the Main & Main Units.

***We may not be able to obtain adequate cash to fund the Phoenix, Arizona-based Atari Hotel business.***

We require access to at least $50,000,000 in additional cash financing to carry out our business plans even if we raise the Maximum Offering Amount in this Offering. We expect to acquire such funds through a construction financing facility in place prior to breaking ground on the Atari Hotel. Further, any budget shortfalls created because we did not raise the Maximum Offering Amount in this Offering are expected to be met through the planned construction financing facility. See " — *We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" below for more information. If we are not successful in selling our Units in this Offering, or are unable to enter a construction financing facility, then we will need to find other financing avenues. We can give no assurance that we will be able to do so on acceptable terms, if at all. If we do not find adequate replacement financing, our business plan may be delayed, and our costs may increase, which could lead to a decrease in the value of our Units as a result of a material adverse change in our results of operations, financial condition, and business. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel.

***We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations.***

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We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023; (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing. See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information.

We anticipate that our future construction financing facility will be with recourse, adding a layer of financial obligation directly tied to our ability to repay. As we contemplate securing future debt financing, we will evaluate several factors, including the cost of construction through debt, the estimated market value of our assets, and the ability of those assets to generate cash flow sufficient to service our debts. Additionally, there are no restrictions or requirements with respect to our debt-to-equity ratio, which may be adjusted without any approval. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations - Future Construction Financing Facility*" for more information.

Our future substantial reliance on additional debt financing even if we raise the Maximum Offering Amount in this Offering poses various risks, each of which could have a material adverse impact on our business, results of operations, and financial condition:

● If we are not successful in selling our Units in this Offering and are unable to enter a construction financing facility, then we will need to find other financing avenues. We can give no assurance that we would be able to do so on acceptable terms, if at all. If we do not find adequate replacement financing, our business plan may be delayed, and our costs may increase, which could cause a material adverse change in our results of operations, financial condition, and business which would likely cause a decrease in the value of our Units.

● The success of our future construction financing facility, assuming an Initial Closing or more occurs, is dependent upon the availability of attractive construction loan terms, as well as our ability to identify, structure, consummate, leverage, and manage such loans. In general, the availability of favorable lending opportunities and, consequently, the ability to secure a construction loan on favorable terms will be affected by the level and volatility of interest rates, conditions in the financial markets, general economic conditions, the availability of the construction lending options in the commercial real estate market and the supply of capital for such opportunities. We cannot make any assurances that we will be successful in identifying and putting in place a favorable construction loan facility that satisfies our needs and budget or that such a loan, once made, will be repaid in a timely fashion in accordance with its terms. Our inability to enter a construction loan facility could cause a material adverse effect on our business, results of operations, and financial condition due to our inability to complete the hotel without adequate construction financing.

● In the future, negative rating actions by credit agencies, such as downgrades, may heighten the cost of accessing capital by increasing interest rates applicable to us due to interest expense increases and increases in the cost of acquiring necessary capital. We cannot guarantee that we will not experience a downgrade prior to the making of any future credit facility, whether due to deteriorating macroeconomic conditions, a downturn in the hotel and entertainment industry, failure to successfully execute our business strategy related to the development and construction of the Phoenix, Arizona-based Atari Hotel, or the adverse impact on our results of operations or liquidity position from any of the foregoing or otherwise. As a result of such impact, your Units may decrease in value or become worthless, especially if such credit increases cause an inability to carry out our business with respect to future Atari-branded hotel.

Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel.

***We may be unable to satisfy our obligations under the existing $3,000,000 secured revolving line of credit from Commerce Bank of Arizona and any future credit facilities or generate sufficient cash flow to satisfy our debt service obligations, each of which could have a material adverse effect on our business, financial condition, and results of operations, potentially reducing the value of our Units or causing such Units to become worthless.***

Our ability to make principal and interest payments on and to refinance the CBAZ LOC and any future indebtedness will depend on our ability to generate future cash flows and is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond us and our control. If we do not generate sufficient cash flow from operations, in the amounts projected or at all, or if future borrowings are not available to us in amounts sufficient to fund its other liquidity needs, then our business, financial condition, and results of operations could be materially adversely affected.

If we cannot generate sufficient cash flow from operations to make scheduled principal and interest payments on the CBAZ LOC and any future debts, it may need to refinance all or a portion of its indebtedness on or before maturity, sell assets, delay capital expenditures, or seek additional equity. The terms of our debt agreements, including the CBAZ LOC, may also restrict it from affecting any of these alternatives. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict its business operations. Further, changes in the credit and capital markets, including market disruptions and interest rate fluctuations, may increase the cost of financing, make it more difficult for us to obtain favorable terms, or restrict our access to these sources of future liquidity. In addition, any failure to make scheduled payments of interest and principal on our outstanding indebtedness, including the CBAZ LOC, would likely result in a reduction of our credit rating, which could harm its ability to incur additional indebtedness on commercially reasonable terms or at all. Our inability to generate sufficient cash flow to satisfy its debt service obligations, or to refinance or restructure its debt obligations on commercially reasonable terms or at all, could have a material adverse effect on our business, financial condition, and results of operations, as well as on our ability to satisfy its debt obligations.

Additionally, our CBAZ LOC and any future credit facilities may contain covenants requiring it to, among other things, provide financial and other information and notice upon the occurrence of certain events affecting us or the business thereof. These covenants may also place restrictions on our ability to incur additional indebtedness, enter into certain transactions involving the sale of any assets or a material amount thereof, engage in mergers or acquisitions, or engage in transactions with affiliates. If we fail to satisfy one or more of the covenants under the CBAZ LOC or its future credit facilities, it would be in default thereunder and may be required to repay such debt with capital from other sources or otherwise not be able to draw down against its facility. Under such circumstances, we may have difficulty locating another lender that would be willing to extend credit to us, and other sources of capital may not be available to us on reasonable terms or at all.

Additionally, our inability to satisfy our debt obligations could result in the acceleration of all amounts owed under the CBAZ LOC and any future credit facilities. If we are unable to repay accelerated amounts owed under such credit facilities, then the lender thereunder may have the right to obtain ownership of the Phoenix, Arizona-based Atari Hotel as collateral for the credit facility. If we lose ownership of the Phoenix, Arizona-based Atari Hotel, the value of our Units, could become worthless. A substantial reduction in the value of our only assets would have a material and substantial adverse impact on the value of the Units being offered in this Offering and may cause such Units to become worthless, thereby materially limiting your ability to obtain a favorable return on investment through the ownership thereof.

***Higher interest rates could significantly increase the interest costs on our Commerce Bank of Arizona Line of Credit and any other future floating-rate indebtedness.***

The interest payments for our borrowings under the CBAZ LOC and future credit facilities are and are expected to be based on floating rates. Consequently, an upsurge in interest rates would diminish our cash flow available for other corporate purposes, including the development, construction, and operation of the Phoenix, Arizona-based Atari Hotel. Moreover, rising interest rates might restrict our ability to refinance existing indebtedness and augment interest costs on any refinanced indebtedness. We may also enter into certain agreements, such as floating-to-fixed interest rate swaps, caps, floors, and other hedging contracts, to hedge against the cash flow effects of interest rate fluctuations for floating rate debt. Despite these measures, we may not hedge all of its floating rate indebtedness, and any hedges it undertakes may not entirely neutralize its interest rate risk. Additionally, these agreements carry the risk of non-performance by counterparties or potential unenforceability.

We, by holding the Units as our principal asset, are directly exposed to the downstream risks associated with our management of its debt financing, including the CBAZ LOC and interest rate fluctuations. Should rising interest rates lead to increased financing costs or constrain our ability to effectively manage or refinance our debt, our financial stability and growth prospects could be jeopardized. This, in turn, would likely impact the valuation and financial performance of, and consequently affect the value of our Units. As a result, our ability to attract investment, fund operations, and realize returns on its holdings could be adversely affected, presenting a significant risk to our shareholders and their investment in the Units.

***We may be unable to enter into an agreement with Intel Corporation for the provision of the Phoenix, Arizona-based Atari Hotel's computer and electronics systems, and even if it does, we cannot guarantee that such agreement will be favorable to us in price or scope.***

We may be unable to enter into an agreement with Intel Corporation, or "Intel," for the provision of the products and services specified in the "Intel Memo," a non-binding memorandum of understanding between Intel and AH Endeavors, an Arizona limited liability company owned by Jason Merck and Jordan Taylor, our Manager's co-managers, within 180 days following the initial closing of this Offering, if at all. See "*Description of Business — Our Business - Intel-powered Computer and Electronics Systems*" for more information. Even if we do enter into such an agreement, we cannot guarantee that the terms will be favorable in price or scope. Although Intel Corporation is one of several companies that could provide the products and services specified in the Intel Memo, we believe that an agreement with Intel for such services and property will be the most favorable due to an existing relationship between Intersection Development, the developer for the Phoenix, Arizona-based Atari Hotel, and Intel Corporation. Failure to secure a favorable agreement with Intel could adversely affect our ability to complete the Phoenix, Arizona-based Atari Hotel due to increases in costs or delays in construction or furnishing thereof. Any increased cost or delays in the construction or furnishing of the hotel could adversely affect our business operations and financial performance. As such, you should consider the uncertainty and potential adverse outcomes related to our dependence on a future formal agreement with Intel, if any.

***Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.***

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Actual events involving limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions, transactional counterparties, or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank, or SVB, was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation, or the FDIC, as receiver. Similarly, on March 12, 2023, Signature Bank Corp., or Signature, and Silvergate Capital Corp. were each swept into receivership. Although the Department of the Treasury, the Federal Reserve, and the FDIC ensured that all depositors of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, borrowers under credit agreements, letters of credit and certain other financial instruments with SVB, Signature or any other financial institution that is placed into receivership by the FDIC may be unable to access undrawn amounts thereunder.

Although we were not a borrower under or party to any material letter of credit or any other such instruments with SVB, Signature, or any other financial institution currently in receivership, if we enter into any such instruments and were to be placed into receivership, we may be unable to access such funds. In addition, if any of our partners, suppliers, or other parties with whom we conduct business are unable to access funds pursuant to such instruments or lending arrangements with such a financial institution, such parties' ability to pay their obligations to us or to enter into new commercial arrangements requiring additional payments to us could be adversely affected. In this regard, counterparties to credit agreements and arrangements with these financial institutions and third parties, such as beneficiaries of letters of credit (among others), may experience direct impacts from the closure of these financial institutions, and uncertainty remains over liquidity concerns in the broader financial services industry. Similar impacts have occurred in the past, such as during the 2008-2010 financial crisis. Inflation and rapid increases in interest rates have led to a decline in the trading value of previously issued government securities with interest rates below current market interest rates. Although the U.S. Department of Treasury, FDIC , and Federal Reserve Board have announced a program to provide immediate loans to financial institutions secured by certain government securities held by financial institutions to mitigate the risk of potential losses on the sale of such instruments, widespread demands for customer withdrawals or other liquidity needs of financial institutions for immediately liquidity may exceed the capacity of such program.

In addition, any further deterioration in the macroeconomic economy or financial services industry could lead to losses or defaults by our potential partners, vendors, or suppliers, which in turn, could have a material adverse effect on our current and/or projected business operations and results of operations and financial condition. For example, a partner may fail to make payments when due, default under their agreements with us, become insolvent or declare bankruptcy, or a supplier may determine that it will no longer deal with us as customers. In addition, a vendor or supplier could be adversely affected by any of the liquidity or other risks that are described above as factors that could result in material adverse impacts on us, including but not limited to delayed access or loss of access to uninsured deposits or loss of the ability to draw on existing credit facilities involving a troubled or failed financial institution. The bankruptcy or insolvency of any partner, vendor, or supplier, or the failure of any partner to make payments when due, any breach or default by a partner, vendor, or supplier, or the loss of any significant supplier relationships, could cause us to suffer material losses and may have a material adverse impact on our business.

***The hospitality industry is cyclical and adverse global economic conditions or low levels of economic growth could adversely affect our revenues and profitability as well as cause a decline in or limitation of their future growth.***

Consumer demand for our services is closely linked to global and regional economic conditions and is sensitive to business and personal discretionary spending levels. Changes in consumer demand and general business cycles can subject and have subjected revenues to significant volatility. Adverse general economic conditions, health and safety concerns, risks or restrictions affecting or reducing travel patterns, lower consumer confidence, high unemployment, or adverse political conditions can result in a decline in consumer demand for hotel accommodations, which can lower the revenues and profitability of the Phoenix, Arizona-based Atari Hotel business. In addition, a portion of the expenses associated with managing, franchising, licensing, owning, or leasing hotels is fixed. These costs include personnel costs, interest, property taxes, insurance, and utilities, all of which may increase at a greater rate than our revenues and/or may not be able to be reduced at the same rate as declining revenues. Where cost-cutting efforts are insufficient to offset declines in revenues, we could experience a material decline in margins and reduced or negative cash flows. If we are unable to decrease costs significantly or rapidly if and when demand related to the Phoenix, Arizona-based Atari Hotel decreases, a decline in its revenues could have a particularly adverse impact on its net cash flow and profits. Economic downturns generally affect the results derived from owned properties more significantly than those derived from managed and leased portions of the property due to the proportion of fixed costs associated with operating an owned property and the greater exposure owners have to the properties' performance. As a result, changes in consumer demand and general business cycles can subject our revenues, earnings, and results of operations to significant volatility. Uncertainty regarding the future rate and pace of economic growth in different regions of the country makes it difficult to predict future profitability levels.

In addition to general economic conditions, new hotel room supply is an important factor that can affect the hospitality industry's performance. Excessive growth in lodging supply could result in returns that are substantially below expectations or result in losses, which could materially and adversely affect our revenues, profitability, and future growth prospects.

***Our efforts to develop, build, and then maintain, repair, and renovate the Phoenix, Arizona-based Atari Hotel as necessary could be delayed or become more expensive, which could reduce revenues or impair its ability to compete effectively.***

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If not maintained in the future, the condition of the Phoenix Atari branded hotel once it is completed could negatively affect the hotel's ability to attract guests or result in higher operating and capital costs. These factors could reduce revenues or profits from the hotel. There can be no assurance that any planned renovations, when needed, will occur or, even if completed, will result in improved performance. In addition, these efforts are subject to a number of risks, including the following: construction delays or cost overruns; delays in obtaining, or failure to obtain, zoning, occupancy, and other required permits or authorizations; government restrictions on the size or kind of development; changes in economic conditions that may result in weakened or lack of demand for improvements that we make or negative project returns; and lack of availability of rooms or meeting and events spaces for revenue-generating activities during construction, modernization or renovation projects. If the Phoenix, Arizona-based Atari Hotel is not built to meet guest preferences or brand standards, or if the opening thereof is delayed, then our results of operations and financial results could be negatively affected.

***Future terrorist activity and/or international instability could adversely impact our real estate acquisition plans and financial operations.***

A terrorist attack against the United States, an increase in terroristic threats or suspected activity, and/or an increase in domestic or international instability, whether or not located in the United States, could significantly affect our business by slowing, delaying or halting construction of the Phoenix, Arizona-based Atari Hotel, increasing the cost of such development, and/or reducing the sales and/or usages of the hotel due to fears of an attack, thereby adversely affecting our results of operations, and financial condition.

***We might become subject to risks arising from litigation.***

We or our affiliates might become involved in litigation. Litigation can be costly, and the results of litigation are often difficult to predict. We may not have adequate insurance coverage or contractual protection to cover costs and liability in the event we are sued, and to the extent we resort to litigation to enforce our rights, we may incur significant costs and ultimately be unsuccessful or unable to recover amounts that we believe are owed. We might have little or no control over the timing of litigation, which presents challenges to their strategic planning as well. If we are subject to litigation, it could redirect efforts and funds that would have otherwise been allocated to the development, construction, or operation of the hotel which could cause a material adverse change in our business, results of operations, and financial condition.

***The performance of the Phoenix, Arizona-based Atari Hotel will fluctuate with general and local economic conditions.***

The successful operation of any real estate asset is significantly related to general and local economic conditions. Periods of economic slowdown or recession, significantly rising interest rates, declining employment levels and other economic events may decrease demand for real estate, which can result in a greater likelihood of defaults under the existing leases and lower rent and lower occupancy levels. As a result, these factors may adversely affect the value of the Phoenix, Arizona-based Atari Hotel, the value of the Units and distributions paid to holders of the Units according to our operating agreement. See "*Description of Our Units and Significant Governance Matters — Distribution Policy*" for more information.

***We are subject to risks related to corporate social responsibility.***

We, along with the hospitality industry generally will be facing scrutiny related to environmental, social and governance activities and the risk of damage to our reputation and the value of the Atari hotel if we fail to act responsibly or comply with regulatory requirements in a number of areas, such as safety and security, responsible tourism, environmental stewardship, supply chain management, climate change, diversity, equity and inclusion, philanthropy and support for local communities. In particular, our stakeholders may increasingly be interested in our approach to managing climate-related risks and opportunities and may have a direct impact on our revenue. Our failure to adequately keep up with developments associated with corporate social responsibility could result in damage to our reputation, which could cause a material adverse effect on our financial condition, business, and results of operations.

***We are both dependent on key personnel.***

Jordan Taylor and Jason Merck, the co-managers of our Manager have a significant role in our success. The loss of services of Jordan Taylor and Jason Merck or a limitation in their availability could adversely affect the financial condition and cash flow of our Phoenix, Arizona-based Atari Hotel project, and increase the costs and delays due to the loss of either Mr. Taylor or Mr. Merck's industry connections. Further, such a loss could be negatively perceived in the securities markets. The occurrence of the foregoing could cause a material adverse effect on our results of operations, business, and financial condition as well as a decrease in the value of your investment in us.

***Labor shortages could restrict our ability to operate the hotel or grow the business or result in increased labor costs that could adversely affect their results of operations.***

If we are unable to attract, retain, train, manage, and engage skilled individuals, our ability to staff and operate the hotel could be diminished, which could reduce customer satisfaction, and its ability to manage the hotel business could be adversely affected. In addition, the inability of our lessees or partners to attract, retain, train, manage, and engage skilled employees for the restaurants, retail gift stores, or experiences could adversely affect the reputation of our Atari brand. Because payroll costs are a major component of the operating expenses at hotels, a shortage of skilled labor could also require higher wages that would increase labor costs, which could adversely affect our results of operations and the results of the hotel. Additionally, an increase in minimum wage rates could increase costs and reduce profits for us and our partners, which could, in turn, lower demand from other partners or lessees to partner with the hotel. The occurrence of any of the foregoing or a combination thereof could cause a material adverse effect on our business, results of operations, and financial condition.

***Because we operate in a highly competitive industry, our revenues or profits could be harmed if we are unable to compete effectively.***

The segments of the hospitality industry in which we operate are subject to intense competition. Their principal competitors are other operators of luxury, full-service and focused-service hotels, including other major hospitality chains with well-established and recognized brands and hotels in Phoenix. They will also potentially compete against smaller hotel chains, independent and local hotel owners and operators, home and apartment-sharing services, and timeshare operators. If they are unable to compete successfully, their revenues or profits may decline.

We will also face competition for individual guests, group reservations, and conference business at the hotel. We will compete for these customers based primarily on Atari brand name recognition and reputation, as well as location, rates for hotel rooms, food and beverage and other services, property size and availability of rooms and conference and meeting space, accommodations, and technology, quality of the accommodations, customer satisfaction, amenities, and the ability to earn and redeem loyalty program points. Our competitors may have greater commercial, financial, and marketing resources and more efficient technology platforms, which could allow them to improve their properties and expand and improve their marketing efforts in ways that could affect our ability to compete for guests effectively, or they could offer a type of lodging product that customers find attractive but that we may not offer.

If the Phoenix, Arizona-based Atari Hotel cannot compete successfully in these areas, its operating margins could contract, its market share could decrease, and its earnings could decline. Further, new lodging supplies in the Phoenix market could negatively impact the hotel industry and hamper the ability to maintain or increase room rates or occupancy in such markets. The occurrence of any of the foregoing or a combination thereof could cause a material adverse effect on our business, results of operations, and financial condition.

***Any deterioration in the quality or reputation of the Atari brand or theme could have an adverse effect on our reputation, business, financial condition or results of operations.***

The Atari brand will be among our most important assets. Our ability to attract and retain guests depends, in part, on public recognition of the Atari brand and its associated reputation. If the Atari brand or theme becomes obsolete or consumers view it as unfashionable, unsustainable or lacking in consistency and quality, we might be unable to attract guests to the Phoenix, Arizona-based Atari Hotel and may further be unable to attract or retain partners.

Changes in ownership or management practices, perceptions of our ESG practices, perception of guest or employee health or safety, the occurrence of accidents or injuries, cyber-attacks, security breaches, natural disasters, crime, failure of suppliers, lessees or business partners to comply with relevant regulations and contractual requirements relating to a variety of issues including environmental, human rights and labor, individual guest, owner or employee notoriety or similar events at the hotel can harm its reputation, create adverse publicity and cause a loss of consumer confidence in our business. Because of the global nature of the Atari brand and the particularities of the business and Phoenix, Arizona hotel location, events occurring in that location could negatively affect the reputation and operations of otherwise successful operations. In addition, the expansion of social media has compounded the potential scope of negative publicity by increasing the speed and expanse of information dissemination. Many social media platforms publish content immediately and without filtering or verifying the accuracy of that content. A negative incident or the perception of the occurrence of a negative incident at our hotel could have far-reaching effects, including lost sales, customer boycotts, loss of development opportunities, and employee difficulties. Such incidents could in the future subject us to legal actions, including litigation, governmental investigations or penalties, along with the resulting additional adverse publicity. A perceived decline in the quality of the Atari brand or damage to our reputation could adversely affect our business, financial condition and results of operations.

***Adverse incidents at the Phoenix, Arizona-based Atari-Hotel, or adverse publicity could harm our brand and reputation, as well as adversely affect our market share, business, financial condition, or results of operations.***

The Atari brand and its reputation are among our most important assets. The reputational value is based, in part, on the external perceptions of Atari, the quality of the to-be-built Phoenix Atari branded hotel and services, and corporate and management integrity. They may experience harm to their reputation, loss of consumer confidence, or a negative impact on the hotel's results of operations as a result of an incident involving the potential safety or security of the guests, customers, or colleagues; adverse publicity regarding safety or security of travel destinations around the globe or at their competitors' properties, or in respect of their third-party vendors or owners and the industry; or any media coverage resulting therefrom.

Additionally, the hotel's reputation could be harmed if it fails, or is perceived to fail, to comply with various regulatory requirements or if it fails to act responsibly or is perceived as not acting responsibly in a number of areas such as health, safety, and security; data security; diversity and inclusion; group events with controversial groups or speakers; sustainability; responsible tourism; environmental stewardship; supply chain management; climate change; human rights; philanthropy and support for local communities; and corporate governance. We will be managing a broad range of corporate responsibility matters, taking into consideration their expected impact on the sustainability of the hotel business over time and the potential impact of the Phoenix, Arizona-based Atari Hotel business on society and the environment. Despite the efforts, consumer travel preferences may shift due to sustainability-related concerns or costs. In addition, stakeholder expectations regarding such matters are evolving, and they might experience engagement from stakeholders of differing views on these matters. Adverse incidents with respect to their corporate responsibility efforts could impact the value of our Atari brand or their reputation, the cost of their operations, and relationships with investors and stakeholders, all of which could adversely affect their business and results of operations.

The continued expansion in the use and influence of social media has compounded the potential scope of negative publicity that could be generated, lead to litigation or governmental investigations, or damage their reputation. Adverse incidents may occur in the future. Negative incidents could lead to tangible adverse effects on the Phoenix, Arizona-based Atari Hotel business, including lost sales, boycotts, reduced enrollment and/or participation in the hotel's loyalty program, disruption of access to digital platforms, loss of development opportunities, or reduced colleague retention and increased recruiting difficulties. Any decline in the reputation or perceived quality of the Atari brand or corporate image could adversely affect their market share, business, financial condition, or results of operations.

***We are exposed to risks and costs associated with protecting the integrity and security of personal data and other sensitive information.***

We will face various risks and costs associated with the collection, handling, storage, and transmission of sensitive information, including costs related to compliance with U.S. and foreign data collection and privacy laws and other contractual obligations. This includes risks associated with the compromise of their systems collecting such information. Many jurisdictions, including the European Union, the U.K., China, and certain states within the U.S., have enacted laws that impose specific requirements on the handling of personal data. We collect internal and customer data, including credit card numbers and other personally identifiable information for a range of critical business purposes, such as managing their workforce, providing requested products and services, maintaining guest preferences to enhance customer service, and for marketing and promotional purposes. They could be exposed to fines, penalties, restrictions, litigation, reputational harm, or other expenses, or other adverse effects on their business, due to failure to protect personal data and other sensitive information or failure to maintain compliance with various U.S. and foreign data collection and privacy laws, with credit card industry standards, or with other applicable data security standards.

Furthermore, U.S. states and the federal government have enacted additional laws and regulations to protect consumers against identity theft. These laws and similar laws in other jurisdictions have increased the costs of doing business, and our failure to implement appropriate safeguards or to detect and provide prompt notice of unauthorized access as required by some of these laws could subject them to potential claims for damages and other remedies. If we are required to pay any significant amounts in satisfaction of claims under these laws, or if they were forced to cease their business operations for any length of time as a result of their inability to comply fully with any such law, our business, operating results, and financial condition could be adversely affected.

***Using a credit card to purchase shares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.***

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Investors in this Offering may have the option of paying for their investment with a credit card, which is not usual in the traditional investment markets. Transaction fees charged by your credit card company (which can reach 5% of transaction value if considered a cash advance) and interest charged on unpaid card balances (which can reach almost 25% in some states) add to the effective purchase price of the shares you buy. The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees. Using a credit card is a relatively new form of payment for securities and will subject you to other risks inherent in this form of payment, including that, if you fail to make credit card payments (e.g. minimum monthly payments), you risk damaging your credit score and payment by credit card may be more susceptible to abuse than other forms of payment. Moreover, where a third-party payment processor is used, as in this Offering, your recovery options in the case of disputes may be limited. The increased costs due to transaction fees and interest may reduce the return on your investment.

The SEC's Office of Investor Education and Advocacy issued an Investor Alert dated February 14, 2018, entitled: Credit Cards and Investments — A Risky Combination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

***The growth of internet reservation channels could adversely affect our business and profitability.***

A significant percentage of hotel rooms for individual guests are booked through internet travel intermediaries, to whom we shall commit to paying various commissions and transaction fees for sales of the rooms through their systems. Search engines and peer-to-peer inventory sources also provide online travel services that compete with their business. If these bookings increase, these hospitality intermediaries may be able to obtain higher commissions or other significant concessions from them. These hospitality intermediaries may also reduce bookings at the hotel by de-ranking the hotels in search results on their platforms, and other online providers may divert business away from the hotel. Although we expect that our contracts with many hospitality intermediaries will limit transaction fees for the Phoenix hotel, there can be no assurance that they will be able to renegotiate these contracts upon their expiration with terms as favorable as the provisions that existed before the expiration, replacement, or renegotiation. Moreover, hospitality intermediaries generally employ aggressive marketing strategies, including expending significant resources for online and television advertising campaigns to drive consumers to their websites. As a result, consumers may develop brand loyalties to the intermediaries' brands, websites, and reservations systems rather than directly to the Phoenix, Arizona-based Atari Hotel brand and systems. If this happens, the Phoenix, Arizona-based Atari Hotel's business and profitability may be significantly affected over time as shifting customer loyalties divert bookings away from the hotel's websites, which may increase costs for the hotel in its operations system. Internet travel intermediaries also have been subject to regulatory scrutiny, particularly in Europe. The outcome of this regulatory activity may affect our ability to compete for direct bookings through their own internet channels.

In addition, although internet travel intermediaries have traditionally competed to attract individual leisure consumers or transient businesses rather than group businesses for meetings and events, in recent years, they have expanded their business to include marketing to group businesses and also to corporate transient businesses. If that growth continues, it could both divert group and corporate transient business away from the hotel and also increase their cost of sales for group and corporate transient business. Consolidation of internet travel intermediaries, or the entry of major internet companies into the internet travel bookings business, also could divert bookings away from our websites and increase the hotels' cost of sales.

***Misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products could negatively impact demand for the Phoenix, Arizona-based City of Atari-themed hotel and affect the profitability of the business.***

The Phoenix, Arizona-based Atari Hotel will include more than 60,000 square feet of immersive entertainment, video gaming experiences, food and beverage, and retail. The City of Atari will immerse guests into a combination of nostalgic and pop-culture-centric experiences focused on the history of gaming, movies, and music of the 1980s and 1990s, as well as futurism inspired by Atari and other brands like Bladerunner and Tron, combined with current and future video gaming-themed brands and experiences, utilizing the latest technologies and AI.

We will create entertainment via such Atari themes and its success depends substantially on consumer tastes and preferences that change in often unpredictable ways. The success of the business depends on the ability to consistently create compelling content, which may be distributed, among other ways, through internet or cellular technology, theme park attractions, hotels and other recreational activities, daily excursions, and retail souvenir products. Such distribution must meet the changing preferences of the broad consumer market and respond to competition from an expanding array of choices facilitated by technological developments in the delivery of content. The success of theme parks, resorts, and experiences depends on the demand for public or out-of-home entertainment experiences. Demand for certain out-of-home entertainment experiences, such as going to play at arcade centers, has not returned to pre-pandemic levels, and COVID-19 may continue to impact consumer tastes and preferences. The success of our business therefore depends on our ability to successfully predict and adapt to changing consumer tastes and preferences. Moreover, we must often invest substantial amounts in content production and acquisition, acquisition of arcade rights, themed hotels, and other facilities or customer-facing platforms before they know the extent to which these services will earn consumer acceptance, and these services may be introduced into a significantly different market or economic or social climate from the one they anticipated at the time of the investment decisions. If our entertainment offerings as well as the methods to make such offerings and services available to consumers, do not achieve sufficient consumer acceptance, the hotel's revenue may decline or fail to grow to the extent they anticipate when making investment decisions and thereby further adversely affect the profitability of the Phoenix hotel business. Further, consumers' perceptions of the hotel's position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, may differ widely and present risks to the hotel's reputation and brand. Consumer tastes and preferences impact, among other items, revenue from advertising sales (which are based in part on ratings for the programs in which advertisements air), affiliate fees, subscription fees, the license of rights to other distributors, themed hotel room charges and merchandise, souvenirs, food and beverage sales, sales of licensed consumer products or sales of the other services within the hotel. The occurrence of any of the foregoing or a combination thereof could cause a material adverse effect on our business, results of operations, and financial condition.

***Extreme weather, climate change, and sustainability-related concerns could have a material adverse effect on our business and results of operations*.**

We will face risks associated with extreme weather and climate change, including the impacts of physical climate change effects, changes in laws and regulations related to climate change and sustainability, and changing consumer preferences. Natural disasters and extreme weather in locations where we will own the hotel or from areas of the world that might provide a large number of guests may lead to a significant decline in travel and reduced demand for lodging. The prevalence of these events may continue to increase as a result of climate change. Natural disasters, extreme weather, and other physical impacts of climate change (including rising sea levels, extreme hot or cold weather, water shortages, fire, and droughts) have in the past and could in the future lead to increases in related insurance, energy, or other operating costs, and physical damage to the hotels that might not be covered by insurance and might prevent or limit the operations of the property. Significant costs could be involved in improving the efficiency and climate resiliency of the to-be-built Phoenix Atari branded hotel and otherwise preparing for, responding to, and mitigating the physical effects of climate change or sustainability-related concerns. Compliance with future climate-related legislation and regulation and the current or future voluntary efforts to achieve science-based emissions reduction targets or other sustainability initiatives could also be difficult and costly. Growing public recognition of the dangers of climate change and other sustainability-related concerns may affect customers' travel choices, including their frequency of travel. As a result, the Phoenix hotel might experience reduced demand, significantly increased operating and compliance costs, operating disruptions or limitations, constraints on room occupancy growth, and even physical damage to the hotel, all of which could adversely affect our profits and growth.

***Financial distress experienced by strategic partners or other counterparties could have an adverse impact on us.***

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We intend to operate and lease portions of the hotel to create free and ticketed opportunities for customers to experience the latest in artificial reality, virtual reality, and AI technologies. Certain spaces will also be leased out to companies that offer products for sale, such as clothing, collectibles, digital assets, games (both digital and analog), as well as art and cultural offerings. We intend to curate these experiences based on the overall experience inside the hotel, focusing on existing brands, new IPs, and the ever-evolving world of technology. As a result of this endeavor, we anticipate becoming a party to numerous contracts of varying durations with different entities/vendors. Certain of our agreements will be comprised of a mixture of firm and non-firm commitments, varying tenures, and varying renewal terms, among other terms. There can be no guarantee that, upon the expiration of such contracts, we will be able to renew such contracts on terms as favorable to it, or at all.

We would also be exposed to the risk of loss in the event of non-performance by such potential strategic partners or other counterparties. Some of these counterparties may be highly leveraged and subject to their own operating, market, and regulatory risks, and some are experiencing or may experience, in the future, severe financial problems that may have a significant impact on their ability to perform their contractual obligations to us. Any material nonperformance from their potential contract counterparties due to inability or unwillingness to perform or adhere to contractual arrangements could have a material adverse impact on our business, results of operations, financial condition, and ability to make cash distributions to our stockholders if such non-performance impacts our ability to operate the hotel or provide satisfactory services to its customers.

***We may be subject to claims for infringing the intellectual property rights of others, which could be costly and result in the loss of significant intellectual property rights.***

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We cannot be certain that we will not infringe the intellectual property rights of others. We may, in the future, be subject to litigation and other claims in the ordinary course of our business based on allegations of infringement or other violations of the intellectual property rights of others. Regardless of their merits, intellectual property claims can divert the efforts of our personnel and are often time-consuming and expensive to litigate or settle. In addition, to the extent claims against us are successful, we may have to pay substantial monetary damages or discontinue, modify, or rename certain products or services that are found to be in violation of another party's rights. We may have to seek a license (if available on acceptable terms or at all) to continue offering products and services, which may significantly increase our operating expenses.

***We will hold a limited license to the Atari brand for use in the Phoenix, Arizona-based Atari Hotel and do not have any affiliation with Atari Interactive, Inc.***

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The "Atari" name and logo are the exclusive intellectual property of Atari Interactive, Inc. and are used in connection with hotel and entertainment projects solely pursuant to an exclusive license that we will acquire from an affiliate of our company upon the Initial Closing. This license grants us the exclusive rights to utilize the Atari brand and Atari-owned game titles throughout the property and in its content and marketing materials, including iconic titles such as Pong, Centipede, and Breakout, for use inside an entertainment property and attached hotel in Phoenix, Arizona. Central Roro, LLC, Main & Main Roro Property Owner, LLC, and AH Endeavors LLC are the current licensees; apart from this licensing relationship, they have no affiliation with Atari Interactive, Inc. This investment opportunity is neither sponsored nor endorsed by Atari Interactive, Inc. or any of its affiliates, and it confers no equity or other ownership interest in Atari Interactive, Inc., nor is it guaranteed by Atari Interactive, Inc. or its affiliates. If we fail to comply with our obligations under the license agreement, or if the license is otherwise terminated or not renewed, we could lose the rights to use the Atari intellectual property, which would materially and adversely affect our business, financial position, and future prospects, and investors could lose the entirety of their investment.

***If we fail to comply with its obligations in the agreements under which it will license intellectual property and other rights from third parties or otherwise experience disruptions to its business relationships with any licensor, it could lose license rights that are important to the business.***

Upon the Initial Closing, we will acquire the exclusive Atari license from an affiliate of our company. See "*Interest of Management and Others in Certain Transactions*" for more information. Pursuant to that license, we will hold the exclusive rights to utilize the Atari brand and Atari-owned game titles throughout the property and in its content and marketing materials, acquiring the exclusive rights to the iconic Atari brand and all game titles (including, for example, titles such as Pong, Centipede, and Breakout) for use inside of an entertainment property and attached hotel in Phoenix, Arizona, the 5th-largest city in the United States.

We will be a party to this license agreement and expect to enter into additional license agreements in the future with respect to other video game brands. We expect these license agreements to impose various diligence, milestone payment, royalty, and other obligations on them. If we fail to comply with their obligations under these agreements, or they are subject to bankruptcy or similar proceedings, we may be required to make certain payments to the licensor, they may lose the exclusivity of their license, or the licensor may have the right to terminate the license, in which event we would not be able to develop or market products covered by the license. The licensor of the Atari intellectual property rights or any future licensor may take any of these actions, including terminating a license agreement. Additionally, the milestone and other payments associated with these licenses will make it less profitable for us to provide their intended services. If the licensor were to terminate a license agreement for whatever reason, if possible, it would materially and adversely affect our business, financial position, and future prospects, and investors would likely lose the entirety of their investment.

If disputes over intellectual property and other rights that we will license prevent or impair their ability to maintain future licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the themed hotel.

***Insurance may not cover damage to or losses involving the hotel or other aspects of the business, and the cost of such insurance could increase***.

We will require comprehensive property and liability insurance policies for its leased and owned portions of the hotel, with coverage features and insured limits that we believe are customary. We also require its lessees to maintain similar levels of insurance. However, market forces beyond its control may limit the scope of the insurance coverage we or our lessees can obtain or our ability to obtain coverage at reasonable rates. Certain types of losses, generally of a catastrophic nature, such as earthquakes, hurricanes, floods, terrorist acts, pandemics, or liabilities resulting from incidents involving the security of information systems, may be subject to high deductibles, low limits, or may be uninsurable, or the cost of obtaining the insurance may be unacceptably high. As a result, we may not be successful in obtaining insurance without increases in cost or decreases in coverage levels or may not be successful in obtaining insurance at all. For example, over the past several years, following severe and widespread damage caused by natural disasters, coupled with continued large global losses, the property, liability, and other insurance markets have seen significant cost increases. Further, in the event of a substantial loss, the insurance coverage we or our lessees carry may not be sufficient to pay the full market value or replacement cost of any lost investment or, in some cases could result in certain losses being totally uninsured. As a result, our revenues and profits could be adversely affected, and for the portion it owns or leases, we could lose some or all of the capital that it has invested in the property, and it could remain obligated for guarantees, debt, or other financial obligations.

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***Failure to comply with marketing and advertising laws, including regarding direct marketing, could result in fines or place restrictions on their business.***

We will rely on a variety of direct marketing techniques, including telemarketing, email and social media marketing, and postal mailings, and it is subject to various laws and regulations in the U.S. and internationally that govern marketing and advertising practices. Any further restrictions in laws and court or agency interpretations of such laws, such as the Telephone Consumer Protection Act of 1991, the Telemarketing Sales Rule, the CAN-SPAM Act of 2003, various U.S. state laws, such as the California Privacy Rights Act, international data protection laws, such as the E.U. General Data Protection Regulation, or the "GDPR," and laws limiting the cross-border transfer of data that govern these activities or new laws that become effective in the future could adversely affect current or planned marketing activities and cause us to change its marketing strategy. If this occurs, we may not be able to develop adequate alternative marketing strategies, which could affect our ability to maintain relationships with its customers and acquire new customers. We will also obtain access to names of potential customers from travel service providers or other companies and market to some individuals on these lists directly or through other companies' marketing materials. If access to these lists were prohibited or otherwise restricted, our ability to develop new customers and introduce them to products could be impaired.

***Governmental regulation may adversely affect the operation of the hotel.***

In many jurisdictions, the hospitality industry is subject to extensive foreign or U.S. federal, state, and local governmental regulations, including those relating to the service of alcoholic beverages, the preparation and sale of food and those relating to building and zoning requirements. We will also be subject to licensing and regulation by U.S. state and local departments relating to health, sanitation, fire, and safety standards and to laws governing their relationships with employees, including minimum wage requirements, overtime, working conditions status, and citizenship requirements. These requirements are complex and subject to frequent revision, with changes at the U.S. federal level often accompanying new U.S. presidential administrations. We or our third-party owners may be required to expend funds to meet U.S. federal, state, and local regulations in connection with the construction, continued operation, or development of the property. Our failure to meet the requirements of applicable regulations and licensing requirements, or publicity resulting from actual or alleged failures, could have an adverse effect on its results of operations and financial condition. For example, if we fail to comply with any of the requirements of the ADA, we might be subject to fines, penalties, injunctive action, reputational harm, guest, advocacy group, or employee lawsuits, and other business effects that could materially and negatively affect our performance and results of operations.

***There may be deficiencies with our internal controls that require improvements, and if we are unable to evaluate internal controls adequately, we may be subject to sanctions.***

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As a Tier 2, Regulation A issuer, we will not need to provide a report on the effectiveness of our internal controls over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report so long as we are a Tier 2 issuer. We do not know whether our internal control procedures are effective, and therefore, there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

 

**Risks Related to Conflicts of Interest**

 

***We are dependent on our Manager and its affiliates and key personnel who will provide services to us under our operating agreements or otherwise, and we may not find suitable replacements if our Manager and its affiliates and key personnel decides to terminate its relationship with us pursuant to the operating agreement, or any other agreement to which such services are provided is terminated, or if key personnel leave or otherwise become unavailable to us, which could have a material adverse effect on our performance.***

We do not expect to have any employees and are completely reliant on the Manager to provide it with project management and advisory services. We expect to benefit from the personnel, relationships, and experience of our Manager and its key personnel and expect to benefit from the same highly experienced personnel and resources it needs for the implementation and execution of the Atari-brand hotel development. The Manager will also have significant discretion as to the implementation of the Atari hotel development project. Accordingly, it is believed that our success will depend to a significant extent upon the efforts, experience, diligence, skill, and relationships of the executive officers and key personnel of the Manager. The executive officers and key personnel of the Manager will run all of the operations from the purchase of the land where it is planned to build the Atari-brand hotel, through the construction of the hotel to the day-to-day management of hotel operations once the hotel is up and running. Our success will depend on their continued service. In addition, we offer no assurance that the Manager will remain the Manager or that we will continue to have access to the Manager's principals and professionals. If the Operating Agreement is terminated and no suitable replacement manager is found, our ability to execute business plans will be negatively impacted.

***The ability of the Manager and its officers and other personnel to engage in other business activities, including managing other similar companies, may reduce the time the Manager spends managing our business and may result in certain conflicts of interest.***

Our officers also serve or may serve as officers or employees of AH Endeavors and JMJT, as well as other Manager-sponsored vehicles, and other companies unaffiliated with the Manager but affiliated with the co-managers of our Manager. These other business activities may reduce the time these people spend managing the business. Further, if there are turbulent conditions in the real estate markets or distress in the credit markets or other times when we will need focused support and assistance from the Manager, the attention of the Manager's personnel and executive officers and the resources of the Manager may also be required by other Manager-sponsored vehicles. In such situations, we may not receive the level of support and assistance that they might receive if they were internally managed or if they were not managed by the Manager. In addition, these people may have obligations to other entities, the fulfillment of which might not be in our best interests or any of the investors'. Our officers and the Manager's personnel may face conflicts of interest in allocating sales, financing, leasing, and other business opportunities among the real properties owned by the various companies and by us. The occurrence of any of the foregoing or a combination thereof could cause a material adverse effect on our business, results of operations, and financial condition.

***Our operating agreements contains provisions that reduce or eliminate duties (including fiduciary duties) of the Manager.***

Our operating agreements provides that our Manager, in exercising its rights in its capacity as the Manager, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting us or any of our investors and will not be subject to any different standards imposed by our operating agreement, or under any other law, rule or regulation or in equity. These modifications of fiduciary duties are expressly permitted by Delaware law. Further, we have partially waived the duty of loyalty in that our Manager is permitted to own and manage interests that are competitive with us and such people are under no obligation to present any business opportunity to us.

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***There are conflicts of interest among us and the Manager and its affiliates.***

We do not have any directors or executive officers. Instead, each of our operations is managed by the Manager and its employees and members. All the agreements and arrangements between such parties, including those relating to compensation, are not the result of arm's-length negotiations. Some of the conflicts inherent in our transactions with the Manager and its affiliates, as well as the limitations on such parties adopted to address these conflicts, are described below. The Manager and its affiliates will try to balance our interests with their own. However, to the extent that such parties take actions that are more favorable to other entities than us, these actions could have a negative impact on our financial performance and, consequently, on distributions to investors and the value of our Units.

Our operating agreement provides us with broad powers and authority which may exacerbate the existing conflicts of interest among your interests and those of the Manager, its executive officers, and its other affiliates. Potential conflicts of interest include, but are not limited to, the following:

● The Manager or an affiliate of the Manager may sell or license certain properties to us. The Manager will be setting the purchase price that we will pay for such a property, which price may be higher than appraised values or comparable property prices;

● the Manager, its executive officers and its other affiliates may continue to offer other real estate investment opportunities, including equity offerings similar to this Offering, and may make investments in real estate assets for their own respective accounts, whether or not competitive with our business;

● the Manager, its executive officers, and its other affiliates will not be required to disgorge any profits or fees or other compensation they may receive from any other business they own separately from us, and you will not be entitled to receive or share in any of the profits or fees or other compensation from any other business owned and operated by the Manager, its executive officers and/or its other affiliates for their own benefit;

● We might engage the Manager or affiliates of the Manager to perform services at prevailing market rates. Prevailing market rates are determined by the Manager based on industry standards and expectations of what the Manager would be able to negotiate with third party on an arm's length basis; and

● The Manager, its executive officers and its other affiliates are not required to devote all of their time and efforts to our affairs.

***Our Manager's liability is limited under our Operating Agreement and the Operating Agreement, and each of us has agreed to indemnify the Manager against certain liabilities. As a result, we may experience poor performance or losses for which the Manager would not be liable.***

Pursuant to our Operating Agreement and the Operating Agreement, Our Manager will not assume any responsibility on our behalf other than to render the services called for thereunder. Under the terms of the operating agreement, our Manager, its officers, investors, members, Managers, directors and personnel, any person controlling or controlled by our Manager, and any person providing services to our Manager will not be liable to us, any subsidiary of ours, or our investors, members or partners or any subsidiary's investors, members or partners for acts or omissions performed in accordance with and pursuant to the operating agreement, except by reason of acts or omissions constituting bad faith, willful misconduct, gross negligence, or reckless disregard of their duties under the operating agreement.

Accordingly, we and our investors will only have recourse and be able to seek remedies against our Manager to the extent it breaches its obligations pursuant to our Operating Agreement or the Main & Main Operating Agreement. Furthermore, we have agreed to limit the liability of our Manager and to indemnify our Manager against certain liabilities. We have agreed to reimburse, indemnify and hold harmless our Manager, its officers, investors, members, Managers, directors and personnel, any person controlling or controlled by our Manager, and any person providing sub-advisory services to our Manager with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of, or arising from, acts or omissions of such indemnified parties not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of our Manager's duties, which have a material adverse effect on us. In addition, we may choose not to enforce, or to enforce less vigorously, our rights under the operating agreement because of our desire to maintain our ongoing relationship with our Manager.

**Risks Related to this Offering and Ownership of Our Units**

**Investment in the Units is speculative, and each investor assumes the risk of losing their entire investment.**

An investment in the Units is speculative and, by investing, each potential investor in this Offering assumes the risk of losing your entire investment. The Company has had no operations as of the date of this offering circular and will be solely dependent upon the efforts of our Manager and the operating results of the Phoenix, Arizona-Based Atari Hotel, all of which are subject to the risks described in this offering circular.

Accordingly, only investors who are able to bear the loss of their entire investment and who otherwise meet the investor suitability standards should consider purchasing the Units.

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***There is currently no public trading market for our Units.***

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There is currently no public trading market for our Units, and none is expected to be developed or sustained. If an active public trading market for our Units does not develop or is not sustained, it may be difficult or impossible for you to resell your Units at any price. Even if a public market does develop, the market price could decline below the amount you paid for your Units.

***If a market ever develops for our Units, the market price and trading volume may be volatile.***

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If a market develops for our Units, the market price of our Units could fluctuate significantly for many reasons, including reasons unrelated to our performance, the underlying assets or us, such as reports by industry analysts, investor perceptions, or announcements by our competitors regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other companies, whether large or small, within our industry experience declines in their share price, the value of our Units may decline as well.

In addition, fluctuations in our operating results to meet the expectations of investors may negatively impact the price of our securities. Operating results may fluctuate in the future due to a variety of factors that could negatively affect revenues or expenses in any particular reporting period, including the vulnerability of our business to a general economic downturn; changes in the laws that affect our operations; competition; compensation related expenses; application of accounting standards; seasonality; and our ability to obtain and maintain all necessary government certifications or licenses to conduct our business.

***This Offering is being conducted on a commercially reasonable efforts basis and we may not be able to execute our growth strategy if we are unable to raise this capital.***

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We are offering the interests on a "commercially reasonable efforts" basis, and we can give no assurance that all of the offered interests will be sold. If you invest in our interests and more than the minimum number of offered Units are sold, but less than all of the offered Units are sold, the risk of losing your entire investment will be increased. If substantially less than the maximum number of Units offered are sold, we may be unable to fund all the intended uses described in this offering circular from the net proceeds anticipated from this Offering without obtaining funds from alternative sources or using the working capital that we generate. Alternative sources of funding may not be available to us at what we consider to be a reasonable cost, and the working capital generated by us may not be sufficient to fund any uses not financed by offering net proceeds.

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***This is a fixed price offering and the fixed offering price may not accurately represent the current value of us or our assets at any particular time. Therefore, the purchase price you pay for our Units may not be supported by the value of our assets at the time of your purchase.***

This is a fixed price offering, which means that the offering price for our Units is fixed and will not vary based on the underlying value of our assets at any time. Our Manager has determined the offering price in its sole discretion without the input of an investment bank or other third party. The fixed offering price for our Units has not been based on appraisals of any assets we own or may own, or of the Company as a whole, nor do we intend to obtain such appraisals. Therefore, the fixed offering price established for our Units may not be supported by the current value of us and our assets at any particular time.

***Investors lack voting rights with respect to the day to day management of the business, and our Manager may take actions that are not in the best interests of investors.***

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Investors should be aware that they possess limited voting rights regarding the daily management of our business, and that Our Manager holds substantial authority to make decisions independently of investor input, which could potentially include actions that may not align with the interests of all investors in this Offering. As such, you may not necessarily agree with such decisions or decisions may not be in the best interests of all of the investors as a whole but only a limited number, and you will have limited ability to direct our business and influence such decisions.

***Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all***

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The operating agreements of the Company and Main & Main contain provisions prohibiting removal of our Manager if either Jordan Taylor or Jason Merck, the co-managers of our Manager, have given personal guarantees as a condition of any debt financing of the Company or Main & Main, separately or concurrent. As such, until we repay the CBAZ LOC, our Manager cannot be removed or replaced as Manager of Main & Main. See "*Our Corporate Structure and Operational History — Our Operating History*" for more information. After the release of the personal guarantees of our Manager's co-managers, unless and until either co-manager extends another personal guarantee which satisfies the provision of the Main & Main Operating Agreement, our Manager may be removed from its position as Manager of the Company and Main & Main only for good cause by the holders holding 75% of the issued and outstanding units thereof, respectively. Notwithstanding the foregoing, we intend to enter into a construction credit facility that could have a negative covenant prohibiting the removal of our Manager while the facility is effective. If that is the case, we may not remove our Manager as manager of the Company or Main & Main until the facility is terminated.

As such, our Unitholders have zero to a significantly limited ability to remove our Manager as manager of the Company or Main & Main and may continue to have zero to limited ability to remove the Manager for the foreseeable future. Investors herein would, therefore, not be able to remove our Manager merely because they did not agree, for example, with how our Manager was operating. Moreover, the lack of ability to remove our Manager may cause our Units to be undervalued by analysts, which could negatively impact your ability to obtain a return on your investment in such Units.

***We may issue additional units in the future, which would reduce investors' ownership percentage and may dilute our Unit's value.***

We may issue additional Units after this Offering, and such issuances may result in substantial dilution in the percentage of our Units held by our then-existing Members. We may value any units issued in the future on an arbitrary basis. The issuance of Units for future services, acquisitions, or other corporate actions may dilute the value of the Units held by our investors and might adversely affect any trading market for our Units.

***We may conduct concurrent offerings of our Units under Rule 506(c) of Regulation D, which could be integrated with this Offering of our Units pursuant to Rule 152 of the Securities Act if we fail to ensure compliance with the requirements of Regulation A and Regulation D, or fail to comply with any safe harbor from integration under Rule 152.***

The integration of this Offering and any concurrent offering under Regulation D, pursuant to Rule 152 of the Securities Act, poses significant legal, regulatory, and operational risks. Under securities law, if such offerings are deemed to be integrated, that is, treated as a single offering, our ability to rely on exemptions from registration under the Securities Act may be jeopardized. In such an event, failure to meet the safe harbor provisions under Rule 152 could force us to register the combined offering, subjecting us to increased disclosure requirements, heightened regulatory scrutiny, and significant legal and administrative expenses. Such integration, if it occurs, may delay or disrupt the planned financing, adversely affect our ability to raise capital on favorable terms, and have a material adverse impact on our business, financial condition, and value of our Units.

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***We may use the net proceeds of this Offering in ways with which you may not agree.***

While we currently intend to use the proceeds of this Offering for the purposes described in our "*Use of Proceeds*" tables, we have broad discretion over how these proceeds are to be used and may spend the proceeds in ways with which you may not agree. See "*Use of Proceeds*," and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. You must rely on our judgment regarding the application of the net proceeds from this Offering. The proceeds may be used for corporate purposes or in a manner that does not immediately improve our profitability or increase the price of our Units, subject to the requirement that our business purpose is the acquisition of real estate and development of Atari themed hotel.

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***We do not expect to be able to make cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price.***

We do not anticipate having available funds for distribution until after the Phoenix, Arizona-based Atari Hotel begins to operate and generate revenue. Once that occurs, we expect to make distributions of distributable cash to our Unitholders on at least an annual basis, at our Manager's sole discretion in the following order: (i) by Main & Main to the Main & Main Unitholders; and (ii) thereafter, by the Company to its Unitholders. See "*Description of Our Units and Significant Governance Matters — Distribution Policy*" for more information. Before the Phoenix, Arizona-based Atari Hotel is complete, we do not expect to make any distributions to our respective Unitholders, which would include you as a holder of our Units if you invested in this Offering. Further, any credit agreements that we may enter with institutional lenders may restrict our ability to make distributions of distributable cash. Whether we pay cash dividends in the future will be at the discretion of our Manager and will be dependent upon our financial condition, results of operations, capital requirements, and any other factors that our Manager decides are relevant. Until such time as our Manager determines that we can make distributions pursuant to our operating agreements, if at all, any return on your investment in our Units must come from increases in the fair market value and trading price thereof, if any. See also " — *Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*" and " — *Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business*" for more information.

***If the Phoenix, Arizona-based Atari Hotel is not completed or operated as planned, or later closes before you redeem your rewards, we may not be able to deliver certain investment rewards.***

Our ability to deliver certain rewards depends entirely on the successful construction, grand opening, and continued operation of the Phoenix, Arizona-based Atari Hotel. Should we fail to complete the hotel, fail to open it, or if it opens and subsequently ceases operations, you will permanently lose any reward that is dependent on the successful construction, grand opening, and continued operation of the hotel. In any such circumstance, all of your hotel-dependent rewards will be automatically canceled, and you will not receive any monetary or other compensation for this loss.

***The values we assign to your investment rewards may differ materially from their actual or perceived worth.***

The dollar values assigned to each tier of rewards under our investment reward program reflect our own good-faith, internal estimates of the fair-market value of the underlying reward, calculated as of the date of this offering circular. No third-party appraisals were obtained, and no independent opinion as to valuation was sought or intended to be sought with respect to any reward. Accordingly, the stated values may differ, potentially materially, from the actual value a holder could realize in an arm's-length transaction, from the cost the Company ultimately incurs to deliver the benefit, or from any value an investor might personally ascribe to the benefit.

***All investment rewards are non-transferable and may be forfeited under certain circumstances.***

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Benefits under the investment reward program may not be sold, assigned, or transferred. Failure to comply with the procedures for claiming certain rewards, such as providing required information or responding to communications within specified timeframes, may result in forfeiture of those rewards, and you will not be compensated for such forfeiture.

***A portion of the offering proceeds will be used for non-cash investment rewards, which may not enhance the value of your investment***.

A portion of the net proceeds from this offering will be allocated to fund the Company's investment reward program, which provides non-cash, non-transferable benefits to investors based on the amount of their investment. These rewards include, but are not limited to, event access, collectibles, loyalty points, and club memberships related to the planned Phoenix, Arizona-based Atari Hotel.

The total cost of the investment reward program will depend on the mix of investment amounts. The cost could be as high as approximately $600,000 if all investors invest in increments exceeding $50,000 and thereby qualify for the highest tier of rewards. Conversely, the cost could be $0 if no investor invests more than $10,000. Based on the Company's internal calculations, assuming the sale of the Maximum Offering Amount, the Company expects that the investment reward program will cost approximately $100,000. Any amounts allocated to the reward program will be deducted from the proceeds otherwise available for investment the Main & Main Units.

***After completion of the Phoenix, Arizona-based Atari Hotel, distributions the Company may receive from Main & Main, if any, may be less than estimated and the Company may experience a decline in realized revenues from time to time as a result of such difference which could adversely affect the value of the Units and the distributions you could receive.***

The Phoenix, Arizona-based Atari Hotel may not achieve the revenues that we anticipate. Since the Company's revenues are tied to distributions on the Main & Main Units, if the distributions the Company receives from Main & Main are less than estimated, the value of the Units and the distributions you may receive could decline. The Company's revenues could decrease in the future as a result of the non-acceptance of the hotel brand or services, general economic downturns, any other event having a negative effect on discretionary spending, or any other event that changes the desirability of the hotel as a destination compared to other alternative accommodations. If Main & Main is unable to successfully operate the hotel in the future, then cash distributions to the Unitholders may be materially and adversely affected.

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***Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement.***

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Our Manager does not own any Units or Main & Main Units but has sole management authority over us and Main & Main, and is entitled to (i) an asset management fee equal to 1% of Main & Main's gross revenues on an annual basis, (ii) reimbursement for certain costs by Main & Main, and (iii) is entitled to receive a significant percentage of any distributions of distributable cash by Main & Main on the Main & Main Units, pursuant to the formula set forth in Main & Main's distribution policy. Specifically, after withholding any amounts reasonably necessary for operations, fees, and reserves, including the asset management fee, the Manager may determine the amount of cash and other property of the Company that is available for distribution to the Main & Main Unitholders, which is referred to as the "Net Distributable Cash" (defined below), if any, and in its sole discretion, may cause the Main & Main to distribute such Net Distributable Cash to the Main & Main Unitholders. Subject to applicable laws and the other terms and conditions of the Main & Main Operating Agreement, any such distributions of Main & Main's Net Distributable Cash will be made first in satisfaction of tax liability, if any, and various preferred returns, including to the Original Members alone, a preferred return of invested capital; and then to all the Main & Main Unitholders together, including the Company, a preferred return of invested capital; and then to all of the Main & Main Unitholders, including the Company, a preferred return on investment, which we refer to in this offering circular as the "Preferred Returns." After payment of the Preferred Returns, any Main & Main distributions will be distributed:

● 80% to the Main & Main Unitholders pro rata in accordance with their respective unitholdings, and 20% to the Manager, as a carried interest, until the Main & Main Unitholders have received an IRR (defined below) of 15%, at which point

● Net Distributable Cash will be distributed 70% to the Main & Main Unitholders pro rata in accordance with their respective unit holdings, and 30% to the Manager.

The above economic rights held by our Manager have certain implications, including, that reservations for the asset management fee owed to our Manager will reduce, forever, any amounts of cash that may be distributable to the Company as a Main & Main Unitholder, and then you, as a Unitholder, and after any necessary reservation and payment of any tax liability of the Main & Main Unitholders and the Preferred Returns, our Manager is entitled to between 20% and 30% of all distributions to the Main & Main Unitholders, forever reducing the amount of distributable cash that you may have received as a Unitholder via your indirect ownership of the Main & Main Units. The effect of the Manager's significant economic interest in our business pursuant to the Main & Main Operating Agreement is such that our Units, as a result of our holding company structure, could be viewed less favorable by the market and industry analysts than the securities of our competitors. If such negative sentiment develops around our Manager's Economic interest, then such sentiment could cause a decrease in the value of our Units, which would impact your ability to obtain a favorable return on your investment solely through the appreciation of our Units. See also " — *We do not expect to be able to make cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*" and " — *Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business*" for more information.

***We may terminate this Offering at any time during the offering period, provided that any money tendered by potential investors but not closed upon will be promptly returned by the Escrow Agent without any interest or deduction.***

This Offering will terminate on the earlier of (i) the date we raise the Maximum Offering Amount, or (ii) the date that is one year from the qualification date of this Offering with the SEC, *provided*, that any money tendered by potential investors but not closed upon as a result of (ii) will be promptly returned by the Escrow Agent without any interest or deduction. If we conduct an Initial Closing and subsequent closings after that, however, we reserve the right to terminate this Offering at any time, regardless of the number of Units we may have sold, subject to the deadline referenced in (ii). In the event that we terminate this Offering at any time after an Initial Closing but prior to the sale of all of the Units offered hereby, whatever amount of capital that we have raised at that time will have already been utilized by us and no such funds will be returned to subscribers.

***Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business.***

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Except as otherwise set forth in our Operating Agreements, our Manager, will have the sole right and authority to make all decisions with respect to our management (subject to the requirement that our business purpose be the acquisition of real estate and development of Atari themed hotel). No person should purchase our Units unless such a person is willing to entrust virtually all aspects of our management to our Manager. Our Manager may cause us to retain other persons, either directly or by way of contracting with other entities, for compensation to provide services to us relating to the hotel. Our Manager may make decisions governing our actions, which you may disagree with, or which may be contrary to your personal interests.

***The return on an investment in our Units may be reduced if we are required to register as an investment company under the Investment Company Act of 1940.***

We are not registered and do not intend to register as an investment company under the Investment Company Act of 1940. If we become obligated to register as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:

● limitations on capital structure;

● restrictions on specified investments;

● prohibitions on transactions with affiliates; and

● requirements to comply with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.

Main & Main RoRo Property Owner, LLC, is the owner of the Land Parcel where the Phoenix, Arizona-based Atari Hotel will be built as well as the developer, builder and operator of the planned Phoenix, Arizona-based Atari Hotel. As such, Main & Main is an operating company and not an investment company as that term is defined under the Investment Company Act of 1940.

Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an investment company if 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 (exclusive of government securities and cash items) on an unconsolidated basis. "Investment securities" excludes (A) government securities, (B) securities issued by employees' securities companies, and (C) securities issued by majority-owned subsidiaries which (i) are not investment companies; and (ii) are not relying on the exception from the definition of investment company under Section 3(c)(1) or 3(c)(7) of the Investment Company Act.

As of the date of the SEC's qualification of this Offering, there are 15,700 Main & Main Units issued and outstanding. See "*Security Ownership of Management and Certain Securityholders*" for more information. In this case, the Minimum Offering Amount of $8,668,000, or 17,336 Units, will be sufficient, after deduction of fees and offering expenses (see "*Use of Proceeds*" for more information) to result in Main & Main becoming a majority-owned subsidiary of the Company via the Company's acquisition of the net Offering proceeds of at least $7,850,500 in the Main & Main Units, at $500 per unit, for a total of 15,701 Main & Main Units, immediately following the Initial Closing. As such, the Main & Main Units will not be considered investment securities under the Investment Company Act because Main & Main will be the Company's majority-owned subsidiary, which is not an investment company or exempt from the definition of an investment company under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. In the future, if we are no longer the majority owner of the operating entity, we will be required to register as an investment company under the Investment Company Act. Such registration requirements, if not intentionally triggered, could have a material adverse impact on the Company's business, results of operations, and financial condition.

***Possible changes in federal/local tax laws or the application of existing federal/local tax laws may result in significant variability in our results of operations and tax liability for the investor.***

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The Internal Revenue Code of 1986, as amended, is subject to change by Congress, and interpretations may be modified or affected by judicial decisions, by the Treasury Department through changes in regulations and by the Internal Revenue Service through its audit policy, announcements, and published and private rulings. Although significant changes to the tax laws historically have been given prospective application, no assurance can be given that any changes made in the tax law affecting an investment in the Company would be limited to prospective effect. Accordingly, the ultimate effect on an investor's tax situation may be governed by laws, regulations or interpretations of laws or regulations which have not yet been proposed, passed, or made, as the case may be.

***Investors in this Offering may not be entitled to a jury trial with respect to claims arising under the subscription agreement, which could result in less favorable outcomes for the plaintiff(s) in any action under these agreements.***

Investors in this Offering will be bound by the subscription agreement, which includes a provision under which investors waive the right to a jury trial of any claim they may have against us arising out of or relating to the subscription agreement. By signing the subscription agreement, the investor warrants that the investor has reviewed this waiver, and knowingly and voluntarily waives the investor's jury trial rights.

If we opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including in the Court of Chancery in the State of Delaware. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party knowingly, intelligently, and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the subscription agreement.

If you bring a claim against us in connection with matters arising under the subscription agreement, including claims under federal securities laws, you may not be entitled to a jury trial with respect to those claims, which may have the effect of limiting and discouraging lawsuits against us. If a lawsuit is brought against us under the subscription agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action.

Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the subscription agreement with a jury trial. No condition, stipulation, or provision of the subscription agreement serves as a waiver by any holder of Units or by us, or by an investor, of compliance with any provision of the federal securities laws and the rules and regulations promulgated under those laws.

In addition, when the Units are transferred, the transferee is required to agree to all the same conditions, obligations, and restrictions applicable to the Units or to the transferor with regard to ownership of the Units, that were in effect immediately prior to the transfer of the Units, including but not limited to the subscription agreement.

***There are limitations on the transfer of our Units, which are designed to protect our structure and compliance with various regulatory frameworks.***

Our Unitholders are restricted from assigning, pledging, mortgaging, hypothecating, giving, selling, or otherwise disposing of or encumbering their Unit holdings in part or whole unless they meet several conditions. These conditions include obtaining our Manager's approval for the transfer, which remains at our Manager's discretion and may come with additional conditions; ensuring the transfer is documented through a written agreement approved by our Manager and signed by all parties involved, including our Manager; and making certain that the transfer does not contravene the Securities Act's registration requirements, does not necessitate the our registration under the Investment Company Act of 1940, and does not result in us being taxed as a corporation. These restrictions have significant implications for our Unitholders: (i) they restrict liquidity and flexibility, making it harder for Unitholders to quickly liquidate their investment or use their units as collateral; and (ii) the need for Manager approval adds uncertainty since our Manager has the discretion to approve or deny transfers, which may not always align with the expectations and interests of our Unitholders. While these restrictions protect our interests and regulatory standing, they have the effect of severely limiting the ability of our Unitholders to transfer their Unit holdings and realize any profit therefrom.

***The requirements of complying on an ongoing basis with Regulation A of the Securities Act may strain our resources and divert management's attention.***

Because we are conducting an offering pursuant to Regulation A of the Securities Act, we will be subject to certain ongoing reporting requirements. Compliance with these rules and regulations may increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our resources. The requirements of Regulation A may also make it more expensive for us to obtain manager liability insurance, if any, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. Moreover, as a result of the disclosure of information in this offering circular and in other public filings we make, our business operations, operating results and financial condition will become more visible, including to competitors and other third parties.

***If we become subject to regulations governing investment companies, broker-dealers, or investment advisers, our ability to conduct business could be adversely affected.***

The SEC regulates to a substantial degree the manner in which "investment companies," "broker-dealers," and "investment advisers" are permitted to conduct their business activities. We believe we will conduct our business in a manner that does not make us an investment company, broker-dealer, or investment adviser, and we intend to continue to conduct our business to avoid any such characterizations. If, however, we are deemed to be an investment company, broker-dealer, or investment adviser, we may be required to institute burdensome compliance requirements and our activities may be restricted, which would adversely affect our business and our ability to pay distributions to holders of the Units.

**DILUTION**

Dilution means a reduction in value, control, or earnings of the Units. You will experience the following forms of dilution if you invest in this Offering:

● Upon the Initial Closing, the Company will issue at least 17,366 Units for gross proceeds of $8,668,000. After deduction of offering expenses, the Company will invest the $7,850,500 in net Offering proceeds into Main & Main in exchange for 15,701 Main & Main Units. As such, you will experience an immediate dilution of your equity ownership percentage in the Phoenix, Arizona-based Atari Hotel business, and will indirectly own less thereof due to our holding company structure than if you had invested in Main & Main directly.

● The "Original Members" of Main & Main, consisting of Main & Main RoRo QOZB, LLC, a Delaware limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, referred to as "QOZB Affiliate," and Main & Main RoRo, LLC, an Arizona limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, referred to as "RoRo Affiliate," which are affiliates of the Company and Main & Main, received 8,000 and 7,700 Main & Main Units, respectively, at approximately $487.41 per Main & Main Unit, for an aggregate of $7,652,379. See "*Our Corporate Structure and Operational History*" for more information. The price at which you are paying for the Main & Main Units indirectly due to the Company's purchase thereof with the net Offering proceeds is approximately $552. Because the Original Members have been issued Main & Main Units at a price per unit that is technically lower than the indirect price of the Main & Main Units which your investment in this Offering is being used to purchase, investors in this offering circular will experience economic dilution upon their purchase of our Units. See "*Description of Our Units and Significant Governance Matters — Distribution Policy*" for more information.

● Pursuant to the Main & Main Operating Agreement, our Manager is entitled to receive an asset management fee equal to 1% of Main & Main's gross revenues on an annual basis, and reimbursement for the costs incurred in (i) managing the operations of Main & Main; (i) managing the operation of the Phoenix, Arizona-based Atari Hotel; (iii) and relating to this Offering. Neither the Manager nor any of its affiliates will receive any selling commissions or dealer manager fees in connection with this Offering. See "*Plan of Distribution and Subscription Procedure — Fees and Expenses*" and "*Use of Proceeds*" for more information. After our distribution, through Main & Main, of an amount of funds in satisfaction of certain preferred returns owed to the Original Members, and then to the Main & Main Unitholders together, which includes, indirectly, the holders of our Units as beneficial owners of the Main & Main Units, our Manager is entitled to a significant percentage of any distributable cash, as that term is defined under Main & Main's Operating Agreement. See "*Description of Our Units and Significant Governance Matters — Distribution Policy*" for more information. The economic rights held by our Manager have certain implications, including, that reservations for the asset management fee owed to our Manager will dilute, forever, any amounts of cash that may be distributable to the Company as a Main & Main Unitholder, and then you, as a Unitholder, and after any necessary reservation and payment of any tax liability of the Main & Main Unitholders and the Preferred Returns, our Manager is entitled to between 20% and 30% of all distributions to the Main & Main Unitholders, forever reducing the amount of distributable cash that you may have received as a Unitholder via your indirect ownership of the Main & Main Units. The effect of the Manager's significant economic interest in our business pursuant to the Main & Main Operating Agreement is such that our Units could be viewed less favorable by the market and industry analysts than the securities of our competitors. If such negative sentiment develops around our Manager's Economic interest, then such sentiment could cause a decrease in the value of our Units, which would impact your ability to obtain a favorable return on your investment solely through the appreciation of our Units. See "*Risk Factors — Risks Related to This Offering and Ownership of Our Units — Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*," "*Risk Factors — Risks Related to This Offering and Ownership of Our Units — We do not expect to be able to make cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*," and "*Risk Factors — Risks Related to This Offering and Ownership of Our Units — Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business*" for more information.

**PLAN OF DISTRIBUTION**

We are offering our Units at $500 per Unit, for a minimum of $8,668,000, or 17,336 Units, and up to a maximum of $75,000,000, or 150,000 Units for sale in this Offering. The minimum amount you may invest in the Offering is $500, and we will process all investments in this Offering on a first-come first-served basis up to the Maximum Offering Amount. Our management determined the price of our Units in this Offering without the input of an investment bank or other third party, based on our consideration of the information set forth in this offering circular, our history and business prospects and the history of and prospects for our industry, our prospects for future earnings and the present state of our business and business plan, the general condition of the market at the time of this Offering, the recent market prices of and demand for publicly traded securities of generally comparable companies, and other factors deemed relevant by us.

The Offering will remain open for a period of one year following the date of its qualification by the SEC, unless we terminate the Offering prior to such date, which we can do in our sole and absolute discretion. At least every 12 months after this Offering has been qualified by the Commission, we will file a post-qualification amendment to include the Company's recent financial statements. The Offering is of a number of securities that we reasonably expect to offer and sell within three years, although the offering statement of which this Offering Circular forms a part may be used for up to three years and 180 days under certain conditions. While our Offering of Units will be continuous and ongoing within the meaning of Rule 251(d)(3) of Regulation A, additional Closings of the Offering may take place from time to time over the term of the Offering after we raise the Minimum Offering Amount, to maximize economic efficiencies for the duration of the Offering. In any event, we intend to hold a Closing every two to four weeks following the Initial Closing.

Our Units will be offered: (i) directly by our company via permissible advertisements; (ii) by registered investment advisers registered under the Investment Advisers Act of 1940, as amended; and (iii) by our Managing Broker-Dealer, Castle Placement, LLC, an SEC-registered broker-dealer and FINRA member, and any soliciting broker dealers engaged by Castle directly or by way of introduction from our company, with Castle's approval. See " — *Managing Broker-Dealer*" for more information.

We intend to use Castle Placement's network of real estate investors to directly solicit investments as well as various other forms of advertising. Subject to Rule 255 of the Securities Act and corresponding state regulations, we may also generally solicit investors by print, radio, television, and the internet through a variety of existing internet advertising mechanisms, such as search-based advertising, search engine optimization, and our website at www.[\*].com. After the SEC qualifies our Offering, we may make written offers to sell our Units so long as they are accompanied or preceded by the most recent offering circular is filed with the SEC under Rule 251(d)(1)(iii) of the Securities Act. You should note, however, that we will not communicate any information to you except as may be permitted under applicable securities laws, without providing access to the Offering Statement on Form 1-A of which this offering circular forms a part, or the Offering. You should also note that the Offering may be delivered via the internet, by email, or by hard paper copy.

In compliance with Rule 253(e) of Regulation A, we will amend our offering circular and Offering Statement on Form 1-A of which this offering circular forms a part during the Offering term whenever doing so is necessary to correct information contained in the Offering Statement that has become false or misleading in light of existing circumstances, disclose that material developments have occurred, or disclose that there has been a fundamental change in the information initially presented in the Offering. Such updates will not only correct any misleading information and provide material updates to the extent necessary, but will also provide updated financial statements, will be filed as an exhibit to the Offering Statement, and will be requalified by the SEC under Rule 252.

**Subscription Process**

You will be required to complete a subscription agreement available via our offering page at www.[\*].com to invest in this Offering. The subscription agreement includes a representation by the investor to the effect that, if you are not an "accredited investor" as defined under securities law, you are investing an amount that does not exceed the greater of 10% of your annual income or 10% of your net worth, excluding your principal residence. Any potential investor will have ample time to review the subscription agreement, along with their counsel, prior to making any final investment decision. If your subscription agreement is not complete or there is other missing or incomplete information, Castle will attempt to contact you within 10 days to obtain any missing information. Your subscription agreement will be rejected if it is incomplete.

We will accept or reject your subscription agreement and investment funds within 30 days of our receipt thereof. Until we accept or reject your subscription agreement, your investment funds will be held in our Escrow Account. If we accept your investment, you will receive confirmation of such subscription, and thereafter, your subscription agreement will become irrevocable, and your investment funds will become non-refundable. After we accept your subscription agreement, your investment funds will be released to us if we raise the Minimum Offering Amount in an Initial Closing of the Offering before the deadline identified above, or if the Initial Closing has already occurred, then upon the next Closing of the Offering. If we reject your subscription agreement, or we accept your subscription agreement but we do not perform an Initial Closing on the Minimum Offering Amount or, if the Initial Closing already occurred, if we do not perform a further Closing of the Offering on your investment funds, due to our termination of the Offering for any reason while such funds are in our Escrow Account, then our Escrow Agent will promptly return your investment funds without any interest or deduction in accordance with Rule 10b-9 under the Exchange Act

Sales and other promotional materials presented in connection with this Offering may include information relating to this Offering, our past performance, property brochures, articles and publications concerning real estate, or public advertisements and audio-visual materials, in each case only as authorized by us. In addition, the sales material may contain certain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material. Although these materials will not contain information in conflict with the information provided by this offering circular and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to our shares, these materials will not give a complete understanding of this Offering, us or our Units and are not to be considered part of this offering circular. This offering is made only by means of this offering circular and prospective investors must read and rely on the information provided in this offering circular in connection with their decision to invest in our shares.

You should also note that the subscription agreement you will sign as a condition of your participation in this Offering provides that you agree to waive the right to a jury trial of any claim you may have against us arising out of or relating to such subscription agreement. By signing the subscription agreement, you are warranting that you have reviewed the jury trail waiver with your legal counsel and are knowingly and voluntarily waving your rights to a jury trial. If we oppose your demand for a jury trial demand based on the waiver, the court presiding over the trial would need to determine whether the waiver was enforceable given the facts and circumstances of the case in accordance with applicable case law. Nevertheless, if the jury trial waiver in the subscription agreement is not permitted by applicable law, a lawsuit could proceed with a jury trial. For the avoidance of doubt, however, no condition, stipulation, or provision of the subscription agreement serves as a waiver by us, or by you or any other investor, of compliance with any provision of federal securities law and the rules and regulations promulgated under federal securities law.

***Investment Limitations***

If you are not an accredited investor as that term is defined in Rule 251(d) of Regulation D under the Securities Act, we will not sell any Units to you in this Offering if the aggregate purchase price you seek to pay is more than 10% of the greater of your annual income or net worth. 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 of the Securities Act for more information. The only investor exempt from this 10% limitation is an "accredited investor." If you meet one of the following tests you should qualify as an accredited investor:

● You are a natural person who has had individual income in excess of $200,000 in each of the two most recent years, or joint income with your spouse or spousal equivalent in excess of $300,000 in each of these years, and have a reasonable expectation of reaching the same income level in the current year;

● You are a natural person and your individual net worth, or joint net worth with your spouse or spousal equivalent, exceeds $1,000,000 at the time you purchase Units in the Offering;

● You are a natural person who has passed the requisite examination to obtain a General Securities Representative license (Series 7), Private Securities Representative license (Series 82), or an Investment Representative license (Series 65), and you continue to maintain such license in good standing;

● You are an executive officer or general partner of the issuer or a manager or executive officer of the general partner of the issuer;

● You are an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, a limited liability company, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Units in this Offering, with total assets in excess of $5,000,000;

● You are a bank or a savings and loan association or other institution as defined in the Securities Act, a broker or dealer registered pursuant to Section 15 of the Exchange Act, an insurance company as defined by the Securities Act, an investment company registered under the Investment Company Act of 1940, or a business development company as defined in that act, any Small Business Investment Company licensed by the Small Business Investment Act of 1958, or a private business development company as defined in the Investment Advisers Act of 1940;

● You are an entity (including an Individual Retirement Account trust) in which each equity owner is an accredited investor;

● You are an entity owning investments, as that term is defined under the Investment Company Act of 1940, in excess of $5,000,000, and you were not formed for the specific purpose of investing in the Units in this Offering;

● You are a trust with total assets in excess of $5,000,000, your purchase of Units in the Offering is directed by a person who either alone or with his purchaser representative(s) (as defined in Regulation D promulgated under the Securities Act) has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment, and you were not formed for the specific purpose of investing in the Units in this Offering;

● You are a family office as defined in the Investment Advisors Act of 1940 with total assets in excess of $5,000,000, or a client of such family office, your purchase of Units in the Offering is directed by a person who either alone or with his purchaser representative(s) (as defined in Regulation D promulgated under the Securities Act) has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment, and you were not formed for the specific purpose of investing in the Units in this Offering; or

● You are 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 assets in excess of $5,000,000.

To calculate your net worth, it 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 fiduciary directly or indirectly provides funds for the purchase of the Units in this Offering.

***Investor Suitability Determination***

You should note that an investment in our Units involves significant risks and is only suitable for persons who have adequate financial means, desire for a long-term investment, and will not need liquidity from their investment. Because FINRA views our Units as interests in a direct participation program, no FINRA-member, or person associated with a member, will participate in a public offering of Units except in compliance with Rule 2310 of the FINRA Rules.

None of our Managing Broker-Dealer, Castle, or any other participating broker-dealer have investigated the desirability or advisability of an investment in our Units nor have they approved, endorsed, or passed upon the merits of purchasing our Units. Under no circumstance will either of the above parties solicit any investment in our Units, recommend an investment in our Units or any other of our securities or provide investment advice to you or make any securities recommendations to you, and neither of them is distributing any offering circulars or making any oral representations concerning this offering circular or this Offering.

All participating broker-dealers, including Castle, shall make a reasonable effort to have grounds to believe that your purchase of our Units in this Offering is a suitable and appropriate investment for you based on the information you provided us regarding your investment experience, financial situation, and investment objectives, and that, as such:

● you 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 the Units;

● you have a fair market net worth sufficient to sustain the risks inherent in the Offering, including loss of investment and lack of liquidity; and

● your purchase of Units in this Offering is otherwise suitable for you.

In consideration of these factors, we have established suitability standards for an initial purchaser or subsequent transferee of our Units, which will apply if our Units are not listed on a national securities exchange at the time of sale or resale, if any. These suitability standards require that a purchaser of Units have, excluding the value of a purchaser's home, furnishings, and automobiles, either:

● a net worth of at least $250,000; or

● a gross annual income of at least $70,000 and a net worth of at least $70,000.

Additionally, several states have established suitability requirements that are more stringent than our standards described above. If at the time of sale of our common shares under this prospectus our common shares are not listed on a national securities exchange, then our common shares will be sold only to investors in these states who meet our suitability standards set forth above along with the special suitability standards set forth below. For these additional requirements, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities:

● **For Alabama, Kansas, Kentucky, Maine, Massachusetts, Missouri, New Mexico, Ohio, Oregon, Tennessee and Vermont Residents** — For purchasers residing in these states, total investment in this Offering shall not exceed 10% of their liquid net worth.

● **For Idaho Residents** — Purchasers residing in Idaho must have either (a) a liquid net worth of $85,000 and annual gross income of $85,000 or (b) a liquid net worth of $300,000. Additionally, an Idaho investor's total investment in the issuer shall not exceed 10% of his or her liquid net worth.

● **For Iowa Residents** — Investors residing in Iowa must have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000. In addition, the aggregate investment in this Offering and in the securities of other public, non-listed REITs may not exceed 10% of their liquid net worth. Investors who are accredited as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing concentration limit.

● **For New Jersey Residents** — New Jersey investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000.

***FINRA Rule 2310***

 ****

Because FINRA views the Units offered hereby as interests in a direct participation program, which includes a program that provides for flow-through tax consequences, this Offering is being made in compliance with FINRA Rule 2310. Investor suitability with respect to the Units should be judged similarly to the suitability with respect to other securities that are listed for trading on a national securities exchange.

**Managing Broker-Dealer**

Castle Placement, LLC has been engaged as the managing broker-dealer for this Offering. In connection with the Offering, Castle will use "commercially reasonable efforts" to provide the following services and other ancillary services set forth in our agreement:

● Review investor information, including Know Your Customer ("KYC") data, perform Anti-Money Laundering ("AML") and other compliance background checks, and provide a recommendation to the Company whether or not to accept investor as a customer of the Company;

● Review each investor's subscription agreement to confirm such investors participation in the offering, and provide a determination to Company whether or not to accept the use of the subscription agreement for the investors' participation;

● Contact and/or notify the Company, if needed, to gather additional information or clarification on an investor;

● Keep investor details and data confidential and not disclose to any third-party except as required by regulators or in its performance pursuant to the terms of the agreement (e.g. as needed for AML and background checks);

● Coordinate with third party providers to ensure adequate review and compliance;

● Completing appropriate due diligence on our company, its principals, and Main & Main;

● Identifying prospective investors and providing a teaser and/or investor presentation to those investors;

● Conducting a mock investor call with Company and sharing insights and suggestions with Company regarding positioning and marketing the opportunity to Investors in calls and meetings;

● Assisting Company in connection with investors throughout the entire process through each closing;

● Reviewing and helping to prepare written material and forecasts prepared by Company such as the investor presentation, financial model, and final definitive documents;

● Working with the Company to provide information, answer questions, and follow-up with investors;

● Including this Offering on castleplacement.com and CPGO (Castle's proprietary app) for prospective investors to review;

● Providing us with detailed information on CPGO regarding the status of each investor currently interested in the offering, and allowing Company to communicate with investors directly through CPGO; and

● Assisting in arranging and closing the offering.

While investment in this Offering will be facilitated through our offering page at www.[\*].com, Castle may also provide information regarding this Offering on its own website, castleplacement.com, which will direct investors to our website should they desire to make an investment. Castle will not provide any investment advice nor any investment recommendations to any investor in this Offering.

**Commissions, Fees, and Expenses**

Pursuant to our agreement with Castle, we have paid or will pay Castle: (a) a one-time, non-refundable consulting/advisory fee of $25,000, which was paid upon execution of our agreement; and (b) a success fee upon each closing of this Offering equal to (i) 2.75% of the gross proceeds from this Offering on capital raised from investors directly sourced by Castle, sharable with soliciting dealers in its discretion, if any, and (ii) 1.25% of gross proceeds from this Offering on capital raised from investors we source or from investors sourced by soliciting broker-dealers identified by us and whose participation in this Offering is approved by Castle. However, the aggregate fees payable to Castle shall not exceed $2,092,500. Notwithstanding the foregoing, Castle is not entitled to the above fees on an investment in this Offering by CaliberCos, Inc. referred to as Caliber Companies. Instead, if Caliber Companies invests in this Offering, we will pay Castle a one-time fee of $5,000 within 10 days of closing on that investment.

We will also reimburse Castle for reasonable documented out-of-pocket expenses incurred in connection with this Offering, including, but not limited to: up to $250 per background check on U.S. key personnel; offering-related legal and audit costs; escrow, transfer agent, and due diligence fees; marketing, advertising, credit card/ACH processing fees; FINRA filing fees; and KYC/AML, and Office of Foreign Assets Control expenses. However, Castle will not incur any material expenses on our behalf without first obtaining our prior written consent.

Any amounts due to Castle which remain unpaid will accrue interest at a rate of 1.5% per annum until paid in full. However, total interest payable to Castle in connection with such unpaid amounts will not exceed $300,000.

We will not pay any commission to any executive officer or director, if any, of our Company or any principal of our Manager, or any affiliated company or party with respect to this Offering. The applicable portions of the rule state that an associated person of an issuer shall not be deemed a broker under the Exchange Act if they perform substantial duties at the end of the offering for the issuer; are not broker dealers; and do not participate in selling securities more than once every 12 months, except for the preparation of written communications, but no oral solicitation, or responding to inquiries, provided that the content is contained in the applicable registration statement, or performing clerical work in effecting any transaction. Neither the Company, our Manager, nor any of our affiliates may conduct any activities that fall outside of Rule 3a4-1 of the Exchange Ac and are therefore not brokers or dealers.

**Direct Participation Plan Requirements**

Because FINRA views the Units offered hereby as interests in a direct participation program, which includes a program that provides for flow-through tax consequences, this Offering is being made in compliance with FINRA Rule 2310. Investor suitability with respect to the Units should be judged similarly to the suitability with respect to other securities that are listed for trading on a national securities exchange.

**Escrow Agent**

We will enter into an Escrow Services Agreement with Silicon Valley Bank, a Division of First Citizens Bank & Trust Company, who we refer to as the "Escrow Agent," upon qualification of this Offering. Your investment funds will be held in an account by the Escrow Agent pending closing or termination of the Offering. While funds are held the escrow account and prior to a closing of the sale of Units in bona fide transactions that are fully paid and cleared, our escrow account and escrowed funds will be held for the benefit of the investors, neither we nor any selling security holder is entitled to any funds received into the escrow account, and no amounts deposited into the escrow account shall become our property, or the property of any selling shareholder or any other entity, or be subject to any of our debts, liens or encumbrances of any kind or any of a selling shareholder or any other entity. Additionally, no interest shall be paid on balances in our escrow account.

**Transfer Agent**

Colonial Stock Transfer Company, Inc. will serve as our "Transfer Agent" for the Company to maintain unitholder information on a book-entry basis. The Company will not issue Units in physical or paper form. Instead, the Units will be recorded and maintained on the Company's register of unitholders kept by the Transfer Agent. Upon confirmation that your investment funds have cleared and that a Closing will take place we will instruct our Transfer Agent to issue your Units to you. The Transfer Agent will then notify you when the Units are ready to be issued or transferred and the Transfer Agent has set up an account for you.

**Concurrent Offerings**

We may conduct private placements of our Units to accredited investors, as defined in Rule 501(a) of Regulation D under the Securities Act, concurrently with this Offering, pursuant to Rule 506(c) of Regulation D. Proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with conducting concurrent offerings. See "*Risk Factors — Risks Related To This Offering and Ownership of Our Units — We may conduct a concurrent offering of our Units under Rule 506(c) of Regulation D, which could be integrated with this Offering of our Units pursuant to Rule 152 of the Securities Act if we fail to ensure compliance with the requirements of Regulation A and Regulation D, or fail to comply with any safe harbor from integration under Rule 152*" for more information.

**INVESTMENT REWARD PROGRAM**

We have adopted a tiered investment-reward program that will remain open until the termination of this Offering. Rewards available under this program accrue cumulatively: when an investor attains a higher tier, the investor also receives every benefit available in the preceding tiers, provided that an investor cannot earn the same tier more than once.

The rewards described below are a gesture of goodwill for investing in the Offering and do not depend on continued ownership of any Units. Investors therefore retain all earned rewards even if they later dispose of their Units. The table below summarizes the rewards available at each cumulative investment level, followed by the general terms and conditions that govern the program.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Tier** | **Cumulative Investment** | **Est. Total Value <sup>(1)</sup>** | **Reward** | **Est. Individual Value <sup>(1)</sup>** |
| **Breakout Champion** | $500 | $0.00 | &nbsp;&nbsp;- &nbsp;&nbsp;Inclusion in hotel loyalty program <sup>(2) (3)</sup> | $0.00 |
|  |  |  | &nbsp;&nbsp;- &nbsp;&nbsp;Personalized digital certificate of ownership (PDF, printable) <sup>(4)</sup> | $0.00 |
| **Adventure Seeker** | $2500 | $0.00 | &nbsp;&nbsp;- &nbsp;&nbsp;Quarterly virtual Q&A sessions with hotel developers <sup>(5)</sup> | $0.00 |
|  |  |  | &nbsp;&nbsp;- &nbsp;&nbsp;Hotel event pre-sale access <sup>(2) (6)</sup> | $0.00 |
| **Epic Champion** | $10000 | $50.00 | &nbsp;&nbsp;- &nbsp;&nbsp;Invitation to the annual VIP gala at the hotel <sup>(2) (7)</sup> | $0.00 |
|  |  |  | &nbsp;&nbsp;- &nbsp;&nbsp;Virtual tour of the hotel prior to grand opening <sup>(2) (8)</sup> | $0.00 |
| **Ultimate Explorer** | $25000 | $100.00 | &nbsp;&nbsp;- &nbsp;&nbsp;Exclusive t-shirt <sup>(9)</sup> | $15.00 |
|  |  |  | &nbsp;&nbsp;- &nbsp;&nbsp;Serialized collectible <sup>(10) (11)</sup> | $85.00 |
|  |  |  | &nbsp;&nbsp;- &nbsp;&nbsp;Digital brick in the hotel lobby and common areas <sup>(12) (13)</sup> | $0.00 |
| **Mythical Legend** | $50000 | $250.00 | &nbsp;&nbsp;- &nbsp;&nbsp;Physical brick in the gaming-arena walkway with collaborative design <sup>(14) (15)</sup> | $250.00 |

---

(1) All reward valuations are based on internal estimates and assume the Phoenix, Arizona-based
 Atari Hotel is completed and operating. Actual value may vary by region and market conditions. If we do not complete or open the
 hotel, or if it opens but later shuts down before you redeem a reward or before you realize the full benefit of such reward, every
 reward listed in the table will become worthless, and you will not be compensated for that loss. See "*— Terms and Conditions,* "*" — Basis of Reward Valuation,*" and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — The values we assign to your investment rewards may differ materially from their actual or perceived worth*" for more information.

(2) Certain rewards will only be available if the Phoenix, Arizona-based Atari Hotel
 is built and opens for business. See "*— Terms and Conditions*" and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — If the Phoenix, Arizona-based Atari Hotel is not completed or operated as planned, or later closes before you redeem your rewards, we may not be able to deliver certain investment rewards*" for
 more information.

(3) The personalized digital certificate of ownership will be delivered to each eligible
 investor at the email address provided at the time of their subscription for our Units, within 90 days of a Closing on their investment.

(4) See "*Business Description — Future Point-Based Loyalty Program* "
 for more information.

(5) Beginning at the end of the fiscal quarter following the Initial Closing of this
 offering, Jason Merck, Jordan Taylor, and other key development personal, if any, will hold quarterly virtual question and answer
 sessions where eligible investors will have the opportunity to ask them questions regarding the development, construction, and operation
 of the Phoenix, Arizona-based Atari Hotel. These sessions will be held until the developers are no longer involved in the management
 of the Phoenix, Arizona-based Hotel, but at least through the construction and grand opening thereof. Eligible investors will receive
 an invitation to each session at the email address provided at the time of their subscription for our Units (or another email address
 communicated to the Company from time to time prior to the date on which such invitation is sent).

(6) Eligible investors will be entitled to purchase tickets for events at the Phoenix,
 Arizona-based Atari Hotel at least 48 hours prior to such tickets being made available for purchase by the general public. Pre-sale
 access pursuant to this reward program will last for one year from the grand opening of the Phoenix, Arizona-based Atari Hotel.

(7) The Phoenix, Arizona-based Atari Hotel will hold an annual VIP in its attached event
 venue which is intended to have a capacity of 2,000+. At least 90 days prior to any VIP gala, each eligible investor will receive
 a digital invitation at the email address provided at the time of their subscription for our Units (or another email address communicated
 to the Company from time to time prior to the date on which such invitation is sent) specifying the date and time at which the VIP
 gala will take place. Investors will then have 30 days to respond to the invitation in accordance with the instructions provided
 therewith, indicating whether they would like to attend, and if so, whether they desire a plus one. Eligible investors who respond
 to the invitation and indicate their desire for a plus one shall be granted such permission on a first-come, first-serve basis according
 to management's estimated attendance numbers. Eligible investors who respond and indicate they desire a plus one within the
 above timeframe will not be permitted to bring a plus one. Eligible investors who fail to respond to the invitation all together
 within the above timeframe, or who otherwise decline the invitation, will have their invitation cancelled and will not be permitted
 to attend the VIP gala to which the invitation relates; provided, that any such eligible investor will continue to receive
 invitations to future VIP galas regardless of their failure to respond or declination of any applicable invitation.

(8) Eligible investors will receive access to the virtual tour of the Phoenix, Arizona-based
 Atari Hotel at the invitation at the email address provided at the time of their subscription for our Units (or another email address
 communicated to the Company from time to time prior to the date on which such access is sent) at least 180 days prior to the hotel's
 grand opening.

(9) Eligible investors will receive an email at the email address provided at the time
 of their subscription for our Units (or another email address communicated to the Company from time to time prior to the date on
 which such email is sent) no earlier than 90 days, but no later than 365 days, following the Closing of this offering on their investment
 in our Units, which will contain an order form for their exclusive Atari Hotel t-shirt, which shall include a request for a current
 physical address at which the t-shirt may be mailed. Eligible investors shall have until the day that is 180 days prior to the grand
 opening of the Phoenix, Arizona-based Atari Hotel to complete the order form, after which their t-shirt will be mailed to them at
 the physical address specified therein. Failure to complete the t-shirt order form prior to such date shall result in forfeiture
 of this reward.

(10) The serialized Atari Hotel collectible will be of a type and design decided in our
 sole discretion.

(11) Eligible investors will receive an email at the email address provided at the time
 of their subscription for our Units (or another email address communicated to the Company from time to time prior to the date on
 which such email is sent) no earlier than 270 days following the Closing of this offering on their investment in our Units, which
 will contain an order form for their serialized Atari Hotel collectible and include a request for a current physical address at which
 the collectible may be mailed. Eligible investors shall have until the day that is 180 days prior to the grand opening of the Phoenix,
 Arizona-based Atari Hotel to complete the order form, after which their serialized Atari Hotel collectible will be mailed to them
 at the physical address specified therein. Failure to complete the serialized Atari Hotel collectible order form prior to such date
 shall result in forfeiture of this reward.

(12) The digital brick reward will be in a form determined in our sole discretion, which
 will include each eligible investor's first and last name and gaming or social media username or handle, if specified and subject
 to our prior approval that will not be unreasonably withheld, and which will appear on a combination of digital displays and projections
 in the Phoenix, Arizona-based Atari Hotel lobby and common areas.

(13) Eligible investors will receive an email
 at the email address provided at the time of their subscription for our Units (or another email address communicated to the Company
 from time to time prior to the date on which such email is sent) within 180 days (approximately 6 months) following the Closing
 on their investment in our Units. This email will contain a form through which investors may customize their digital brick reward.
 The digital brick will be in a form determined in our sole discretion and will be displayed on a combination of digital displays
 and projections in the Phoenix, Arizona-based Atari Hotel lobby and common areas. The form will allow each eligible investor
 to specify either their first and last legal name or a gaming or social media username/handle, subject to a maximum of 20 characters
 (including spaces and punctuation), to be included on the digital brick. All customization aspects, including the submitted name
 or handle, must comply with the Company's style and content limitations, and are subject to the Company's prior approval,
 which will not be unreasonably withheld. The Company reserves the right to reject any portion of the submitted text for any reason,
 including content or style considerations. Eligible investors will have at least 60
 days from receipt of the form to complete and return it to ensure their digital brick will appear as described. If the Company rejects
 any portion of the text specified in the form, the investor will receive a follow-up email indicating the reason for such rejection
 and requesting alternative text input, or a summary of the investor's disagreement with the rejection. Any eligible investor
 who receives such a rejection email will have 15 days to respond in the manner specified. Failure to respond to any email described
 above may result in forfeiture of this reward, and the investor will not be compensated in any way for such forfeiture. Notwithstanding
 the foregoing, management will use its best efforts to acquire the information necessary to avoid forfeiture of this reward by an
 eligible investor.

(14) The physical brick reward will consist of a paver, the exact form of which has not
 been determined as of the date of this offering circular but which shall be of a size and material similar to engraved brick pavers
 used in similarly constructed walkways and like construction, engraved with an eligible investor's first and last name or gamer/social
 media username or handle (up to 20 characters in length), designed with the eligible investor's input, in each case subject
 to our approval which will not be unreasonably withheld.

(15) Eligible investors will receive an email
 at the email address provided at the time of their subscription for our Units (or another email address communicated to the Company
 from time to time prior to the date on which such email is sent) within 180 days (approximately 6 months) following the Closing
 on their investment in our Units. This email will contain a form through which investors may customize their physical brick reward.
 The physical brick will consist of a paver, the exact form of which has not been determined as of the date of this offering circular
 but which shall be of a size and material similar to engraved brick pavers used in similarly constructed walkways and like construction. The form will allow each eligible investor
 to specify either their first and last legal name or a gaming or social media username/handle, subject to a maximum of 20 characters
 (including spaces and punctuation), to be engraved on the brick. The form will also give eligible investors the opportunity to provide
 input on the design aspects of the brick, including font, color, and other design elements, if any. The message and all customization
 aspects must comply with the Company's style and content limitations, including but not limited to the approval of the submitted
 name or handle, font, color, and design. The Company reserves the right to reject any portion of the submitted text or design for
 any reason, including content, style, or design considerations, provided that such approval will not be unreasonably withheld. Given the nature of the award and the construction
 timelines associated with the laying and cementing in place of physical bricks, eligible investors will have at least 60 days from
 receipt of the form to complete and return it to ensure their physical brick will appear in the gaming-arena walkway. If the Company
 rejects any portion of the text or design specified in the form, the investor will receive a follow-up email indicating the reason
 for such rejection and requesting alternative text or design input, or a summary of the investor's disagreement with the rejection.
 Any eligible investor who receives such a rejection email will have 15 days to respond in the manner specified. Failure to respond
 to any email described above may result in forfeiture of this reward, and the investor will not be compensated in any way for such
 forfeiture. Notwithstanding the foregoing, management will use its best efforts to acquire the information necessary to avoid forfeiture
 of this reward by an eligible investor.

**Terms and Conditions**

In addition to the terms and conditions set forth above, the following terms and conditions will apply to the investment reward program:

● *Automatic Enrollment:* We will enroll each investor in the reward program at each Closing.

● *Term*: The reward program will remain open to eligible investors until the earlier of the date on which we terminate this offering, or one year. We will not amend, alter, supplement, or otherwise change the reward program prior to the end of its term.

*●* *Non-Transferability*: Rewards may not be sold, assigned, or transferred. See "*Risk Factors — Risks Related to this Offering — All investment rewards are non-transferable and may be forfeited under certain circumstances*" for more information.

*●* *Contingency*: Our ability to deliver certain rewards depends entirely on the successful construction, grand opening, and continued operation of the Phoenix, Arizona-based Atari Hotel. Should Main & Main fail to complete the hotel, fail to open it, or successfully opens and subsequently ceases operations, you will permanently lose any reward that is dependent on the successful construction, grand opening, and continued operation of the Phoenix, Arizona-based Atari Hotel. In any such circumstance, all of your hotel-dependent rewards will be automatically canceled, and we will send an email to the email address you provided with your subscription (or any updated address you later supply) informing you that you will no longer receive the affected rewards. Further, you will not receive any monetary or other compensation for this loss. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — If the Phoenix, Arizona-based Atari Hotel is not completed or operated as planned, or later closes before you redeem your rewards, we may not be able to deliver certain investment rewards*" for more information.

● *No Impact On Unit Ownership*. An investor retains every reward even if the investor later disposes of the Units. Conversely, owning Units is not a condition precedent to retaining a reward after an investor becomes eligible for such reward.

**Basis of Reward Valuation**

The dollar values assigned to each tier of rewards under our investment reward program reflect the Company's own good-faith, internal estimates of the fair-market value of the underlying goods or services, calculated as of the date of this offering circular. In estimating those values, the Company considered: (i) prevailing third-party price of each reward; (ii) anticipated cost to the Company or its affiliates to procure or fulfill the rewards at scale. No third-party appraisals were obtained, and no independent opinion as to valuation was sought, nor intended to be sought with respect to any reward. Accordingly, the stated values may differ, potentially materially, from actual value a holder could realize in an arm's-length transaction, from the cost the Company ultimately incurs to deliver the benefit, or from any value an investor might personally ascribe to the benefit. See "*Risk Factors — Risks Related to this Offering — The values we assign to your investment rewards may differ materially from their actual or perceived worth"* for more information.

**USE OF PROCEEDS**

The expected use of proceeds described in the tables below represents our intentions based upon current plans and business conditions which could change in the future as our plans and business conditions evolve. The amount and timing of any actual expenditures may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over the allocation of the net proceeds from this Offering. See "*Risk Factors — Risks Related to this Offering and Ownership of our Units - We may use the net proceeds of this Offering in ways with which you may not agree*" for more information.

We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses set forth in the below tables for both the Company and Main & Main. Specifically, this amount I is expected to cover the following non-exhaustive list of expenses: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023; (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing of this Offering. See "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel.

The two following tables below sets forth the uses of proceeds of the Company and Main & Main, respectively, assuming the sale of 25%, 50%, 75%, 100%, and the Minimum Offering Amount of Units offered for sale in this Offering. The final table sets forth the amounts Main & Main expects to finance through a future construction financing facility assuming the sale of 25%, 50%, 75%, 100%, and the Minimum Offering Amount of Units offered for sale in this Offering

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **25% of<br> Offering<br> Sold** | **50% of<br> Offering<br> Sold** | **75% of<br> Offering<br> Sold** | **100% of<br> Offering<br> Sold** | **Min.<br> Amount of<br> Offering<br> Sold** |
| **Offering Proceeds** | | | | | |
| Units Sold | 37500 | 75000 | 112500 | 150000 | 17336 |
| **Gross Proceeds** | $**18750000** | $**37500000** | $**56250000** | $**75000000** | $**8668000** |
| **<u>Offering Expenses</u>** |  |  |  |  |  |
| Castle Placement Commissions (2%) <sup>(1)</sup> | $375000 | $750000 | $1125000 | $1500000 | $173360 |
| Legal, Professional & Consulting Fees | 814750 | 1189750 | 1564750 | 1939750 | 255200 |
| Accounting Fees | 250000 | 250000 | 250000 | 250000 | 98680 |
| Publishing/EDGAR | 50000 | 50000 | 50000 | 50000 | 50000 |
| Marketing Fees | 50000 | 100000 | 150000 | 200000 | 25000 |
| Transfer Agent | 25000 | 25000 | 25000 | 25000 | 25000 |
| Blue Sky Compliance | 15000 | 15000 | 15000 | 25000 | 15000 |
| Posting Agent Fees | 5000 | 5000 | 5000 | 5000 | 5000 |
| Escrow Fees | 65625 | 131250 | 196875 | 262500 | 30338 |
| **Total Offering Expenses** | $**1650375** | $**2516000** | $**3381625** | $**4257250** | $**677578** |
| **Net Proceeds Available for Use** | $**17099625** | $**34984000** | $**52868375** | $**70742750** | $**7990422** |
| **<u>Uses</u>** |  |  |  |  |  |
| Investment Reward Program <sup>(2)</sup> | $75000 | $150000 | $225000 | $300000 | $34672 |
| Repayment of Advancement <sup>(3)</sup> | 105250 | 105250 | 105250 | 105250 | 105250 |
| Investment in Main & Main RoRo Property Owner, LLC | $16919375 | $34728750 | $52538125 | $70337500 | $7850500 |
| **Total Expenditures** | $**17099625** | $**34984000** | $**52868375** | $**70742750** | $**7990422** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For illustrative purposes only,
 based on average broker-dealer commissions of 2%. See "*Plan of Distribution*" for
 more information.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total
 cost of the investment reward program will depend on the mix of investment amounts. The cost could be as high as approximately $600,000
 if all investors invest in increments exceeding $50,000 and thereby qualify for the highest tier of rewards. Conversely, the cost
 could be $0 if no investor invests more than $10,000. Based on the Company's internal calculations, assuming the sale of the
 Maximum Offering Amount, the Company expects that the investment reward program will cost approximately $100,000. However, for purposes
 of the Use of Proceeds table set forth above, the Company has allocated $300,000 to this program, which represents a conservative
 midpoint between $0 and $600,000 to account for potential variations in actual participation levels. Any amounts allocated to the
 reward program will be deducted from the proceeds otherwise available for investment in the Company's core business operations
 and plan. See "*Investment Reward Program*" and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — A portion of the offering proceeds will be used for non-cash investment rewards, which may not enhance the value of your investment*" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Jason Merck, a co-manager of our Manager, advanced a total of $105,250 to the Company
 for legal and accounting fees, with an agreement to repay this advance out of the net proceeds of this Offering.

The Company will immediately use the net proceeds of this Offering to purchase a number of Main & Main Units. In turn, through Main & Main, we expect to use the proceeds of the Company's investment in the Main & Main Units in the following manner:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **25% of Offering Sold** | **50% of Offering Sold** | **75% of Offering Sold** | **100% of Offering Sold** | **Min. Amount of Offering Sold** |
| <br>**Proceeds From Central RoRo's Investment** | | | | | |
| Main & Main Units Sold | 33839 | 69458 | 105076 | 140675 | 15701 |
| % of issued and outstanding Main & Main Units owned by the Company following the Closing on each such percentage of the Units for sale in this Offering <sup>(1)</sup> | 77.355% | 87.518% | 91.385% | 93.422% | 61.315% |
| **Gross Proceeds to Main & Main from the Company's Investment in the Main & Main Units Which are Available for Use in the Construction of the Phoenix, Arizona-based Atari Hotel** | $**16919375** | $**34728750** | $**52583125** | $**70337500** | $**7850500** |
| **<u>Uses</u>** |  |  |  |  |  |
| Redemption of Main & Main Units <sup>(1)</sup> | $3900000 | $3900000 | $3900000 | $3900000 | $3900000 |
| License Acquisition <sup>(2)</sup> | 4000000 | 4000000 | 4000000 | $4000000 | 2000000 |
| Legal Fees | 250000 | 250000 | 250000 | $250000 | 100000 |
| Accounting Fees | 75000 | 75000 | 75000 | $75000 | 25000 |
| Consulting Fees | 750000 | 2000000 | 2000000 | $2000000 | 100000 |
| Architecture & Engineering | 1930000 | 3860000 | 3860000 | $3860000 | 1175500 |
| Site & Utilities | 1250000 | 1250000 | 1250000 | $1250000 | 500000 |
| Development Fees <sup>(3)</sup> | 500000 | 2140000 | 2140000 | $2140000 |  |
| Fees, Permits & Testing | 325000 | 325000 | 325000 | $325000 | 50000 |
| Closing Costs <sup>(3)</sup> | 150000 | 150000 | 150000 | $150000 |  |
| Construction Management Fees <sup>(3)</sup> | 250000 | 725000 | 725000 | $725000 |  |
| Origination Fee <sup>(4)</sup> |  | 1120000 | 1120000 | $1120000 |  |
| Construction Costs <sup>(3)</sup> | $3584375 | $14978750 | $32788125 | $50542500 | $- |
| **Total Expenditures** | $**16919375** | $**34728750** | $**52583125** | $**70337500** | $**7850500** |

---

(1) There
 is a total of 15,700 Main & Main Units issued and outstanding prior to this offering
 that are held by the Original Members as of the date of this offering circular and the offering
 statement of which it forms a part. Upon the Initial Closing, the Company will acquire at
 least 15,701 Main & Main Units and obtain majority control of Main & Main (50.002%
 of all issued and outstanding Main & Main Units). Immediately following the Initial Closing
 and our acquisition of Main & Main, Main & Main will use $3,900,000 of the proceeds
 from our acquisition of its units to redeem an aggregate of 5,794 Main & Main Units held
 by the Original Members at a redemption price equal to the original purchase price paid for
 the applicable Main & Main Units being redeemed, plus a redemption fee equal to 38.10%
 of such original price, plus the applicable Main & Main Units' pro rata share of
 Main & Main's net operating profits (defined as rental and parking income less
 administrative expenses, calculated according to Main & Main's customary accounting
 practices) through the Redemption Date. We do not expect Main & Main to generate any
 net operating profits. See "*Description of Our Units and Significant Governance Matters — Original Members*," "*Description of Our Units and Significant Governance Matters — Original Members*" and "*Risk Factors — Risks Related to this Offering and Ownership of our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. The
 percentages set forth above with respect to the Company's ownership of Main & Main
 Units assumes the redemption of $3,900,000 of the Main & Main Units in accordance with
 the Redemption Right.

(2) If we raise no
 more than the Minimum Offering Amount in this Offering, the $4,000,000 we will pay AH Endeavors
 for the licensing rights necessary to complete the Phoenix, Arizona-based Atari Hotel will
 consist of (i) $2,000,000 of the proceeds from our investment in Main & Main, and (ii)
 $2,000,000 drawn under a future construction financing facility. See "*Interest of Management and Others in Certain Transactions — Option and License Agreement,* "
 and "*Risk Factors — Risks Related to Our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations"* for more information.

(3) Main
 & Main will not pay any Construction Costs, Construction Management Fees, Closing Costs,
 or Development Fees if we do not raise more than the Minimum Offering Amount in this Offering.
 See "*Risk Factors — Risks Related to Our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information.

(4) Main
 & Main will not pay any Origination Fee if we cannot raise more than 25% of the Maximum
 Offering Amount.

The following table sets forth the amount of indebtedness we expect to incur pursuant to a future construction financing facility, assuming the sale of 25%, 50%, 75%, 100%, and the Minimum Offering Amount of Units in this Offering, which will be used to cover any additional amounts up to the expected $125,000,000 cost of constructing the Phoenix, Arizona-based Atari Hotel.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **25% of<br> Offering Sold** | **50% of<br> Offering Sold** | **75% of<br> Offering Sold** | **100% of<br> Offering Sold** | **Min. Amount<br> of Offering<br> Sold** |
| **Gross Offering Proceeds** | $**18750000** | $**37500000** | $**56250000** | $**75000000** | $**8668000** |
| **<u>Uses</u>** |  |  |  |  |  |
| Offering Expenses | 1650375 | 2516000 | 3381625 | 4257250 | 677578 |
| Investment Reward Program | 25000 | 50000 | 225000 | 300000 | 34672 |
| Repayment of Advance | 105250 | 105250 | 105250 | 105250 | 105250 |
| Investment in Main & Main Units | $16919375 | $34728750 | $52538125 | $70337500 | $7850500 |
| **Expected Debt Financing <sup>(1)</sup>** | $**106250000** | $**87500000** | $**68750000** | $**50000000** | $**117149500** |
| **Total Aggregate Financing <sup>(2) (3)</sup>** | $**125000000** | $**125000000** | $**125000000** | $**125000000** | $**125000000** |

---

(1) See
 "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" for more information.

(2) Includes
 the amounts raised in this offering and the expected amount of the future construction financing
 facility entered to finance the remaining capital necessary to complete the Phoenix, Arizona-based
 Atari Hotel, but does not include the amounts of additional equity financing raised in other
 offerings of Units (and subsequently invested in the Main & Main Units), if any, or the
 expenses associated with any such offerings. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — We may issue additional units in the future, which would reduce investors' ownership percentage and may dilute our Unit's value"* for more information.

(3) We
 may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation
 D, and the proceeds from any such private placements will reduce the amount of construction
 financing that must be obtained under a future construction financing facility to complete
 the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with
 concurrent offerings. See "*Risk Factors — Risks Related To This Offering and Ownership of Our Units — We may conduct a concurrent offering of our Units under Rule 506(c) of Regulation D, which could be integrated with this Offering of our Units pursuant to Rule 152 of the Securities Act if we fail to ensure compliance with the requirements of Regulation A and Regulation D, or fail to comply with any safe harbor from integration under Rule 152*" for more information.

The expected use of net proceeds from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over the allocation of the net proceeds from this Offering.

**OUR CORPORATE STRUCTURE AND OPERATIONAL HISTORY**

*You should note that following the Initial Closing on the Minimum Offering Amount of $8,668,000, the Company will acquire a minimum of 15,701 Main & Main Units, at $500 per unit, for a total price of at least $7,850,500, which will result in the Company owning more than 50% of the issued and outstanding Main & Main Units. Potential Investors should note that investment in this Offering is an investment in the Units of the Company and not, for the avoidance of doubt, the Main & Main Units being purchased by the Company with the net proceeds of this Offering. See "Risk Factors — Risks Related to Our Holding Company Structure" for more information*. *See also "Notes on Offering Circular Presentation*" *for information about capitalized terms used in this section but not defined.*

**Introduction**

Central RoRo, LLC, is a Delaware limited liability company formed on August 16, 2023, by Jason Merck and Jordan Taylor, our co-founders and the co-managers of our Manager. The Company's business focuses on the development, construction, and operation of various Atari-branded hotels, if any, either directly by the Company, or indirectly through majority or wholly owned subsidiaries. The Company has a holding company structure. See "*Risk Factors — Risks Related to Our Holding Company Structure*" for more information. Within the greater Atari-branded hotel business, the Company will oversee and execute the administration and management of (i) all Atari intellectual property to be licensed under the Option and License Agreement with Atari, or any other agreement with Atari or a licensee thereof which is our affiliate or otherwise, pursuant to which we are the licensee of certain Atari intellectual property for use in an Atari-branded hotel, including the Atari intellectual property used in the Phoenix, Arizona-based Atari Hotel, after which the Company will act as the master sub-licensor with respect to Main & Main and the Phoenix, Arizona-based Atari Hotel, and all future Atari-branded hotels held indirectly through an operating subsidiary if any, (ii) the intellectual property that we create or is created on our behalf for use in any Atari-branded hotels we may own in the future, to the extent such intellectual property is not deemed to be the property of Atari, or a violation of any future agreement therewith or in which they are privy to as a third-party beneficiary, if any, and (iii) all brand management and relations functions for our Atari-branded hotel business, and the brand of each of our majority or wholly owned direct or indirect subsidiaries which operate the Atari-branded hotels which we will develop, build, and operate in the future, if any, of the Atari-branded hotels which we may own directly in the future.

Main & Main RoRo Property Owner, LLC, is a Delaware limited liability company formed on October 24, 2023 by Jason Merck and Jordan Taylor, the co-managers of our Manager, and our co-founders, which acquired the Land Parcel, and through which we will develop, construct, and operate the Phoenix, Arizona-based Atari Hotel after we obtain a majority ownership percentage therein after the Initial Closing. See "*Risk Factors — Risks Related to Our Holding Company Structure*" for more information.

Our Manager is Central RoRo Manager, LLC, an Arizona limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, on August 16, 2023. See "*Our Manager*" and "*Risk Factors — Risks Related to Conflicts of Interest*" for more information. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act, or the JOBS Act, and, as such, we may elect to comply with certain reduced reporting requirements for future filings after this Offering.

***Main & Main's Original Members***

Main & Main RoRo, LLC, is an Arizona limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, on September 21, 2023, and is another affiliate of the Company and Main & Main. RoRo Affiliate was formed to facilitate investment into Main & Main via the sale of its equity securities. See "*Description of Our Units and Significant Governance Matters — Original Members*" for more information.

Main & Main RoRo QOZB, LLC, is a Delaware limited liability company formed by Jason Merck and Jordan Taylor, the co-managers of our Manager, on October 24, 2023, and is also an affiliate of the Company and Main & Main. QOZB Affiliate is a Qualified Opportunity Fund under Section 1400Z-2(d) of the Internal Revenue Code, or the "Code" that was formed to invest in Main & Main, to assist with financing the Land Parcel's Acquisition, which resulted in Main & Main's ownership of a designated Qualified Opportunity Zone as that term is defined under Section 45D(e) of the Code. See "*Description of Our Units and Significant Governance Matters — Original Members*" for more information.

**Our Corporate Structure**

As of the date of this offering circular, there are 15,700 Main & Main Units issued and outstanding. In this case, the Minimum Offering Amount of $8,668,000, or 17,336 Units, will be sufficient, after deduction of fees and offering expenses, to result in Main & Main becoming a majority-owned subsidiary of the Company via the Company's subsequent investment of the net offering proceeds of at least $7,850,500 in the Main & Main Units, at $500 per unit, for a total of 15,701 Main & Main Units. See "*Security Ownership of Management and Certain Securityholders*" and "*Use of Proceeds*" for more information.

Following our acquisition of a majority of the outstanding Main & Main Units following the Initial Closing, Main & Main will use $3,900,000 of the proceeds from such acquisition to redeem 5,794 Main & Main Units held by the Original Members at a redemption price equal to the original purchase price paid for the applicable Main & Main Units being redeemed, plus a redemption fee equal to 38.10% of such original price, plus the applicable Main & Main Units' pro rata share of Main & Main's net operating profits (defined as rental and parking income less administrative expenses, calculated according to Main & Main's customary accounting practices) through the Redemption Date. We do not expect Main & Main to generate any net operating profits prior to the Initial Closing. See "*Use of Proceeds*," "*Description of Main & Main's Securities and Significant Governance Matters — Original Members*," and "*Risk Factors — Risks Related to this Offering and Ownership of our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. Following the Initial Closing and our acquisition of 15,701 Main & Main Units in which we raise anywhere from the Minimum Offering Amount to the Maximum Offering Amount, we will own a majority of Main & Main. For the avoidance of doubt, we do not expect that the Company will obtain 100% ownership of the Main & Main Units unless we redeem all of the Main & Main Units held by RoRo Affiliate and QOZB Affiliate in an agreement therewith, which we do not intend to pursue in the foreseeable future.

You should note that there are significant limitations on your ability to participate in the management of Main & Main indirectly via your ownership of our Units. For example, (a) the voting rights of the Units are directly tied to the voting rights of the Main & Main Units held by the Company, except according to applicable law and as stated in the Operating Agreement, and (b) the voting rights associated with the Main & Main Units are significantly limited, except according to applicable law and as stated in the Operating Agreement. See "*Description of the Our Units and Significant Governance Matters — Voting Rights*" for more information. Instead, our Manager is responsible for managing and operating the business of Main & Main and the Company and intends to continue as Manager of the Company and Main & Main for the foreseeable future unless removed for good cause according to the Operating Agreements or dissolved according to a court order issued under applicable law; provided, however that the operating agreements of the Company and Main & Main contain provisions that prohibit removal of our Manager if either Jordan Taylor or Jason Merck, the co-managers of our Manager, have given personal guarantees as a condition of any debt financing in which the Company or Main & Main are a recipient, separately or concurrently, and as such, our Manager cannot be removed as Manager of Main & Main until we repay the CBAZ LOC. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" for more information. In light of the forgoing, although the Company will own at least 50.1% of Main & Main depending on the number of Units sold in this Offering, the direction, management, and operations of the Company and Main & Main are not expected to change due to any increase in the Company's ownership of Main & Main beyond 50.1% since we are both under common control of our Manager pursuant to our operating agreements. See "*Risk Factors — Risks Related to Conflicts of Interest*" for more information.

The following diagrams depict our organizational structure (i) prior to this Offering; (ii) immediately upon the issuance of Units in the Initial Closing of this Offering; and (iii) if our sale of the $75,000,000 Maximum Offering Amount and issuance of 150,000 Units, *provided,* that there can be no assurance that we will be successful in raising any amount under this Offering.

---

| | |
|:---|:---|
| *<u>Pre-Offering Organizational Structure of the Company</u>* | *<u>Pre-Offering Organizational Structure of Main & Main</u>* |
| ![](image_003.jpg) | ![](image_002.jpg) |
| *<u>Our Organizational Structure after an Initial Closing of this Offering on the Minimum Offering Amount</u>* | *<u>Our Organizational Structure after an Initial Closing of this Offering on the Minimum Offering Amount</u>* |
| ![](image_004.jpg) | ![](image_004.jpg) |
| *<u>Our Organizational Structure after Raising the Maximum Offering Amount</u>* | *<u>Our Organizational Structure after Raising the Maximum Offering Amount</u>* |
| | |
| ![](image_005.jpg) | ![](image_005.jpg) |

---

---

| | |
|:---|:---|
| ![](image_017.jpg) | Denotes a Central RoRo Manager, LLC, managed entity. You should note that there are conflicts of interest between us and our Manager, and that there are risks associated with such conflicts. See "*Risk Factors — Risks Related to Conflicts of Interest*" for more information. You should also note that we cannot currently remove our Manager under our operating agreements and pursuant to the CBAZ LOC, do not expect to receive or make any cash distributions in the foreseeable future, and that our Manager, who holds sole management authority over the Company, Main & Main, and our business, does not hold any equity in either Main & Main or the Company but is entitled to a significant carried interest in Main & Main pursuant to the Main & Main Operating Agreement. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager has sole management authority over us and the Phoenix, Arizona-based Atari Hotel business*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — We do not expect to be able to make cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*," and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*" for more information. |

---

\*\* Following our acquisition of a majority of the outstanding Main & Main Units following the Initial Closing, Main & Main will use $3,900,000 of the proceeds from such acquisition to redeem 5,794 Main & Main Units held by the Original Members. See "*Description of Our Units and Significant Governance Matters — Original Members*," "*Description of Our Units and Significant Governance Matters — Original Members*" and "*Risk Factors — Risks Related to this Offering and Ownership of our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. Following our redemption of the Original Members' Main & Main Units, RoRo Affiliate and QOZB Affiliate will own 5,048 and 4,858 Main & Main Units, respectively. Except for the sale of Main & Main Units to the Company upon each closing of this Offering, we do not expect to sell any additional Main & Main units to RoRo Affiliate or QOZB Affiliate, or any other person.

**Our Operating History**

 

To date the Company's operations have been limited to formational activities and activities undertaken in furtherance of the qualification of this Offering, and Main & Main's operations have been limited to normal and customary formational activities, and those in furtherance of the Land Parcel acquisition and any ongoing development matters, if any.

From October 25, 2023, to December 7, 2023, Main & Main conducted private placements of the Main & Main Units to QOZB Affiliate and RoRo Affiliate in exchange for gross offering proceeds of $4,000,000 and $3,850,000, respectively. Such private placements took place under Section 4(a)(2) of the Securities Act in transactions not involving a public offering. In addition to the Main & Main Units, to induce QOZB Affiliate and RoRo Affiliate into participating in the private placements referred to above, Main & Main granted QOZB Affiliate and RoRo Affiliate a redemption right and preferred return on their investment in the Main & Main Units pursuant to the Main & Main Operating Agreement. See "*Description of Our Units and Significant Governance Matters — Original Members*" for more information.

On November 27, 2023, Main & Main was assigned the rights, privileges, and obligations of JMJT Roosevelt 2 LLC, our affiliate, under that certain "Land Purchase Agreement" dated August 31, 2023, by and between JMJT Roosevelt 2 LLC and Audacy Atlas, LLC, whereby Audacy agreed to sell the Phoenix, Arizona-based Land Parcel to JMJT for a purchase price of $10,500,000, with JMJT's payment to Audacy of $200,000 of the purchase price as a deposit, in exchange for our repayment of the $200,000 deposit to JMJT. On December 8, 2023, Main & Main as assignee of the Land Purchase Agreement, paid Audacy the $10,500,000 balance due on the purchase price in exchange for ownership of the Land Parcel.

As a condition to the closing of the Land Purchase Agreement, Main & Main and Audacy entered a Leaseback Agreement pursuant to which Audacy leased, as of December 8, 2023, the Land Parcel and the structure currently standing thereon for a base rent of $13,487 per month, in addition to a sum equal to the aggregate of any municipal, county, state, or federal excise, sales, use, or transaction privilege taxes legally levied or imposed against, or on account of, any amounts payable by Audacy or our receipt of such amounts. The term of the Leaseback Agreement is two years ending on December 8, 2025, the amount of time that we believe it will take to complete all of the pre-construction phases of the hotel building process. Moreover, the Leaseback Agreement is a triple net lease, meaning that Audacy, as the tenant, will manage, contract, and directly pay for any and all expenses for maintaining, repairing, replacing, operating, and insuring the Land Parcel and for all assessments, costs, fees, personal and real property taxes, charges and expenses incurred with respect to the Land Parcel.

The Leaseback Agreement is subject to terms and conditions that are customary for agreements of this nature and also requires Audacy to maintain: (i) commercial general liability of $1,000,000 per occurrence and $2,000,000 in the aggregate; (ii) workmen's compensation insurance as required under applicable law with a waiver of subrogation in favor of Main & Main, (iii) all-risk property insurance for damage or other losses caused by fire or other casualty or cause; and (iv) property insurance for the market value of certain improvements made under the Leaseback Agreement. Audacy may terminate the agreement at any time upon sixty (60) days' prior written notice, *provided*, *however*, that the effective termination will be no sooner than December 8, 2024.

Main & Main financed the $10,500,000 purchase price of the Land Purchase Agreement via (i) the offer and sale of the Main & Main Units to QOZB Affiliate and RoRo Affiliate for gross proceeds of $7,652,379; and (ii) a $3,000,000 secured, revolving, interest-only line of credit from Commerce Bank of Arizona, Scottsdale Branch, which we refer to as the "CBAZ LOC." The CBAZ LOC was established pursuant to a certain business loan agreement, dated December 7, 2023, referred to in this offering circular as the "CBAZ Loan Agreement," by and between Main & Main and the Commerce Bank of Arizona, Scottsdale Branch, which we refer to as the "Lender" and "CBAZ." In connection with the CBAZ LOC, the Lender issued to Main & Main a promissory note, dated December 7, 2023, or the "CBAZ Note," with a principal of $3,000,000. Main & Main paid a loan origination and other fees via equity in the Land Parcel, and the Lender immediately disbursed $3,000,000 of the funds in connection with the CBAZ LOC so that Main & Main could close on the Land Purchase Agreement.

The CBAZ Note has a maturity date of December 7, 2025, and there is no penalty for prepayment thereof. The CBAZ Note is subject to a variable interest rate subject to change from time to time, but not more than once a day, based on changes in the prime rate as published in the West Coast Edition of the Wall Street Journal's Money Rates table. As of December 7, 2023, the applicable interest rate was 8.5% per annum. Interest on the CBAZ Note is calculated by applying the ratio of the interest rate over a year of 360 days, multiplied by the actual number of days the principal balance is outstanding. We will make regular monthly payments of all accrued unpaid interest due under the note as of each payment date, the first of which occurred on January 7, 2024. The CBAZ LOC is subject to customary terms and conditions associated with agreements of a similar nature. For example, the following events are considered events of default under the CBAZ Loan Agreement, CBAZ Note, Deed of Trust, and Assignment of Rents: (i) failure to make a payment; (ii) breach of the note or any ancillary documents executed in connection therewith; (iii) insolvency of Main & Main; (iv) commencement of foreclosure, forfeiture, bankruptcy, or similar proceedings against Main & Main; (v) the occurrence of any of the foregoing with respect to the Guarantors; (vi) the occurrence of a material adverse change in Main & Main's financial condition, or the Lender believes the prospect of payment on the note is impaired; or (vii) the Lender believes, in good faith, that it is insecure. Upon an event of default, the Lender may declare the entire unpaid balance of the note and all accrued unpaid interest immediately due.

The CBAZ LOC was secured by (i) a "Deed of Trust," dated December 7, 2023, by and between Main & Main as trustor, CBAZ as the beneficiary of the trust, and Commerce Bank of Arizona, Tucson Branch as trustee, whereby Main & Main conveyed to the trustee in trust, with power of sale for the benefit of CBAZ in satisfaction of amounts owed under the CBAZ LOC, all of Main & Main's rights, title, and interest in and to the Land Parcel; (ii) an "Assignment of Rents," dated December 7, 2023, whereby Main & Main assigned a continuing security interest in, and conveyed to CBAZ, all of Main & Main's rights, title, and interest in and to the rental income generated by the Land Parcel; and (iii) the guarantee and grant of security in all of the property currently owned, or owned in the future, by Jordan Taylor, and Jason Merck, the co-managers of our Manager in their capacity as individuals; the Jason Merck Revocable Trust Dated September 27, 2016; RoRo Affiliate; QOZB Affiliate, Main & Main RoRo OZ, LLC, an Arizona limited liability company managed by our Manager, referred to as "OZ Affiliate," which is the owner of all of the membership interest of QOZB Affiliate; and Central RoRo Manager, LLC, our Manager. As a result of the Deed of Trust and the fact that our operating agreements contain provisions which provide that we cannot remove our Manager if either of our Manager's co-managers, Jordan Taylor and Jason Merck, have given personal guarantees as a condition of any debt financing, our Unitholders have zero to a significantly limited ability to remove our Manager of the Company or Main & Main. See "*Our Manager — Removal*" and "*Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" *for more information.*

In furtherance of the Phoenix, Arizona-based Atari Hotel business, AH Endeavors, our affiliate, will sub-license to Main & Main the right to use the Atari brand, logo, and game titles — which covers all Atari game titles (including, among others, Pong, Centipede, and Breakout) — inside the Phoenix, Arizona-based Atari Hotel and attached Atari Entertainment Complex. See "*Description of Business — Our Intellectual Property*" for more information.

Since acquiring the Phoenix, Arizona-based Land Parcel on December 8, 2023, Main & Main's operations have focused on the pre-construction phase of the hotel building process, which consists of the following types of activities:

● *Site Analysis and Due Diligence*. The initial phase of this process was completed prior to Main & Main's acquisition of the Phoenix, Arizona-based Land Parcel; however, Main & Main continues to evaluate the site for the upcoming development to ensure it is maximized for density and efficiency.

● *Design and Architecture Planning*. Design and architecture planning includes conceptual design drafting (completed), schematic design drafting (in process), which determines the general layouts of rooms, restaurants, venue spaces, and all other uses inside the Phoenix, Arizona-based Atari Hotel, and the finalization of design, development, and construction documents for eventual submission to the City of Phoenix for permits.

● *Budgeting and Financial Planning*. This process ensures that the design and implementation of the Phoenix, Arizona-based Atari Hotel not only meets the experiential goals of the project but also adheres to a prudent and disciplined budget and efficient building designs to reduce the cost of construction.

● *Community Engagement*. A critical step in the development process is ensuring that neighborhood stakeholders, such as local government officials, community leaders, and potential local business partners, are involved in an ongoing conversation and that their voices are heard and considered throughout the process of design and eventual construction of the Phoenix, Arizona-based Atari Hotel.

● *Contractor and Vendor Selection Planning*. This portion of the developmental phase ensures that all parties bring specialized expertise in gaming, technology, construction, and all related experiential components to "future-proof" the property while maintaining sound construction principles.

● *Risk Management Planning*. This phase of development focuses on insurance strategies and the utilization of financial tools to reduce costs and eliminate various risks during and after the property's construction.

● *Sustainability Planning*. With the growing focus on environmental sustainability practices, this phase seeks to develop intentional and environmentally conscience strategies utilizing alternative energy sources and sustainable building materials as part of the design and construction process.

● *Marketing and Branding Strategy Development*. This includes the selection of various vendors to ensure the attraction and solidification of established brand partners and public messaging around the project and eventual experiences once construction is complete.

**DESCRIPTION OF BUSINESS**

 

*You should note that following the Initial Closing on the Minimum Offering Amount of $8,668,000, the Company will acquire a minimum of 15,701 Main & Main Units, at $500 per unit, for a total price of at least $7,850,500, which will result in the Company owning more than 50% of the issued and outstanding Main & Main Units. Potential Investors should note that investment in this Offering is an investment in the Units of the Company and not, for the avoidance of doubt, the Main & Main Units being purchased by the Company with the net proceeds of this Offering. See "Risk Factors — Risks Related to Our Holding Company Structure" for more information. See also "Notes on Offering Circular Presentation" for information about capitalized terms used in this section but not defined.*

We are in the hotel and immersive entertainment business, which includes hotel development and construction, the offering of hotel rooms and related amenities, and immersive experiences revolving around gaming, technology, artificial intelligence, food and beverage, nostalgia, and pop culture. Our business specifically focuses on the development, construction, and operation of various Atari-branded hotels, if any, either directly through the Company, or indirectly through majority or wholly owned subsidiaries. The Phoenix, Arizona-based Atari Hotel will be the first Atari-branded hotel that we will develop, build, and operate, with the structure of any additional Atari-branded hotel arm of our business being dictated by economic efficiencies, deal deadlines, and the best interests of our Unitholders. While we cannot guarantee that we will develop, build, and construct any additional Atari-branded hotels other than the Phoenix, Arizona-based Atari Hotel, we expect to pursue and exercise any opportunities to do so, including, without limitation, the opportunity to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area pursuant to amendment no. 4 to the License and Option Agreement. See "*Interest of Management and others in certain transactions*" and "*Corporate Structure and Operational History*" for more information. For the avoidance of doubt Main & Main will become our majority owned subsidiary following the Initial Closing of this Offering. See "*Our Corporate Structure and Operational History*" for more information.

Within the greater Atari-branded hotel business, the Company will oversee and execute the administration and management of (i) all Atari intellectual property to be licensed under the Option and License Agreement with Atari, or any other agreement with Atari or a licensee thereof which is our affiliate or otherwise, pursuant to which we are the licensee of certain Atari intellectual property for use in an Atari-branded hotel, including the Atari intellectual property used in the Phoenix, Arizona-based Atari Hotel, after which the Company will act as the master sub-licensor with respect to Main & Main and the Phoenix, Arizona-based Atari Hotel, and all future Atari-branded hotels held indirectly through an operating subsidiary if any; (ii) the intellectual property that we create or is created on our behalf for use in any Atari-branded hotels we may own in the future, to the extent such intellectual property is not deemed to be the property of Atari, or a violation of any future agreement therewith or in which they are privy to as a third-party beneficiary, if any; and all brand management and relations functions for our Atari-branded hotel business, and the brand of each of our majority or wholly owned direct or indirect subsidiaries which operate the Atari-branded hotels which we will develop, build, and operate in the future, if any, of the Atari-branded hotels which we may own directly in the future.

We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023; (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing. See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with concurrent offerings.

On December 27, 2024, AH Endeavors exercised a $50,000 option to acquire from Atari the right to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area, which we refer to as the "Denver Option," with a requirement to break ground on constructing such hotel on or before December 31, 2025, and an option to extend such deadline until June 30, 2026 for an additional $50,000. Assuming the success of this Offering, we expect, although we cannot guarantee, that AH Endeavors will sub-license the Denver Option to a yet-to-be-formed Manager-managed affiliate that will become the Company's majority or wholly owned subsidiary upon the closing of a future offering of our units under Regulation A and a future acquisition thereof, which would not occur prior to the closing of this Offering.

***Description of the Land Parcel and Potential Design of the Phoenix, Arizona-based Atari Hotel***

On December 8, 2023, we acquired the 46,000 square-foot Land Parcel on which we will develop, build, and operate the 60,000 square-foot Phoenix, Arizona-based Atari Hotel. The Land Parcel is located at 840 N. Central Avenue, the intersection of Central Avenue and Roosevelt Street, also known as Roosevelt Row Arts District, in Phoenix, Arizona. The Land Parcel is collateral for the $3,000,000 CBAZ LOC, which Main & Main used to partially finance the Land Purchase Agreement's $10,500,000 purchase price. The zoning of the Land Parcel is ready for hotel usage. See "*Our Corporate Structure and Operational History*" and "— *Our Operating History*" thereunder for more information. Illustrations of the hotel's potential design follow.

![](image_006.jpg)

(Potential design of the Phoenix, Arizona-based Atari Hotel. For Illustration Purposes Only)

![](image_007.jpg)

(Potential design of the Phoenix, Arizona-based Atari Hotel. For Illustration Purposes Only)

![](image_008.jpg)

(Potential design of the Phoenix, Arizona-based Atari Hotel. For Illustration Purposes Only)

![](image_009.jpg)

(Potential design of the Phoenix, Arizona-based Atari Hotel. For Illustration Purposes Only)

![](image_010.jpg)

(Potential design of the Phoenix, Arizona-based Atari Hotel. For Illustration Purposes Only)

After we complete the Phoenix, Arizona-based Atari Hotel's construction and upon the grand opening thereof, we intend to offer the following hotel services, which we estimate will generate most of our future income:

● *Lodging*. Main & Main intends that the Phoenix, Arizona-based Atari Hotel will have approximately 91 hotel rooms, consisting of 19 suites and 72 rooms in varying sizes and that approximately 80% of the rooms will be standard hotel rooms, thoughtfully designed and infused with gaming and technological enhancements. Main & Main also intends for the remaining rooms to be larger, two to five-bedroom units catering to friends, families and larger groups looking to stay immersed throughout their duration by paying a premium for the highest-end accommodations and upgrades.

● *Food & Beverage.* Main & Main intends that the Phoenix, Arizona-based Atari Hotel will offer multiple food and beverage options, ranging from pool bars and casual dining to fine dining and immersive drinking and dining options that utilize the Atari-created concepts.

● *Retail Shopping*. Main & Main intends to offer certain spaces within the Phoenix, Arizona-based Atari Hotel, such as gift shops and merchandize stalls, for lease to companies that sell souvenirs, clothing, collectibles, digital assets, and digital and analog games, among other categories.

● *Immersive Experiences*. Main & Main intends that the Phoenix, Arizona-based Atari Hotel will operate and/or lease portions of the hotel to create free and ticketed opportunities for customers to experience the latest in AR/VR and AI technologies. Main & Main intends that these experiences are curated to focus on existing brands, new IP, and the ever-evolving world of technology.

● *Event Venue*. Main & Main intends that the Phoenix, Arizona-based Atari Hotel will include a year-round space that can be utilized for esports competitions and gaming events, concerts, content and movie/film/anime releases as well as smaller convention-style offerings and corporate events.

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***Future Point-Based Loyalty Program***

In today's competitive hospitality industry, creating a loyal customer base is essential for the success of any hotel. A well-structured guest loyalty program not only helps attract repeat customers but also ensures that they have a memorable and satisfying experience with each visit. As such, we intend to introduce a point-based guest loyalty program designed to reward customers for staying at the Phoenix-Arizona-based Atari Hotel within six months of the launch of the Phoenix, Arizona-based Atari Hotel. Although we have not established the Phoenix, Arizona-based Atari Hotel loyalty program yet, we expect that this plan will encompass the following characteristics that are common to typical hotel loyalty programs:

● *Earn and Redeem Points*. Members of the loyalty program can earn points with each stay, which makes them eligible for various benefits, including complimentary room upgrades, free nights, or exclusive services.

● *Special Discounts*. Loyalty program members will enjoy special discounts on room rates, dining, spa services, and more, ensuring that they receive the best value for their money.

● *Personalized Experiences*. We believe in creating a personalized experience for our loyal guests. With insights gained through the loyalty program, we will tailor hotel services to match our customers' preferences.

● *Exclusive Access*. Loyalty program members will have access to exclusive promotions, events, and partnerships with local attractions, providing a unique and memorable stay.

● *Tiered Rewards*. Main & Main's loyalty program will offer tiered rewards, allowing guests to unlock new benefits as they progress through different membership levels.

**Our Industry**

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***U.S. Hotels***

The U.S. hotel industry has faced significant challenges and changes over the past few years. U.S. hotels saw their annual room revenue plummet from $170.35 billion in 2019 to just $86.01 billion in 2020 due to the COVID-19 pandemic. However, 2021 witnessed a revival with revenues climbing to $142.92 billion. By 2022, revenues surged to $189.07 billion, exceeding the figures before the pandemic hit. This upward trajectory is anticipated to persist into 2023, with projections estimating room revenues at $197.48 billion, marking a 4.4% increase from 2022 and a 15.9% rise from 2019. According to the American Hotel & Lodging Association (the "AHLA"), several catalysts are expected to impact the U.S. hotel industry in 2024:

● *Inflationary Pressures.* Inflation remains above historical averages despite easing from peak levels; ongoing geopolitical risks could impact the industry.

● *Guest Experience.* Emphasis on cleanliness and friendly staff continues as key factors for positive guest experiences.

● *Memorable Events.* Demand for impactful, memorable events that foster human connections is expected to rise, with nearly half of meeting planners increasing their budgets.

● *Transaction Activity.* Hotel transaction volume is poised to accelerate, driven by a rebound in fundamental performance and multiple market stress points.

● *Technology Adoption.* Hotels will increasingly adopt cloud technology and AI to enhance operational efficiency and guest experiences

● *Parking Revenue.* Strategic management of parking services is projected to enhance guest satisfaction and become a significant revenue driver

The outlook for the U.S. hotel industry in 2024 is cautiously optimistic, characterized by a continued recovery in occupancy rates and average daily rates ("ADR"). Occupancy is projected to improve to 63.6%, a slight uptick from 62.9% in 2023, though it remains below the 2019 benchmark of 65.8%. This improvement is supported by a robust increase in ADR, which is expected to climb to $160.16, marking a 21.8% rise over the 2019 figures. Revenue per available room ("RevPAR") has shown a consistent upward trajectory since the downturn in 2020, reaching a nominal high of $97.84 in 2023 and is forecasted to rise further to $101.82 in 2024. This growth is underpinned by a recovery in guest spending, which is anticipated to achieve a record $758.61 billion in 2024, a significant leap from prior years. While the sector continues to face challenges, it's making promising strides in rebuilding its workforce to pre-pandemic levels, actively attracting, and retaining talent through competitive salaries and enhanced benefits.

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|:---|:---|
| ![](image_011.jpg) | ![](image_012.jpg) |
| (AHLA, January 2024) | (AHLA, January 2024) |

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***Phoenix Tourism and Hotels***

This Atari Hotel will be in the Roosevelt Row downtown area of Phoenix, Arizona. As of the 2022 Census estimate, Phoenix city proper has a population of 1.64 million, ranking it fifth in the US. The median age of its residents is 34.5 years, and the city spans an area of approximately 500 square miles. The Greater Phoenix area is a nexus for sectors like aerospace, high-tech, bioscience, and advanced business services, as well as sustainable technologies. It's also home to Arizona State University and stands out as one of only 13 U.S. cities that proudly feature teams from all four major professional sports leagues. As a result, tourism significantly fuels its economy. Phoenix, often referred to as the "Valley of the Sun," draws in millions of tourists each year, making it a sought-after resort and regional conference spot due to its warm and sunny climate.

In 2022, Phoenix welcomed 19.5 million visitors, including a million from international destinations. These visitors directly spent over $4.4 billion in the city. Considering indirect and induced spending, the total economic contribution exceeded $7.5 billion. This influx of tourism supported approximately 53,000 jobs and generated over $626 million in state and local taxes. In terms of demographics, the typical visitor to Phoenix is around 46.3 years old with a median household income of $79,000. Tourists usually stay in Phoenix for an average of 3.5 nights and travel in groups of about 2.6 people. The most popular activities for these overnight visitors include shopping, sightseeing, visiting landmarks or historical sites, frequenting bars or nightclubs, and attending celebrations.

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| | |
|:---|:---|
| ![](image_013.jpg) | According to the 2024 Phoenix Hospitality Investment Forecast Report (the "FHIFR"), the Phoenix hotel market is set to witness growth in 2024. The market is expected to lead major U.S. cities in room inventory expansion with the addition of 3,650 new hotel rooms, a 5.1% increase from the existing room count. This expansion is set to accommodate a surge in demand, highlighted by the Men's NCAA Final Four and the introduction of Mattel's Adventure Park. Despite the potential for market saturation, occupancy rates are projected to rise modestly, with a 60 basis points increase from 2023, reaching an occupancy rate of 69.0%. This growth in occupancy is expected even as new supply could restrain rate increases. Should the supply have remained at 2019 levels, the anticipated demand could have pushed occupancy rates to a record high. |
| (FHIFR, 2024) |  |
| Furthermore, the annual average daily rate (ADR) is projected to climb to $175.72, approximately 33% above the 2019 figure, marking the second-largest increase among all major U.S. markets. Revenue per available room (RevPAR) is set to follow a similar upward trajectory, exceeding the 2019 mark by over 30%. At a forecasted $121.27, Phoenix's RevPAR will stand out as the highest among landlocked metros, trailing only behind Nashville and Las Vegas. These factors contribute to an overall positive forecast for Phoenix's hotel market, suggesting a steady year of performance bolstered by strategic economic developments and sustained investment interest, particularly in extended-stay hotels due to the influence of corporate entities like Taiwan Semiconductor Manufacturing Co. in North Phoenix. | ![](image_014.jpg) |
|  | (FHIFR, 2024) |

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***Gaming***

While the gaming community has long been stereotyped as predominantly young, antisocial males, recent data challenges this notion, revealing a much broader and diverse audience. According to GWI Gaming research, which surveyed 19,488 gamers aged 16-64 across 15 countries, the gaming audience is vast and spans various demographics. While gaming is nearly universal among the online population, there have been notable demographic shifts in recent years. Older internet users, specifically those aged 55-64, have increasingly embraced gaming, making it an integral part of family time, especially among grandparents and households with three or more children. Additionally, there has been a significant rise in female gamers, underscoring the diversity within the gaming community. This data suggests that the gaming world is not only expansive but also more inclusive than previously perceived, encompassing a wide range of ages, genders, and backgrounds.

The gaming industry has experienced remarkable growth over the years, becoming an integral part of both culture and economy. As of January 2024, there were approximately 3.32 billion active video gamers worldwide, a figure that has grown by over one billion in the last eight years. The U.S. stands out in this surge, boasting more active e-sports competition participants than any other nation, solidifying its position as a major force in the e-sports sector. By 2027, the industry's value is projected to be worth $363 billion, which is more than the entire GDP of Finland. This exponential growth is not just about numbers; it's about the evolution of gaming culture. With 75% of U.S. households having at least one gamer and over half of American parents introducing their children to video games, a new generation of gamers is on the rise, reshaping the medium's societal perception.

Despite the continuous release of new video games, the allure of retro games remains undiminished. A survey by ExpressVPN indicates that 79% of players are drawn to these vintage games. While nostalgia plays a role, especially for millennials who were introduced to these games in their youth, it's not the sole reason. Many gamers appreciate retro games for their originality, as many of these classics, such as Pac-man, Tetris, Super Mario Bros, and Mario Kart, were groundbreaking in their time. Interestingly, not only do older generations enjoy these games, but younger ones find them equally captivating, suggesting that their appeal transcends generational boundaries.

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| | |
|:---|:---|
| ***Arizona Gaming*** |  |
| According to data from Wisdom Gaming, gamers in the state of Arizona had over 3.9 million unique gaming devices as of November 2023. Moreover, the state saw a wide diversity of gaming-related travel from January 2023 to November 2023, with the majority of visits coming from states such as California, Texas, and Nevada, among others. Additionally, data reveals that Arizona gamers are diverse in terms of several demographics including age, gender, and marital status, among others. |  |
|  | (Wisdom Gaming) |

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**Arizona Gamers Age by Category, November 2023**

![](image_016.jpg)

(Wisdom Gaming)

**Our Market Opportunity and Customers**

***Immersive Entertainment Business***

Companies such as Disney and Great Wolf Lodge have blended immersive entertainment with lodging accommodation for many years. However, with the Atari brand and intended technology partners such as Intel, the Phoenix, Arizona-based Atari Hotel will focus its immersive entertainment offerings on technology-based experiences, artificial intelligence (AI), and video gaming in our hotel common areas as well as in the hotel's private rooms and suites. With gaming having quickly become the largest entertainment vertical in the world, the Phoenix, Arizona-based Atari Hotel will look to provide experiences in the property's many venues and rooms that embrace and leverage this largest and fastest-growing entertainment vertical.

***The Atari Brand***

Atari, established in 1972 by Nolan Bushnell and Ted Dabney, played a pioneering role in the gaming industry with iconic games like "Pong" and the "Atari 2600" device, which were instrumental in shaping the electronic entertainment landscape from the 1970s to the mid-1980s. During its peak in the late 70s and early 80s, Atari dominated the video game market, ushering in what's often referred to as the golden age of video games. In particular, the Atari 2600 was a monumental success and became a staple in millions of households, showcasing the brand's widespread popularity. However, post the video game crash of 1983, the company saw several ownership and structural changes. Over the years, the brand name transitioned through various entities, and as of 2024, it is now owned by the French company Atari SA, with a diversified focus on video games, consumer hardware, licensing, and blockchain technology. Atari's intellectual property, which includes iconic games such as Pong®, Asteroids®, and Centipede® Missile Command®, has been played by millions, and the brand continues to bring joy to gamers with its expanding portfolio of computer, console, and mobile games.

Through Main & Main, we will utilize the unique Atari brand and the brands of select game titles to attract clients seeking nostalgic and futuristic experiences. We intend that our hotel services will attract gamers, families, business travelers, pop-culture enthusiasts, collectors (digital and physical assets), experience-seekers, and foodies. We also expect to partner with existing and established operators, brands, and databases to create multiple avenues to attract customers to stay and play at our Atari hotel property.

**THE "ATARI" NAME AND LOGO ARE THE EXCLUSIVE INTELLECTUAL PROPERTY OF ATARI INTERACTIVE, INC. AND ARE USED IN CONNECTION WITH HOTEL AND ENTERTAINMENT PROJECTS SOLELY PURSUANT TO A LIMITED LICENSE. CENTRAL RORO, LLC, MAIN & MAIN RORO PROPERTY OWNER, LLC, AND AH ENDEAVORS LLC ARE THE CURRENT LICENSEES; APART FROM THIS LICENSING RELATIONSHIP, THEY HAVE NO AFFILIATION WITH ATARI INTERACTIVE, INC. THIS INVESTMENT OPPORTUNITY IS NEITHER SPONSORED NOR ENDORSED BY ATARI INTERACTIVE, INC. OR ANY OF ITS AFFILIATES, AND IT CONFERS NO EQUITY OR OTHER OWNERSHIP INTEREST IN ATARI INTERACTIVE, INC., NOR IS IT GUARANTEED BY ATARI INTERACTIVE, INC. OR ITS AFFILIATES. SEE "*Risk Factors - Risks Related to Our Business and Industry - We will hold a limited license to the Atari brand for use in the Phoenix, Arizona-based Atari Hotel and do not have any affiliation with Atari Interactive, Inc.,*" AND "*Risk Factors - Risks Related to Our Business and Industry - If we fail to comply with its obligations in the agreements under which it will license intellectual property and other rights from third parties or otherwise experience disruptions to its business relationships with any licensor, it could lose license rights that are important to the business*" FOR MORE INFORMATION.**

***Phoenix, Arizona***

Recognized as one of the most dynamic and rapidly evolving metropolitan areas in the U.S., Phoenix continues to hold its standing as the fifth largest city, with its population increasing by 4% from 2020-2023. The downtown region of the city is particularly bustling, with numerous developmental projects underway. Among the notable investments is a potential $535 million mixed-use project that is currently awaiting approval from the Phoenix City Council. If approved, this project is expected to contribute to the urban landscape with the construction of two new buildings. Additionally, an investment of $100 million has been announced for the creation of new headquarters and a state-of-the-art practice facility for the NBA's Phoenix Suns and WNBA's Phoenix Mercury, underscoring the city's dedication to enhancing its sports infrastructure and fostering a vibrant community. These developments, among others, reflect a concerted effort to bolster the urban appeal and functionality of downtown Phoenix, aligning with the broader trajectory of growth and modernization that Phoenix is experiencing.

<u>Roosevelt Row Development</u>

Roosevelt Row is a walkable arts district in downtown Phoenix, Arizona, which is known for its art galleries, restaurants, bars, boutique shops, and vibrant street art. The district has been a focal point for urban renewal, with rehabilitated bungalows and new infill projects adding to its charm. Its popularity has surged, drawing both locals and tourists to its numerous events like the monthly First Fridays Art Walk and annual festivities such as the M3F Music Festival. The integration of the Atari Hotel into Roosevelt Row further accentuates the district's standing as a dynamic, creative, and cultural epicenter in downtown Phoenix. Through this blend of nostalgic gaming culture and contemporary urban development, the Atari Hotel is poised to contribute a unique flavor to the diverse offerings of the Roosevelt Row district, amplifying its allure as a destination for both local and international visitors.

![](image_018.jpg)

(Left: Downtown Phoenix; Right: Roosevelt Row)

**Our Sales and Marketing Efforts**

We intend to utilize numerous avenues to promote our Atari-branded hotels, including digital marketing across social media channels, Web3 reservation systems, AI-powered implementation, and various modes of advertisements.

**Our Competition and Competitive Strengths**

Commercial real estate is highly competitive, and we may face competition from many sources, including from other income producing real estate both in the immediate vicinity and the geographic markets where we will construct Atari-branded hotels, including the Phoenix, Arizona-based Atari Hotel. If so, this would increase the number of hotel rooms available and may decrease occupancy and rooms rates at our hotels. We will also compete with other hotels in the downtown Phoenix market as well as other regional destination style hotels, restaurants and bars in the area as well as the pop-up and long-term immersive experiences throughout the Phoenix market. See "*Risk Factors — Risks Related to Our Business and Industry*" for more information.

We believe that the Phoenix, Arizona-based Atari Hotel, and any future geographic markets in which we may develop, build, and operate an Atari-branded hotel, will have an advantage over other hotels in such markets and neighboring markets given the exclusive Atari license such hotels may utilize, which, in any case, grants the sole ability to utilize the Atari brand in a given market, including the Phoenix hotel market. However, our realization of the above competitive strength, the success of our business and of any future Atari-branded hotel development, construction, and operation project, is dependent on the construction and operation of the Phoenix, Arizona-based Atari Hotel, and, pursuant to a certain amendment no. 4 to the Option and License Agreement dated May 29, 2024, the breaking of ground on construction of the Phoenix, Arizona-based Atari Hotel on or before June 30, 2026, with an option to further extend the term of the Option and License Agreement until December 31, 2026, in exchange for payment of a $50,000 extension fee. However, if we require no more than nine months of additional time to break ground on the Phoenix, Arizona-based Atari Hotel's construction due to city permitting delays or acts of god and has secured required capital for the project, Atari's approval of such additional time will not be unreasonably withheld. See "*Interest of Management and Others in Certain Transactions — Option and License Agreement*" for more information.

We also intend to enter into an agreement with Intel Corporation for the provision of computers and electronic systems for use in our Atari-branded hotels. We cannot assure you, however, that we will execute any such agreement with Intel, or if we do, that such agreement will be on favorable terms to us. See *"Risk Factors — Risks Related to Our Business and Industry — We may be unable to enter into an agreement with Intel Corporation for the provision of the Phoenix, Arizona-based Atari Hotel's computer and electronics systems, and even if it does, we cannot guarantee that such agreement will be favorable to us in price or scope*" for more information. We also believe that the intended Intel-based technology infrastructure of the Phoenix hotel would serve to "future proof" the property, enabling and supporting consistent evolution of our systems based on the ever-changing world of technology. We believe that future proofing the Phoenix, Arizona-based Atari Hotel would also allow it to adapt to changes in technology quicker than its competitors.

**Our Growth Strategies**

We expect to grow the Atari-branded hotel business through advanced and modern marketing techniques, influencer programs, and brand and operator partnerships while creating an immersive environment that will stand apart from existing hotels around the world. We also expect to develop an Atari-centric hotel loyalty program to drive repeat customer growth. See "*Business Description — Future Point-Based Loyalty Program*" for more information.

**Our Sourcing and Suppliers**

We will partner with large and established hotel and restaurant operators to create efficiency in operations and sourcing supplies and materials for the rooms and dining, technology companies to ensure consistent and real-time experiences, and companies in gaming, event production, pop culture, and the like.

**Effect of Seasonality**

We expect seasonality to having a significant effect on the business of any of our Atari-branded hotels due to climactic patterns and decreases or increases in temperature due to the city's climatic patterns. With respect to the Phoenix, Arizona-based Atari Hotel, we believe that the cooler months from November to April attract more visitors to Phoenix who are seeking refuge from colder climates, and that such season represents a peak season the Phoenix hotel market, where we can expect higher occupancy rates in their hotel and increased patronage of their immersive entertainment offerings. Conversely, Phoenix's extremely hot summers may deter tourists, potentially reducing the demand for outdoor activities and impacting hotel occupancy rates.

Despite the foregoing effect, our focus on offering unique, indoor immersive entertainment experiences could counterbalance the typical seasonal downturns experienced by the broader hotel industry. By providing engaging indoor activities, we believe we can draw visitors looking for entertainment options that are not affected by the outside temperature, which would help stabilize demand throughout the year.

**Our Intellectual Property**

Our affiliate owns a transferable license to use the Atari brand, logo, and game titles in Atari-branded hotels located in certain markets, such as Phoenix, Arizona and Denver, Colorado, according to that certain "Option and License Agreement" by and between our affiliate and Atari Interactive Inc., as amended from time to time. With respect to the Phoenix, Arizona-based Atari Hotel, we expect that we will enter into an agreement with our affiliate for the sub-licensing of such intellectual property within thirty (30) days from the Initial Closing of this Offering in exchange for $4,000,000 cash consideration and our assumption of certain Licensing Fee payment obligations upon the licensing of the Atari intellectual property. We also expect that any such rights will become perpetual upon the completion and launch of each Atari-branded hotel before a given date specified by Atari. For example, we will obtain a perpetual license with respect to the Phoenix, Arizona-based Atari Hotel so long as we complete the hotel on or before December 31, 2029. If the Phoenix, Arizona-based Atari Hotel is not completed before December 31, 2029, then ownership of the rights underlying the transferable license for the Phoenix, Arizona hotel market will revert to Atari Interactive, Inc. We expect to see a similar deadline and sub-licensing requirements for each Atari-hotel license which we obtain. See "*Interest of Management and Others in Certain Transactions*" for more information.

**Our Human Capital**

We do not have any full-time or part-time employees, or any independent contractors, and do not intend to hire any such person in the foreseeable future. Additionally, we have not established an employee benefit plan or trust, or an "ERISA Plan," within the meaning of, and subject to, the provisions of the Employee Retirement Income Security Act of 1974, or "ERISA," or an equity incentive plan, and we do not intend to adopt any such plans in the foreseeable future.

**Our Legal Proceedings**

We may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business, from time to time. Litigation carries inherent uncertainties, and it is possible that adverse outcomes in these or other matters could emerge, potentially harming our financial condition, business, and results of operations. Currently, we are not aware of any legal proceedings or claims against us. However, this status is subject to change, and Main & Main cannot guarantee that it will not become subject to any such legal proceedings in the future.

**Our Environmental Sustainability Efforts**

We place importance on sustainability and are committed to contributing to the development of a more sustainable future. In furtherance of sustainability, we intend to enhance the sustainability of the Phoenix, Arizona-based Atari Hotel by incorporating solar and wind energy solutions, along with installing electric vehicle charging stations. This strategy highlights our commitment to environmental stewardship and aims to improve the hotel's appeal and operational efficiency.

**Government Regulation**

We navigate a complex landscape of regulatory requirements impacting our business and the development, construction, and eventual operation of the Phoenix, Arizona-based Atari Hotel, including regulations that aim to protect natural resources and ensure public health and safety. Non-compliance with these regulations could result in significant fines, penalties, and other sanctions.

Significant fines, penalties, and other sanctions may be imposed for non-compliance with environmental and health and safety laws and regulations, and some laws provide for joint and several strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage, without regard to negligence or fault on the part of such person. These laws and regulations may expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts that followed all applicable laws at the time these acts were performed. For example, there are several governmental laws that strictly regulate the handling, removal, treatment, transportation, and disposal of toxic and hazardous substances, such as the Comprehensive Environmental Response Compensation and Liability Act of 1980, and comparable national and state laws, that impose strict, joint, and several liabilities for the entire cost of cleanup, without regard to whether a company knew of or caused the release of hazardous substances. In addition, some environmental regulations can impose liability for the entire clean-up upon owners, operators, generators, transporters, and other persons arranging for the treatment or disposal of such hazardous substances related to contaminated facilities or project sites. Other federal environmental, health, and safety laws affecting us include, but are not limited to, the Resource Conservation and Recovery Act, the National Environmental Policy Act, the Clean Air Act, the Clean Air Mercury Rule, the Occupational Safety and Health Act, the Toxic Substances Control Act, and the Superfund Amendments and Reauthorization Act, as well as other comparable national and state laws. Liabilities related to environmental contamination or human exposure to hazardous substances, comparable national and state laws, or a failure to comply with applicable regulations could result in substantial costs to us, including cleanup costs, fines and civil or criminal sanctions, third-party claims for property damage or personal injury, or cessation of remediation activities.

We will adhere to state regulations governing hospitality and restaurant operations as we develop and operate the Phoenix, Arizona-based Atari Hotel. This will involve securing necessary licenses and registrations for liquor sales and following specific safety and health standards and codes of conduct. We will also ensure compliance with laws governing employee relationships, including adhering to minimum wage laws, managing overtime, maintaining working conditions, and meeting work permit requirements, and committing to proactively managing these legal requirements to secure the Atari Hotel's future success and regulatory compliance. Any significant changes or compliance demands in any of the above legal areas might affect the revenue and profitability of the Phoenix, Arizona-based Atari Hotel and could pose challenges to our operations. See "*Risk Factors — Risks Related to Our Business and Industry*" for more information.

**Our Executive Offices and Contact Information**

Our executive offices were provided by our Manager and are located at 829 N 1st Ave, Suite 201, Phoenix, AZ 85003, our telephone number is 800-617-8981, and our website address is www.atarihotels.com. The information on or accessible through our website is not part of this offering circular. Neither the Company nor Main & Main have a lease agreement or currently pay rent for our executive offices. This may change in the future, however, and we may pay a ratable portion of the lease and utilities payments due for our use of the executive offices on terms determined reasonable by our Manager.

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

*The following discussion and analysis should be read in conjunction with our audited financial statements and the notes to those financial statements that are included elsewhere in this Form 1-A. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the "Risk Factors*," *"Cautionary Statement Regarding Forward-Looking Statements*" *and "Description of Business*" *sections and elsewhere in this Form 1-A. We use words such as "anticipate*," *"estimate*," *"plan*," *"project*," *"continuing*," *"ongoing*," *"expect*," *"believe*," *"intend*," *"may*," *"will*," *"should*," *"could*," *"predict*," *and similar expressions to identify forward-looking statements. Although we believe the expectations expressed in these forward-looking statements are based on reasonable assumptions within the bound of our knowledge of our business, our actual results could differ materially from those discussed in these statements. Factors that could contribute to such differences include, but are not limited to, those discussed in the "Risk Factors*" *section of this Form 1-A. We undertake no obligation to update publicly any forward-looking statements for any reason even if new information becomes available or other events occur in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this Form 1-A, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations, and prospects. See "Notes on Offering Circular Presentation*" *for more information about capitalized terms used in this section but not defined.*

**Overview**

We are in the hotel and immersive entertainment business, which includes hotel development and construction, the offering of hotel rooms and related amenities, and immersive experiences revolving around gaming, technology, food and beverage, nostalgia, and pop culture. Our business specifically focuses on the development, construction, and operation of various Atari-branded hotels, if any, either directly through the Company, or indirectly through majority or wholly owned subsidiaries, including the Phoenix, Arizona-based Atari Hotel which will be the first Atari-branded hotel that we will develop, build, and operate. The structure of any additional Atari-branded hotel arm of our business being dictated by economic efficiencies, deal deadlines, and the best interests of our Unitholders. While we cannot guarantee that we will develop, build, and construct any additional Atari-branded hotels, we expect to pursue and exercise any opportunities to do so, including, the opportunity to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area pursuant to amendment no. 4 to the License and Option Agreement. See "*Interest of Management and others in certain transactions*" and "*Corporate Structure and Operational History*" for more information. For the avoidance of doubt Main & Main will become our majority owned subsidiary following the Initial Closing of this Offering. See "*Our Corporate Structure and Operational History*" for more information.

We expect that the Phoenix, Arizona–based Atari Hotel will cost approximately $125,000,000 in total, including all costs and expenses for both the Company and Main & Main. Specifically, this amount covers, but is not limited to: (i) all Offering costs; (ii) the cost of acquiring the Land Parcel on December 8, 2023; (iii) the cost of the Redemption Right granted to the Original Members as an inducement to their investment in Main & Main on the same date, which we consider part of the cost of acquiring the Land Parcel; (iv) the repayment of certain advances by one of our Manager's co-managers; and (v) Main & Main's redemption of $3,900,000 of Main & Main Units held by the Original Members following the Initial Closing. See "*Use of Proceeds*," "*Our Corporate Structure and Operational History*" and "*Description of Our Units and Significant Governance Matters — Original Members*" for more information. We intend to finance this $125,000,000 cost as follows:

● Between $8,668,000 (7% of total cost if we raise the Minimum Offering Amount) and $75,000,000 (60% of total cost if we raise the Maximum Offering Amount) through the sale of Units in this Offering; and

● Between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount) through a future construction financing facility.

For the avoidance of doubt, we have broad discretion over how the proceeds of this Offering are to be used and may spend such proceeds in ways you may not agree. See "*Risk Factors — Risks Related to This Offering and Our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for more information. You should also note that there are risks associated with the indebtedness we expect to incur to complete the Phoenix, Arizona-based Atari Hotel's construction. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Future Construction Financing Facility*" and "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*" for more information. Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with concurrent offerings.

**Recent Developments**

On December 8, 2023, Main & Main was assigned the rights, privileges, and obligations of JMJT Roosevelt 2 LLC, its affiliate which is owned by Jason Merck and Jordan Taylor, the co-managers of our Manager, under that certain Purchase Agreement dated August 31, 2023, by and between JMJT Roosevelt 2 LLC, which we refer to as "JMJT," and Audacy Atlas, LLC, whereby Audacy agreed to sell the Phoenix, Arizona-based Land Parcel to JMJT for a purchase price of $10,500,000, with JMJT's payment to Audacy Atlas, LLC of $200,000 of the purchase price as a deposit. JMJT assigned such Land Purchase Agreement to Main & Main in exchange for $200,000 in repayment of the deposit. Main & Main financed the $10,500,000 purchase price of the Land Purchase Agreement via (i) tee offer and sale of the Main & Main Units to QOZB Affiliate and RoRo Affiliate for gross proceeds of $4,850,000; and (ii) a $3,000,000 secured revolving line of credit from Commerce Bank of Arizona, Scottsdale Branch. As a condition to the closing of the land purchase agreement, Main & Main and Audacy Atlas, LLC entered into a triple net lease agreement for a two year lease period, under which Audacy will be responsible for all expenses on the property during the term of such lease. Except upon Audacy Atlas, LLC's early termination of the agreement in accordance with the terms thereof, a monthly base rental amount of $13,487 beginning in year two, and it will be responsible for paying all property expenses throughout the term of the leaseback. See "*Our Corporate Structure and Operational History*" for more information about the recent developments discussed above.

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**Our Financial Condition**

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As of December 31, 2024, our total assets were $96,750, consisting entirely of deferred offering costs, and we had no cash or cash equivalents as of either December 31, 2024 or 2023. Our total liabilities were $105,250, all of which represented amounts due to a related party (Central RoRo Manager, LLC) for legal and accounting expenses paid on our behalf. Further, Members' equity (deficit) was $(8,500) as of both December 31, 2024 and 2023, reflecting the Company's net loss since inception.

As of December 31, 2024, Main & Main's total assets were $10,613,690, primarily consisting of land held for development ($10,510,569), cash and cash equivalents ($12,335), accounts receivable ($16,227), and deferred rent receivable ($74,559). Total liabilities were $3,029,625, including a $3,000,000 mortgage payable to Southwest Heritage Bank, interest payable, accounts payable, and other current liabilities. Members' equity was $7,584,065, with an accumulated deficit of $(68,314).

***Our Plan of Operation***

Because we do not have any cash or cash equivalents as of the date of this offering circular, we will have to raise a substantial amount of funds in this Offering to fully implement our plan of operations for the next 12-month period. Additionally, since we have not generated any revenues to date, and do not intend to generate any revenues in the future, there is substantial doubt that we can continue as a going concern for the next 12 months unless we obtain capital through this Offering to execute our plan of operations. Assuming we are successful in raising the Minimum Offering Amount of $8,668,000, although there can be no assurances that we will do so, we plan to use the net proceeds from the Offering to carry out our business plan and purchase the Main & Main Units.

As of December 31, 2024, Main & Main had approximately $12,335 in cash or cash equivalents. We do not anticipate generating revenue until the Phoenix, Arizona-based Atari Hotel becomes operational, which is expected in the fourth quarter of 2027. This means that there is substantial doubt that we can continue as a going concern for the next 12-months if we do not raise at least the Minimum Offering Amount. Even if we raise the Minimum Offering Amount, we will require between $50,000,000 (40% of total cost if we raise the Maximum Offering Amount) and $117,149,500 (93.72% of total cost if we raise the Minimum Offering Amount), which we intend to acquire through a future construction financing facility.

Main & Main intends to reach the following milestones during the initial 12 months following a successful closing of this Offering:

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| | | |
|:---|:---|:---|
| **Milestone** | **Time Frame for Reaching<br> Milestone** | **Estimated Milestone Expense** <br> (if the $75,000,000 Maximum Amount is<br> raised in this Offering) |
| Construction financing facility signing | To be arranged and in place as soon as practicable | To cover the balance of the hotel construction cost over and above the amount raised in this Offering |
| Schematic design for the Atari hotel | Complete by middle of third quarter 2025 | Estimated Cost - $463,200 |
| Value engineering and construction pricing | Complete by end of third quarter 2025 | Estimated Cost - $115,800 |
| Design development | Complete by end fourth quarter 2025 | Estimated Cost - $694,800 |
| Construction documents | Complete by end of first quarter 2026 | Estimated Cost - $2,200,200 |
| Construction permitting | Complete by end of second quarter 2026 | Estimated Cost - $115,800 |
| Construction bidding | Complete by end of second quarter 2026 | Estimated Cost - $115,800 |
| Final value engineering and permitting | Complete by end of second quarter 2026 | Estimated Cost - $154,400 |

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Main & Main expects that sources of funding for the above listed milestones will be derived from this Offering. If we raise the entire Maximum Offering Amount of $75,000,000, Main & Main should have sufficient funds to complete the pre-construction phase of the Phoenix, Arizona-based Atari Hotel, reaching all of the milestones indicated in the table above, as well as funds to begin the construction phase of the hotel, as currently planned, in the second quarter of 2026. Any budget shortfalls created as a result of our not being able to raise the Maximum Offering Amount in this Offering will be met through the planned Main & Main construction financing facility; provided, that the amount of any such financing may be reduced by the gross proceeds we receive from any concurrent offering of Units under Rule 506(c) of Regulation D that we may perform. We can provide no assurances that we will be able to successfully raise sufficient funds in this Offering so that Main & Main begin to execute these plans or reach any of the above specified milestones. Also, we cannot assure you that we be able to execute a construction financing facility or raise additional capital or debt as and when needed on acceptable terms if at all.

**Results of Operations**

For the year ended December 31, 2024, the Company did not generate any revenues and did not incur any operating expenses, resulting in no net loss for the period. For the period from inception (August 16, 2023) to December 31, 2023, the Company incurred $8,500 in professional fees, resulting in a net loss of $8,500. All operating expenses and offering costs to date have been paid by the Manager on behalf of the Company and are reflected as amounts due to related parties.

For the year ended December 31, 2024, Main & Main generated $331,990 in rent and parking income, primarily from a short-term sale-leaseback arrangement concerning the Land Parcel with its prior owner, which included fees owed to Main & Main from parking operations. Operating expenses for the period were $116,406, consisting of parking operation fees of $85,107, professional fees of $28,485, and general and administrative expenses of $2,814. Interest expense on the mortgage loan was $254,498. Main & Main reported a net loss of $(38,914) for the year ended December 31, 2024, and a net loss of $(29,400) for the period from inception (October 24, 2023) to December 31, 2023.

***Pro Forma Impact of Our Acquisition of Main & Main***

Immediately after the Initial Closing, Main & Main will become our majority-owned subsidiary. Because the Company and Main & Main are entities under common control, we will account for the transaction under ASC 805-50. Accordingly:

● *Carrying-Over of Historical Amounts:* Main & Main's assets and liabilities, including the $3,000,000 mortgage payable, will be brought onto our consolidated balance sheet at their historical book values on a retrospective basis. No purchase-price allocation, fair-value step-up, bargain-purchase gain or goodwill will be recorded.

● *Equity/Net Loss Reclassification*: The historical members' equity/(deficit) and share of net losses of Main & Main will be partially reclassified as "*Members' equity/(deficit) attributable to non-controlling interests*" and "*Net loss attributable to non-controlling interests*" based on the Company's ownership percentage of Main & Main following the Initial Closing. See "*Unaudited Pro Forma Condensed Combined Financial Statements — Note 2. The Acquisition*" for more information.

● *Results of Operations*: Main & Main's historical revenues (currently parking and ground-lease income) and expenses (property operating costs, professional fees and interest expense) will be consolidated with those of the Company with no retroactive fair-value adjustments.

● *No Amortization of Intangibles*: Because no identifiable intangible assets are recognized under the common-control method, there will be no incremental non-cash amortization expense related to brand-license rights or similar items.

● *Intercompany Eliminations*: All intercompany balances and transactions will be eliminated in consolidation.

The acquisition, if completed, will significantly expand our asset base through the inclusion of the Land Parcel, but it will also expose us to the risks inherent in large-scale real-estate development, most notably, the need for substantial additional capital, potential cost overruns and construction delays, regulatory approvals, and market demand for the completed Phoenix, Arizona-based Atari Hotel. Our ability to continue as a going concern will depend on raising additional equity, refinancing or repaying the mortgage loan and successfully executing the development plan.

Key expected impacts on our consolidated results of operations (after giving effect to the common-control method of accounting described above) are:

● *Revenue (short-term leaseback)*: Main & Main's current revenue consists solely of base rent of $13,487 per month (plus pass-through taxes) and related parking fees earned under a two-year, triple-net Leaseback Agreement with Audacy dated December 8, 2023. The lease expires on December 8, 2025, but Audacy may terminate on 60 days' notice any time after December 8, 2024. Because the lease is triple-net, Audacy bears virtually all property operating costs, so the rent and parking income have minimal associated expense. Once the lease terminates, Main & Main will have no recurring revenue until the Phoenix Atari Hotel opens, currently targeted for Q4 2027.

● *Operating Expenses*: Full inclusion of Main & Main's operating and development expenses, followed by hotel operating costs post-opening.

● *Interest expense*: Inclusion of interest on the existing mortgage payable and any future construction financing.

● *Non-Controlling Interest Allocation*: Allocation of a proportionate share of future income or loss to the non-controlling interests based on the ownership percentage of the Company.

Because this transaction is accounted for under the common-control method, and because incremental Offering proceeds only affect the equity allocation between Central RoRo and the non-controlling interests, no provisional fair-value measurements or purchase-price allocation adjustments are required. Accordingly, management has not included additional quantitative pro forma adjustments beyond those described above and in the Unaudited Pro Forma Condensed Combined Financial Statements.

**Liquidity and Capital Resources**

***The Company***

As of December 31, 2024, the Company had no cash or cash equivalents and was entirely dependent on advances from its Manager to fund its operating and offering-related expenses. Our total liabilities were $105,250, all of which represented amounts due to our Manager for legal and accounting expenses paid on our behalf. Members' equity (deficit) was $(8,500) as of December 31, 2024, representing cumulative net losses incurred by the Company.

Net cash used in our operating activities for primarily relates to payments for professional fees associated with this Offering and Offering costs , which have been funded by advances from our Manager. For the year ended December 31, 2024, operating expenses and offering costs paid by the related party were $60,000. For the period from inception (August 16, 2023) to December 31, 2023, these amounted to $45,250.

*Going Concern*

The Company has not generated any revenues to date and is entirely dependent on advances from its Manager to fund its operating and offering-related expenses. Our ability to continue as a going concern is contingent upon the successful completion of this Offering and the receipt of sufficient capital to fund our planned acquisition of a majority interest in Main & Main and to support ongoing operations. Because we do not have any cash or cash equivalents as of the date of this offering circular, we will have to raise a substantial amount of funds in this Offering to fully implement our plan of operations for the next 12-month period. There is substantial doubt that we can continue as a going concern for the next 12 months unless we obtain capital through this Offering.

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***Main & Main***

As of December 31, 2024, Main & Main had cash and cash equivalents of $12,335. Total assets were $10,613,690, primarily consisting of land held for development ($10,510,569). Total liabilities were $3,029,625, which included a $3,000,000 mortgage payable (current portion), interest payable of $15,046, accounts payable of $14,199, and sales tax payable of $380. Members' equity was $7,584,065.

Main & Main's liquidity as of December 31, 2024, was limited. The $3,000,000 mortgage loan from Southwest Heritage Bank matures in December 2025, is interest-only charged at the prime rate (7.50% as of December 31, 2024), collateralized by the Land Parcel, and personally guaranteed by related parties. Main & Main is dependent on additional capital infusions from investors or other financing sources to fund development activities, service debt, and meet ongoing obligations. These factors raise substantial doubt about Main & Main's ability to continue as a going concern.

For the year ended December 31, 2024, Main & Main's net cash used in operating activities was $109,623. This was primarily due to the net loss of $38,914, an increase in deferred rent receivable of $67,815, and an increase in accounts receivable of $16,227, partially offset by an increase in accounts payable and other current liabilities of $14,579.

For the period from October 24, 2023 (inception) to December 31, 2023, net cash used in operating activities was $19,852.

Cash flows from investing activities for the period from inception to December 31, 2023, consisted of the purchase of land for $10,510,569. There were no investing activities in 2024.

Cash flows from financing activities for the year ended December 31, 2024, were $21,958 from members' contributions. For the period from inception to December 31, 2023, net cash provided by financing activities was $10,630,421, consisting of $3,000,000 from a bank loan and $7,630,421 from members' contributions.

*Going Concern*

Main & Main's liquidity as of December 31, 2024, was limited, with $12,335 in cash and cash equivalents and significant current liabilities, including a $3,000,000 mortgage loan maturing in December 2025. The mortgage is interest-only, collateralized by the Land Parcel, and personally guaranteed by related parties. Main & Main is dependent on additional capital infusions from investors or other financing sources to fund development activities, service debt, and meet ongoing obligations, including the net proceeds from this Offering, if any. Failure to complete this Offering or otherwise secure such funding could materially and adversely affect the Main & Main's viability and financial condition.

***Liquidity and Capital Resources Following Our Acquisition of Main & Main***

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Upon the Initial Closing of this Offering, we will contribute the net proceeds to Main & Main in exchange for 15,701 Main & Main Units. This infusion of capital is intended to significantly improve Main & Main's liquidity and fund the pre-construction phases of the Phoenix Atari Hotel. If we raise the Maximum Offering Amount, funds will be available to begin the construction phase of the hotel. See " — *Plan of Operations*" for more information. However, even if we raise the Maximum Offering Amount, we will require substantial additional financing, estimated to be between $50,000,000 and $117,149,500, through a future construction financing facility to complete the Phoenix Atari Hotel. We anticipate selecting a construction financing lender as soon as practicable. Main & Main includes an interest reserve for this financing within its projected $125,000,000 budget for the construction project. However, there is no assurance that we will be able to secure this construction financing on acceptable terms, if at all. See " — *Future Construction Financing Facility*" for more information.

Our future consolidated liquidity and ability to continue as a going concern will depend on our ability to successfully complete this Offering, raise additional capital through the construction financing facility, manage project costs, and ultimately generate revenue from the hotel's operations.

***Future Construction Financing Facility***

We have initiated the evaluation of construction financing facilities for the development and construction of the Phoenix, Arizona-based Atari Hotel which is not funded through the sale of our units in this Offering. We anticipate selecting a construction financing lender as soon as practicable.

The expected terms for such a facility typically include interest-only payments for 36 months or more, with interest accruing based on the amount drawn. During the construction phase, interest accrues, is reserved, and added to the total loan proceeds, increasing the loan balance for interest calculations. This structure aims to cover both the construction period and the initial years of hotel operations as the property gains market presence and revenue. The construction loan will grant the lender(s) a first position lien on the hotel property. After the interest-only phase, the loan will either convert to an amortizing loan with a 25-year term or be refinanced into a new long-term senior secured mortgage, ensuring the lender maintains a priority security interest in the property. Main & Main includes an interest reserve for this financing within its projected $125,000,000 million budget for the construction project. We also expect this facility to contain customary restrictions on business conduct, including the removal of the Manager as manager of Main & Main and the Company. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*," "*Risk Factors — Risks Related to our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations*," "*Use of Proceeds*" and "*Our Manager — Removal*" for more information.

Notwithstanding the foregoing, we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should note that there are risks associated with concurrent offerings.

**Critical Accounting Policies and Estimates**

The preparation of financial statements in conformity with U.S. 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Our significant accounting policies are described in Note 3 to the Company's audited financial statements and Note 3 to Main & Main RoRo Property Owner, LLC's audited financial statements included elsewhere in this Offering Circular. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require4 management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

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***Fair Value Measurements***

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

● Level 1—Quoted prices in active markets for identical assets or liabilities.

● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

● Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of the Company's assets and liabilities approximate their fair values.

***Land***

Land is initially measured at cost, including transaction costs. The initial cost of land consists of its purchase price and any directly attributable costs of bringing the asset to its working condition for its intended use. The purchase price is allocated solely to land based on the intended use and relative fair values to the purchase price.

When Land is retired or otherwise disposed of, the cost and any impairment in value are removed from the accounts and any resulting gain or loss is credited or charged to statement operations. Land is derecognized when either they have been disposed of or when the Land is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of Land is recognized in the statement of operations in the year in which they arise.

Land is recorded at cost. Expenditures for renewals and improvements that significantly add to the capacity and value or extend the useful life of property are capitalized. Expenditures for maintenance and repairs are charged to expense.

Land is not depreciated. We review the carrying value of long-term assets for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized as equal to an amount by which the carrying value exceeds the net realizable value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment, there was no impairment involving the Land Parcel for the periods ended December 31, 2024 and 2023.

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***Common Control Accounting***

Upon completion of the Company's acquisition of Main & Main, we will apply the guidance in ASC 805-50, which addresses transfers of assets and liabilities between entities under common control. Because Central RoRo and Main & Main are deemed to be under common control, the assets acquired and liabilities assumed will be recorded by the Company at the historical carrying amounts reflected in Main & Main's financial statements immediately prior to the transaction. Consequently:

● No purchase-price allocation will be performed.

● No step-up to fair value, bargain-purchase gain, or goodwill will be recognized.

● The Company's capital contribution will be presented within members' equity.

The historical cost basis of Main & Main's assets, including the Land Parcel and any previously recorded intangible assets will remain unchanged in our consolidated financial statements. Future capitalized development expenditures incurred by either entity after the combination will follow our existing accounting policies for long-lived assets and intangible assets.

***Impairment of Long-Lived Assets and Goodwill***

Although goodwill will not arise from the Company's acquisition of Main & Main, we will continue to evaluate the recoverability of long-lived assets and definite-lived intangible assets, including capitalized development costs and any license rights, whenever events or circumstances indicate that their carrying amounts may not be recoverable. The assessment will compare the asset's carrying value with the undiscounted cash flows expected to result from its use and eventual disposition. If the carrying amount exceeds those cash flows, we will measure and record an impairment loss equal to the amount by which the carrying amount exceeds fair value, determined using discounted cash flows or other appropriate valuation techniques.

***Revenue Recognition***

For Main & Main, revenue from rent is recognized on a straight-line basis over the term of the lease. Parking income is recognized in the month earned. The Company has not yet generated revenue. Future hotel revenues will be recognized when control of the promised goods or services is transferred to customers.

***Emerging Growth Company***

We may elect to be a public reporting company under the Exchange Act. If we elect to do so, we will be required to publicly report on an ongoing basis as an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including, but not limited to:

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;

● being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

● being exempt from the requirement to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We would expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion; (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

**Certain Trends and Uncertainties**

Our business and prospects are subject to various trends and uncertainties that could impact our financial condition and results of operations. We have summarized some of these trends and uncertainties below, but prospective investors are urged to review the "*Risk Factors*" section of this Offering Circular before deciding to participate in this Offering. These summaries do not purport to be complete and are qualified in their entirety by the risk factors described in the "*Risk Factor*" section.

● *Successful Offering and Acquisition:* Our immediate plans are entirely dependent on the successful completion of this Offering and the subsequent acquisition of a controlling interest in Main & Main. There is no assurance that we will raise the Minimum Offering Amount or be able to complete the acquisition as planned.

● *Real Estate Development Risks:* The development and construction of the Phoenix Atari Hotel involve significant risks, including potential cost overruns, construction delays, shortages of materials or labor, unforeseen site conditions, and the need to obtain necessary permits and regulatory approvals.

● *Financing Risks:* As discussed, we will require substantial additional debt financing to complete the hotel project even if we raise the Maximum Offering Amount. Our ability to obtain this construction financing on acceptable terms, or at all, is uncertain. Failure to do so would materially adversely affect our ability to complete the project. The terms of such debt could also include restrictive covenants.

● *Market Acceptance and Competition:* The success of the Phoenix Atari Hotel will depend on market acceptance of an Atari-branded hotel and immersive entertainment concept. We will face competition from existing hotels and entertainment venues in the Phoenix market and potentially from other themed entertainment providers.

● *Reliance on Key Personnel and Related Parties:* We share a Manager, Central RoRo Manager, LLC, with Main & Main. Our success will depend on the continued services and performance of our Manager and its affiliates. Related party transactions, including development and asset management fees, may result in conflicts of interest.

● *Brand Licensing Risks:* Our business model relies heavily on the Atari brand through the License and Option Agreement with Atari. Risks include maintaining the brand's value, adhering to license terms, and the possibility of default or termination of the agreement.

● *Economic Conditions:* Our business will be sensitive to general economic conditions, including recessions, inflation, interest rate fluctuations, and consumer discretionary spending levels. The hospitality and entertainment industries are often affected by these factors.

● *Going Concern:* As disclosed in the notes to the audited financial statements of both Central RoRo and Main & Main, factors such as recurring losses from inception, limited cash resources, and dependence on raising additional capital raise substantial doubt about their ability to continue as a going concern. Our ability to continue as a going concern is contingent upon the successful completion of this Offering and securing further financing.

We do not anticipate generating revenue until the Phoenix, Arizona-based Atari Hotel becomes operational. Until that time, we expect to incur net losses.

**Recently Adopted Accounting Pronouncements**

We do not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

**Contingencies**

Both our company and Main & Main may be subject to legal proceedings and regulatory actions in the ordinary course of business. While we do not anticipate that the outcome of any such matters will have a material adverse effect on our business, financial condition, or results of operations, the results of such proceedings cannot be predicted with certainty.

**Our Off-Balance Sheet Arrangements**

We did not have any off-balance sheet arrangements as of December 31, 2024, or the stub periods included in our audited financial statements.

**DIRECTORS, EXECUTIVE OFFICERS, AND SIGNIFICANT EMPLOYEES**

Neither the Company nor Main & Main have any directors, executive officers, or significant employees or intend to hire any directors, executive officers, or significant employees in the foreseeable future. Instead, the management functions of the Company and Main & Main are performed by our Shared Manager.

The following table sets forth certain information with respect to each of the directors and executive officers of our Manager:

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| | | | |
|:---|:---|:---|:---|
| **Executive Officer** | **Age** | **Position Held with the Company <sup>(1)</sup>** | **Position Held with Our Manager** |
| Jordan Taylor | 40 | N/A | Co-Manager |
| Jason Merck | 47 | N/A | Co-Manager |
| Shelly Murphy | 50 | N/A | Member |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The co-managers of our Manager are currently devoting a
 significant amount of their working time to ensure that our Manager satisfies their respective responsibilities as our Manager.

 ****

***Jordan Taylor.*** Mr. Taylor has served as Co-Manager of Central RoRo Manager, LLC, since August 2023. Mr. Taylor is a visionary disruptor in the realms of finance and real estate. Previously, Mr. Taylor has acquired, developed, and managed commercial real estate assets across five major markets, including Phoenix, Las Vegas, Austin, Chicago, and Washington, D.C. In 2016, Mr. Taylor began acquiring and developing properties in the Roosevelt Row Arts District in Phoenix and is still active in that neighborhood today, having completed north of $300 million in projects across all major uses, hotel, restaurant, office, multifamily, mixed-use and retail. In 2010, Mr. Taylor launched his first company in the financial services industry. During that same time, Mr. Taylor acquired a real estate consulting firm, working with commercial developers, real estate investors and architects on financial strategy and tax incentive maximization. Mr. Taylor earned his CPA designation in 2008, and began his career in 2005, working for two different national and regional CPA firms in Phoenix, Arizona, providing tax and financial consulting services for commercial real estate developers, multi-billion-dollar investment funds and real estate professionals. Throughout his career, Mr. Taylor has actively served on boards and participated with multiple organizations focused on the health and wellness of children, both mentally and physically. Mr. Taylor graduated in Accounting and Finance from Olivet Nazarene University.

 ****

***Jason Merck.*** Mr. Merck has served as Co-Manager of Central RoRo Manager, LLC, since August 2023. Prior to his involvement in real estate, Mr. Merck dedicated over two decades to developing software for the healthcare industry. In March 2015, Mr. Merck founded Cloudmed, an innovative healthcare technology enterprise which was sold to New Mountain Capital in June 2018 for $110 million, with a 3 year earn-out. As part of a roll-up strategy New Mountain Capital acquired 13 healthcare companies under the Cloudmed brand and in June 2022, Cloudmed sold to R1, a publicly traded revenue cycle management company, for $4.1 billion. Prior to Cloudmed, Mr. Merck worked in growth and sale of MethodCare, a technology startup focused on the healthcare revenue cycle sector, where he served as Director of Systems Engineering. MethodCare sold in 2014 for $75M to ZirMed, which eventually became Waystar. In 2000, Mr. Merck served as a senior developer at Stockamp and Associates, a healthcare revenue cycle consulting company, where he leveraged SQL to build databases and software programs.

 ****

***Shelly Murphy.*** *Ms. Murphy* has served as member of our Manager since August 2023. Since January 2018, Ms. Murphy has been the Chief Executive Officer of GSD group, which is associated with Woz Innovation Foundation. Ms. Murphy founded the largest tech and innovation event in Arizona, DesTechAZ, with Steve Wozniak. Since January 2020, Ms. Murphy has also served as a partner of the Atari Hotels Innovation Foundation, a non-profit focused on building the future of technology by providing opportunities for innovation through K-12 education. Ms. Murphy has over two decades of experience in finance with over $900MM issued in private activity bonds. Since January 2005, Ms. Murphy has been serving as the Executive Director and CEO of Arizona Higher Education Loan Authority, a not-for-profit organization with a mission to provide low-cost education financing solutions for Arizona students.

**Family Relationships**

There are no family relationships between any members of our Manager, or any person chosen to become a significant employee of our Manager.

**Legal Proceedings**

To the best of our knowledge, neither our Manager nor any of its members have, during the past five years:

● been convicted in a criminal proceeding (excluding traffic violations and other minor offences); or

● had any petition under the federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing.

**OUR MANAGER**

Central RoRo Manager, LLC, an Arizona limited liability company, is our Manager that will manage all the business and affairs of the Company and Main & Main, and will direct, manage, and control the Company and Main & Main and our immersive entertainment hospitality business to the best of its ability, with full and complete authority, power, and discretion to make any and all decisions and carry our any and all acts that our Manager deems to be reasonably required to accomplish our business objectives. Under Delaware and Arizona law, respectively, our Manager generally owes the Company and Main & Main the fiduciary duties of care and loyalty; *provided* that we have partially waived the duty of loyalty in that our Manager is permitted to own and manage interests that are competitive with the Company and Main & Main. Moreover, our Manager is under no obligation to present any business opportunity to the Company or Main & Main. See "*Risk Factors — Risks Related to Conflicts of Interest*" for more information.

**Removal**

The operating agreements of the Company and Main & Main contain provisions that prohibit removal of our Manager if either Jordan Taylor or Jason Merck, the co-managers of our Manager, have given personal guarantees as a condition of any debt financing in which the Company or Main & Main are a recipient, respectively. As such, until we repay the CBAZ LOC, our Manager cannot be removed as Manager of Main & Main. See "*Our Corporate Structure and Operational History — Our Operating History*" for more information. After release of the personal guarantees of our Manager's co-managers, unless and until either co-manager extends another personal guarantee which satisfies the provision of the Main & Main Operating Agreement, our Manager may be removed from its position as Manager of the Company and Main & Main only for Good Cause by the holders holding 75% of the issued and outstanding units thereof, respectively. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" for more information. For purposes of the foregoing, "Good Cause" means that our Manager conducted itself on behalf of the Company or Main & Main in a manner that constitutes gross negligence or willful misconduct and caused a material adverse impact thereon. In the event our Unitholders or Main & Main Unitholders vote to remove our Manager for Good Cause, our Manager will have the right to submit the question of whether sufficient grounds for removal exists to binding arbitration, to be conducted as further described in our operating agreements. for more information. Conversely, our Manager may resign from their position with the Company and Main & Main at any time. Further, no unitholder of Main & Main or the Company, including a Manager, if applicable, will have any special right to withdraw upon the removal of a Manager.

You should note that we intend to enter into a construction finance facility to finance at least 40% of the construction costs associated with the Phoenix, Arizona-based Atari Hotel, and that we expect the transaction documents related to that facility to contain restrictions on the removal of the Manager as manager of the Company or Main & Main. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" for more information.

**Compensation**

Pursuant to the Main & Main Operating Agreement, our Manager is entitled to receive an asset management fee equal to 1% of Main & Main's gross revenues on an annual basis, and reimbursement for the costs incurred in (i) managing the operations of Main & Main; (i) managing the operation of the Phoenix, Arizona-based Atari Hotel; (iii) and relating to this Offering. Neither the Manager nor any of its affiliates will receive any selling commissions or dealer manager fees in connection with this Offering. See "*Plan of Distribution and Subscription Procedure — Fees and Expenses*" and "*Use of Proceeds*" for more information. After our distribution, through Main & Main, of an amount of funds in satisfaction of certain preferred returns owed to the Original Members, and then to the Main & Main Unitholders together, which includes, indirectly, the holders of our Units as beneficial owners of the Main & Main Units, our Manager is entitled to a significant percentage of any distributable cash, as that term is defined under Main & Main's Operating Agreement. See "*Description of Our Units and Significant Governance Matters — Distribution Policy*" for more information. The Manager does not receive any compensation for its services as the managing member of the Company.

**Indemnification**

Our operating agreements generally provide that the Company and Main & Main will indemnify our Manager, or its affiliates, and certain other parties, or the "Indemnified Parties," against any claim or loss incurred in connection with any action, suit, or proceeding resulting from such party's relationship to Company or Main & Main. An Indemnified Party will not be indemnified with respect to matters which such Indemnified Party is finally adjudicated in any action, suit or proceeding, each, a "Claim," (a) to have acted in bad faith, or in the reasonable belief that the party's action was opposed to the best interests of the Company or Main & Main, or with gross negligence or willful misconduct, or in breach of such party's fiduciary duty to the Company or Main & Main (if any), or (b) with respect to any criminal action or proceeding, to have had cause to believe beyond any reasonable doubt the party's conduct was criminal. We have also agreed to pay the expenses incurred by an Indemnified Party in connection with any Claim or arising in connection with any potential or threatened Claim, in advance of the final disposition of such Claim. Upon receipt of a final judgment indicating that indemnification should not have applied, then such party will repay indemnification payments. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our Managers, officers, and controlling persons and their affiliates, we have been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and, therefore, may be unenforceable. In addition, in no case can investors be asked to, nor are they being asked to, waive any claims or actions under the Securities Act, Exchange Act or similar state law.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The Company has not issued any securities or convertible securities and will not issue any Units until the Initial Closing of this Offering, if such closing occurs. Conversely, Main & Main has issued 15,700 Units to the persons listed in the following table, and no other securities or convertible securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Main & Main Units Owned Before Initial Closing** | **Ownership Before Initial Closing** | **Main & Main Units Owned After Initial Closing** | **Ownership After Initial Closing** | **Main & Main Units Owned After Initial Closing and Redemption of Original Member Main & Main Units** | **Ownership After Initial Closing and Redemption of Original Member Main & Main Units <sup>(1)</sup>** |
| Main & Main RoRo, LLC <sup>(1), (2)</sup> | 8000 | 50.955% | 8000 | 25.477% | 5048 | 19.712% |
| &nbsp;&nbsp;&nbsp;829 N 1<sup>st</sup> Ave Suite 201 <br> Phoenix AZ 85003 |  |  |  |  |  |  |
| Main & Main RoRo QOZB, LLC <sup>(2), (3)</sup> | 7700 | 49.045% | 7700 | 24.522% | 4858 | 18.973% |
| 829 N 1st Ave Suite 201 <br> Phoenix AZ 85003 |  |  |  |  |  |  |
| Central RoRo, LLC |  |  | 15701 | 50.002% | 15701 | 61.315% |
| 829 N 1st Ave Suite 201 <br> Phoenix AZ 85003 |  |  |  |  |  |  |

---

(1) Following
 our acquisition of a majority of the outstanding Main & Main Units following the Initial
 Closing, Main & Main will use $3,900,000 of the proceeds from such acquisition to redeem
 a number of Main & Main Units held by the Original Members. See "*Description of Our Units and Significant Governance Matters — Original Members*," "*Description of Our Units and Significant Governance Matters — Original Members*" and "*Risk Factors — Risks Related to this Offering and Ownership of our Units — We may use the net proceeds of this Offering in ways with which you may not agree*" for
 more information.

(2) Main & Main
 RoRo, LLC, is an Arizona limited liability company formed by Jason Merck and Jordan Taylor,
 the co-managers of our Manager, on September 21, 2023, and is an affiliate of the Company
 and Main & Main. See "*Our Corporate Structure and Operational History* "
 for more information.

(3) Main & Main
 RoRo QOZB, LLC, is a Delaware limited liability company formed by Jason Merck and Jordan
 Taylor, the co-managers of our Manager, on October 24, 2023, and is also an affiliate of
 the Company and Main & Main. Main & Main RoRo QOZB is a Qualified Opportunity
 Fund under Section 1400Z-2(d) of the Internal Revenue Code. See "*Our Corporate Structure and Operational History*" for more information.

**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

In addition to the compensation arrangements discussed in "*Our Manager - Compensation*" and the transactions discussed in "*Our Corporate Structure and Operational History*," the following is a description of the material terms of those transactions with related parties to which we are a party to, and which we are required to disclose pursuant to the disclosure rules of the SEC.

**Option and License Agreement**

On January 15, 2020, Breakout 1976, LLC, an affiliate under common control of our Manager and the co-managers of our Manager, entered into an Option and License Agreement with Atari Interactive, Inc. On February 15, 2025, Breakout 1976 assigned all its assets and liabilities, including its rights and obligations under the Option and License Agreement, to AH Endeavors, an Arizona limited liability company, under common control of our Manager and the co-managers of our Manager.

Pursuant to the Option and License Agreement, Atari Interactive Inc. granted the exclusive, transferable right and license to use the Atari trademark, as well as a non-exclusive, transferable right and license to use certain Atari Interactive, Inc. intellectual property in connection with the operation of Atari Hotels owned by AH Endeavors or its eventual licensee, in this case, the Company, and certain other uses specified in the agreement. Additionally, Atari Interactive, Inc. provided a non-exclusive, non-transferable, royalty-bearing right to use its intellectual property to manufacture, promote, distribute, and sell licensed merchandise at the Phoenix, Arizona-based Atari Hotel. The initial term of the Option and License Agreement is three years and allows up to six one-year extensions during which the eventual licensee will hold the exclusive rights to build an Atari-themed hotel. Once an Atari Hotel is completed, the right to use the Atari trademark for that hotel remains in perpetuity. The agreement may be terminated by either party if the other party breaches its obligations and fails to cure the breach within 30 days of receiving written notice.

For purposes of the following discussion, we are assuming the occurrence of the Initial Closing and execution of a sub-licensing agreement, referred to as the "Sub-Licensing Agreement," by and between our company and AH Endeavors, pursuant to which we will receive a license to the Atari intellectual property described above for use in Atari-branded hotels in locations which are specified and agreed upon in writing by us and Atari, from time to time, including the Phoenix, Arizona-based Atari Hotel, and which we expect to include a Denver, Colorado-based Atari Hotel pursuant to the Denver Option. See " — *The Denver Option*" below for more information. Due to this assumption, instead of stating "AH Endeavors or its licensee, in this case, the Company," we will simply state "the Company," or "the eventual licensee," as dictated by context.

In exchange for the rights granted through the Option and License Agreement for the Phoenix, Arizona-based Atari Hotel, the Company will pay Atari two non-refundable area option fees totaling $100,000 for the Phoenix, Arizona-based Atari Hotel, as well as the following royalties for utilizing Atari's licensed intellectual property within such hotel: (i) five percent (5%) of the portion of the gross revenue of the Phoenix, Arizona-based Atari Hotel exceeding twelve million ($12,000,000) dollars on a cumulative basis (i.e., since the opening thereof) and on a consolidated basis including any other hotels which utilize the Atari intellectual property, and (ii) ten percent (10%) of the net merchandising revenue generated by the licensed merchandising products at the Phoenix, Arizona-based Atari Hotel, on a monthly basis, within thirty days of the end of each month. Collectively, the aforementioned fees and charges are referred to as the "Licensing Fees." The Option and License Agreement also contains other customary provisions relating to the concept, quality control, advertising, marketing, promotion, confidentiality, and representations and warranties.

The Option and License Agreement was amended for the first time on September 30, 2020, to expand the eventual licensee's ability to sell and otherwise distribute licensed merchandising products outside of the physical location of the Phoenix, Arizona-based Atari hotel, including without limitation online, to market and promote the Atari hotels both before and after the opening of any hotel. On the same day, a second amendment was entered into to modify and adjust the rates applicable to the first three Atari hotels in operation and to require payment of certain fees to Atari for providing additional services, including consulting services, to be provided to the eventual licensee. The agreement was amended for a third time on December 15, 2022, to modify the initial term and the extension area option fee. Thereafter, on May 29, 2024, the Option and License Agreement was amended for a fourth time to extend its term until June 30, 2026, in exchange for the Company's payment of a $50,000 extension fee to Atari on or before June 30, 2024. See " — *Extension Fee Advance"* for more information. Atari also agreed to provide an additional extension until December 31, 2026 in exchange for our payment of an additional $50,000 extension fee. Subject to the amendment, if the Company, requires no more than nine months of additional time to break ground on the Phoenix, Arizona-based Atari Hotel's construction due to city permitting delays or acts of god and has secured required capital for the project, Atari's approval of such additional time shall not be unreasonably withheld.

AH Endeavors intends to enter a sub-licensing agreement with the Company, whereby the Company will be granted the right to use the Atari-brand and related intellectual property rights under the Option and License Agreement with respect to the Phoenix, Arizona-based Land Parcel and Atari Hotel for $4,000,000 cash consideration and the payment of the Licensing Fees with respect to the Phoenix, Arizona-based Land Parcel and Atari Hotel; provided, that if we raise no more than the Minimum Offering Amount in this Offering, the $4,000,000 we will pay AH Endeavors will consist of (i) $2,000,000 of the proceeds from our investment in Main & Main, and (ii) $2,000,000 drawn under the future construction financing facility, to be paid in installments under the future sub-licensing agreement. See "*Use of Proceeds,*" "*Risk Factors — Risks Related to Our Business and Industry — We will depend on substantial additional financing using leverage to fully develop and construct the Phoenix, Arizona-based Atari Hotel even if we raise the Maximum Offering Amount of Units, and the aggregate leverage we employ to finance the hotel's construction poses various risks to the Company which could cause a material adverse effect on our business, financial condition, and results of operations,"* and "*Risk Factors — Risks Related to Our Business and Industry — We may not be able to obtain adequate cash to fund the Phoenix, Arizona-based Atari Hotel business*" for more information. Furthermore, as authorized by the Option and License Agreement, the rights granted pursuant to the sub-licensing agreement will become perpetual upon the completion and launch of the Phoenix, Arizona-based Atari Hotel, so long as that occurs before December 31, 2029, a condition of the Option and License Agreement, as amended.

We expect that the Company and AH Endeavors will execute the sub-licensing agreement within thirty (30) days from the Initial Closing. If the Phoenix, Arizona-based Atari Hotel is not completed before December 31, 2029, then ownership of the rights underlying the transferable license for the Phoenix, Arizona hotel market will revert to Atari.

***The Denver Option***

On December 27, 2024, AH Endeavors exercised a $50,000 option to acquire from Atari the right to develop, build, and operate an Atari-branded hotel in the Denver, Colorado area, which we refer to as the "Denver Option," with a requirement to break ground on constructing such hotel on or before December 31, 2025, and an option to extend such deadline until June 30, 2026 for an additional $50,000. Assuming the success of this Offering, we expect, although we cannot guarantee, that AH Endeavors will sub-license the Denver Option to a yet-to-be-formed Manager-managed affiliate that will become the Company's majority or wholly owned subsidiary upon the closing of a future offering of our units under Regulation A and a future acquisition thereof, which would not occur prior to the closing of this Offering.

**Legal Fee Advances**

Jason Merck, our co-founder and the co-manager of our Manager advanced us $105,250 to cover legal fees. We intend to repay this amount out of the proceeds from this Offering, if any. See "*Use of Proceeds*" for more information. We expect that each of the Company or its future majority or fully owned subsidiaries, if any, may require legal fee advances from our co-founders in the future in order to seize on opportunities related to our Atari-branded hotel business.

**Future Development Services Agreement**

Main & Main intends to enter a development services agreement with Intersection Development, LLC, an Arizona limited liability company and commercial real estate development company which is jointly owned by the co-managers of our Manager, Jason Merck and Jordan Taylor, in connection with the development of the Phoenix, Arizona-based Atari Hotel, upon the Initial Closing. Pursuant to that Agreement, Main & Main will pay Intersection Development a fee for the provision of development services during the Phoenix, Arizona-based Atari Hotel's construction phase equal to between three and five percent (3% - 5%) of the hotel's project budget. Main & Main and Intersection Development intend that the development fee may be shared with a development partner, provided, however, that such fee will not exceed five percent (5%). We expect that the Company or any wholly or majority owned subsidiaries, if any, will enter into a similar development services agreement in connection with their respective Atari-branded hotels, if any.

**DESCRIPTION OF OUR UNITS AND THE UNITS OF MAIN & MAIN**

Central RoRo, LLC, is a Delaware limited liability company. Main & Main is a Delaware limited liability company. The rights and obligations of the Company's Unitholders are governed by the Amended and Restated Operating Agreement of the Company, as amended from time to time, referred to as the "Operating Agreement," which each investor in this Offering will be required to sign. The rights and obligations of the Main & Main Unitholders are governed by the Third Amended and Restated Operating Agreement of Main & Main, as amended from time to time, referred to as the "Main & Main Operating Agreement," which the Company will sign as a member upon the Initial Closing of this Offering.

The following summary covers certain significant provisions of the Company's Operating Agreement and is qualified in its entirety by the provisions thereof. The following summary also covers certain significant provisions of the Main & Main Operating Agreement, but only where there are differences. If there are no differences, the you should assume that the provisions are substantially similar in substance and form. If any term of this offering circular conflicts with the Operating Agreement, then the Operating Agreement shall control. Prospective investors in this Offering should carefully study our operating agreements which are filed as exhibits to the Company's Offering Statement on Form 1-A of which this offering circular forms a part. If any term of this section conflicts with the Operating Agreement or the Main & Main Operating Agreement, then the Operating Agreement shall control. Prospective investors in this Offering should carefully study both of our operating agreements before investing in this Offering. See "*Our Manager*" for information about our Manager and the compensation, indemnification, and removal thereof.

**Units**

We are authorized to issue an unlimited number of Units of membership interest of the Company which have limited voting rights. No Units have been issued as of the date of this offering circular. Our Unitholders have a significantly limited opportunity to take part in the management or control of the business or operations of the Company. See " — *Voting Rights*" below for more information. If the Company is operated in accordance with our Operating Agreement, a Unitholder generally will not be liable for the obligations of the Company in excess of its total capital contributions and share of undistributed profits. However, a Unitholder may be liable for any distributions made to them if, after such distribution, the remaining assets of the Company are not sufficient to pay our then outstanding liabilities. The Operating Agreement provides that the Unitholders will not be personally liable for the expenses, liabilities, or obligations of the Company.

In Main & Main, we are authorized to issue an unlimited number of units of membership interest, referred to as the "Main & Main Units," with limited voting rights. As of the date of this offering circular, Main & Main has 15,700 units issued and outstanding, held by the Original Members. See " — *Original Members*" for more information. Each holder of the Main & Main Units is entitled to cast one vote in respect of each unit held in all matters that such holders are entitled to vote upon. Main & Main's unit holders have significantly limited opportunities to participate in the management of Main & Main and its business or operations. Moreover, the debts, obligations, and liabilities of Main & Main, whether arising in contract, tort, or otherwise, will be solely the debts, obligations, and liabilities of Main & Main, and no unit holder thereof will be obligated personally for any such debt, obligation or liability solely by reason of being a Main & Main Unitholder. No unit holder, in any event, will have any liability whatsoever to Main & Main in excess of the amount of any unconditional obligation of such unit holder to make additional capital contributions to Main & Main pursuant to a written agreement, and the amount of any wrongful distribution to such unit holder, if, and only to the extent, such unit holder has actual knowledge, at the time of the distribution, that such distribution is made in violation of applicable limited liability company law.

You should note that we may conduct concurrent private placements of our Units pursuant to Rule 506(c) of Regulation D, and the proceeds from any such private placements will reduce the amount of construction financing that must be obtained under a future construction financing facility to complete the Phoenix, Arizona-based Atari Hotel. You should also note that there are risks associated with concurrent offerings. See "*Risk Factors — Risks Related To This Offering and Ownership of Our Units — We may conduct a concurrent offering of our Units under Rule 506(c) of Regulation D, which could be integrated with this Offering of our Units pursuant to Rule 152 of the Securities Act if we fail to ensure compliance with the requirements of Regulation A and Regulation D, or fail to comply with any safe harbor from integration under Rule 152*" for more information.

**Original Members**

Main & Main reserved for itself, under the Main & Main Operating Agreement, a discretionary redemption right, referred to in this offering circular as the "Redemption Right," to facilitate QOZB Affiliate and RoRo Affiliate's initial purchase of 15,700 Main & Main Units for $7,652,379 prior to Main & Main's acquisition of the Land Parcel.

Pursuant to the Redemption Right, in our Manager's sole and absolute discretion, at any time following the Initial Closing, Main & Main may redeem the Original Member's Main & Main Unit holdings, in whole or in part, at a redemption price equal to the original purchase price paid for the applicable Main & Main Units being redeemed, plus a redemption fee equal to 38.10% of such original price, plus the applicable Main & Main Units' pro rata share of Main & Main's net operating profits (defined as rental and parking income less administrative expenses, calculated according to Main & Main's customary accounting practices) through the Redemption Date.

The Redemption Right does not obligate Main & Main to redeem any Main & Main Units, and the Original Members have no right to compel redemption at any time. However, following our acquisition of a majority of the outstanding Main & Main Units following the Initial Closing, Main & Main will use $3,900,000 of the proceeds from such acquisition to redeem a portion of the Original Members' Main & Main Units pursuant to the Redemption Right. See "*Use of Proceeds*" and "*Risk Factors — Risks Related to this Offering and Ownership of our Units*" for more information. Main & Main also granted the Original Members a preferred return on their investment under the Main & Main Operating Agreement. See "*– Distribution Policy*" for more information.

**Voting Rights**

On the one hand, our Unitholders are entitled to vote on (1) any matter which the Company is entitled to vote on as a holder of the Main & Main Units that it will acquire with the net proceeds from the sale of the Units in this Offering, and (2) certain other matters as specified in our Operating Agreement, which includes:

● Removal of the Manager for good cause by the Unitholders holding seventy-five percent (75%) of the issued and outstanding Units, provided, however, that the Manager cannot be removed

● Dissolution of the Company by the Unitholders holding seventy-five percent (75%) of the issued and outstanding Units.

● Amendment to the Operating Agreement except as set forth therein by the Unitholders holding at least seventy-five percent (75%) of the issued and outstanding Units.

For any matter which the Company is entitled to cast a vote by virtue of its Main & Main Unitholders, the Manager shall call a vote of the Unitholders, and will vote the Company's Main & Main Unit holdings in accordance with the will of a majority of the issued and outstanding Unitholders Units entitled to vote on such matter. See "*Our Manager — Removal*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Investors lack voting rights with respect to the day to day management of the business, and our Manager may take actions that are not in the best interests of investors*."

Notwithstanding the forgoing, we have zero to a significantly limited ability to remove the Manager as manager of the Company or "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" for more information.

On the other hand, in addition to the matters set forth in the Main & Main Operating Agreement or as required by applicable law, the following activities require approval by a majority of the Main & Main Unitholders:

● The decision to enter into or effect any transaction or series of related transactions involving the purchase, lease, license, exchange or other acquisition (including by merger, consolidation, acquisition of stock or acquisition of assets) by Main & Main of any assets and/or equity interests of any person, other than in the ordinary course of business consistent with past practice; provided, however, that such acquisition will not result in Main & Main or any of its unit holders being required to register as an investment company under the Investment Company Act of 1940.

● The decision to enter into or effect any transaction or series of related transactions involving the sale, lease, license, exchange or other disposition (including by merger, consolidation, sale of stock or sale of assets) by Main & Main of any material assets, other than sales of inventory in the ordinary course of business consistent with past practice.

● The initiation or consummation of an initial public offering or the making of a public offering and selling of the Main & Main Units or any other securities of Main & Main.

● The making of any investments in any person who is or may be considered an investment company under the Investment Company Act of 1940,

● A merger, consolidation, dissolution, winding-up or liquidation Main & Main or initiation of bankruptcy proceeding involving Main & Main.

The Main & Main Operating Agreement also provides that the Main & Main Unitholders are entitled to vote on certain other matters as specified in Main & Main's Operating Agreement, which includes:

● Additional Managers may be appointed, from time-to-time, by an affirmative vote of the Main & Main Unitholders holding seventy-five percent (75%) of the Units.

● Removal of the Manager for good cause by the Main & Main Unitholders holding seventy-five percent (75%) of the issued and outstanding Main & Main Units.

● Amendment to the section of the Mian & Main Operating Agreement which relates to compensation of the Manager by the Main & Main Unitholders holding seventy-five percent (75%) of the issued and outstanding Main & Main Units.

● Dissolution of Main & Main by the Main & Main Unitholders holding seventy-five percent (75%) of the issued and outstanding Main & Main Units.

● Amendment to the Main & Main Operating Agreement, except as set forth therein, by the Main & Main Unitholders holding at least seventy-five percent (75%) of the issued and outstanding Main & Main Units.

See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Investors lack voting rights with respect to the day to day management of the business, and our Manager may take actions that are not in the best interests of investors*" and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Unitholders currently do not have the ability to remove Central RoRo Manager, LLC as Manager of the Company or Main & Main and will have very limited ability to do so in the future, if at all*" for more information.

**Transfers**

No Unitholder is permitted to assign, pledge, mortgage, hypothecate, give, sell, or otherwise dispose of or encumber all or a portion of its units, unless such transfer:

● Is approved by our Manager, which approval may be granted or withheld in its sole discretion and subject to such conditions as it may impose;

● Is evidenced by a written agreement, in form and substance satisfactory to our Manager, which is executed by the transferor, the transferee(s), and our Manager;

● Will not result in violation of the registration requirements of the Securities Act;

● Will not require the Company to register as an investment company under the Investment Company Act of 1940, as amended; and

● Will not result in any Unitholder holding more than 19.9% of our Units; and

● Will not result in the Company being classified for federal income tax purposes as an association taxable as a corporation.

Moreover, the transferor of any units is required to reimburse the Company for any expenses reasonably incurred in connection with a transfer, including any legal, accounting, and other expenses, whether or not such transfer is consummated. The transferee of any Units that is admitted as a substituted Unitholder will succeed to the rights and liabilities of the transferor Unitholder and, after the effective date of such admission, the capital account of the transferor will become the capital account of the transferee, to the extent of units transferred. See "*Risk Factors — Risks Related to this Offering and Ownership of our Units — There are limitations on the transfer of our Units, which are designed to protect our structure and compliance with various regulatory frameworks*" *for more information.* 

 

Similarly*,* Main & Main's Unitholders are not permitted to assign, pledge, mortgage, hypothecate, give, sell, or otherwise dispose of or encumber all or a portion of the Main & Main Units, unless such transfer is approved by our Manager, which approval may be granted or withheld in its sole discretion and subject to such conditions as it may impose. Notwithstanding the foregoing, the Manager will not permit the transfer of any of Main & Main Units unless:

● There is then in effect a registration statement under the Securities Act covering such proposed transfer and such transfer is made in accordance with such registration statement; or

● Such transfer is exempt from registration under the Securities Act and applicable state securities laws and, if requested by the Manager, a legal opinion shall have been furnished to Main & Main, reasonably satisfactory to its legal counsel, that such transfer will not require registration of the Main & Main Units under the Securities Act and applicable state securities laws; or

● The transfer will not cause, as reasonably determined by the Manager, Main & Main to be considered a "publicly traded partnership" under Section 7704(b) of the Code.

**Access to Information**

Our Unitholders, but not assignees thereof, may examine and audit our books, records, accounts, and assets at the principal office of the Company, or such other place as our Manager may specify, subject to such reasonable restrictions as may be imposed by our Manager. All expenses attributable to any such examination or audit shall be borne by such Unitholder.

**Distribution Policy**

With respect to the Company, our Manager will make distributions of Distributable Cash upon its receipt of any funds as a result of its Main & Main Unit holdings, if any. "Distributable Cash" means all cash of the Company derived from operations and capital transactions, less the following items: (i) payment of all fees, costs, indebtedness, and expenses of the Company, (ii) any required tax withholdings, and (iii) reserves for future expenses related to the Company's operations, including reinvestment, as established in the reasonable discretion of our Manager. If distributed in our Manager's discretion, Distributable Cash will be distributed as follows:

*First*, to the Unitholders in proportion to their respective allocations of estimated taxable income of the Company for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to the unitholders to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such unitholders; and

*Second*, to the Unitholders pro rata, in accordance with their Unit holdings as set forth on the register of members of the Company maintained by the Transfer Agent, if any, or the Company's ledger. For more information, see "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — We do not expect to be able to make, cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — After completion of the Phoenix, Arizona-based Atari Hotel, distributions the Company may receive from Main & Main, if any, may be less than estimated and the Company may experience a decline in realized revenues from time to time as a result of such difference which could adversely affect the value of the Units and the distributions you could receive*," and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*."

At the Main & Main level, after withholding any amounts reasonably necessary for (i) the operation of the Company; (ii) payment of any outstanding asset management fee; and (iii) the setting aside as reserves, in such amounts as may be determined by the Manager, for expenses to be incurred by Main & Main within the following 12-month period, the Manager may, from time to time, determine the amount of cash and other property of the Company that is available for distribution to the Main & Main Unitholders, which is referred to as the "Net Distributable Cash" for purposes of this description of Main & Main's distribution policy, if any, and in its sole discretion, may cause the Main & Main to distribute such Net Distributable Cash to the Main & Main Unitholders, subject to applicable laws and the other terms and conditions of the Main & Main Operating Agreement. Any such distributions of Net Distributable Cash will be made to the Main & Main Unitholders as follows:

*First*, the Manager is required to and will cause to be distributed to the Main & Main Unitholders, in proportion to their respective allocations of estimated taxable income of Main & Main for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to Main & Main Unitholders to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such Main & Main Unitholder;

*Second,* to the Original Members pro rata in accordance with their respective Unit holdings, on an annual basis or more frequently, in the Manager's discretion, an amount of Net Distributable Cash until the Original Members have received, in the aggregate, an amount equal to thirty-eight and one-tenth percent (38.10%) of their original, aggregate capital contributions as set forth on Main & Main's list of unitholders;

*Third*, to the Main & Main Unitholders pro rata in accordance with their respective unit holdings until such holders have been returned their aggregate capital contributions as set forth on the Main & Main company ledger, giving credit to the Original Members distributions previously received under the paragraph starting with *Second*;

*Fourth*, to the Main & Main Unitholders pro rata in accordance with their respective unit holdings, an amount of Net Distributable Cash until such Members receives a cumulative, non-compounding return on their investments equal to eight percent (8%) per annum, calculated on their aggregate Unreturned Capital Contributions (defined below);

*Fifth*, an amount of Net Distributable Cash will be distributed 80% to the Main & Main Unitholders pro rata in accordance with their respective unit holdings, and 20% to the Manager, as a carried interest, until the Main & Main Unitholders have received an IRR (defined below) of 15%; and

*Sixth*, after the Main & Main Unitholders have received an IRR (defined below) of 15%, Net Distributable Cash will be distributed 70% to the Main & Main Unitholders pro rata in accordance with their respective unit holdings, and 30% to the Manager.

For purposes of the foregoing, "IRR" means the internal rate of return that, when applied to the aggregate capital contributions made by a Main & Main Unitholder to the Main & Main as of a certain date and all distributions made to such holder as of such date, produces a net present value of zero. In calculating the IRR, all capital contributions made by a Main & Main Unitholder shall be measured based on the actual amount and date such capital contributions were contributed to Main & Main, all distributions to a Main & Main Unit holder shall be measured based on the actual amount and date such distributions were made by Main & Main, and the amount of any distribution shall be based on the amount of such distribution prior to the application of any federal, state or local taxation to Main & Main Unit holders (including any withholding, deduction or assessment requirements). The IRR may be calculated using Microsoft Excel's XIRR function. Additionally, the term "Unreturned Capital Contributions" means, regarding a Main & Main Unit holder, all capital contributed by such holder less any amounts returned to such holder from a sale or refinancing of Main & Main's assets. See "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — We do not expect to be able to make, cash distributions in the foreseeable future, and until such time as we are able to make any distributions of distributable cash as that term is defined under our Operating Agreements any return on your investment in our Units must come from increases in their fair market value and trading price*," "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — After completion of the Phoenix, Arizona-based Atari Hotel, distributions the Company may receive from Main & Main, if any, may be less than estimated and the Company may experience a decline in realized revenues from time to time as a result of such difference which could adversely affect the value of the Units and the distributions you could receive*," and "*Risk Factors — Risks Related to this Offering and Ownership of Our Units — Our Manager, which has sole management authority over us, does not own any Units or Main & Main Units, but holds a significant economic interest in Main & Main pursuant to the Main & Main's Operating Agreement*" for more information.

**Allocation Policy**

Except as otherwise provided in our Operating Agreement, our profits and losses, including individual items of profit, income, gain, loss, credit, deduction and expense, will be allocated among the Unitholders in a manner such that the capital account balance of each Unitholders, immediately after making that allocation, is, as nearly as possible, equal, proportionately, to the distributions that would be made to that our Unitholders if we were dissolved, had our affairs wound up and our assets sold for cash equal to their fair market value, all of our liabilities were satisfied, limited with respect to each nonrecourse liability to the fair market value of the assets securing that liability, and our net assets are distributed in accordance with the dissolution procedures to the Unitholders immediately after making that allocation, adjusted for applicable special allocations, computed immediately prior to the hypothetical sale of assets.

In the event that Unitholders are issued units on different dates, the profits or losses allocated to the Unitholders for each fiscal year during which Unitholders receive units will be allocated among the Unitholders in accordance with Section 706 of the Code, using any convention permitted by law and selected by our Manager. For purposes of determining the profits, losses and individual items of income, gain, loss credit, deduction and expense allocable to any period, profits, losses and any other items will be determined on a daily, monthly or other basis, as determined by our Manager using any method that is permissible under Section 706 of the Code and the Treasury Regulations. Except as otherwise provided in our Operating Agreement, all individual items of Company income, gain, loss and deduction will be divided among tour Unitholders in the same proportions as they share profits and losses for the fiscal year or other period in question. Additionally, allocations of profits and losses may be modified by subsequent agreements to conform to adjustments made to the Units because, for example, of loans to the Company that are converted to contributions of capital, any non-uniform distributions of cash, and any liquidating distributions.

**Dispute Resolution Policy**

Our Operating Agreement contains a detailed internal alternative dispute resolution procedure, in lieu of litigation, which requires the parties to any dispute to engage in good-faith negotiations for no less than 90 days, followed by a minimum of 3 face-to-face mediations, and, as a last resort, binding arbitration, all of which shall be performed in accordance with the rules of the American Arbitration Association and will take place in the county of the principal office of the Company.

In the event of a dispute, a Unitholder is limited to seeking its initial capital contributions plus any Distributable Cash to which it is entitled. Each party will bear its own attorneys' fees and costs regardless of the outcome. In the event arbitration is required, discovery will be limited. Our Manager will be required to maintain the *status quo* with respect to company operations and distributions pending the outcome of any dispute, except for any distributions to the complaining Unitholder, which will be held in trust pending the outcome of the proceeding. Investors are encouraged to seek their own legal counsel as to the effect of this provision. Additionally, the alternative dispute resolution provisions of our Operating Agreement will not apply to claims under the Securities Act or Exchange Act.

Main & Main does not have a dispute resolution policy.

**Term and Dissolution** 

The Company's term commenced upon the filing of its Certificate of Formation with the Delaware Secretary of State on August 16, 2023 and will last in perpetuity or until such time as the company is wound up and liquidated following a liquidation event, which are as follows:

● The liquidation and/or distribution of all assets as directed by our Manager.

● The withdrawal of our Manager unless (i) the Company has at least one other manager, or (ii) within 90 days after the withdrawal, the Unitholders vote to continue the Company's business and to appoint one or more new or additional managers.

● The withdrawal of all Unitholders, unless the Company is continued in accordance with applicable law.

● The affirmative vote of the Unitholders holding seventy-five percent (75%) of the issued and outstanding Units.

● The entry of a decree of judicial dissolution.

Main & Main's term commenced upon the filing of its Articles of Organization with the Arizona Corporation Commission on October 24, 2023 and will last in perpetuity or until such time as the winding up and liquidation of Main & Main following a liquidating event, which include:

● The affirmative vote of the Main & Main Unitholders holding seventy-five percent (75%) of the issued and outstanding Main & Main Units; and

● The occurrence of any event which, under applicable law, would cause the dissolution of Main & Main; provided, however, that, unless required by applicable law, Main & Main will not be wound up as a result of any such event and the business of Main & Main will continue.

**Indemnification**

Our operating agreements generally provide that the Company and Main & Main will indemnify our Manager, or its affiliates, and certain other parties against any claim or loss incurred in connection with any action, suit, or proceeding resulting from such party's relationship with the Company or Main & Main, as the case may be. See "*Our Manager — Indemnification*" for more information.

**MATERIAL UNITED STATES TAX CONSIDERATIONS**

You should be aware of the material federal and state income tax aspects of an investment in the Units. Investors should consult with their tax professional to determine the effects of the tax treatment of Units with respect to their individual situation.

**Reporting Status of the Company**

We will elect for the Company to be treated as a partnership for federal and state income tax purposes. By maintaining partnership tax status, we will not report income or loss at the Company level but will report to each Unitholder their pro rata share of profits and losses from operations and disposition according to the Operating Agreement. This process will make us a pass-through entity for tax purposes.

**Taxation of Unitholders**

The Company will be treated as a partnership for Federal tax purposes. A partnership is not generally a taxable entity. Each Unitholder will be required to report on their federal tax return their distributable share of partnership profit, loss, gain, deductions, or credits. Cash distributions may or may not be taxable, depending on whether such cash distribution is being treated as a return of capital or a return on investment. Tax treatment of the cash distributions will be treated according to appropriate tax accounting procedure as determined by the Company's tax advisor.

**Basis of the Company**

An original tax basis will be established for the Company by including the total acquisition costs of the property. An original tax basis will be established for the Company on the property based on their purchase price and acquisition costs. The tax basis of the Company will be adjusted during the operations of the Company under applicable partnership tax principles.

**Basis of Units**

A Unitholder will establish their original tax basis based on the amount of their initial capital contribution. Each Unitholder's tax basis will be adjusted during the operations of the Company by principles of subchapter K of the Internal Revenue Code. A Unitholder may deduct, subject to other tax regulations and provisions, their share of the Company losses only to the extent of the adjusted basis of their interest in the Company. Unitholders should seek qualified tax advice regarding the deductibility of any company losses.

**Cost Recovery and Recapture**

Our Manager will apply the current cost recovery rules to the improved portion of each property according to the relevant Internal Revenue Code sections, namely: straight-line, using thirty-nine (39) years for non-residential property. Our Manager may elect to use the cost segregation method of depreciation for any personal property associated with real property it acquires on behalf of the Company.

The annual cost recovery deductions that must be taken by the Company will be allocated to the Unitholders based on their percentage of Units of the Company. The cost recovery deductions will be available to the Unitholders to shelter the principal reduction portion of the debt service payments and part of the cash flow distributed by the Company. According to the current tax code, cost recovery deductions taken during operations may be required to be reported on the sale of a property and may be taxed at a twenty-five percent (25%) marginal rate, not the more favorable long-term capital gains rates.

**Deductibility of Prepaid and Other Expenses**

The Company will incur expenditures for legal fees in association with the set-up of the Company. These expenditures will be capitalized and will be deducted on dissolution of the Company based on current tax law. The Company will also incur expenditures for professional fees associated with the preparation and filing of the annual income tax and informational return and the preparation of Schedule K-1 reports to be distributed to the Unitholders. This expenditure will be deducted on an annual basis. All other normal operating expenses will be deducted on an annual basis by the Company, which will use a calendar accounting year.

**Taxable Gain**

Unitholders may receive taxable income from company operations, from the sale or other disposition of a Unitholder's units, from disposition of the properties, or from phantom income. Presently, the maximum federal tax rate on cost recovery recapture is twenty-five percent (25%). The balance of the taxable gain will be taxed at the capital gain tax rate in effect at that time. Investors should check with their tax professional for information as to what capital gains tax rate applies to them.

***From Operations***

 

According to the Company investment objectives and policies, our Manager is projecting that there will be taxable income to distribute to the Unitholders on the Schedule K-1 report provided to each Unitholder annually.

***From Disposition, Dissolution and Termination***

 

On disposition of a property or on dissolution and termination of the Company, which will likely be caused by the sale of the property, the Unitholders may be allocated taxable income that may be treated as ordinary income or capital gain. In addition, the Unitholders may receive an adjustment in their capital account(s) that will either increase or decrease the capital gain to be reported. The Operating Agreement describes the operation of capital accounts for the Company and the Unitholders.

***From Sale or Other Disposition of Units***

 

A Unitholder may be unable to sell their units in the Company, as there may be no market. If there is a market, it is possible that the price received will be less than the market value. It is possible that the taxes payable on any sale may exceed the cash received on the sale. Upon the sale of a Unitholder's interest, the Unitholder will report taxable gain to the extent that the sale price of the interest exceeds the Unitholder's adjusted tax basis. A portion of taxable gain may be reported as a recapture of the cost recovery deduction allocated to the Unitholder and will be taxed at the cost recovery tax rate in effect at that time. Unitholders should seek advice from their qualified tax professional in the event of the sale of the Unitholder's units.

***Phantom Income***

 

It may occur that in any year the Unitholders will receive an allocation of taxable income and not receive any cash distributions. This event is called receiving phantom income as the Unitholder has taxable income to report but receives no cash. In this event, the Unitholders may owe tax on the reportable income, which the Unitholder will need to pay out of pocket.

***Unrelated Business Income Tax (UBIT)***

 

An investor who is tax exempt (such as a charitable organization), or who acquires Units through a tax-exempt vehicle (such as an Individual Retirement Account) may be subject to Unrelated Business Income Tax (UBIT). Our Manager recommends that investors contact their qualified tax advisor to determine how/whether the application of UBIT may apply to them.

**Audits**

***Election Out of Bipartisan Budget Act Audit Rules***

Effective for partnership returns for tax years beginning on or after January 1, 2018, partnerships will be subject to the audit rules of sections 6221 through 6241 of the Internal Revenue Code, as amended by Bipartisan Budget Act of 2015 (BBA). Under the previous rules, partnership audits (subject to certain exceptions for small partnerships) were conducted at the partnership level, through interaction with a Tax Matters Partner (TMP) authorized to bind all partners (subject to participation in some instances by Notice Partners). Tax adjustments were made at the partnership level, but the adjustments would flow through to the partners who were partners during the year(s) under audit. Collection would then occur at the partner level.

Under the BBA audit rules, the IRS will assess and collect tax deficiencies directly from the partnership at the entity level. Generally, the tax is imposed on and paid by the partnership in the current year, calculated at the highest individual rate. The result is that the underlying tax burden of the underpayment may be shifted from the partners who were partners during the year(s) under audit to current partners. In addition, the positions of TMP and Notice Partners have been eliminated and replaced with a Partnership Representative, which must be designated annually on the partnership's timely filed return. The Partnership Representative has the sole authority to act on behalf of the partnership and the partners in an audit, and those powers cannot be limited.

A partnership may elect out of the BBA audit rules if certain conditions are met. In order to elect out, the partnership must issue 100 or fewer K-1s each year with respect to its partners. Moreover, each partner must be either an individual, a C corporation, a foreign entity that would be treated as a C corporation if it were domestic, an S corporation, or the estate of a deceased partner. Thus, a partnership is ineligible to elect out if any partner is a trust (including a grantor trust), a partnership, or a disregarded entity, such as an LLC where the social security number of the individual Unitholder is used for income tax reporting purposes. The election must be made annually on the partnership's timely filed return and must include a disclosure of the name and taxpayer identification number of each partner. In the case of a partner that is an S corporation, each K-1 issued by the S corporation partner counts toward the limit of 100 K-1s. The partnership must notify each partner of the election out.

It is the intent of the Company to elect out of the BBA audit rules, if possible. By electing out of the BBA audit rules, the Company will be subject to audit procedures similar to the TEFRA and pre-TEFRA rules, but the IRS will be required to assess and collect any tax that may result from the adjustments at the individual partner level. However, this opt-out provision likely will not be available to the Company based on the tax classification of the Unitholders. Unitholders will be required in a timely manner to furnish the Company with the information necessary to make the annual election, and the Company will be authorized to provide such information to the IRS.

***Push Out Election (Audit)***

 

The "push out" election of Internal Revenue Code section 6226 provides an alternative to the general rule that the partnership must pay any tax resulting from an adjustment made by the IRS. Under section 6226, a partnership may elect to have its reviewed year partners consider the adjustments made by the IRS and pay any tax due as a result of those adjustments. The partnership must make the "push out" election no later than 45 days after the date of the notice of final partnership adjustment and must furnish our Manager and each partner for the reviewed year a statement of the partner's share of the adjustment. If the Company fails to make a valid election out of the BBA audit rules or is otherwise disqualified from electing out of their application, the Company intends to elect the application of the "push out" procedures. In the event of a push out, or if the "push out" is not effective, a former Unitholder may owe additional tax if they were a Unitholder during the reviewed year.

THE PRECEDING DISCUSSION OF UNITED STATES FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR UNITED STATES FEDERAL, STATE AND LOCAL AND FOREIGN TAX CONSEQUENCES, IF APPLICABLE, OF PURCHASING, HOLDING AND DISPOSING OF THE INTERESTS, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.

**LEGAL MATTERS**

The validity of the securities offered hereby will be passed upon for us by Bevilacqua PLLC.

**INDEPENDENT AUDITOR**

The financial statements of the Company and Main & Main as of December 31, 2024 and 2023 and for the periods then ended and respective notes thereto have been included in this offering circular with the reports of Artesian CPA, LLC, our independent certified public accountant.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the Commission an offering statement on Form 1-A under the Securities Act with respect to the Units that we are offering. This offering circular, which constitutes a part of the offering statement, does not contain all the information set forth in the offering statement or the exhibits and schedules filed with the offering statement. For further information about us and the Units, we refer you to the offering statement and the exhibits and schedules filed with the offering statement. For the avoidance of doubt, an investment in this Offering is an investment in the Units of the Company and not the Main & Main Units. Statements contained in this offering circular regarding the contents of any contract or other document that is filed as an exhibit to the offering statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the offering statement. You can read our Commission filings, including the offering statement, at the Commission's website which contains reports, proxy and information statements and other information about issuers, like us, that file electronically with the Commission. The address of the website is www.sec.gov.

We maintain a website at www.atarihotels.com. The inclusion of our website address in this offering circular is an inactive textual reference only. The information contained on, or that can be accessed through, our website is not incorporated by reference into, and is not a part of, this offering circular or the offering statement of which this offering circular forms a part. Investors should not rely on any such information in deciding whether to purchase our Units.

The offering statement is also available on our website at *www.atarihotels.com*. After the completion of this Offering, you may access these materials at the foregoing website free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on the website is not a part of this offering circular and the inclusion of the website address in this offering circular is an inactive textual reference only.

**Reporting Requirements under Tier II of Regulation A for a Company not Registered under the Exchange Act**

Following this Tier 2, Regulation A offering, for so long as we have not filed with the Commission a Form 8-A which would require us to comply with all of the reporting requirements of the Exchange Act, we will be required to comply with certain ongoing disclosure requirements under Rule 257 of Regulation A. We will be required to file: an annual report with the Commission on Form 1-K; a semi-annual report with the Commission on Form 1-SA; current reports with the Commission 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. Such reports and other information will be available for inspection and copying at the public reference room and on the SEC's website referred to above. 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.

We will make annual filings on Form 1-K, which will be due by the end of April each year and will include audited financial statements for the previous fiscal year. We will make semi-annual filings on Form 1-SA, which will be due by the end of September each year, which will include unaudited financial statements for the six months ending June 30. We will also file a Form 1-U to announce important events such as the loss of a senior officer, a change in auditors or certain types of capital-raising. We will be required to keep making these reports unless we file a Form 1-Z to exit the reporting system, which we will only be able to do if we have less than 300 stockholders of record and have filed at least one Form 1-K.

We may supplement the information in this offering circular by filing a supplement with the SEC. You should read all the available information before investing.

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X, as amended, and presents the effect of Central RoRo's acquisition of a 50.002% controlling interest in Main & Main, a transaction between entities under common control accounted for under ASC 805-50 on a carry-over basis. The information presents (i) the historical balance sheets of Central RoRo and Main & Main as of December 31, 2024 and their statements of operations for the year then ended, (ii) pro forma adjustments limited to Transaction Accounting Adjustments required to depict the accounting for the transaction, and (iii) the resulting combined financial position as if the acquisition had occurred on December 31, 2024 and the combined results of operations as if the acquisition had occurred on January 1, 2024. No Autonomous Entity Adjustments are required, and no Management's Adjustments are presented. The pro forma information excludes anticipated financing, use of offering proceeds, any redemptions of Main & Main units, any subsequent unit purchases, and other transactions not required by Article 11.

Consistent with ASC 805-50, the pro forma adjustments reflect the carry-over of Main & Main's historical assets, liabilities, and equity, together with the related reclassification to non-controlling interests and allocation of net loss based on ownership. Assets and liabilities are reflected at historical carrying amounts, and any difference between consideration and the historical carrying amounts was recorded within equity. No purchase price allocation or fair value step-up has been recorded.

These unaudited pro forma condensed combined financial statements are presented for informational purposes only. They are not intended to represent or be indicative of the actual consolidated financial position or results of operations of Central RoRo that would have been achieved had the acquisition occurred as of the dates indicated, and they do not purport to project the future financial position or results of operations of the combined company. Actual results may differ materially due to a variety of factors and the impact of future events and transactions.

The unaudited pro forma condensed combined financial statements do not reflect any potential cost savings, operating synergies, or restructuring costs that may result from the integration of Main & Main with Central RoRo, nor do they reflect any costs or benefits associated with other historical or future acquisitions.

These unaudited pro forma condensed combined financial statements should be read in conjunction with the historical audited financial statements and related notes of Central RoRo and Main & Main included elsewhere in this Offering Circular.

**Unaudited Pro Forma Condensed Combined<br> Balance Sheet**

As of December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Main & Main RoRo Property Owner LLC** | **Central RoRo LLC** | **Pro Forma Adjustments** | **Pro Forma Combined** |
| **ASSETS** | | | | |
| **Current Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $12335 | $- | $- | $12335 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 16227 |  |  | 16227 |
| &nbsp;&nbsp;&nbsp;Deferred rent receivable | 74559 |  |  | 74559 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | - | 96750 | - | 96750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 103121 | 96750 | - | 199871 |
| &nbsp;&nbsp;&nbsp;Land | 10510569 | - | - | 10510569 |
| **Total Assets** | $10613690 | $96750 | $- | $10710440 |
| **LIABILITIES AND MEMBERS' EQUITY/(DEFICIT)** |  |  |  |  |
| **Current Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $14199 | $- | $- | $14199 |
| &nbsp;&nbsp;&nbsp;Sales tax payable | 380 |  |  | 380 |
| &nbsp;&nbsp;&nbsp;Interest payable | 15046 |  |  | 15046 |
| &nbsp;&nbsp;&nbsp;Mortgage payable - current | 3000000 |  |  | 3000000 |
| &nbsp;&nbsp;&nbsp;Due to related party | - | 105250 | - | 105250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 3029625 | 105250 | - | 3134875 |
| &nbsp;&nbsp;&nbsp;Mortgage payable | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3029625 | 105250 | - | 3134875 |
| **Members' equity/(deficit)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contributed capital | 7652379 |  | (3791881) | 3860498 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (68314) | (8500) |  | (76814) |
| &nbsp;&nbsp;&nbsp;Members' equity/(deficit) attributable to non-controlling interests | - | - | 3791881 | 3791881 |
| **Total members' equity/(deficit)** | 7584065 | (8500) | - | 7575565 |
| **Total liabilities and members' equity/(deficit)** | $10613690 | $96750 | $- | $10710440 |

---

*See accompanying notes which are an integral part of these financial statements.*

**UNAUDITED PRO FORMA CONDENSED COMBINED<br> STATEMENT OF OPERATIONS**

For the Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Main & Main RoRo**<br>**Property Owner LLC** |<br>**Central RoRo LLC** |<br>**Pro Forma Adjustments** |<br>**Pro Forma Combined** |
| Rent and parking income | $331990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $331990 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Parking operation fees | 85107 |  |  | 85107 |
| &nbsp;&nbsp;&nbsp;Professional fees | 28485 |  |  | 28485 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2814 | - | - | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 116406 | - | - | 116406 |
| Other expense - interest expense | 254498 | - | - | 254498 |
| Net loss | $(38914) | $- | $19456 | (19458) |
| Net loss attributable to non-controlling interests | $- | $- | $(19456) | $(19456) |

---

 

*See accompanying notes which are an integral part of these financial statements.*

**NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

**NOTE 1. BASIS OF PRESENTATION**

The unaudited pro forma condensed combined balance sheet as of December 31, 2024 and the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2024 have been prepared in accordance with Article 11 of Regulation S-X to illustrate the effects of the Company's acquisition of a 50.002% controlling interest in Main & Main on the initial closing of Central RoRo's Tier II Regulation A Offering, as if it had occurred on December 31, 2024 for the balance sheet and on January 1, 2024 for the statements of operations, as applicable. The adjustments are limited to Transaction Accounting Adjustments, are directly attributable to the transaction, and are factually supportable. No Autonomous Entity Adjustments apply. The Company has not presented any Management's Adjustments. Further, management evaluated differences in accounting policies between Central RoRo and Main & Main and identified none that would require a pro forma adjustment.

The transaction is a transaction between entities under common control within the scope of ASC 805-50. Assets and liabilities are reflected at historical carrying amounts. No purchase accounting or purchase price allocation is presented. Any difference between consideration and the historical carrying amounts was recorded within equity. The pro forma information excludes anticipated financing, use of offering proceeds, or other transactions not required by Article 11 of Regulation S-X, as amended.

Management evaluated differences in accounting policies between Central RoRo and Main & Main and identified none that would require a pro forma adjustment.

These unaudited pro forma condensed combined financial statements should be read together with the historical financial statements of Central RoRo and Main & Main included elsewhere in this Offering Circular. The unaudited pro forma financial information does not purport to be indicative of the results of operations or financial position that would have been achieved had the transaction occurred on the dates assumed, nor is it necessarily indicative of the Company's future results.

**NOTE 2. THE ACQUISITION**

Prior to the initial closing of Central RoRo's Tier II Regulation A offering, there are 15,700 Main & Main units of membership interest outstanding, held by existing members. At the initial closing of such offering in which Central RoRo raises the minimum offering amount of $8,668,000, it will acquire 15,701 Main & Main units in exchange for $7,850,500 of net proceeds and, thereafter, will own 50.002% of Main & Main's outstanding equity. Acquisition-related expenses, including legal and accounting fees and other directly related external costs, will be expensed as incurred.

**Supplemental Ownership Sensitivity Analysis**

The pro forma information excludes the effects of offering proceeds, any redemptions of Main & Main units, and any subsequent unit purchases. As such, the following analysis is presented outside the Article 11 pro forma totals. It illustrates how (i) Main & Main's redemption of $3,900,000 of Main & Main Units from existing unitholders and (ii) Central RoRo's application of any subsequent offering proceeds to purchase additional units could change ownership percentages and therefore affect only:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the balance
 reclassified to "Accumulated members' equity/(deficit) attributable to non-controlling
 interests;" and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the share of
 Main & Main's 2024 net loss allocated to the non-controlling interests.

No other pro forma captions would change.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Central<br> RoRo<br> Ownership** | **Non-<br> Controlling**<br> **Interest<br> Ownership (%)** | **Accumulated**<br> **Members'<br> equity/(deficit)<br> attributable to<br> non-controlling<br> interests <sup>(1)</sup>** | **Net loss<br> attributable to<br> non-controlling<br> interests <sup>(2)</sup>** |
| Minimum proceeds (baseline) | 50.002% | 49.998% | $3791881 | $(19456) |
| Redemption of non-controlling interest Main & Main Units | 61.315% | 38.685% | 2933896 | (15054) |
| Maximum proceeds | 93.422% | 6.578% | 498956 | (2560) |

---

(1) Calculated as historical Main & Main members' equity
 ($7,584,065) multiplied by the non-controlling interest ownership percentage.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Calculated
 as historical Main & Main net loss for the year ended December 31, 2024 ($38,914) multiplied by the non-controlling interest
 ownership percentage.

In preparing this analysis, management assumed that: (i) the acquisition remains a common-control transaction under ASC 805-50 in every scenario and historical assets, liabilities, revenues, and expenses are unchanged; (ii) the only effects are the reclassification between controlling and non-controlling interests and the related allocation of net loss; (iii) Central RoRo funds additional unit purchases solely with offering proceeds; and (iv) Main & Main applies $3,900,000 of the initial proceeds to redeem units, reducing cash and non-controlling interests proportionately. If ultimate ownership falls outside the range presented, or if proceeds materially affect other captions, the Company will revise or supplement the pro forma information.

**NOTE 3. PRO FORMA ADJUSTMENTS** 

The adjustments described below are Transaction Accounting Adjustments required to give effect to the acquisition as if it had occurred on the dates assumed. No Autonomous Entity Adjustments apply. The Company has not presented any Management's Adjustments. Further, management evaluated differences in accounting policies between Central RoRo and Main & Main and identified none that would require a pro forma adjustment.

Central RoRo's acquisition of Main & Main is a transaction between entities under common control within the scope of ASC 805-50. Assets and liabilities are reflected at historical carrying amounts. No purchase accounting or purchase price allocation is presented. Any difference between consideration and the historical carrying amounts was recorded within equity. There are no differences requiring restatement or pro forma adjustment were identified.

**Non-Controlling Interests**

Upon consolidation, Main & Main's historical members' equity is reclassified between controlling and non-controlling interests based on Central RoRo's ownership of 50.002% and the non-controlling ownership of 49.998%. Accordingly, $3,791,881, representing 49.998 percent of Main & Main's historical members' equity of $7,584,065, has been reclassified from "Members' equity (deficit)" to "Equity attributable to non-controlling interests." This adjustment has no impact on total equity.

---

| | |
|:---|:---|
| **Historical members' equity** | $**7584065** |
| &nbsp;&nbsp;&nbsp;Percentage retained by legacy Main & Main members | 49.998% |
| **Reclassification to non-controlling interest** | $**3791881** |

---

**Net Loss**

Main & Main's historical net loss for the period is allocated between controlling and non-controlling interests based on relative ownership. The adjustment increases "Net loss attributable to non-controlling interests" by $(19,456) and reduces "Net loss attributable to the Company" by the same amount. No other statement of operations captions change because the pro forma gives effect only to consolidation and the related ownership allocation.

**Transaction costs**

Direct external costs of the acquisition will be expensed as incurred in accordance with ASC 805-10-25-23. No pro forma adjustment has been recorded for estimated transaction costs because such amounts were not factually supportable as of the filing date. Central RoRo will recognize these expenses in the period incurred.

**Income Tax**

No separate income tax effects of the adjustments have been recorded because the adjustments do not change pre-tax results other than the attribution of net loss between controlling and non-controlling interests.

**Leaseback Revenue**

Main & Main's 2024 revenues of $331,990 are entirely attributable to a certain Leaseback Agreement dated December 8, 2023, entered between Main & Main and the former owner of the land it acquired and intends to become the future development and construction site of the Phoenix, Arizona-based Atari Hotel, as a condition to the purchase agreement related to that land purchase. The Leaseback Agreement provides base rent of $13,487 per month (plus pass-through taxes) through its scheduled expiration on December 8, 2025; however, the lessee may terminate on 60 days' notice after December 8, 2024. Because the lease is triple-net, the related property operating costs are borne by the tenant. No pro forma adjustment is required, as the 2024 historical results already reflect rent and parking income under the agreement. Management will reassess revenue recognition in future periods if the lease is terminated before its scheduled expiration.

**AUDITED FINANCIAL STATEMENTS<br> OF<br> CENTRAL RORO, LLC**

---

| | |
|:---|:---|
|  | **Page** |
| **Audited Financial Statements of Central RoRo, LLC** |  |
| &nbsp;&nbsp;&nbsp;[Independent Auditor's Report](#f_007) | F-2 |
| &nbsp;&nbsp;&nbsp;[Balance Sheet as of December 31, 2024 and 2023](#f_008) | F-4 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations for the year ended December 31, 2024 and the period beginning August 16, 2023 (Inception) ending December 31, 2023](#f_009) | F-5 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Members' Equity/(Deficit) for the year ended December 31, 2024 and the period beginning August 16, 2023 (Inception) ending December 31, 2023](#f_010) | F-6 |
| &nbsp;&nbsp;&nbsp;[Statement of Cash Flows for the year ended December 31, 2024 and the period beginning August 16, 2023 (Inception) ending December 31, 2023](#f_011) | F-7 |
| &nbsp;&nbsp;&nbsp;[Note to Audited Financial Statements](#f_012) | F-8 |

---

**INDEPENDENT AUDITOR'S REPORT**

![](image_019.jpg)

To the Managing Member of

Central RoRo, LLC

Phoenix, AZ

**Opinion**

We have audited the accompanying financial statements of Central RoRo LLC (the "Company"), which comprise the balance sheets as of December 31, 2024 and 2023, the related statements of operations, changes in members' equity/(deficit), and cash flows for the year ended December 31, 2024 and for the period from August 16, 2023 (inception) to December 31, 2023, 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 December 31, 2024 and 2023, and the results of its operations and its cash flows for the periods then ended 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 (GAAS). 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 audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the financial statements, the Company has not yet commenced planning principal operations, has not yet generated revenues or profits, plans to incur significant costs in pursuit of its capital financing plans, and is dependent upon its manager for continued funding of its cash flow needs. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**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.

**Artesian CPA, LLC**

1312 17th Street, #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**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, including omissions, 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:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● 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.

● 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.

● 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 statement.

● 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/ Artesian CPA, LLC

**Artesian CPA, LLC**

Denver, Colorado

May 19, 2025

**Artesian CPA, LLC**

1312 17th Street, #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**CENTRAL RORO, LLC<br> BALANCE SHEET**

As of December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31, <br> 2023** |
| **ASSETS** | | |
| Cash and cash equivalents | $- | $- |
| &nbsp;&nbsp;&nbsp;Total current assets | - | - |
| Deferred offering costs | 96750 | 89617 |
| &nbsp;&nbsp;&nbsp;Total Assets | $96750 | $89617 |
| **LIABILITIES AND MEMBERS' EQUITY/(DEFICIT)** |  |  |
| Due to related party | $105250 | $45250 |
| &nbsp;&nbsp;&nbsp;Accounts Payable | - | 52867 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 105250 | 98117 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 105250 | 98117 |
| Members' equity/(deficit) | (8500) | (8500) |
| &nbsp;&nbsp;&nbsp;Total liabilities and members' equity/(deficit) | $96750 | $89617 |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**CENTRAL RORO, LLC<br> STATEMENTS OF OPERATIONS** 

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  |<br>**For the Year Ended To<br> December 31,<br> 2024** | **August 16,**<br>**2023 (Inception) To**<br> **December 31,<br> 2023** |
| Revenues | $&nbsp;&nbsp;&nbsp;&nbsp;- | $- |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Professional fees | $- | 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | - | 8500 |
| Net loss | - | $(8500) |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**CENTRAL RORO, LLC<br> STATEMENTS OF CHANGES IN MEMBERS' EQUITY/(DEFICIT)**

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  | **Total Members'**<br>**Equity / (Deficit)**<br>**December 31,<br> 2024** | **Total Members'**<br>**Equity / (Deficit)**<br>**December 31,<br> 2023** |
| **Balances, beginning of period** | $(8500) | $- |
| &nbsp;&nbsp;&nbsp;Net loss | - | (8500) |
| **Balances, end of year** | $(8500) | $(8500) |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**CENTRAL RORO, LLC<br> STATEMENTS OF CASH FLOWS**

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended To**<br>**December 31,<br> 2023** | **August 16,<br> 2023<br> (Inception) To**<br>**December 31, <br> 2024** |
| **Cash flows from operating activities:** | | |
| Net loss | $- | $(8500) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses and offering costs paid by related party | 60000 | 45250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accounts payable | (52867) | 52867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | 7133 | 89617 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Offering costs | (7133) | (89617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (7133) | (89617) |
| Change in cash and cash equivalents |  |  |
| Cash and cash equivalents at beginning of period | - | - |
| Cash and cash equivalents at end of period | $- | $- |
| **Supplemental disclosure of non-cash financing activities:** |  |  |
| Offering costs and operating expenses paid by related party | $60000 | $45250 |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**CENTRAL RORO, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS** 

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

**1.** **NATURE OF OPERATIONS** 

Central RoRo, LLC (the "Company") is a Delaware limited liability company formed on August 16, 2023. The Company was established by Jason Merck and Jordan Taylor, who also serve as the co-managers of the Company's manager, Central RoRo Manager, LLC, an Arizona limited liability company (the "Manager"). The Company is a holding company formed to develop, construct, manage, and operate Atari-branded hotels, either directly or through majority- or wholly-owned subsidiaries. The Company intends to act as the central administrative entity for the Atari hotel platform, with responsibilities including brand management, sub-licensing and administration of intellectual property rights granted under an Option and License Agreement with Atari Interactive, Inc., and the coordination of intellectual property development and use related to the Atari-branded hotel business.

The Company intends to offer a minimum of $8,668,000 of limited liability company interests (the "Units"), and a maximum of $75,000,000 Units, in a Regulation A offering qualified under the Securities Act of 1933, as amended (the "Offering"). Upon the initial closing of the offering on at least the minimum offering amount of $8,668,000 (the "Minimum Offering Amount"), the Company will acquire a minimum of 15,701 membership interests in Main & Main RoRo Property Owner, LLC (the "Main & Main Units," and "Main & Main" or "Operating Affiliate," respectively), a Delaware limited liability company and affiliate, at a purchase price of $500 per unit, for an aggregate purchase price of at least $7,850,500. This investment will result in the Company owning more than 50% of the issued and outstanding Main & Main Units, thereby making Main & Main a majority-owned subsidiary of the Company. Thereafter, the Company intends to use proceeds from the Offering to finance its acquisition of Main & Main Units and thereafter, to fund the development and construction of the first Atari-branded hotel located in Phoenix, Arizona, through Main & Main.

Main & Main was formed on October 24, 2023, and is the entity through which the Phoenix-based Atari Hotel project will be developed and operated. Main & Main acquired the underlying real estate (the "Land Parcel") for this development and is currently under common control with the Company through the same Manager. The Company's future operations are expected to include acting as the master sub-licensor of Atari-related intellectual property to Main & Main and future operating subsidiaries, overseeing the development and operation of Atari-branded hotel properties, and managing any original intellectual property generated for the Atari hotel experience that is not otherwise deemed the property of Atari or subject to third-party rights.

As of December 31, 2024 and 2023, the Company had not commenced planned principal operations and had not generated revenue. The Company's activities since inception have been limited to formational activities and activities undertaken in furtherance of the qualification of the Company's planned Offering. The Company is dependent upon additional capital resources for the ongoing costs of its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to operationalize the Company's planned operations.

**2.** **GOING CONCERN** 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that will incur significant costs in pursuing its capital financing plans, has not generated any revenues as of December 31, 2024 and 2023, and is dependent upon the Manager for continued funding of its cash flow needs. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time.

The Company's ability to continue as a going concern in the next twelve months is dependent upon its ability to obtain capital financing from investors sufficient to meet current and future obligations. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**3.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The Company's fiscal year is December 31.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2012, and has elected to comply with certain reduced public company reporting requirements, including delayed implementation dates from those applicable to public business entities.

**CENTRAL RORO, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

**Use of Estimates**

The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

**Concentrations of Credit Risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

**Cash and Cash Equivalents**

 ****

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

**Deferred Offering Costs**

The Company complies with the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 340-10-S99-1 with regards to deferred offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to members' equity/(deficit) upon the completion of an offering or to expense if the offering is not completed.

**Fair Value Measurements**

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

● Level 1—Quoted prices in active markets for identical assets or liabilities.

● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

● Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of the Company's assets and liabilities approximate their fair values.

**Revenue Recognition**

ASC Topic 606, "Revenue from Contracts with Customers" establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers.

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: 1) identify the contract with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to performance obligations in the contract; and 5) recognize revenue as the performance obligation is satisfied. To date, no revenue has been recognized.

**Income Taxes**

The Company is a limited liability company. Accordingly, under the Internal Revenue Code, all taxable income or loss flows through to its members. Therefore, a provision for income tax is not recorded in these financial statements. Income from the Company is reported and taxed to the members on their individual tax returns.

**CENTRAL RORO, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

For the Year Ended December 31, 2024 and

the Period Beginning August 16, 2023 (Inception) Ending December 31, 2023

The Company complies with FASB ASC 740, "Income Taxes" for accounting for uncertainty in income taxes recognized in a Company's financial statements, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company's evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company's financial statements. The Company believes that its income tax positions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position.

The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception. The Company is not presently subject to any income tax audit in any taxing jurisdiction.

**Recently Adopted Accounting Pronouncements**

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016- 02, *Leases (Topic 842)*. This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted this ASU effective on inception, and it did not have any effect on its financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

**4.** **RELATED PARTY TRANSACTIONS** 

As of December 31, 2024, the Company incurred $105,250 for legal and accounting expenses, which were paid by the Manager of the Company on the Company's behalf. These advances are non-interest-bearing and are payable on demand. $45,250 were paid in 2023 and $60,000 were paid in 2024.

$96,750 of legal and filing expenses were capitalized to deferred offering costs under the ASC 340-10-S99-10, while $8,500 of accounting fees were charged to operating expenses as such do not quality for capitalization as offering costs under ASC 340-10-S99-10.

The Company had accounts payable of $0 and $52,867 as of December 31, 2024 and 2023, respectively. The balance as of December 31, 2023 was paid by the Manager in 2024.

**5.** **MEMBERS' EQUITY/(DEFICIT)** 

Central RoRo, LLC is a manager-managed limited liability company. Its manager is Central RoRo Manager, LLC. The Company's operating agreement authorizes an unlimited number of Units. The operating agreement also provides for distributions of distributable cash (defined in the operating agreement) to be made upon the Company's receipt of any distribution from Main & Main, as follows:

● *First*, to the members of Central RoRo in proportion to their respective allocations of estimated taxable income of the Company for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to the Unit holders to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such Unit holders;

● *Second*, to the members of Central RoRo, pro rata, in accordance with their Unit holdings as set forth on the Company Ledger.

No capital has been contributed to the Company, and the Company has not issued any units, as of December 31, 2024 and 2023.

The debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the Company, and no member of the Company is obligated personally for any such debt, obligation, or liability.

**6.** **COMMITMENTS AND CONTINGENCIES** 

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome, if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

**7.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through May 19, 2025, the date the financial statements were available to be issued.

**AUDITED FINANCIAL STATEMENTS<br> OF**

**MAIN & MAIN RORO PROPERTY OWNER, LLC**

---

| | |
|:---|:---|
|  | **Page** |
| **Audited Financial Statements of Main & Main RoRo Property Owner, LLC for the years ended December 31, 2024 and 2023** |  |
| &nbsp;&nbsp;&nbsp;[Independent Auditor's Report](#f_001) | F-12 |
| &nbsp;&nbsp;&nbsp;[Balance Sheet as of December 31, 2024 and 2023](#f_002) | F-14 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations for the year ended December 31, 2024 and the period beginning October 24, 2023 (Inception) ending December 31, 2023](#f_003) | F-15 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Members' Equity/(Deficit) for the year ended December 31, 2024 and the period beginning October 24, 2023 (Inception) ending December 31, 2023](#f_004) | F-16 |
| &nbsp;&nbsp;&nbsp;[Statement of Cash Flows for the year ended December 31, 2024 and the period beginning October 24, 2023 (Inception) ending December 31, 2023](#f_005) | F-17 |
| &nbsp;&nbsp;&nbsp;[Note to Audited Financial Statements](#f_006) | F-18 |

---

**INDEPENDENT AUDITOR'S REPORT**

![](image_020.jpg)

To the Managing Member of

Main & Main RoRo Property Owner, LLC

Phoenix, AZ

**Opinion**

We have audited the accompanying financial statements of Main & Main RoRo Property Owner, LLC (the "Company"), which comprise the balance sheets as of December 31, 2024 and 2023, the related statements of operations, changes in members' equity/(deficit), and cash flows for the year ended December 31, 2024 and for the period from October 24, 2023 (inception) to December 31, 2023, 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 December 31, 2024 and 2023, and the results of its operations and its cash flows for the year ended December 31, 2024 and for the period from October 24, 2023 (inception) to December 31, 2023 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 (GAAS). 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 audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the financial statements, the Company has not yet commenced planned principal operations, has not yet generated profits, plans to incur significant costs in pursuit of its financing plans and with its real estate development plans, and has a mortgage loan due in full in 2025. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**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 is 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.

**Artesian CPA, LLC**

1312 17th Street, #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**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 is 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, including omissions, 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:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● 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.

● 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.

● 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 statement.

● 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/ Artesian CPA, LLC

**Artesian CPA, LLC**

Denver, Colorado

May 19, 2025

**Artesian CPA, LLC**

1312 17th Street, #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> BALANCE SHEET**

As of December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31,<br> 2023** |
| **ASSETS** | | |
| **Current Assets** | | |
| Cash and cash equivalents | $12335 | $100000 |
| Accounts receivable | 16227 |  |
| Deferred rent receivable | 74559 | 6744 |
| &nbsp;&nbsp;&nbsp;Total current assets | 103121 | 106744 |
| Land | 10510569 | 10510569 |
| &nbsp;&nbsp;&nbsp;Total Assets | $10613690 | $10617313 |
| **LIABILITIES AND MEMBERS' EQUITY/(DEFICIT)** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable | $14199 | $- |
| Sales tax payable | 380 |  |
| Interest payable | 15046 | 16292 |
| Mortgage payable - current | 3000000 | - |
| &nbsp;&nbsp;&nbsp;Current liabilities | 3029625 | 16292 |
| Mortgage payable | - | 3000000 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 3029625 | 3016292 |
| Members' equity/(deficit) |  |  |
| Member contributions | 7652379 | 7630421 |
| Accumulated deficit | (68314) | (29400) |
| &nbsp;&nbsp;&nbsp;Total members' equity/(deficit) | 7584065 | 7601021 |
| &nbsp;&nbsp;&nbsp;Total liabilities and members' equity/(deficit) | $10613690 | $10617313 |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

 

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> STATEMENTS OF OPERATIONS**

For the Year Ended December 31, 2024 and

the Period Beginning October 24, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,<br> 2024** | **October 24,<br> 2023<br> (Inception) to**<br>**December 31,<br> 2023** |
| Rent and parking income | $331990 | $6744 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Parking operation fees | 85107 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 28485 |  |
| General and administrative expenses | 2814 | 19852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 116406 | 19852 |
| Other expenses - interest expense | 254498 | 16292 |
| Net loss | $(38914) | $(29400) |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

 

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> STATEMENTS OF CHANGES IN MEMBERS' EQUITY / (DEFICIT)**

For the Year Ended December 31, 2024 and

the Period Beginning October 24, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  | **Total Members'**<br>**Equity / (Deficit)**<br>**December 31, 2024** | **Total Members'**<br>**Equity / (Deficit)**<br>**December 31, 2023** |
| **Balances, beginning of period** | $7601021 | $- |
| &nbsp;&nbsp;&nbsp;Member contributions | 21958 | 7630421 |
| &nbsp;&nbsp;&nbsp;Net loss | (38914) | (29400) |
| **Balances, end of period** | $7584065 | $7601021 |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> STATEMENTS OF CASH FLOWS**

For the Year Ended December 31, 2024 and

the Period Beginning October 24, 2023 (Inception) Ending December 31, 2023

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended To<br> December 31,<br> 2023** | **October 24,<br> 2023**<br> (Inception) To<br> December 31,<br> 2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(38914) | $(29400) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in interest payable | (1246) | 16292 |
| &nbsp;&nbsp;&nbsp;Increase in accounts payable and other current liabilities | 14579 |  |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in accounts receivable | (16227) |  |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in deferred rent receivable | (67815) | (6744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (109623) | (19852) |
| **Cash flows from investing activities:** |  |  |
| Purchase of land | - | (10510569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | (10510569) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from bank loan |  | 3000000 |
| Members' contributions | 21958 | 7630421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 21958 | 10630421 |
| **Net change in cash and cash equivalents** | (87665) | 100000 |
| Cash and cash equivalents at beginning of year | 100000 | - |
| Cash and cash equivalents at end of year | $12335 | $100000 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $255744 | $- |

---

*See Independent Auditor's Report and accompanying notes which are an integral part of these financial statements.*

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

**1.** **NATURE OF OPERATIONS** 

Main & Main RoRo Property Owner, LLC (the "Company") is a limited liability company formed on October 24, 2023 (inception) under the laws of Delaware. The Company was formed to acquire land and develop and construct a Phoenix, Arizona-based Atari-themed hotel and attached Atari Entertainment Complex on a 46,000 square-foot parcel of land in the Roosevelt Row Arts District in Phoenix, Arizona. The Company's headquarters are in Phoenix, Arizona. Following the initial closing of a Tier II Regulation A Offering of Membership Interests in Central RoRo, LLC, a Delaware limited liability company ("Central RoRo"), an affiliate of Main & Main under common control of Central RoRo Manager, LLC, an Arizona limited liability company, Central RoRo will acquire at least a majority interest in the Company in exchange for at least $7,850,500, which the Company will use to begin developing and constructing the Phoenix, Arizona-based Atari-themed hotel and attached Atari Entertainment Complex.

As of December 31, 2024, the Company had not commenced planned principal operations and generated revenue from a short-term sale leaseback and related parking income. The Company's activities since inception have been limited to formational activities and acquisition of the development land in Phoenix, Arizona. The Company is dependent upon additional capital resources for the ongoing costs of its planned principal operations and is subject to significant risks and uncertainties; including failing to secure funding to operationalize the Company's planned operations.

**2.** **GOING CONCERN** 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not yet commenced planned principal operations, has not yet generated profits, plans to incur significant costs in pursuit of its financing plans and with its real estate development plans, and has a mortgage loan due in full in 2025. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time.

The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to obtain capital financing from investors sufficiently to meet current and future obligations. Management has evaluated these conditions and plans to obtain additional capital as needed to satisfy its capital needs. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**3.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The Company's fiscal year is December 31.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2012, and has elected to comply with certain reduced public company reporting requirements, including delayed implementation dates from those applicable to public business entities.

**Use of Estimates**

The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

**Concentrations of Credit Risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

**Cash and Cash Equivalents**

 ****

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2024 and 2023, the Company's cash and cash equivalents balances did not exceed the federally insured limits.

**Accounts Receivable**

Accounts receivable are uncollateralized customer obligations due under normal trade terms/ The Company routinely assesses the financial strength of its customers and records an allowance for doubtful accounts as deemed necessary. The Company believes that its accounts receivable credit risk exposure is limited as of December 31, 2024 and 2023 and has not recorded an allowance.

**Fair Value Measurements**

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

● Level 1—Quoted prices in active markets for identical assets or liabilities.

● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

● Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

**Land**

Land is initially measured at cost, including transaction costs. The initial cost of land consists of its purchase price and any directly attributable costs of bringing the asset to its working condition for its intended use. The purchase price is allocated solely to land based on the intended use and relative fair values to the purchase price.

When Land is retired or otherwise disposed of, the cost and any impairment in value are removed from the accounts and any resulting gain or loss is credited or charged to statement operations. Land is derecognized when either they have been disposed of or when the Land is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of Land is recognized in the statement of operations in the year in which they arise.

Land is recorded at cost. Expenditures for renewals and improvements that significantly add to the capacity and value or extend the useful life of property are capitalized. Expenditures for maintenance and repairs are charged to expense.

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

Land is not depreciated. The Company reviews the carrying value of long-term assets for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized as equal to an amount by which the carrying value exceeds the net realizable value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there was no impairment for the periods ended December 31, 2024 and 2023.

**Revenue Recognition**

ASC Topic 606, "Revenue from Contracts with Customers" establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers.

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: 1) identify the contract with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to performance obligations in the contract; and 5) recognize revenue as the performance obligation is satisfied. Parking income is recognized in the month earned. Accounts receivable from parking is $16,227 and $0 as of December 31, 2024 and 2023, respectively. Rent is recognized on a straight line basis over the term of the lease. Deferred rent receivable is $74,559 and $6,744 as of December 31, 2024 and 2023, respectively.

The Company recognizes operating expenses as they are incurred.

**Income Taxes**

The Company is a limited liability company. Accordingly, under the Internal Revenue Code, all taxable income or loss flows through to its members. Therefore, a provision for income tax is not recorded in these financial statements. Income from the Company is reported and taxed to the members on their individual tax returns.

The Company complies with FASB ASC 740, "Income Taxes" for accounting for uncertainty in income taxes recognized in a Company's financial statements, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company's evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company's financial statements. The Company believes that its income tax positions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position.

The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception. The Company is not presently subject to any income tax audit in any taxing jurisdiction.

**Recently Adopted Accounting Pronouncements**

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016- 02, *Leases (Topic 842)*. This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted this ASU effective on inception and it did not have any effect on its financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

**4. LAND**

The Company acquired land for real estate development on December 8, 2023 for $10,510,569. The property was owned for over thirty years by Audacy, Incorporated ("Audacy"), who used the property as an owner-user office and never rented the property or charged public parking. The property was acquired as a development site with the intent of demolishing the existing building.

As part of the acquisition Audacy required continued use of the building under a leaseback for two years. As part of this agreement, Audacy will pay rental income from December 2024 to November 2025. The Company will also let the public use the existing parking space and charge hourly parking for its use. The Company will pay a monthly fee of $5,000 to Audacy from January 2024 to November of 2025.

To finance the acquisition of the future development site, the Company's members contributed $7,630,421 in 2023 and the Company borrowed $3,000,000 from Southwest Heritage Bank in December 2023. See Note 6.

**5. MEMBERS' EQUITY / (DEFICIT)**

The Company is owned by Main & Main RoRo, LLC and Main & Main RoRo OZ, LLC and is managed by Central RoRo Manager, LLC. The Company is authorized to issue membership interests to non-managing members. Distributions are to be paid 100% to the managing member, except as outlined in the Company's operating agreement.

The members contributed $7,630,421 in 2023 primarily in financing the purchase of the land. The members contributed an additional $21,958 in 2024 to cover general expenses.

The Company shall have the right, but not the obligation, at any time and from time to time (any such date, the "Redemption Date"), upon the Manager's sole election, to redeem all or any portion of the Units held by Main & Main RoRo OZ, LLC and Main & Main RoRo, LLC (the "Original Members") (such amount, the "Redemption Units"), in whole or in part, for an amount equal to the Redemption Price (as defined below), provided that such redemption right may only be exercised by the Company if, and only if, the Company has sold at least 15,701 Units in an offering. Redemption Price shall be an amount equal to: (i) the original purchase price paid by the applicable Original Members for such Redemption Units according to the Company's books and records (the "Original Price"), plus (ii) a redemption fee equal to thirty-eight and one-tenth percent (38.10%) of the Original Price, plus (iii) the Redemption Units' pro rata share (determined as the number of Redemption Units divided by the total number of units held by all Original Members as of the Redemption Date) of any net operating profits of the Company, calculated from the date on which such Original Member became a Member through the applicable Redemption Date. Since this redemption is contingently redeemable within the Company's control, under FASB ASC 480-10-S99 the Company has presented these amounts as members' equity and did not adjust the carrying amount to the redemption amount as of December 31, 2024 or 2023.

The debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the Company, and no member of the Company is obligated personally for any such debt, obligation, or liability, other than the personal guarantee on the bank loan referenced in Note 4.

The operating agreement establishes equity waterfall as follows:

First, the Manager is required to and will cause to be distributed to the Company's members (the "Members"), in proportion to their respective allocations of estimated taxable income of the Company for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to Members to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such Member;

**MAIN & MAIN RORO PROPERTY OWNER, LLC<br> NOTES TO AUDITED FINANCIAL STATEMENTS**

Second, to the Original Members pro rata in accordance with their respective unit holdings, on an annual basis or more frequently, in the Manager's discretion, an amount of net distributable cash until the Original Members have received, in the aggregate, an amount equal to thirty-eight and one-tenth percent (38.10%) of their original, aggregate capital contributions as set forth on the Company's ledger;

Third, to the Members pro rata in accordance with their respective unit holdings until such Members have been returned their aggregate capital contributions as set forth on the Company's ledger, giving credit to the Original Members distributions previously received;

Fourth, to the Members pro rata in accordance with their respective unit holdings, an amount of net distributable cash until such Members receive a cumulative, non-compounding return on their investments equal to eight percent (8%) per annum, calculated on their aggregate unreturned capital contributions;

Fifth, an amount of net distributable cash will be distributed 80% to the Members pro rata in accordance with their respective unit holdings, and 20% to the Manager, as a carried interest, until the Members have received an internal rate of return (as defined in the operating agreement, "IRR") of 15%; and

Sixth, after the Members have received an IRR of 15%, net distributable cash will be distributed 70% to the Members pro rata in accordance with their respective unit holdings, and 30% to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **MORTGAGE PAYABLE** 

The Company obtained a $3,000,000 mortgage loan from Southwest Heritage Bank in December 2023. The loan is interest only charged at the prime rate (7.50% as of December 31, 2024) and has a 2-year term, maturing in December 2025, to match the leaseback period. The bank loan is full recourse, collateralized by the property and by assignment of income from the property, and personally guaranteed by related parties, Jason Merck and Jordan Taylor.

The balance on the mortgage loan was $3,000,000 as of both December 31, 2024 and 2023. Interest expense on this loan amounted to $254,498 and $16,292 for the periods ended December 31, 2024 and 2023, respectively. Interest payable was $15,046 and $16,292 as of December 31, 2024, and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **RELATED PARTY TRANSACTIONS** 

The Company's operating agreement authorizes Central RoRo Manager, LLC, a related party, to receive an asset management fee of 1% of the Company's gross revenues annually. It also authorizes the reimbursement of expenses incurred by the Company's manager and reimbursement for the fair value of any services provided to the Company by the Company's manager or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **COMMITMENTS AND CONTINGENCIES** 

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome, if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through May 19, 2025, the date the financial statements were available to be issued.

**EXHIBITS**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1\* | [Certificate of Formation of Central RoRo, LLC dated August 16, 2023](ea025575701ex2-1_central.htm) |
| 2.2\* | [Amended and Restated Operating Agreement of Central RoRo, LLC, dated June 11, 2024](ea025575701ex2-2_central.htm) |
| 2.3\* | [Third Amended and Restated Limited Liability Company Agreement of Main & Main RoRo Property Owner, LLC, dated August 5, 2024](ea025575701ex2-3_central.htm) |
| 4.1\*\* | Form of Subscription Agreement |
| 6.1\* | [Engagement Agreement between Central RoRo, LLC and Castle Placement, LLC dated January 24, 2025](ea025575701ex6-1_central.htm) |
| 6.2\* | [Agreement of Purchase and Sale by and between Audacy Atlas, LLC and JMJT Roosevelt 2, LLC dated August 31, 2023](ea025575701ex6-2_central.htm) |
| 6.3\* | [Assignment Agreement by and between Main & Main RoRo Property Owner, LLC and JMJT Roosevelt 2, LLC dated November 27, 2023](ea025575701ex6-3_central.htm) |
| 6.4\* | [Option Agreement and License Agreement between Breakout 1976, LLC and Atari Interactive, Inc. dated December 27, 2019](ea025575701ex6-4_central.htm) |
| 6.5\* | [Amendment No. 1 to the Option Agreement and License Agreement between Breakout 1976, LLC and Atari Interactive, Inc. dated September 30, 2020](ea025575701ex6-5_central.htm) |
| 6.6\* | [Amendment No. 2 to the Option Agreement and License Agreement between Breakout 1976, LLC and Atari Interactive, Inc. dated September 30, 2020](ea025575701ex6-6_central.htm) |
| 6.7\* | [Amendment No. 3 to the Option Agreement and License Agreement between Breakout 1976, LLC and Atari Interactive, Inc. dated December 15, 2022](ea025575701ex6-7_central.htm) |
| 6.8\* | [Amendment No. 4 to the Option Agreement and License Agreement between Breakout 1976, LLC and Atari Interactive, Inc. dated May 29, 2024](ea025575701ex6-8_central.htm) |
| 6.9\* | [Assignment and Assumption Agreement by and between Breakout 1976, LLC and AH Endeavors LLC dated February 14, 2025](ea025575701ex6-9_central.htm) |
| 6.10\* | [Business Loan Agreement between Main & Main RoRo Property Owner, LLC and Commerce Bank of Arizona, Scottsdale Branch dated December 7, 2023](ea025575701ex6-10_central.htm) |
| 6.11\* | [Deed of Trust between Main & Main RoRo Property Owner, LLC, Commerce Bank of Arizona, Scottsdale Branch, and Commerce Bank of Arizona, Tucson Branch dated December 7, 2023](ea025575701ex6-11_central.htm) |
| 6.12\* | [Promissory Note between Main & Main RoRo Property Owner, LLC and Commerce Bank of Arizona, Scottsdale Branch dated December 7, 2023](ea025575701ex6-12_central.htm) |
| 6.13\* | [Assignment of Rents between Main & Main RoRo Property Owner, LLC and Commerce Bank of Arizona, Scottsdale Branch dated December 7, 2023](ea025575701ex6-13_central.htm) |
| 6.14\*\* | Memorandum of Understanding by and between Breakout 1976, LLC and Intel Corporation dated November 7, 2023 |
| 8.1\*\* | Form of Escrow Services Agreement dated [\*], 2025 among Castle Placement, LLC, Central RoRo, LLC and Silicon Valley Bank, a Division of First Citizens Bank & Trust Company |
| 10.1\* | [Power of attorney (included on the signature page of this offering statement)](#a_034) |
| 11.1\* | [Consent of Artesian CPA](ea025575701ex11-1_central.htm) |
| 11.2\*\* | Consent of Bevilacqua PLLC (included in Exhibit 12.1) |
| 12.1\*\* | Opinion of Bevilacqua PLLC |

---

\* Filed herewith

\*\* To be filed by amendment.

**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 City of Phoenix, State of Arizona, on September 4, 2025.

---

| | | |
|:---|:---|:---|
| **Central RoRo, LLC** | **Central RoRo, LLC** | **Central RoRo, LLC** |
| By: Central RoRo Manager, LLC, its Managing Member | By: Central RoRo Manager, LLC, its Managing Member | By: Central RoRo Manager, LLC, its Managing Member |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of the Manager |

---

Pursuant to the requirements of the Securities Act of 1933, this offering statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Jordan Taylor | Co-Manager of the Manager | September 4, 2025 |
| Jordan Taylor | (Principal executive officer and principal financial and accounting officer) |  |
| /s/ Jason Merck | Co-Manager of the Manager | September 4, 2025 |
| Jason Merck |  |  |

---

## Ex1A-2A

**Exhibit 2.1**

---

| |
|:---|
| **State of Delaware** |
| **Secretary of State** |
| **Division of Corporations** |
| **Delivered 05:29 PM 08/16/2023** |
| **FILED 05:29 PM 08/16/2023** |
| **SR 20233270311 - File Number 7626648** |

---

**CERTIFICATE OF FORMATION**

**OF**

**CENTRAL RORO, LLC**

THE UNDERSIGNED, for the purpose of forming a limited liability company under the provisions and subject to the requirements of the Delaware Limited Liability Company Act, Chapter 18, Title 6 of the Delaware Code, as amended, does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. *Name.* The name of the limited liability company formed hereby is Central RoRo, LLC (the "Company").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Registered Office and Agent.* The address of the registered office of the Company in the State of Delaware is 108 W. 13th Street, Suite 100, Wilmington, Delaware 19801 in the County of New Castle. The name of the registered agent of the Company at such address is Vcorp Agent Services, Inc.

**IN** **WITNESS WHEREOF,** the undersigned has executed this Certificate of Formation on this 16<sup>th</sup> day of August 2023.

---

| | |
|:---|:---|
| By: | */s/ Jordan Taylor* |
| Name: | Jordan Taylor |
| Title: | Authorized Person |

---

## Ex1A-2A

**Exhibit 2.2**

**AMENDED AND RESTATED OPERATING AGREEMENT**

**OF**

**CENTRAL RORO, LLC**

a Delaware limited liability company

June 11, 2024

THE INTERESTS REPRESENTED BY THIS OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, NOR QUALIFIED UNDER APPLICABLE SECURITIES LAWS IN RELIANCE ON EXCEPTIONS THEREFROM. THESE INTERESTS ARE BEING ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH INTERESTS UNDER THE SECURITIES ACT OF 1933, APPLICABLE REGULATIONS PROMULGATED PURSUANT THERETO, AND COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND REGULATIONS UNLESS EXEMPT THEREFROM.

**OPERATING AGREEMENT OF**

**CENTRAL RORO, LLC**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **ARTICLE 1.** | **FORMATION OF THE COMPANY** | **1** |
| &nbsp;&nbsp;&nbsp;Section 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;The Company | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Filing of Certificate and Amendments | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Purpose | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;Principal Place of Business; Location for Records | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;Registered Office and Agent | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;Purpose of Transfer Restrictions | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;Term of the Company | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;Tax Classification as a Partnership | 2 |
| **ARTICLE 2.** | **DEFINITIONS** | **2** |
| &nbsp;&nbsp;&nbsp;Section 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Defined Terms | 2 |
| **ARTICLE 3.** | **CAPITALIZATION OF THE COMPANY** | **6** |
| &nbsp;&nbsp;&nbsp;Section 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Source of Funding | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Units | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;Capital Contribution Obligations | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;Additional Capital Contributions | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;Capital Accounts | 7 |
| **ARTICLE 4.** | **DISTRIBUTIONS AND ALLOCATIONS** | **7** |
| &nbsp;&nbsp;&nbsp;Section 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Distributions | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Allocation of Profits and Losses | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Special Allocations | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;Imputed Underpayments | 9 |
| **ARTICLE 5.** | **MANAGEMENT OF THE COMPANY** | **10** |
| &nbsp;&nbsp;&nbsp;Section 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;General Authority of the Manager | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;Actions of the Manager | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;Authority to Make or Terminate Tax Elections | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;Authorization to Execute Certain Instruments | 11 |
| &nbsp;&nbsp;&nbsp;Section 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;Delegation to Agent | 11 |
| &nbsp;&nbsp;&nbsp;Section 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;Officers | 11 |
| &nbsp;&nbsp;&nbsp;Section 5.7 | &nbsp;&nbsp;&nbsp;&nbsp;Express Powers of the Manager | 11 |

---

i

---

| | | |
|:---|:---|:---|
| **ARTICLE 6.** | **THE MANAGER** | **12** |
| &nbsp;&nbsp;&nbsp;Section 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;The Manager | 12 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | &nbsp;&nbsp;&nbsp;&nbsp;Extent and Scope of Services | 12 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | &nbsp;&nbsp;&nbsp;&nbsp;Employment of Professionals | 12 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | &nbsp;&nbsp;&nbsp;&nbsp;Voluntary Withdrawal of a Manager | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.5 | &nbsp;&nbsp;&nbsp;&nbsp;Removal of a Manager | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.6 | &nbsp;&nbsp;&nbsp;&nbsp; [Reserved] | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.7 | &nbsp;&nbsp;&nbsp;&nbsp;Additional Managers | 13 |
| **ARTICLE 7.** | **THE MEMBERS** | **13** |
| &nbsp;&nbsp;&nbsp;Section 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;Member Identification | 13 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;Limited Liability of Members | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;Limited Right to Withdraw for a Member | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.7 | &nbsp;&nbsp;&nbsp;&nbsp;Voting | 14 |
| **ARTICLE 8.** | **MEETINGS AND NOTICE** | **15** |
| &nbsp;&nbsp;&nbsp;Section 8.1 | &nbsp;&nbsp;&nbsp;&nbsp; Annual Meetings | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.2 | &nbsp;&nbsp;&nbsp;&nbsp; Special Meetings | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.3 | &nbsp;&nbsp;&nbsp;&nbsp;Notice of Meetings | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;Waiver of Meeting Notice | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.5 | &nbsp;&nbsp;&nbsp;&nbsp;Voting by Proxy | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;Action by Consent | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.7 | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.8 | &nbsp;&nbsp;&nbsp;&nbsp;Presence | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.9 | &nbsp;&nbsp;&nbsp;&nbsp;Conduct of Meetings | 16 |
| **ARTICLE 9.** | **BOOKS, RECORDS AND BANK ACCOUNTS** | **16** |
| &nbsp;&nbsp;&nbsp;Section 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;Books and Records | 16 |
| &nbsp;&nbsp;&nbsp;Section 9.2 | &nbsp;&nbsp;&nbsp;&nbsp;Access to Information | 16 |
| &nbsp;&nbsp;&nbsp;Section 9.3 | &nbsp;&nbsp;&nbsp;&nbsp;Confidential Information | 16 |
| &nbsp;&nbsp;&nbsp;Section 9.4 | &nbsp;&nbsp;&nbsp;&nbsp;Accounting Basis and Fiscal Year | 17 |
| &nbsp;&nbsp;&nbsp;Section 9.5 | &nbsp;&nbsp;&nbsp;&nbsp;Reports | 17 |
| &nbsp;&nbsp;&nbsp;Section 9.6 | &nbsp;&nbsp;&nbsp;&nbsp;Bank Accounts and Company Funds | 17 |
| **ARTICLE 10.** | **INTERNAL DISPUTE RESOLUTION PROCEDURE** | **17** |
| &nbsp;&nbsp;&nbsp;Section 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;Introduction | 17 |
| &nbsp;&nbsp;&nbsp;Section 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;Notice of Disputes | 17 |
| &nbsp;&nbsp;&nbsp;Section 10.3 | &nbsp;&nbsp;&nbsp;&nbsp;Negotiation of Disputes | 18 |
| &nbsp;&nbsp;&nbsp;Section 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;General Provisions for Alternative Dispute Resolution | 18 |
| &nbsp;&nbsp;&nbsp;Section 10.5 | &nbsp;&nbsp;&nbsp;&nbsp;Mediation | 18 |
| &nbsp;&nbsp;&nbsp;Section 10.6 | &nbsp;&nbsp;&nbsp;&nbsp;Arbitration | 19 |
| &nbsp;&nbsp;&nbsp;Section 10.7 | &nbsp;&nbsp;&nbsp;&nbsp;Maintenance of the Status Quo | 19 |
| &nbsp;&nbsp;&nbsp;Section 10.8 | &nbsp;&nbsp;&nbsp;&nbsp;Venue | 20 |

---

ii

---

| | | |
|:---|:---|:---|
| **ARTICLE 11.** | **TRANSFERS AND MEMBER ADMISSIONS** | **20** |
| &nbsp;&nbsp;&nbsp;Section 11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Assignee Interest Transferred | 20 |
| &nbsp;&nbsp;&nbsp;Section 11.2 | &nbsp;&nbsp;&nbsp;&nbsp;Rights of an Assignee | 20 |
| &nbsp;&nbsp;&nbsp;Section 11.3 | &nbsp;&nbsp;&nbsp;&nbsp;Assignee to Assume Tax Liability | 20 |
| &nbsp;&nbsp;&nbsp;Section 11.4 | &nbsp;&nbsp;&nbsp;&nbsp;Admission of Members | 20 |
| &nbsp;&nbsp;&nbsp;Section 11.5 | &nbsp;&nbsp;&nbsp;&nbsp;Admission Procedure | 20 |
| &nbsp;&nbsp;&nbsp;Section 11.6 | &nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfer | 21 |
| &nbsp;&nbsp;&nbsp;Section 11.7 | &nbsp;&nbsp;&nbsp;&nbsp;Non-Recognition of an Unauthorized Transfer or Assignment | 21 |
| &nbsp;&nbsp;&nbsp;Section 11.8 | &nbsp;&nbsp;&nbsp;&nbsp;Permitted Transfers | 21 |
| &nbsp;&nbsp;&nbsp;Section 11.9 | &nbsp;&nbsp;&nbsp;&nbsp;Involuntary Transfers | 22 |
| **ARTICLE 12.** | **DISSOLUTION AND TERMINATION** | **22** |
| &nbsp;&nbsp;&nbsp;Section 12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Events of Dissolution | 22 |
| &nbsp;&nbsp;&nbsp;Section 12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Effective Date of Dissolution | 22 |
| &nbsp;&nbsp;&nbsp;Section 12.3 | &nbsp;&nbsp;&nbsp;&nbsp;Operation of the Company after Dissolution | 23 |
| &nbsp;&nbsp;&nbsp;Section 12.4 | &nbsp;&nbsp;&nbsp;&nbsp;Liquidation of Company Assets | 23 |
| &nbsp;&nbsp;&nbsp;Section 12.5 | &nbsp;&nbsp;&nbsp;&nbsp;Company Assets Sole Source | 23 |
| &nbsp;&nbsp;&nbsp;Section 12.6 | &nbsp;&nbsp;&nbsp;&nbsp;Sale of Company Assets during Term of the Company | 24 |
| **ARTICLE 13.** | **INDEMNIFICATION** | **24** |
| &nbsp;&nbsp;&nbsp;Section 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;General Indemnification | 24 |
| &nbsp;&nbsp;&nbsp;Section 13.2 | &nbsp;&nbsp;&nbsp;&nbsp;Tax Liability Indemnification | 24 |
| &nbsp;&nbsp;&nbsp;Section 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;Indemnity for Misrepresentation of a Prospective Member | 24 |
| &nbsp;&nbsp;&nbsp;Section 13.4 | &nbsp;&nbsp;&nbsp;&nbsp;Advancement of Indemnification Funds | 24 |
| &nbsp;&nbsp;&nbsp;Section 13.5 | &nbsp;&nbsp;&nbsp;&nbsp;No Impairment of Indemnification | 25 |
| &nbsp;&nbsp;&nbsp;Section 13.6 | &nbsp;&nbsp;&nbsp;&nbsp;Exculpation of Actions in Good Faith | 25 |
| &nbsp;&nbsp;&nbsp;Section 13.7 | &nbsp;&nbsp;&nbsp;&nbsp;No Termination of Indemnification Rights | 25 |
| **ARTICLE 14.** | **GENERAL MATTERS** | **25** |
| &nbsp;&nbsp;&nbsp;Section 14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns | 25 |
| &nbsp;&nbsp;&nbsp;Section 14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney | 25 |
| &nbsp;&nbsp;&nbsp;Section 14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Amendment | 26 |
| &nbsp;&nbsp;&nbsp;Section 14.4 | &nbsp;&nbsp;&nbsp;&nbsp;Partition | 27 |
| &nbsp;&nbsp;&nbsp;Section 14.5 | &nbsp;&nbsp;&nbsp;&nbsp;No Waiver | 27 |
| &nbsp;&nbsp;&nbsp;Section 14.6 | &nbsp;&nbsp;&nbsp;&nbsp;Construction and Miscellaneous  | 27 |

---

iii

**AMENDED AND RESTATED OPERATING AGREEMENT OF** 

**CENTRAL RORO, LLC**

THIS AMENDED AND RESTATED OPERATING AGREEMENT (the "Agreement"), effective June 11, 2024 (the "Effective Date"), is made and entered into by and among those Persons (i) executing this Agreement or joinder thereof, (ii) who are accepted by Central RoRo Manager, LLC as the Company's manager (the "Manager"), and (iii) who, by their signatures hereto, represent and agree to all of the terms and conditions set forth herein (each a "Member," and collectively, the "Members"). This Agreement sets forth the rights, duties, obligations, and responsibilities of the Members and the Manager with respect to the Company. The Members and the Manager, hereby agree as follows:

**ARTICLE 1. <br> Formation of the Company**

**Section 1.1 <u>The Company</u>**

Central RoRo, LLC was formed on October 3, 2023, as a Delaware limited liability company (the "Company") by executing and delivering the Certificate of Formation in accordance with the Delaware Limited Liability Company Act (the "Act"), and the rights and liabilities of the Members shall be as provided in the Act except as may be modified in this Agreement. The business of the Company may be conducted under such other names as the Manager may designate from time to time.

**Section 1.2 <u>Filing of Certificate and Amendments</u>**

The Manager, and anyone authorized to act on its behalf, is hereby authorized to execute, deliver, file, and record all such other certificates and documents, including amendments to or restatements of the Certificate, and to do such other acts as may be appropriate to comply with all requirements for the formation, continuation and operation of a limited liability company, the ownership of property and the conduct of business under the laws of the State of Delaware and any other jurisdiction in which the Company may own property or conduct business.

**Section 1.3 <u>Purpose</u>**

The Company was formed to acquire a majority percentage interest in Main & Main RoRo Property Owner, LLC, a Delaware limited liability company, which (a) is under common control of the same manager, the Manger ("Main & Main"), (b) intends to carry out the development, construction, and eventual operation of an Atari-branded, Phoenix, Arizona-based hotel, and (c) will become the Company's majority owned subsidiary upon the initial closing of the planned Tier 2 Regulation Offering of the Units (the "Offering").

The Company may engage in any other lawful activities which are related or incidental to the foregoing purposes, as may be determined at the Manager's sole discretion.

**Section 1.4 <u>Principal Place of Business; Location for Records</u>**

The street address of the Company's principal office in the United States where the records of the Company are maintained is (a) 829 N 1st Ave Suite 201, Phoenix AZ 85003, or (b) such other place or places as the Manager may determine and communicate to the Members.

The records maintained by the Company will include all the records that the Company is required by law to maintain. The Company shall likewise maintain a records office in any jurisdiction that requires the Company to establish a records office, and at each such location, all records that its respective jurisdiction shall require from time to time.

**Section 1.5 <u>Registered Office and Agent</u>**

The Company's registered office and registered agent in the State of Delaware is as stated on the Certificate, as may be amended from time to time. The Manager may designate another registered agent and/or registered office from time to time in accordance with the then applicable provisions of the Act and any other applicable laws.

**Section 1.6 <u>Purpose of Transfer Restrictions</u>**

Any unauthorized Transfer of a Member's Membership Interest could create a substantial hardship to the Company, jeopardize its capital base, and adversely affect its tax structure. As such and pursuant to this Agreement, there are certain restrictions that attach to and affect both ownership of the Units and the Transfer of those Units. The restrictions placed on the Units under this Agreement are not intended as a penalty, but as a method to protect and preserve existing relationships based upon trust and to protect the Company's capital and its financial ability to continue to operate.

**Section 1.7 <u>Term of the Company</u>**

The term of the Company commenced on the date of the filing of the Certificate with the Secretary of State of the State of Delaware. The Company may be terminated in accordance with the terms and provisions hereof, and will continue unless and until dissolved as provided hereunder. The existence of the Company as a separate legal entity will continue until the cancellation of the Certificate as provided in the Act.

**Section 1.8 <u>Tax Classification as a Partnership</u>**

The Manager shall take all steps reasonably necessary to classify the Company as a partnership for tax purposes under the Internal Revenue Code and Regulations, in particular Internal Revenue Code § 7701 et. seq., and the "Check the Box" regulations effective January 1, 1997, as amended from time to time. In this regard, the Manager shall, if appropriate, file IRS Form 8832, Choice of Entity, as well as any forms necessary or appropriate to classify the Company as a partnership under the laws of any jurisdiction in which the Company transacts business. Any such action shall not require the vote or consent of the Members. Notwithstanding any of the foregoing, the Partnership Representative may not take any action contemplated by § 6221 through § 6241 of the Internal Revenue Code without the approval of the Manager.

The Manager shall have the sole discretion to file, execute, and otherwise cause the completion of any and all instruments necessary to appoint or replace the partnership representative ("Partnership Representative") pursuant to Internal Revenue Code § 6223 as amended by the Bipartisan Budget Act of 2015.

The Company shall bear the legal and accounting costs associated with any contested or uncontested proceeding by the Internal Revenue Service (the "IRS") with respect to the Company's tax returns.

**ARTICLE 2.** 

**DEFINITIONS**

**Section 2.1 <u>Defined Terms</u>**

For purposes of this Agreement, the following words and phrases shall be defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Additional Capital Contribution</u>. Additional Capital Contribution means the total cash and other consideration contributed to the Company by each Member other than the initial Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Additional Member(s)</u>. Additional Member(s) means a Member admitted to the Company in accordance with Article 11 hereof, after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Affiliate(s)</u>. Affiliate(s) of a Member or Manager shall mean any Person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with a Member or Manager, as applicable. The term "control," as used in the immediately preceding sentence, shall mean with respect to a corporation or limited liability company the right to exercise, directly or indirectly, more than fifty percent (>50%) of the voting rights attributable to the controlled corporation or limited liability company, and, with respect to any individual, partnership, trust, other entity or association, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the controlled entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>A</u>g<u>reement</u>. Agreement means this Operating Agreement as originally executed and as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Assi</u>g<u>nee</u>. Assignee means the recipient of one or more Units pursuant to a Transfer and with the rights set forth in Section 11.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Capital Account</u>. Capital Account shall mean the account established and maintained for each Member as provided in Article 4 and as provided in Regulation § 1.704-1(b)(2)(iv), as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Capital Contribution</u>. Capital Contribution means the total cash and other consideration contributed and agreed to be contributed to the Company by each Member. Any reference in this Agreement to the Capital Contribution of a current Member shall include any Capital Contribution previously made by any prior Member with respect to that Member's Membership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Capital Transaction</u>. Capital Transaction shall mean the sale or refinancing of Company assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Company</u>. Company has the meaning ascribed in Section 1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Company Assets</u>. Company Assets means all assets owned by the Company and any property, real or personal, tangible, or intangible, otherwise acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Company Ledger</u>. Company Ledger has the meaning ascribed in Section 3.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Consenting Vote</u>. Consenting Vote has the meaning ascribed in Section 7.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Distributable Cash</u>. Distributable Cash means all cash of the Company derived from operations and Capital Transactions, less the following items: (i) payment of all fees, costs, indebtedness, and expenses of the Company, (ii) any required tax withholdings, and (iii) reserves for future expenses related to the Company's operations or investments, as established in the reasonable discretion of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. <u>Dispute</u>. Dispute shall have the meaning as described in Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. <u>Effective Date</u>. Effective Date shall mean June 11, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. <u>Fair Market Value</u>. With regards to a Membership Interest, the Fair Market Value shall be the amount that would be distributable to the Member holding such interest in the event that the assets of the Company were sold for cash and the proceeds, net of liabilities, were distributed to the holders of all Membership Interests pursuant to this Agreement. In the event that the Fair Market Value of a Membership Interest is to be determined under this Agreement, the Manager shall select a qualified independent appraiser to make such determination and shall make the books and records available to the appraiser for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. <u>Formation Date</u>. Formation Date shall mean the date of filing of the Certificate of Formation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. <u>Good Cause</u>. Good cause shall have the meaning as described in Section 6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. <u>Gross Asset Value</u>. 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;i. 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 Internal Revenue Code § 734(b) or Internal Revenue Code § 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations § 1.704-1(b)(2)(iv)(m) and this Agreement; provided, however, that Gross Asset Values shall not be adjusted pursuant to this Paragraph to the extent the Manager determines that an adjustment is unnecessary or inappropriate in connection with a transaction that would otherwise result in an adjustment. If the Gross Asset Value of an asset has been determined or adjusted pursuant to this Agreement, such Gross Asset Value shall thereafter be adjusted by the depreciation taken into account with respect to such asset for purposes of computing Profits and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. <u>Immediate Famil</u>y. Immediate Family means any Member's spouse (other than a spouse who is legally separated from the Person under a decree of divorce or separate maintenance), parents, parents-in-law, descendants (including descendants by adoption), brothers, sisters, brothers-in-law, sisters-in-law, children-in-law, and grandchildren-in-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. <u>Indemnified Part</u>y. Indemnified Party shall have the meaning as described in Section 13.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Internal Revenue Code</u>. References to the Internal Revenue Code or to its provisions are to the Internal Revenue Code of 1986, as amended from time to time, and the corresponding Regulations, if any. References to the Regulations are to the Regulations under the Internal Revenue Code in effect from time to time. If a particular provision of the Internal Revenue Code is renumbered, or the Internal Revenue Code is superseded by a subsequent federal tax law, any reference is deemed to be made to the renumbered provision or to the corresponding provision of the subsequent law, unless to do so would clearly be contrary to the Company's intent as expressed in this Agreement. The same rule shall apply to references to the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. <u>IRR</u>. IRR means the internal rate of return that, when applied to the aggregate Capital Contributions made by a Member to the Company as of a certain date and all distributions made to such Member as of such date, produces a net present value of zero. In calculating the IRR, (i) all Capital Contributions made by a Member shall be measured based on the actual amount and date such Capital Contributions were contributed to the Company, (ii) all distributions to a Member shall be measured based on the actual amount and date such distributions were made by the Company and (iii) the amount of any distribution shall be based on the amount of such distribution prior to the application of any Federal, state or local taxation to Members (including any withholding, deduction or assessment requirements. The IRR shall be calculated using Microsoft Excel's XIRR function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>IRS</u>. IRS means the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. <u>Liabilities</u>. Liabilities shall have the meaning as described in Section 13.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. <u>Main & Main</u>. Main & Main has the meaning set forth in Section 1.3.

aa. <u>Main & Main Units</u>. Main & Main Unit(s), means the units of membership interest of Main & Main.

bb. <u>Mana</u>g<u>er(s)</u>. Manager(s) means a Person that manages the business and affairs of the Company, as provided herein. The initial Manager of the Company shall be Central RoRo Manager, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. <u>Member(s)</u>. Member(s) means a Person who acquires a Membership Interest, as permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. <u>Membership Interest(s)</u>. Membership Interest(s) refers to a Member's limited liability company interest in the Company and the rights attached to the Membership Interest(s) including the right to vote on Company matters, receive information concerning the business and affairs of the Company, and to receive distributions pursuant to this Agreement.

ee. <u>Notice</u>. Notice shall have the meaning as described in Section 15.6(c).

ff. <u>Partnership Representative</u>. Partnership Representative shall have the meaning as described in Section 1.8.

gg. <u>Person(s)</u>. Person(s) shall mean an individual, partnership, joint venture, corporation, limited liability company, trust or unincorporated organization, a government or any department, agency, or political subdivision thereof, or any other entity.

hh. <u>Profits and Losses</u>. Profits and Losses mean, for each fiscal year, an amount equal to the Company's taxable income or loss for such year, respectively, determined in accordance with Internal Revenue Code § 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Internal Revenue Code § 703(a)(1) shall be included in taxable income or loss), 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 income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or 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;ii. Any expenditures of the Company described in Internal Revenue Code § 705(a)(2)(B) or treated as Internal Revenue Code § 705(a)(2)(B) expenditures pursuant to Regulations § 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits and Losses shall be subtracted from such taxable income or 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. In the event the Gross Asset Value of any Profit is adjusted pursuant to this Agreement, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits and Losses;

&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. Gain or loss resulting from any disposition of Company Assets with respect to which gain, or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 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;v. Notwithstanding any other provision of this Agreement, any items which are specifically allocated pursuant to this Agreement shall not be taken into account in computing Profits and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Re</u>g<u>ulations</u>. Regulations mean the Treasury Regulations of the United States.

jj. <u>Required Interest</u>. Required Interest means the vote or consent of greater than fifty percent (>50%) of the Units entitled to vote.

kk. <u>Reviewed Year</u>. Reviewed Year refers to the taxable year to which an item being adjusted, or that requires adjustment, relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. <u>Securities Act</u>. Securities Act means the Securities Act of 1933, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. <u>Transfer</u>. Transfer means, as a noun, any voluntary or involuntary transfer, sale, pledge, hypothecation, or other disposition, and, as a verb, to transfer, sell, pledge, hypothecate, or otherwise dispose of voluntarily or involuntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. <u>Unit(s)</u>. Unit(s) means whole units of Membership Interest in the Company that are purchased by investors or otherwise issued to Persons, as decided in the sole discretion of the Manager and subject to this Agreement. Investors purchasing Units must be accepted as Members of the Company before becoming Unit holders in the Company.

nn. <u>Unreturned Capital Contribution</u>. Unreturned Capital Contributions means, regarding a Member, all capital contributed by such Member less any amounts returned to such Member from a Capital Transaction.

**ARTICLE 3.** 

**Capitalization of the Company**

**Section 3.1 <u>Source of Funding</u>**

On behalf of the Company, the Manager may, at its sole discretion, issue Units and determine the consideration to be received by the Company for such Units, and use debt and/or other alternative financing to fund its capital needs. If the Manager obtains additional debt or alternative financing, or the Company's capital needs are reduced, the offering amount pursuant to any confidential private placement memorandum, an offering pursuant to Regulation A, or any other similar offering and the number of Units to be issued by the Company may be reduced by the Manager in its sole discretion.

**Section 3.2 <u>Issuance of Units</u>**

The Company is authorized to issue an unlimited amount of Units of Membership Interest. The relative rights, powers, preferences, duties, liabilities, and obligations of the holders of the Units will be as set forth herein.

The Manager shall at all times keep a ledger (the "Company Ledger") of the Members, setting forth the number of Units and percentage interest held by each Member. The Company Ledger will be amended from time to time by the Manager (or an Officer designated by the Manager) to the extent necessary to reflect accurately the admission of new Members, an adjustment in the number of Units issued or owned in accordance with this Agreement, or other events making an amendment to the same necessary or appropriate.

All Members will be bound by the requirements of any legend which would appear on a certificated version of the Units, to the extent that such legends are applicable as determined by the Manager in its sole discretion. Upon a registration of any Units, any certificate representing such Units will be replaced, at the expense of the Company, with certificates bearing only a legend referring to this Agreement to the extent still applicable.

The Manager may amend this Section at any time to provide for the issuance and creation of additional classes of Units without the vote or consent of the Members, *provided*, *however*, that such amendment will not subject any Member to any material, adverse economic consequences. Issued Units shall be set forth in the list of Members maintained by the Company or its transfer agent.

**Section 3.3 <u>Capital Contribution Obligations</u>**

A Member or prospective member's promise to make a Capital Contribution to the Company is enforceable if in writing and signed by the Person making the promise and shall be enforceable against the Member's heirs, legal representatives, or successors without regard to death, disability, or other changed circumstances of the Member. A prospective member whose subscription documents have been accepted and approved by the Manager shall not be deemed admitted as a Member unless/until such investor's Capital Contribution is received by the Company.

**Section 3.4 <u>Additional Capital Contributions</u>**

Additional Capital Contributions may not be required.

**Section 3.5 <u>Capital Accounts</u>**

A separate Capital Account shall be maintained for each Member in accordance with the applicable provisions of the Regulations.

Each Member's Capital Account shall be credited with such Member's Capital Contributions, such Member's share of Profits allocated to such Member in accordance with the provisions of this Agreement, any items in the nature of income or gain that are specifically allocated, and the amount of any Company liabilities that are assumed by such Member or that are secured by any Company Assets distributed to such Member.

Each Member's Capital Account shall be debited by the amount of cash distributed to such Member in accordance with this Agreement, the value of the Member's allocated share of Losses, the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company, and any items in the nature of deductions or depreciation that are specifically allocated.

The Manager shall maintain a correct record of all the Members and their Units, together with amended and revised schedules of ownership caused by changes in the Members and changes in Units.

**ARTICLE 4.** 

**Distributions and Allocations**

**Section 4.1 <u>Distributions</u>**

The Company intends to make distributions of Distributable Cash upon its receipt of any distributions from Main & Main as a result of its Main & Main Unit holdings. Notwithstanding the foregoing, the Company shall make distributions of Distributable Cash, if any, as follows:

*First*, to the Members in proportion to their respective allocations of estimated taxable income of the Company for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to the Unit holders to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such Unit holders;

*Second*, to the Members, pro rata, in accordance with their Unit holdings as set forth on the Company Ledger.

**Section 4.2 <u>[Reserved]</u>**

[*Reserved*]

**Section 4.3 <u>Allocation of Profits and Losses</u>**

Except as otherwise provided in this Agreement, Profits and Losses (including individual items of profit, income, gain, loss, credit, deduction and expense) of the Company will be allocated among the Members in a manner such that the Capital Account balance of each Member, immediately after making that allocation, is, as nearly as possible, equal (proportionately) to the distributions that would be made to that Member pursuant to Section 12.4 if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Fair Market Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Fair Market Value of the assets securing that liability), and the net assets of the Company were distributed in accordance with Section 12.4 to the Members immediately after making that allocation, adjusted for applicable special allocations, computed immediately prior to the hypothetical sale of assets.

In the event that Members are issued Units on different dates, the Profits or Losses allocated to the Members for each Fiscal Year during which Members receive Units will be allocated among the Members in accordance with Section 706 of the Code, using any convention permitted by law and selected by the Manager. For purposes of determining the Profits, Losses and individual items of income, gain, loss credit, deduction and expense allocable to any period, Profits, Losses and any other items will be determined on a daily, monthly or other basis, as determined by the Manager using any method that is permissible under Section 706 of the Code and the Treasury Regulations. Except as otherwise provided in this Agreement, all individual items of Company income, gain, loss and deduction will be divided among the Members in the same proportions as they share Profits and Losses for the Fiscal Year or other period in question.

Allocation of Profits and Losses may be modified by subsequent agreement to conform to adjustments made to the Membership Interests because of loans to the Company converted to contributions to capital, any non-uniform distributions of cash, and any liquidating distributions.

**Section 4.4 <u>Special Allocations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Q<u>ualified Income Offset</u>. If a Member, or applicable Assignee, unexpectedly receives any adjustments, allocations, or distributions described in Regulations §§ 1.704-1(b)(2)(ii)(d)(4)-(d)(6), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to each such Person in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Capital Account of such Person as quickly as possible, provided that an allocation pursuant to this Section shall be made only if and to the extent that such Person would have a negative Capital Account after all other allocations provided for in this Article 4 have been tentatively made as if this Section were not in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Section 704(c) Allocations</u>. In accordance with Internal Revenue Code § 704(c) and the applicable Regulations issued pursuant to Internal Revenue Code § 704(c), income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members, or applicable Assignees, so as to take into account any variation between the adjusted basis of such property to the Company for federal income tax purposes and initial Gross Asset Value of such property. In the event the Gross Asset Value of any Company Asset is adjusted pursuant to this Agreement, subsequent allocations of income, gain, loss, and deduction with respect to such property shall take into account any variation between the adjusted basis of such property for federal income tax purposes and Gross Asset Value of such property in the same manner as under Internal Revenue Code § 704(c) and the Regulations. Any elections or other decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects the purpose of this Agreement. Allocations made pursuant to this Section 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 Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Minimum Gain Char</u>g<u>eback</u>. Notwithstanding anything to the contrary in this Agreement, Profits and Losses shall be allocated as though this Agreement contained (and therefore is hereby incorporated herein by reference) minimum gain chargeback and partner minimum gain chargeback provisions, which comply with the requirements of Regulations § 1.704-2. For purposes of applying the minimum gain chargeback, non-recourse deductions for any taxable year shall be specially allocated among the Members, or applicable Assignees, in the same proportions that Losses for any such year would be allocated under Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Allocations in Event of Re-characterization</u>. If transactions between the Company and Members, or applicable Assignees, are re-characterized, imputed, or otherwise treated in a manner the effect of which is to increase or decrease the Profits or Losses of the Company, and correspondingly decrease or increase the taxable income, deduction, or loss of one or more Members or applicable Assignees, the allocations set forth in this Article shall be adjusted to eliminate, to the greatest extent possible, the consequences of such re-characterization or imputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Other Allocations</u>. The Manager shall make such other special allocations as are required in order to comply with any mandatory provision of the Regulations or to reflect a Member's or applicable Assignee's economic interest in the Company, determined with reference to such Person's right to receive distributions from the Company.

**Section 4.5 <u>Imputed Underpayments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Modifications of Imputed Underpayments</u>. Other than as is otherwise expressly stated in this Agreement, the Manager may make any request for modifications of an "imputed underpayment" to the IRS, or cause the Partnership Representative or other Person to make any such request for any such modification, under the Internal Revenue Code as the Manager deems to be in the best interests of the Company, even if such an election has a negative effect on the Capital Account of one or more current or former Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Election in the Event of an Imputed Underpayment</u>. In the event that the IRS determines that there is one or more "imputed underpayments" for any taxable year, then the Partnership Representative is hereby expressly authorized and directed to make an election under § 6226 under the Internal Revenue Code as set forth in the rules released on January 2, 2018, or their successors or replacements, without the vote or consent of the Members, within forty-five (45) days of the date the respective final partnership adjustment is mailed to the Company. In the event that the Partnership Representative chooses to make such an election, each Member's share of the adjustment shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. For an adjustment that involves the allocation of an item to a specific Member or former Member or in a specific manner, including a reallocation of an item, each Member's or former Member's share of the adjustment, and any amounts attributable to such adjustment, shall be the total amount of the item that should have been allocated in the Reviewed Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For all other adjustments, the total adjustment, and any amounts attributable to such adjustment, shall be allocated as such items should have been allocated as described in Section 4.4, and any other applicable provisions of this Agreement, in the Reviewed Year.

**ARTICLE 5. <br> MANAGEMENT of the Company**

**Section 5.1 <u>General Authority of the Manager</u>**

Subject to the specific rights given the Members in this Agreement, all decisions respecting any matter affecting or arising out of the conduct of the business of the Company shall be made by the Manager, who shall have the exclusive right and full authority to manage, conduct, and operate the Company's business.

The Manager shall direct, manage, and control 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 such Manager may deem to be reasonably required to accomplish the purpose of the Company. However, the Manager shall not have the authority to take any action requiring the approval of the Members as set forth in Section 7.7.

The Manager shall manage and administer the Company according to this Agreement and shall perform all duties prescribed for a manager by the Act.

**Section 5.2 <u>Actions of the Manager</u>**

If there is more than one Manager serving, all decisions requiring action of the Managers or relating to the business, or affairs of the Company shall be decided by the affirmative vote or consent of a majority of the Managers.

On any matter that is to be voted on by Managers, a Manager may vote in person or by proxy, and such proxy may be granted in writing, by means of electronic transmission or as otherwise permitted by applicable law. Every proxy shall be revocable in the discretion of the Manager executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such revocation.

Any action of the Managers may be taken without a meeting if either (a) a written consent of a majority of the Managers shall approve such action; provided, that prior written notice of such action is provided to all Managers at least one (1) day before such action is taken, or (b) a written consent constituting all of the Managers shall approve such action. Such consent shall have the same force and effect as a vote at a meeting and may be stated as such in any document or instrument filed with the Secretary of State of Delaware

**Section 5.3 <u>Authority to Make or Terminate Tax Elections</u>**

The Manager may, but shall not be required to, cause the Company to make or terminate any elections applicable to the Company for federal and state income tax purposes, as the Manager deems to be in the best interests of the Members and the Company, without prior Notice to any Member. Such elections shall include, but are not limited to, an optional adjustment to basis election under § 754 of the Internal Revenue Code relating to distributions of Company Assets in a manner provided for in § 734 of the Internal Revenue Code and, in the case of a Transfer of a Unit, in a manner provided for in § 743 of the Internal Revenue Code.

Upon the addition of any new Manager, or a change in the ownership of or Persons having management authority over an existing Manager, exercising the § 754 election under the Internal Revenue Code shall require the unanimous consent of all the Members entitled to vote.

**Section 5.4 <u>Authorization to Execute Certain Instruments</u>**

With respect to all of their obligations, powers, and responsibilities under this Agreement, the Manager is authorized to execute and deliver, for and on behalf of the Company, such notes and other evidence of indebtedness, contracts, agreements, assignments, deeds, leases, loan agreements, mortgages, and other security instruments and agreements in such form, and on such terms and conditions, as the Manager in its sole discretion deems proper.

**Section 5.5 <u>Delegation to Agent</u>**

The Manager may delegate or proxy to any agent the power to exercise any or all powers granted to such Manager as provided in this Agreement, including those that are discretionary, if allowed by law. The delegating Manager may terminate any delegation at any time. The delegation of any such power, as well as the revocation of any such delegation, shall be evidenced by an instrument in writing executed by the delegating Manager.

**Section 5.6 <u>Officers</u>**

The Manager is authorized to appoint one or more officers from time to time and to delegate authority thereto. The officers shall hold office until their successors are chosen and qualified. Subject to any employment agreement entered into between the officer and the Company, an officer shall serve at the pleasure of the Manager.

**Section 5.7 <u>Express Powers of the Manager</u>**

Without limiting the authority set forth in Section 5.1, the Manager shall have power and authority on behalf of the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Issue Units and determine the consideration to be received for any such Units in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchase Company Assets in the name of the Company and sell Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Borrow money on behalf of the Company from banks, investors, Members, other lenders, or Affiliates thereof on such terms as the Manager may deem appropriate, and to hypothecate, encumber, and grant security interests in Company Assets for the sole purpose of securing repayment of such borrowed sums. No debt or other obligation shall be contracted, or liability incurred, by or on behalf of the Company except by the Manager, and in no event shall any debt call for the individual guarantee of any Member unless otherwise agreed upon in writing by such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Execute on behalf of the Company all instruments and documents, including, without limitation: checks; drafts; loan agreements, notes, and other negotiable instruments; guarantee agreements; mortgages or deeds of trust; security agreements; financing statements; joint-ownership agreements, if any, relating to the management of the Company Assets; documents providing for the acquisition, financing, refinancing, or disposition of the Company Assets; assignments; bills of sale; leases; and any other instruments or documents necessary, in the opinion of the Manager, to the business of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Amend this Agreement pursuant to Section 14.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Purchase liability and other insurance to protect the Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Open financial accounts in the name of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Disburse Distributable Cash, invest Capital Contributions, and pay fees and expenses as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ, contract with, and/or dismiss agents, employees, contractors, brokers, accountants, legal counsel, managing agents, or other Persons to perform services for the Company and to compensate such Persons from Company funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Institute, prosecute, defend, settle, compromise, and dismiss actions or proceedings brought by, on behalf of, or against the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Do and perform all other acts as may be necessary or appropriate to conduct the Company's business.

**Article 6.<br> The Manager**

**Section 6.1 <u>The Manager</u>**

The Manager shall manage and administer Company Assets and perform all other duties prescribed for a manager by the Act. The Company must have at all times at least one Manager. No other Person shall have any right or authority to act for or bind the Company except as permitted in this Agreement or as required by law. The Manager shall have no personal liability for the obligations of the Company.

**Section 6.2 <u>Extent and Scope of Services</u>**

During the existence of the Company, the Manager shall devote such time and effort to the Company's business as the Manager, in its sole discretion, determines to be necessary to promote adequately the interest of the Company and the mutual interest of the Members.

It is specifically understood and agreed that the Manager and its Affiliates shall not be required to devote full time to the Company's business.

The Manager and any of the Manager's Affiliates may engage in and possess interests in other business ventures of any and every type or description, independently or with others. Neither the Company nor any Member shall have any right, title, or interest in or to such independent ventures of the Manager. The Manager and the Manager's Affiliates may compete with the Company through any such independent venture, without liability to the Company for so doing.

Notwithstanding any fiduciary duty owed by the Manager to the Company or the Members, the Manager is under no obligation to present any investment opportunity to the Company, even if such opportunity is of a character that, if presented to the Company, could be taken by the Company for its own account.

**Section 6.3 <u>Employment of Professionals</u>**

The Company may employ such brokers, agents, accountants, attorneys, and other advisors as the Manager may determine to be appropriate for the Company's business. The Company may employ Affiliated or unaffiliated service providers as necessary or convenient to facilitate the operations of the Company. Alternatively, the Manager may elect to provide such services to the Company using its own in-house personnel. Any such services provided by the Manager, or its Affiliates, will be compensated for at reasonable commercial rates.

**Section 6.4 <u>Voluntary Withdrawal of a Manager</u>**

A Manager of the Company may resign at any time by giving written Notice to all of the Members of the Company; however, this may require approval of a lender if the loan was conditioned on the qualifications of said Manager. The resignation of a Manager shall take effect ninety (90) days after receipt of Notice thereof or at such other time as shall be specified in such Notice or otherwise agreed between the Manager and Members. The acceptance of such resignation shall not be necessary to make it effective.

**Section 6.5 <u>Removal of a Manager</u>**

A Manager may be removed for Good Cause by Members holding seventy-five percent (75%) of the Units. For purposes of the foregoing, "Good Cause" means that the Manager conducted itself on behalf of the Company in a manner that (i) constitutes gross negligence or willful misconduct, and (ii) has a material, adverse effect on the Company. In the event the Members vote to remove a Manager for Good Cause, the Manager shall have the right to submit the question of whether sufficient grounds for removal exist to binding arbitration to be conducted as further described in the Agreement.

If a Manager is removed for Good Cause, its rights to any Units it holds will be unaffected including its right to vote and receive Distributable Cash pursuant to Section 4 above. No Member, including the Manager, if applicable, will have any special right to withdraw upon a removal of a Manager.

In the event that a Manager or its principal is guarantying any loan on behalf of the Company, applicable lenders' consent shall be required prior to any act to remove the Manager.

**Section 6.6 <u>[Reserved]</u>**

[*Reserved*]

**Section 6.7 <u>Additional Managers</u>**

At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, Members holding fifty percent (50%) of the Units shall, within ninety (90) days after the date such last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager will automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.

**Article 7.<br> The Members**

**Section 7.1 <u>Member Identification</u>**

All Members of the Company and their Units shall be kept on a list maintained by the Company or its transfer agent, which shall be updated from time to time as necessary to accurately reflect the information contained therein.

**Section 7.2 <u>Limited Liability of Members</u>**

No Member shall be required to make any contribution to the capital of the Company for the payment of any Losses or for any other purposes; nor shall any Member be responsible or obligated to any third party for any debts or liabilities of the Company in excess of the sum of that Member's total Capital Contribution and share of any undistributed Profits of the Company. However, a member may be liable for any distributions made to the member if, after such distribution, the remaining assets of our Company are not sufficient to pay its then outstanding liabilities. The members will not be personally liable for the expenses, liabilities, or obligations of our Company.

**Section 7.3 <u>[Reserved]</u>**

[*Reserved*]

**Section 7.4 <u>Limited Right to Withdraw for a Member</u>**

No Member shall have the right to withdraw from the Company or to receive a return of any of its contributions to the Company until the Company is terminated and its affairs wound up, according to the Act and the Agreement, unless otherwise approved by the Manager.

**Section 7.5 <u>[Reserved]</u>**

[*Reserved*]

**Section 7.6 <u>[Reserved]</u>**

[*Reserved*].

**Section 7.7 <u>Voting</u>**

The Members shall be entitled to vote on: (1) any matter which the Company is entitled to vote on as a holder of the Main & Main Units that it will acquire with the net proceeds from the sale of the Units in the Company's planned Tier 2 Regulation A Offering of its Units, and (2) any matter which is specified in this Section 7.7 or elsewhere in this agreement.

For any matter on which the Company is entitled to vote by virtue of its holdings in Main & Main Units, the Manager shall call a vote of the Members, and will vote its Main & Main Unit holdings in accordance with the will of a majority of the issued and outstanding Units entitled to vote on such matter.

For each matter which the Members are entitled to vote according to this Agreement, each Member shall be entitled to cast one vote in respect of each Unit held: (a) on the date that is seven (7) days prior to the record date of such vote; or (b) such date that is necessary for the Company's compliance with the federal securities laws with respect to any Member notice requirements for such vote. The record date of any vote taken pursuant to this Section 7.7 shall be set by the Manager at its sole discretion.

The Members of the Company are entitled to vote on the matters discussed in this Section 7.7 and pursuant to Sections 6.5, 6.7, 8.2, 12.1(a), 12.1(c), 12.4, and 14.3.

**Article 8.<br> Meetings and Notice**

**Section 8.1 <u>Annual Meetings</u>**

No annual meeting of the Manager or the Members is required.

**Section 8.2 <u>Special Meetings</u>**

Special meetings of the Members or Manager may be called by the Manager or by Members holding at least ten percent (10%) of the total outstanding Units. Special meetings of the Members or Manager shall be called upon delivery to the Members and Manager of a Notice of a special meeting given in accordance with Section 8.3.

**Section 8.3 <u>Notice of Meetings</u>**

At least ten (10), but no more than sixty (60), days before the date of a meeting, the Company shall deliver a Notice stating the date, time, and place of any meeting of the Members or Manager, and a description of the purposes for which the meeting is called, to each Manager and each Member entitled to vote at the meeting, at such address as appears in the records of the Company.

**Section 8.4 <u>Waiver of Meeting Notice</u>**

A Member or Manager may waive notice of any meeting, before or after the date and time of the meeting as stated in the Notice, by delivering a signed waiver to the Company for inclusion in the minutes. A Member's or Manager's attendance at any meeting, in person or by proxy, waives objection to lack of notice or defective notice of the meeting, unless the Member or Manager, at the beginning of the meeting, objects to holding the meeting or transacting business at the meeting. A Member or Manager waives objection to consideration of a particular matter at the meeting that is not within the purposes described in the meeting Notice, unless the Member or Manager objects to considering the matter when it is presented.

**Section 8.5 <u>Voting by Proxy</u>**

A Member or Manager may appoint a proxy to vote or otherwise act for such Member or Manager pursuant to a written appointment executed by the Member or Manager or such Persons duly authorized as attorney-in-fact. An appointment of a proxy is effective when received by the secretary or other officer or agent of the Company authorized to tabulate votes. The general proxy of a fiduciary is given the same effect as the general proxy of any other Member or Manager. A proxy appointment is valid for an unlimited term unless otherwise expressly stated in the appointment form or unless such authorization is revoked by the Member or Manager who issued the proxy.

**Section 8.6 <u>Action by Consent</u>**

Any action required or permitted to be taken at a meeting of the Members or Manager may be taken without a meeting if the action is taken by Members holding sufficient voting Units, or Manager with sufficient authority, to vote on the action. The action must be evidenced by one or more written consents describing the action taken, which consents, in the aggregate, are signed by sufficient Membership Interests entitled to vote on the action and delivered to the Company for inclusion in the minutes.

**Section 8.7 [<u>Reserved]</u>**

[*Reserved*]

**Section 8.8 <u>Presence</u>**

Any or all the Members or the Manager may participate in any meeting of the Members by, or through the use of, any means of communication by which all the Members and Manager participating may simultaneously hear each other during the meeting. A Member or Manager so participating is deemed to be present in person at the meeting.

**Section 8.9 <u>Conduct of Meetings</u>**

At any meeting of the Members or Manager, the Manager shall preside at the meeting and shall appoint a Person to act as secretary of the meeting. The secretary of the meeting shall prepare the minutes of the meeting, which shall be placed in the minute books of the Company.

**Article 9.<br> Books, Records and Bank Accounts**

**Section 9.1 <u>Books and Records</u>**

The Manager shall keep books of account with respect to the operation of the Company. Such books shall be maintained at the principal office of the Company, or at such other place as the Manager may determine.

**Section 9.2 <u>Access to Information</u>**

Subject to the provisions of this Section, each Member (and/or its designee) may examine and audit the Company's books, records, accounts, and assets at the principal office of the Company, or such other place as the Manager may specify, during usual business hours, subject to such reasonable restrictions as may be imposed by the Manager. All expenses attributable to any such examination or audit shall be borne by such Member.

An Assignee has no right to information regarding the Company. Though Assignees are not entitled to information, if they have or acquire information, they are subject to the confidentiality provisions of this Article, as those provisions apply to the Members.

**Section 9.3 <u>Confidential Information</u>**

The Members acknowledge that they may receive information regarding the Company in the form of trade secrets or other information that is confidential, the release of which may be damaging to the Company or to Persons with whom it does business.

Each Member shall hold in strict confidence any information it receives regarding the Company that is identified as being, or reasonably understood to be, confidential and may not disclose it to any Person other than another Member, except for disclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. compelled by law, but the Member must notify the Manager promptly of any request for that information before disclosing it, if practicable, to allow the Manager the opportunity to seek a protective order from a court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to advisers or representatives of the Member, but only if they have also agreed to be bound by the provisions of this Section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. of information that the Member has received from a source independent of the Company, which the Member reasonably believes it obtained without breach of any obligation of confidentiality.

**Section 9.4 <u>Accounting Basis and Fiscal Year</u>**

The books of accounts of the Company shall be kept using appropriate accounting methods, as determined by the Manager, unless otherwise required by law, and shall be closed and balanced at the end of each Company year. The fiscal year of the Company shall end on December 31st of each year.

**Section 9.5 <u>Reports</u>**

Within 120 calendar days after the end of the fiscal year and 90 calendar days after the end of the semi-annual reporting date, the Manager will use its commercially reasonable efforts to circulate to each Member electronically by e-mail or made available via an online platform a financial statement prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement and a cash flow statement and confirmation of the number of Units outstanding as of the end of the most recent fiscal year; provided, that notwithstanding the foregoing, if the Company is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section 9.5 and no further or earlier financial reports shall be required to be provided to the Members.

The Manager shall use commercially reasonable efforts to cause the Company to furnish to each of the Members within seventy-five (75) days after the end of each calendar year, all information related to the Company necessary for the preparation of the Members' federal and state income tax returns. All financial statements and reports shall be prepared at the expense of the Company.

**Section 9.6 <u>Bank Accounts and Company Funds</u>**

All funds of the Company shall be held in a separate bank account in the name of the Company, as determined by the Manager. All accounts used by or on behalf of the Company shall be and remain the property of the Company, and shall be received, held, and disbursed by the Manager for the purposes specified in this Agreement.

**Article 10.<br> Internal Dispute Resolution Procedure**

ALL PROSPECTIVE MEMBERS SHOULD CAREFULLY READ THIS ENTIRE ARTICLE 10 TO ENSURE THAT THEY UNDERSTAND THAT BY SIGNING THIS AGREEMENT THEY ARE GIVING UP THE RIGHT TO TRIAL AND REIMBURSEMENT OF EXPENSES RELATED TO ANY DISPUTE. THE PRIMARY PURPOSE OF THIS ARTICLE IS TO PROTECT THE MEMBERS AND THEIR RESPECTIVE INVESTMENTS IN THE COMPANY.

**Section 10.1 <u>Introduction</u>**

In the event of a dispute, claim, question, or disagreement between the Members or between the Manager and one or more Members arising from or relating to this Agreement, the breach thereof, the sale of Units, or any associated transaction (hereinafter "Dispute"), the Manager and the Members hereby agree to resolve such Dispute by strictly adhering to the dispute resolution procedure provided in this Article. The provisions of Article 10 will not apply to claims under the Securities Act or Securities Exchange Act of 1934, as amended ("Exchange Act").

**Section 10.2 <u>Notice of Disputes</u>**

The aggrieved party must send written Notice of a Dispute to the Manager.

**Section 10.3 <u>Negotiation of Disputes</u>**

The parties hereto shall use their best efforts to settle any Dispute. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to all parties. If, within a period of ninety (90) days after written Notice of such Dispute has been served by either party on the other, the parties have not reached a negotiated solution, then upon further Notice by either party, the Dispute shall be submitted to mediation administered by the American Arbitration Association ("AAA") in accordance with the provisions of its commercial mediation rules. The onus is on the aggrieved party to initiate each next step in this dispute resolution procedure as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Tiebreaker Provision</u>. If the disputing parties are unable or unwilling to attempt a negotiated agreement on their own within thirty (30) days of Notice of the Dispute, they shall appoint a mutually acceptable neutral party who shall be either an attorney or CPA licensed in Delaware, familiar with the Securities Act and the Act to review the facts surrounding the Dispute and offer a nonbinding tiebreaking vote and/or proposed resolution. All costs and fees for such informal resolution shall be split equally between the parties to the dispute.

**Section 10.4 <u>General Provisions for Alternative Dispute Resolution</u>**

On failure of negotiation and mediation, as a last resort, binding arbitration shall be used to ultimately settle the Dispute. The following provisions shall apply to any subsequent mediation or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Preliminary Relief.</u> Any party to the Dispute may seek preliminary relief at any time after negotiation described above has failed, but prior to arbitration, under the "Optional Rules for Emergency Measures of Protection of the AAA Commercial Arbitration Rules and Mediation Procedures." The AAA case manager may appoint an arbitrator who will hear only the preliminary relief issues without going through the arbitrator selection process described in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Consolidation</u>. Identical or sufficiently similar Disputes presented by more than one Member may, at the option of the Manager, be consolidated into a single negotiation, mediation, and/or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Location of Mediation or Arbitration</u>. Any mediation or arbitration shall be conducted in the venue set forth in Section 10.8, and each party to such mediation or arbitration must attend in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Attorney Fees and Costs</u>. Each party shall bear its own costs and expenses (including its own attorneys' fees) and an equal share of the mediator or arbitrators' fees and any administrative fees, regardless of the outcome.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Maximum Award</u>. The maximum amount a party may seek during mediation or be awarded by an arbitrator is the amount equal to the party's Capital Contributions and any Distributable Cash or interest to which the party may be entitled. An arbitrator will have no authority to award punitive or other damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>AAA Commercial Mediation or Arbitration Rules</u>. Any Dispute submitted for mediation or arbitration shall be subject to the AAA's commercial mediation or arbitration rules. If there is a conflict between these rules and this Article, this Article shall be controlling.

**Section 10.5 <u>Mediation</u>**

Any Dispute that cannot be settled through negotiation as described in this Article may proceed to mediation. The parties shall try in good faith to settle the Dispute by mediation, which each of the parties to the Dispute must attend in person, before resorting to arbitration. If, after no less than three (3) face-to-face mediation sessions, mediation proves unsuccessful at resolving the Dispute, the parties may then, and only then, resort to binding arbitration as described in Section 10.6.

If the initial mediation(s) does not completely resolve the Dispute, any party may request, for good cause (which shall be specified in writing) a different mediator for subsequent mediation(s) by serving Notice of the request on the other parties for approval. If good cause exists, such request shall not be unreasonably denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Mediator</u>. The complaining party shall submit a request for mediation to the AAA. The AAA will appoint a qualified mediator to serve on the case. The parties will be provided with a biographical sketch of the mediator. The parties are instructed to review the sketch closely and advise the AAA of any objections they may have to the appointment in writing within five (5) days of receipt. If no objections are received within this timeframe, the mediator shall be deemed acceptable, and mediation scheduled as soon as possible thereafter.

The preferred mediator shall have specialized knowledge of securities law, unless the dispute pertains to financial accounting issues, in which case the arbitrator shall be a certified public accountant, or if no such Person is available, shall be generally familiar with the subject matter involved in the Dispute. If the parties are unable to agree on the mediator within thirty (30) days of the request for mediation, the AAA case manager will make an appointment.

**Section 10.6 <u>Arbitration</u>**

Any Dispute that remains unresolved after good faith negotiation and three (3) failed mediation sessions shall be settled by binding arbitration. Judgment on the award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Arbitrator</u>. Prior to arbitration, the complaining party shall cause the appointment of an AAA case manager by filing of a claim with the AAA along with the appropriate filing fee and serving it on the defending party. The AAA case manager shall provide each party with a list of proposed arbitrators who meet the qualifications described below, or if no such Person is available, are generally familiar with the subject matter involved in the Dispute. Each side will be given a number of days to strike any unacceptable names, number the remaining names in order of preference, and return the list to the AAA. The AAA case manager shall then invite Persons to serve from the names remaining on the list, in the designated order of mutual preference. Should this selection procedure fail for any reason, the AAA case manager shall appoint an arbitrator as provided in the applicable AAA Commercial Arbitration Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Q<u>ualifications of Arbitrator</u>. The selected arbitrator shall have specialized knowledge of securities law, unless the dispute pertains to financial accounting issues, in which case the arbitrator shall be a certified public accountant. Further, the selected arbitrator must agree to sign a certification stating that he/she has read this Agreement and all of the documents relevant to this Agreement in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Limited Discover</u>y. Discovery shall be limited to only this Agreement and those documents pertaining to this Agreement, any written correspondence between the parties, and any other documents specifically requested by the arbitrator as necessary to facilitate his or her understanding of the Dispute. The parties may produce witnesses for live testimony at the arbitration hearing at their own expense. A list of all such witnesses and complete copies of any documents to be submitted to the arbitrator shall be served on the arbitrator and all other parties within forty-five (45) days of the arbitration hearing, at the submitting party's expense.

**Section 10.7 <u>Maintenance of the Status Quo</u>**

Unless preliminary relief has been sought and granted pursuant to Section 10.4(a) above, while a Dispute is pending, the Manager shall continue all operations and distributions of Distributable Cash in accordance with the provisions set forth in this Agreement as if the Dispute had not arisen, except that, a complaining Member's distributions shall be suspended and held in trust by the Manager pending the outcome of the Dispute.

**Section 10.8 <u>Venue</u>**

Venue for any Dispute arising under this Agreement or any Disputes among any Members or the Company shall be in the county of the principal office of the Company.

**ARTICLE 11<br> TRANSFERS AND MEMBER ADMISSIONS**

**Section 11.1 <u>Assignee Interest Transferred</u>**

The transferee of a Unit will be an Assignee until such time as the Assignee satisfies the requirements of Section 11.5 to become a Member. Until such time as an Assignee is admitted as a Member, such Assignee shall have only those rights set forth in Section 11.2 of this Agreement.

An Assignee must execute, acknowledge, and deliver to the Company a written acceptance and adoption of this Agreement by the Assignee and execute, acknowledge, and deliver to the Manager a power of attorney in the form approved by the Manager.

**Section 11.2 <u>Rights of an Assignee</u>**

If an Assignee is not admitted as a Member because of the failure to satisfy the requirements of Section 11.5, such Assignee shall nevertheless be entitled to receive such distributions from the Company as the transferring Member would have been entitled to receive under this Agreement had the transferring Member retained such Units.

Assignees shall have no other rights of the Members, including voting rights and access to Company records and information. Members have legal and economic rights, while Assignees only have the right to receive economic benefits.

**Section 11.3 <u>Assignee to Assume Tax Liability</u>**

The Assignee of a Unit, as well as any Person who acquires a charging order against a Unit, shall report income, gains, Losses, deductions, and credits with respect to such Unit for the period in which the Assignee interest is held or for the period the charging order is outstanding. The Manager shall deliver to the Assignee or the holder of such charging order, as the case may be, all tax forms required to be delivered to the Members generally indicating that the income from such Unit has been allocated to the holder of the Assignee interest or the holder of the charging order.

**Section 11.4 <u>Admission of Members</u>**

The Company may, from time to time, admit Assignees of Units from Members as Additional Members, with consent from the Manager.

**Section 11.5 <u>Admission Procedure</u>**

No Person shall be admitted as a Member unless such Person executes, acknowledges, and delivers to the Company such instruments as the Manager may deem necessary or advisable to effect the admission of such Person as an Additional Member, including, without limitation, the written acceptance and adoption by such Person of the provisions of this Agreement, the power of attorney in the form approved by the Manager, pertinent tax information, as well as any amendments to this Agreement and attorneys' fees and costs necessitated by the admission of such Additional Member.

**Section 11.6 <u>Restrictions on Transfer</u>**

Units, or any interest thereof, may not be the subject of any assignment, pledge, mortgage, hypothecation, gift, sale, resale, or other disposition or encumbrance (collectively, a "Transfer"), either to a prospective Assignee or prospective Member, unless the Units are subsequently registered under the Securities Act of 1933 and appropriate state securities laws, or unless, among other conditions set forth in this Agreement, an exemption from registration is available.

Further, no Transfers may be approved, Assignee rights granted, and/or Additional Members admitted unless the Transfer: (a) is approved by the Manager, which approval may be granted or withheld in its sole discretion and subject to such conditions as it may impose; (b) is evidenced by a written agreement, in form and substance satisfactory to the Manager, that is executed by the transferor, the transferee(s), and the Manager; (c) will not result in violation of the registration requirements of the Securities Act; (d) will not require the Company to register as an investment company under the Investment Company Act of 1940, as amended; (e) will not cause any Member to hold more than 19.9% of the Units, unless waived by the Manager, and (e) will not result in the Company being classified for United States federal income tax purposes as an association taxable as a corporation.

The transferor of any Units is required to reimburse the Company for any expenses reasonably incurred in connection with a Transfer, including any legal, accounting, and other expenses, regardless of whether such Transfer is consummated.

Upon the Manager's request, the transferor shall provide (or, if obtained by the Company, reimburse the Company for) a written opinion of counsel, in a form satisfactory to the Manager, to the effect that such Transfer: (a) will not result in a termination of the Company within the meaning of the Act or § 708(b) of the Internal Revenue Code; and (b) does not violate any applicable federal or state securities law.

The transferee of any Units in the Company that is admitted to the Company as a substitute Member shall succeed to the rights and liabilities of the transferor Member, and, after the effective date of such admission, the Capital Account of the transferor shall become the Capital Account of the transferee to the extent of the Units transferred.

**Section 11.7 <u>Non-Recognition of an Unauthorized Transfer or Assignment</u>**

Any attempted Transfer in violation of the provisions of this Agreement is void *ab initio*. The Company shall not be required to recognize the purported interest in the Company of any transferee or Assignee who has obtained such purported interest in the Units as a result of a Transfer that is not authorized by this Agreement. If the Transfer is in doubt, or if there is reasonable doubt as to who is entitled to a distribution of the income realized from a Unit or the interest of an Assignee, the Company may accumulate the income until this issue is finally determined and resolved. Accumulated income shall be credited to the Capital Account of the Member or Assignee whose interest is in question.

**Section 11.8 <u>Permitted Transfers</u>**

A Member may Transfer its Units without the consent of the Manager or any other Member to a trust for his or her benefit, to his or her spouse, to a trust for the benefit of his or her spouse, to his or her Immediate Family, or to a trust for the benefit of his or her Immediate Family, so long as the proposed Transfer does not: (a) cause the Company to terminate for federal income tax purposes; (b) result in any event of default as to any secured or unsecured obligation of the Company; (c) result in a violation of the Securities Act; (d) cause a reassessment of any Company Assets; or (e) cause any other material, adverse effect to the Company.

**Section 11.9 <u>Involuntary Transfers</u>**

Upon the death, disability, bankruptcy, insolvency, liquidation, or dissolution of a Member, the rights and obligations of that Member under this Agreement shall inure to the benefit of, and shall be binding upon, that Member's successor(s), estate, or legal representative, and each such Person shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

Upon the death or incapacity of an individual Member or holder of an Assignee interest, the personal representative of the individual Member or holder of such interest shall have the same rights, with respect to the Unit holder or Assignee's interest, as those held by the deceased or incapacitated person, for the purpose of settling or managing the Member's or holder's estate or affairs.

Upon any Transfer pursuant to any decree of divorce, dissolution, or separate maintenance, any property settlement, any separation agreement, or any other agreement with a spouse (excluding a permitted Transfer to Immediate Family as set forth in Section 11.8) under which any Units are awarded to the spouse of the Member, such transferee spouse shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

An Assignee of any Transfer under this Section shall be bound by all of the terms and conditions of this Agreement.

**Article 12.<br> Dissolution and Termination**

**Section 12.1 <u>Events of Dissolution</u>**

The Company shall be dissolved upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager may dissolve the Company once all Company Assets have been liquidated and all remaining Company Assets have been distributed to the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An affirmative vote of the Members holding seventy-five percent (75%) of the issued and outstanding Units dissolve the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The withdrawal of the Manager unless (i) the Company has at least one other Manager, or (ii) within ninety (90) days after the withdrawal, a Required Interest votes to continue the business of the Company and to appoint, effective as of the date of withdrawal, one or more additional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The withdrawal of all the Members, unless the Company is continued in accordance with the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company is to be dissolved upon the entry of a decree of judicial dissolution by a court of competent jurisdiction.

**Section 12.2 <u>Effective Date of Dissolution</u>**

Absent an election to continue the Company as provided in this Article, dissolution of the Company shall be effective on the date on which the event occurs giving rise to the dissolution, but the Company shall not be wound up until cancelation of the Company's Certificate of Formation and all remaining Company Assets have been distributed, as provided in this Agreement.

**Section 12.3 <u>Operation of the Company after Dissolution</u>**

During the period in which the Company is winding up, the business of the Company and the affairs of the Members shall continue to be governed by this Agreement.

**Section 12.4 <u>Liquidation of Company Assets</u>**

Upon dissolution of the Company, the Manager or, in the absence of a Manager, a liquidator appointed by a Required Interest, shall liquidate remaining Company Assets, apply, and distribute the proceeds derived from the liquidation of the remaining Company Assets as contemplated by this Agreement, and cause the cancellation of the Company's Certificate of Formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Payment of Company Creditors and Provision for Payment Reserves.</u> The proceeds derived from the liquidation of Company Assets shall first be applied toward or paid to any creditor of the Company who is not a Member. The order of priority of payment to any creditor shall be as required by applicable law. After payment of liabilities owing to creditors, excluding the Members, the Manager or liquidator shall set up such reserves as are deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Ability to Create an Escrow Account.</u> Any reserves for contingent liabilities may, but need not, be paid over by the Manager or liquidator to a bank to be held in escrow for the purpose of paying any such contingent or unforeseen liabilities or obligations. Following the expiration of such period as the Manager or liquidator may deem advisable, such remaining reserves shall be distributed to the Members or their assigns in the order of priority set forth in the provisions of this Agreement relating to distributions to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Distribution of Company Assets after the Payment of Liabilities and Establishment of Reserves</u>. After paying liabilities and providing for reserves, the Manager or liquidator shall satisfy any debts owed to the Members with the remaining net assets of the Company, if any, and then distribute any remaining assets to the Members, as set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Non-Cash Assets</u>. If any part of the net assets distributable to the Members consists of notes, real estate equity or interests, or other non-cash assets, the Manager or liquidator shall distribute any non-tangible property interests directly to the Members and may take whatever steps they deem appropriate to convert tangible property interests into cash or any other form to facilitate distribution. If any assets of the Company are to be distributed in kind, such assets shall be distributed on the basis of their fair market value at the date of distribution, as determined by the Manager or liquidator.

**Section 12.5 <u>Company Assets Sole Source</u>**

The Members shall look solely to Company Assets for the payment of any debts or liabilities owed by the Company to the Members and for the return of their Capital Contributions and liquidation amounts. If Company Assets remaining after the payment or discharge of all of its debts and liabilities to Persons other than the Members is insufficient to return the Members' Capital Contributions, the Members shall have no recourse against the Company, the Manager, or any other Members, except to the extent that such other Members may have outstanding debts or obligations owing to the Company.

**Section 12.6 <u>Sale of Company Assets during Term of the Company</u>**

The sale of Company Assets during the term of the Company shall not be considered a liquidation of the Company and therefore is not a dissolution and termination as defined under this Article.

**Article 13.<br> Indemnification**

**Section 13.1 <u>General Indemnification</u>**

The Manager, its Affiliates, and their respective officers, directors, agents, partners, members, managers, employees, and any Person the Manager designates as an indemnified Person (each, an "Indemnified Party") shall, to the fullest extent permitted by law, be indemnified on an after-tax basis out of Company Assets (and the Manager shall be entitled to grant indemnities on behalf of the Company, and to make payments out of the Company, to any Indemnified Party in each case in accordance with this Section) against any and all losses, claims, damages, liabilities, costs and expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements, and other amounts (collectively, "Liabilities") arising from any and all claims, demands, actions, suits, and proceedings, whether civil, criminal, administrative, or investigative, in which any Indemnified Party is or may be involved, or is threatened to be involved, as a party or otherwise, in connection with the investments and activities of the Company or by reason of such Person being a Manager, or agent of a Manager, of the Company.

However, no such Indemnified Party shall be so indemnified, with respect to any matter for which indemnification is sought, to the extent that a court of competent jurisdiction determines pursuant to a final and non-appealable judgment that, in respect of such matter, the Indemnified Party had (a) acted in bad faith or in the reasonable belief that the party's action was opposed to the best interests of the Company or constituted gross negligence or willful misconduct or breach of such party's fiduciary duty to the Company, if any, or (b) with respect to any criminal action or proceeding, had cause to believe beyond any reasonable doubt the party's conduct was criminal. An Indemnified Party shall not be denied indemnification in whole or in part under this Section because the Indemnified Party had an interest in the transaction with respect to which indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

**Section 13.2 <u>Tax Liability Indemnification</u>**

Each Member shall indemnify and hold harmless the Indemnified Parties from and against any and all Liabilities arising from any underpayment in any Member's taxes on any amounts distributed by the Company to such Member that results in one or more "imputed underpayments" as such term is defined by the IRS, even if such imputed underpayment is determined after the date the respective Member is no longer a Member of the Company. This indemnification shall specifically be effective and enforceable even after a Member is no longer a Member of the Company if such former Member was a Member in the Reviewed Year.

**Section 13.3 <u>Indemnity for Misrepresentation of a Prospective Member</u>**

Each Member shall indemnify and hold harmless the Manager and other Indemnified Parties from and against any and all Liabilities of whatsoever nature to or from any Person arising from or in any way connected with that Member's misrepresentation(s) that it met the "suitability standards" established by the Manager for membership in the Company.

**Section 13.4 <u>Advancement of Indemnification Funds</u>**

To the fullest extent permitted by law, amounts in respect of Liabilities incurred by an Indemnified Party in defending any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, shall from time to time be advanced by the Company prior to a determination that the Indemnified Party is not entitled to be indemnified upon receipt by the Company of an undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be determined that the Indemnified Party is not entitled to be indemnified as set forth in Section 13.1.

**Section 13.5 <u>No Impairment of Indemnification</u>**

No amendment, modification, or repeal of this provision or any other provision of this Agreement shall in any manner terminate, reduce, or impair the right of any past Indemnified Party to be indemnified by the Company or the obligations of the Company to indemnify any such Indemnified Party under and in accordance with the provisions of this Agreement as in effect immediately prior to such amendment, modification, or repeal with respect to any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification, or repeal, regardless of when such claim, demand, action, suit, or proceeding may arise or be asserted.

**Section 13.6 <u>Exculpation of Actions in Good Faith</u>**

Neither the Manager nor its Affiliates shall be liable to the Company or any Member for any loss which arises out of any action or omission of such party if (a) such party determined, in good faith, that such course of conduct was in, or was not opposed to, the best interest of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe such party's conduct was unlawful, and (b) such course of conduct did not constitute a breach of such party's fiduciary duty (if any) to the Company or gross negligence or willful misconduct of such party.

**Section 13.7 <u>No Termination of Indemnification Rights</u>**

The provisions of this Article shall survive the dissolution of the Company.

**Article 14.<br> General Matters**

**Section 14.1 <u>Successors and Assigns</u>**

Subject to the restrictions on Transfer provided in this Agreement, this Agreement, and each and every provision of it, shall be binding upon and shall inure to the benefits of the Members, their respective successors, successors-in-title, personal representatives, heirs, Assignees, and other assigns.

**Section 14.2 <u>Power of Attorney</u>**

Each Member hereby constitutes and appoints the Manager and, if a liquidator shall have been selected pursuant to Section 12.4, the liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Formation and all amendments or restatements hereof or thereof) that the Manager, or the liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (B) all certificates, documents and other instruments that the Manager, or the liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Member pursuant to, or in connection with other events described in Articles 3 and 4; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Units; (F) all certificates, documents and other instruments that the Manager or liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of the Company; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; provided, that when any provision of this Agreement that establishes a percentage of the Members required to take any action, the Manager, or the liquidator, may exercise the power of attorney made in this paragraph only after the necessary vote, consent, approval, agreement or other action of the Members, as applicable.

Nothing contained in this Section shall be construed as authorizing the Manager, or the liquidator, to amend, change or modify this Agreement except in accordance with Section 14.3 or as may be otherwise expressly provided for in this Agreement.

The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Member and the transfer of all or any portion of such Member's Units and shall extend to such Members heirs, successors, assigns and personal representatives. Each such Member hereby agrees to be bound by any representation made by any officer of the Manager, or the liquidator, acting in good faith pursuant to such power of attorney; and each such Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Manager, or the liquidator, taken in good faith under such power of attorney in accordance with this Section. Each Member shall execute and deliver to the Manager, or the liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as any of such officers or the liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

**Section 14.3 <u>Amendment</u>**

Provided that in each of the following instances, the Manager reasonably determines that such amendment will not subject any Member to any material, adverse economic consequences, the Manager, without the consent of the Members, may amend any provision of this Agreement or the Certificate of Formation, and may execute, swear to, acknowledge, deliver, file, and record such documents as may be required in connection therewith, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. change the name of the Company or the location of its principal office or registered agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. add to the duties or obligations of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. cure any ambiguity or correct or supplement any inconsistency in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. correct any printing, typographical, or clerical errors or omissions in order that the Agreement shall accurately reflect the agreement among the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. reflect information regarding the admission of any Additional Member or substitute Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. comply with provisions required for any loan secured by the Company Assets.

Any amendments not similar to the foregoing or as otherwise permitted by the power of attorney as set forth above shall require the consent of the Members holding at least seventy-five percent (75%) of the issued and outstanding Units.

**Section 14.4 <u>Partition</u>**

Each Member, its successors, and assigns hereby waives any rights to have any Company Asset partitioned, and, pursuant to such waiver, no Member, nor any successor or assign of any Member, shall have the right while this Agreement remains in effect to file a complaint or institute any proceeding at law to seek, or to otherwise demand, request, or require, the liquidation or dissolution of the Company, the return of capital or any specific Company Assets, or, in equity, to have Company Assets partitioned, and each Member, on its own behalf and that of its successors, representatives, heirs, and assigns, hereby waives any such right.

The Members intend that during the term of this Agreement, the rights of the Members and their successors-in-interest, as among themselves, shall be governed by the terms of this Agreement, and that the right of any Member or successors-in-interest to Transfer or otherwise dispose of its Membership Interest in the Company shall be subject to the limitations and restrictions of this Agreement.

**Section 14.5 <u>No Waiver</u>**

The failure of any Member to insist upon strict performance of any provision or obligation of this Agreement, irrespective of the length of time for which such failure continues, shall not be a waiver of such Member's right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or default in the performance of any obligations under this Agreement, shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation.

**Section 14.6 <u>Construction and Miscellaneous</u>**

The following general matters shall apply to the provisions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Construction</u>. Unless the context requires otherwise, words denoting the singular may be construed as plural and words of the plural may be construed as denoting the singular. Words of one gender may be construed as denoting another gender or no gender as is appropriate within such context. The word "or" when used in a list may function as both a conjunction and a disjunction if the context permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Headin</u>g<u>s of Articles, Sections, and Subsections</u>. The headings of Articles, Sections, and Subsections used within this Agreement are included solely for the convenience and reference of the reader. They shall have no significance in the interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Notices</u>. Any notice or communication to be given under the terms of this Agreement ("Notice") shall be in writing and shall be personally delivered or sent by overnight delivery, certified United States mail, or email if permitted by the respective Member. Notice shall be effective: (a) if emailed or personally delivered, when delivered; (b) if by overnight delivery, the day after delivery thereof to a reputable overnight courier service, delivery charges prepaid; or (c) if mailed, at midnight on the third business day after deposit in the mail, postage prepaid. Notices to the Company shall be addressed to its address below and to Members at their address for correspondence as set forth in the subscription documents, each as amended from time to time by Notice of the transferring party. The Manager does not permit Notice by email.

---

| |
|:---|
| Central RoRo, LLC |
| Attn: Central RoRo Manager, LLC |
| 829 N 1st Ave Suite 201, |
| Phoenix AZ 85003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Applicable State Law</u>. This Agreement shall be governed, construed, and enforced in accordance with the laws of Delaware, without regard to its conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Execution; Duplicate Originals</u>. This Agreement may be executed manually, electronically, or by facsimile transmission, and in multiple counterparts. Each counterpart shall be considered a duplicate original agreement and all such counterparts shall, taken together, be considered one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Severabilit</u>y. If any provision of this Agreement is declared by a court of competent jurisdiction to be illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and such illegality, invalidity, or unenforceability shall not affect the remaining provisions of this Agreement. Furthermore, in lieu of each illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible, legal, valid, and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Acceptance</u>. Each Manager and Member hereby acknowledges and confirms that he, she, or it has reviewed this Agreement, accepts all its provisions, and agrees to be bound by all the terms, conditions, and restrictions contained in this Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the Manager has executed or approved this Agreement as of the Effective Date.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | **COMPANY:** | **COMPANY:** |
| via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |

---

**JOINDER TO AMENDED AND RESTATED** 

**OPERATING AGREEMENT OF** 

**CENTRAL RORO, LLC**

The undersigned (the "New Member"), desiring to become a Member of Central RoRo, LLC, a Delaware limited liability company (the "Company"), pursuant to the terms of the Amended and Restated Operating Agreement of Central RoRo, LLC, dated as of June 11, 2024 (as amended, the "Operating Agreement"), hereby agrees to be bound by all of the terms and conditions of the Operating Agreement as a Member.

**WHEREAS**, The New Member acknowledges that he/she/it has received and reviewed a copy of the Operating Agreement in connection with their subscription for our Units and agrees to be bound by all of its terms as a Member.

**IN WITNESS WHEREOF**, the New Member and the Company have executed this Joinder as of the date set forth below.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | **COMPANY:** | **COMPANY:** |
| via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC |
| By: |  |  |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |

---

---

| | |
|:---|:---|
| **MEMBER:** | **MEMBER:** |
| Entity Name Typed or Printed | Entity Name Typed or Printed |
| By: |  |
|  | Name: |
| Its: |  |
|  | Title (if any) |
| Address to Which Correspondence Should be Directed: | Address to Which Correspondence Should be Directed: |
| Email Address | Email Address |

---

---

| | | |
|:---|:---|:---|
| **MANAGER:** | **MANAGER:** | **MANAGER:** |
| By: |  |  |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |

---

## Ex1A-2A

**Exhibit 2.3** 

**THIRD AMENDED AND RESTATED OPERATING AGREEMENT**

**OF**

**MAIN & MAIN RORO PROPERTY OWNER, LLC**

This Third Amended and Restated Limited Liability Company Agreement (the "<u>Agreement</u>") of Main & Main RoRo Property Owner, LLC, a Delaware limited liability company (the "<u>Company</u>") is executed on August 5, 2025, by and among the Members. Any capitalized term used herein without definition will have the meaning set forth in the Schedule of Defined Terms attached hereto as <u>Schedule I</u>.

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company was formed as a limited liability company pursuant to the provisions of the Delaware Limited Liability Company Act (the "<u>Act</u>") upon the filing of its Certificate of Formation (the "<u>Certificate</u>") with the Delaware Secretary of State on October 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On October 24, 2023, Main & Main RoRo QOZB, LLC, a Delaware limited liability company, and Main & Main RoRo, LLC, an Arizona limited liability company (each an "<u>Original Member</u>" and together, the "<u>Original Members</u>"), entered into the original Limited Liability Company Agreement of the Company (the "<u>Original Operating Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. On April 11, 2024, in connection with a planned Tier 2 Regulation A Offering (the "Offering") by Central RoRo, LLC, a Delaware limited liability company ("<u>Central RoRo</u>"), and Central RoRo's intended investment of the net Offering proceeds in the Company, the Original Members amended and restated the Original Operating Agreement in its entirety (the "<u>First Amended and Restated Operating Agreement</u>"), to be effective upon the initial closing of the Offering (the "<u>Closing</u>"), after which Central RoRo would be admitted as a member and would own a majority Percentage Interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. On June 11, 2024, the Original Members entered into a Second Amended and Restated Operating Agreement (the "<u>Second Amended and Restated Operating Agreement</u>"), which further amended and restated the terms governing the Company, including provisions relating to management, capital structure, member rights, and the planned Offering, to be effective only upon the Closing, at which time Central RoRo would be admitted as a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Original Members now desire to further amend and restate the Second Amended and Restated Operating Agreement in its entirety, and to enter into this Third Amended and Restated Operating Agreement (the "<u>Agreement</u>"), to reflect the original intention of the parties with respect to Section 3.8 of the Second Amended and Restated Operating Agreement, and to set forth the terms and conditions governing the Company from and after the Closing, at which time Central RoRo will be admitted to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. This Agreement shall become effective only upon the consummation of the Closing and shall supersede and replace in its entirety the Second Amended and Restated Operating Agreement and any prior operating agreements of the Company.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto hereby agree to the terms and conditions of this Agreement, as it may from time to time be amended according to its terms.

[*Agreement Follows*]

**<u>ARTICLE I</u>**

**FORMATION OF THE COMPANY**

Section 1.1 <u>Formation</u>. The Company was formed as a limited liability company pursuant to the provisions of the Act upon the filing of its <u>Certificate</u> with the Delaware Secretary of State on October 24, 2023. The laws of the State of Delaware shall govern the validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the Member.

Section 1.2 <u>Company Name</u>. The name of the Company is Main & Main RoRo Property Owner, LLC. The business of the Company may be conducted under such other names as the Manager may designate from time to time.

Section 1.3 <u>Filing of Certificate and Amendments</u>. The Manager is hereby authorized to appoint any Officer or other representative of the Company to execute, deliver, file and record all such other certificates and documents, including amendments to or restatements of the Certificate, and to do such other acts as may be appropriate to comply with all requirements for the formation, continuation and operation of a limited liability company, the ownership of property and the conduct of business under the laws of the State of Delaware and any other jurisdiction in which the Company may own property or conduct business.

Section 1.4 <u>Term of Company</u>. The term of the Company commenced on the date of the filing of the Certificate with the Secretary of State of the State of Delaware. The Company may be terminated in accordance with the terms and provisions hereof, and will continue unless and until dissolved as provided in ARTICLE X. The existence of the Company as a separate legal entity will continue until the cancellation of the Certificate as provided in the Act.

Section 1.5 <u>Registered Office; Registered Agent</u>. The Company's registered office and registered agent in the State of Delaware is as stated on the Certificate, as may be amended from time to time. The Manager may designate another registered agent and/or registered office from time to time in accordance with the then applicable provisions of the Act and any other applicable laws.

Section 1.6 <u>Principal Place of Business</u>. The principal office and place of business of the Company shall be located at 829 North 1<sup>st</sup> Avenue, Unit 201, Phoenix, Arizona 85003, or such other place as the Manager may designate from time to time. .

Section 1.7 <u>Qualification in Other Jurisdictions</u>. Any authorized person of the Company may execute, deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business.

Section 1.8 <u>Fiscal Year; Taxable Year</u>. The fiscal year of the Company for financial accounting and income tax purposes will end on December 31 unless otherwise required under the Code.

Section 1.9 <u>Title to Company Property</u>. All property owned by the Company, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold any of its assets in its own name or in the name of its nominee, which nominee may be one or more individuals, partnerships, trusts or other entities.

**<u>ARTICLE II</u>**

**PURPOSE AND POWERS OF THE COMPANY**

Section 2.1 <u>Purpose</u>. The purposes of the Company will be to, directly or indirectly, (a) develop, build, and operate a Phoenix, Arizona-based Atari-branded hotel and attached Atari-branded entertainment complex; and to (b) engage in any lawful act or activity for which limited liability companies may be organized under the Act. The Company may take such actions through assumed names or other entities in which it has an ownership interest as may be necessary or appropriate in connection therewith.

Section 2.2 <u>Powers of the Company</u>. The Company will have the power and authority to take any and all actions that are necessary, appropriate, advisable, convenient or incidental to or for the furtherance of the purposes set forth in <u>Section 2.1</u>.

Section 2.3 <u>Recapitalization, Etc</u>. Except as otherwise provided in this Agreement, the provisions of this Agreement will apply to any and all equity interests of any successor or permitted assign of the Company (whether by merger, consolidation, transfer or sale of assets, conversion or otherwise) which may be issued in respect of, in exchange for, or in substitution of, any Units by reason of any reorganization, any recapitalization, reclassification, merger, consolidation, partial or complete liquidation, sale of assets, spin off, equity dividend, split, distribution to Members or combination of the Units or any other change in the Company's capital structure, in order to preserve fairly and equitably as far as practicable, the original rights and obligations of the parties hereto under this Agreement.

**<u>ARTICLE III</u>**

**CAPITAL STRUCTURE; MEMBERS**

Section 3.1 <u>Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is authorized to issue an unlimited amount of Units of Interests. The relative rights, powers, preferences, duties, liabilities, and obligations of the holders of the Units will be as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager shall always keep a ledger (the "<u>Company Ledger</u>") of the Members, setting forth the number of Units and Percentage Interest held by each Member. The Company Ledger will be amended from time to time by the Manager (or an Officer designated by the Manager) to the extent necessary to reflect accurately the admission of new Members, an adjustment in the number of Units issued or owned in accordance with this Agreement, or other events making an amendment to the same necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Units issued hereunder from time to time may, in the sole discretion of the Manager, be represented by a Certificate of Units issued by an authorized Officer of the Company. If and to the extent Units are certificated (including by way of electronic form) from and following the date of this Agreement, each Unit will bear a legend in substantially the following form, in addition to any other legends required by applicable law:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE (AND ANY SECURITIES ISSUED OR ISSUABLE IN RESPECT HEREOF) HAVE BEEN ACQUIRED FOR INVESTMENT ONLY, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER CONDITIONS, AS SPECIFIED IN THAT CERTAIN SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (THE "LLC AGREEMENT") OF MAIN & MAIN RORO PROPERTY OWNER, LLC (TOGETHER WITH ITS SUCCESSORS, THE "COMPANY"). A COPY OF THE LLC AGREEMENT WILL BE PROVIDED TO THE HOLDER OF RECORD OF THIS CERTIFICATE UPON WRITTEN REQUEST MADE TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE (OR ANY SECURITIES ISSUED OR ISSUABLE IN RESPECT HEREOF) MAY BE MADE EXCEPT PURSUANT TO THE PROVISIONS OF THE LLC AGREEMENT AND EITHER (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER AND ALL APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS (SUCH FEDERAL AND STATE LAWS, THE "SECURITIES LAWS"), OR (B) IF THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL FOR THE HOLDER, WHICH OPINION AND COUNSEL WILL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION IS EXEMPT FROM THE PROVISIONS OF THE SECURITIES LAWS."

All Members will be bound by the requirements of such legends to the extent that such legends are applicable. Upon a registration of any Units, the certificate representing such Units will be replaced, at the expense of the Company, with certificates bearing only a legend referring to this Agreement to the extent still applicable.

Section 3.2 <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member shall be entitled to cast one vote in respect of each Unit. Except as otherwise expressly set forth in this Agreement or as required by the Act, in all cases where a determination is to be made by the Members, such decision shall be made by Majority Vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Meetings of the Members shall take place at such times and places (i) as the Members, by a Majority Vote, may from time to time agree, or (ii) as called by the Manager upon reasonable notice to the Members. There shall be a quorum if Members holding at least the percentage of Units which is required to authorize or take such action are present in person or represented by proxy at the meeting. A Member shall be deemed to be present at the meeting if such Member attends in person or by conference telephone, videoconference, skype or similar communications equipment by means of which all persons participating in the meeting can hear each other. Each Member may authorize another Person or Persons to act for such Member by proxy. Every proxy shall be signed by the Member or the Member's duly authorized attorney. Any action required or permitted to be taken at any meeting of Members may be taken without a meeting if a consent in writing, setting forth the action to be so taken, is signed by Members holding not less than the minimum number of Units that would be necessary to authorize or take such action at a meeting at which all Members were present and voted.

Section 3.3 <u>Scope of Members' Authority; Limited Liability of Members</u>. Except as expressly provided for in this Agreement, no Member shall have any authority to act for, hold himself, herself or itself out as the agent of, or assume any obligation or responsibility on behalf of, any other Member or the Company. Notwithstanding anything to the contrary in this Agreement, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, will be solely the debts, obligations and liabilities of the Company and no Member will be obligated personally for any such debt, obligation or liability solely by reason of being a Member of the Company. No Member in any event will have any liability whatsoever to the Company in excess of (a) the amount of any unconditional obligation of such Member to make additional Capital Contributions to the Company pursuant to a written agreement, and (b) the amount of any wrongful Distribution to such Member, if, and only to the extent, such Member has actual knowledge (at the time of the Distribution) that such Distribution is made in violation of the Act.

Section 3.4 <u>No Cessation of Membership upon Bankruptcy</u>. Unless otherwise required by the Act or other applicable law, a Person will not cease to be a Member upon the happening, with respect to such Person, of an event of bankruptcy.

Section 3.5 <u>Additional Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Admission Generally</u>. Upon the approval of the Manager which approval will be deemed to have been received in the case of a Transferee acquiring Units pursuant to ARTICLE IX, and in accordance with the provisions of this Agreement, including <u>Section 4.5</u> hereof, the Company may admit one or more additional Members (each, an "<u>Additional Member</u>"), to be treated as a "Member" or one of the "Members" for all purposes hereunder. Subject to <u>Section 4.5</u>, newly issued Units may be issued subject to such terms and conditions determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rights of Additional Members</u>. Prior to the admission of an Additional Member (other than Transferees acquiring Units pursuant to ARTICLE IX), the Manager will determine (i) the Capital Contribution (if any) of such Additional Member, and (ii) the number of Units to be granted to such Additional Member and the price to be paid therefor. No new Member shall be entitled to any retroactive allocation of income, gain, loss, or deduction incurred by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Admission Procedure</u>. A Person will be admitted as an Additional Member at the time such Person (i) executes a new member counterpart signature page to this Agreement, which counterpart must also be executed by the Company and the Manager, and (ii) makes a Capital Contribution for Units (if any is required), in each case as set forth on such new member counterpart signature page. Following the admission of such Person as a Member, the Manager will amend the Company Ledger to reflect the issuance of Units and the admission of such Person as a Member. Notwithstanding the foregoing, no Person shall be admitted as a Member of the Company without the prior written consent of both the Company and the Manager, which consent shall be evidenced solely by the signatures of the Company and the Manager on the new member counterpart signature page.

Section 3.6 <u>Withdrawal</u>. Subject to <u>Section 9.2</u>, no Member shall have the right to withdraw as a Member without the consent of the Manager, which consent may be withheld, in its sole and absolute discretion. Any such withdrawal, if consented to by the Manager, shall be subject to such terms and conditions (including, without limitation, the effective date of such withdrawal, the date for and method of determining the value of such Member's Capital Account, the schedule upon which such Member's capital may be returned and the amount of such capital, if any, which may be withheld as a reserve against obligations and liabilities (whether matured or unmatured, absolute or contingent, known or unknown) of the Company) as the Manager, in its sole discretion, shall determine, and shall be subject to compliance with all applicable laws, rules and regulations.

Section 3.7 <u>Dilution in Connection with Future Issuances</u>. In the event that the Company issues additional Units, including, but not limited to, in connection with an equity or debt financing or a strategic acquisition, partnership, or transaction, all of the Members of the Company shall be subject to dilution as a result of such issuance of additional Units.

Section 3.8 <u>Optional Redemption of Original Member's Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Redemption Right</u>. The Company shall have the right, but not the obligation, at any time and from time to time (any such date, the "<u>Redemption Date</u>"), upon the Manager's sole election, to redeem all or any portion of the Units held by the Original Members (such amount, the "<u>Redemption Units</u>"), in whole or in part, for an amount equal to the Redemption Price (as defined below), provided that such redemption right may only be exercised by the Company if, and only if, the Company has sold at least 15,701 Units in an offering thereof (the "<u>Redemption Trigger Event</u>") to Central RoRo. For the avoidance of doubt, the Original Members shall have no right to require the Company to redeem any of their Units, and the Company shall have no obligation to effect any redemption of Units except as it may elect in its sole and absolute discretion pursuant to this Section 3.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Redemption Price</u>. The purchase price for any Redemption Units redeemed pursuant to this Section 3.8 (the "<u>Redemption Price</u>") shall be an amount equal to: (i) the original purchase price paid by the applicable Original Member for such Redemption Units according to the Company's books and records (the "<u>Original Price</u>"), plus (ii) a redemption fee equal to thirty-eight and one-tenth percent (38.10%) of the Original Price, plus (iii) the Redemption Units' pro rata share (determined as the number of Redemption Units divided by the total number of Units held by all Original Members as of the Redemption Date) of any Net Operating Profits (as defined below) of the Company, calculated from the date on which such Original Member became a Member through the applicable Redemption Date. For purposes of this section, "<u>Net Operating Profits</u>" means the Company's rental and parking income minus administrative expenses, calculated in accordance with the Company's regular accounting practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Redemption Notice</u>. If the Company elects to redeem any Redemption Units pursuant to this section, the Company shall provide the applicable Original Member(s) with at least one (1) day prior written notice (the "<u>Redemption Notice</u>") specifying (i) the number of Redemption Units to be redeemed, (ii) the Redemption Price for such Redemption Units, and (iii) the anticipated Redemption Date. Upon delivery of the Redemption Notice, the Company shall effect the cancellation of the Redemption Units on the Redemption Date. The Company shall then pay the Redemption Price to the Original Member in immediately available funds or by check, as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Obligation to Redeem</u>. For the avoidance of doubt, the Company shall have no obligation to redeem any Units of the Original Members, whether in whole or in part, and the Original Members shall have no right to require or demand redemption of any of their Units at any time. The redemption right set forth in this section is exercisable solely at the option of the Company, in its sole and absolute discretion, and subject to the occurrence of the Redemption Trigger Event.

Section 3.9 <u>Loans</u>. Subject to the terms of any existing loan secured by the assets of the Company, from time to time (but only to the extent required by the Company's business and not otherwise funded by other sources), any Affiliate of the Company or the Manager, with the prior approval thereof, by itself or in combination with other Affiliates of the Company or the Manager, may make optional loans to the Company or advance money on its behalf to cover operating deficits or capital needs of the Company. Subject to any state or federal usury limitation or other applicable law or regulation, such loans or advances shall bear simple, non-compounding interest at an interest rate of twelve percent (12%) per annum or less, as agreed by the Manager, and shall be payable in accordance with terms agreeable to the lending Affiliate of the Company or the Manager. Subject to all other outstanding debts of the Company that are encumbered by Company Assets, and subject to applicable restrictions under any existing loan agreements, any such loans shall be secured by applicable Company Assets. Payments on any such loans made by the Company shall be first applied to any interest due on any loan with the balance to be credited against the outstanding principal balance of the loan. Loans by any Member to the Company shall not be considered contributions of capital to the Company, shall not increase the Capital Account of the lending Member, and repayment of such loans shall not be deemed a return of capital to the lending Member. For purposes of this Section 3.9, "Company Assets" means all assets owned by the Company and any property, real or personal, tangible, or intangible, otherwise acquired by the Company

**<u>ARTICLE IV</u>**

**MANAGEMENT**

Section 4.1 <u>Management of the Company</u>. The business and affairs of the Company shall be managed, operated, and controlled by or under the direction of the Manager. Except as required otherwise by <u>Section 4.5</u> hereof, the Act, or applicable law, the Manager shall have, and is hereby granted, full and complete power, authority and discretion for, on behalf of and in the name of the Company, to take such actions as they may deem necessary or advisable to carry out any and all of the objectives and purposes of the Company.

Section 4.2 <u>Number, Election, and Term of Managers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall initially have one Manager, who shall be Central RoRo Manager, LLC, a Delaware limited liability company (the "<u>Manager</u>"), with a principal office and place of business located at 829 North 1<sup>st</sup> Avenue, Unit 201, Phoenix, Arizona 85003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Additional Managers may be appointed, from time-to-time, by an affirmative vote of the Members holding seventy-five percent (75%) of the Units. Each Manager, including the initial Manager, shall serve until the Manager's earlier, death, resignation, or removal. At such time when the Company has more than two Members, then the Manager shall maintain a schedule of all Managers with their respective mailing addresses (the "<u>Managers Schedule</u>") and shall update the Managers Schedule upon the removal or replacement of any Manager in accordance with this Section 4.2 or <u>Section 4.3</u>.

Section 4.3 <u>Removal; Resignation; Vacancies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Removal For Good Cause</u>. A Manager may be removed for Good Cause by Members holding seventy-five percent (75%) of the Units. For purposes of the foregoing, "<u>Good Cause</u>" means that the Manager conducted itself on behalf of the Company in a manner that (i) constitutes gross negligence or willful misconduct, and (ii) has a material, adverse effect on the Company. In the event the Members vote to remove a Manager for Good Cause, the Manager shall have the right to submit the question of whether sufficient grounds for removal exist to binding arbitration. If a Manager is removed for Good Cause, its rights to any Units it holds will be unaffected including its right to vote and receive any distributions pursuant to this Agreement. No Member, including the Manager, if applicable, will have any special right to withdraw upon the removal of a Manager. For the avoidance of doubt; in the event that a Manager or its principal is guarantying any loan on behalf of the Company, any applicable lenders' consent shall be required prior to any act to remove the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Withdrawal of a Manager</u>. A Manager of the Company may resign at any time by giving written Notice to the Members. The resignation of a Manager shall take effect ninety (90) days after receipt of Notice thereof or at such other time as shall be specified in such Notice or otherwise agreed between the Manager and Members. The acceptance of such resignation shall not be necessary to make it effective. For the avoidance of doubt, in the event that a Manager or its principal is guarantying any loan on behalf of the Company prior to the withdrawal of the Manger as manager of the Company, then the Company shall obtain the consent of any such lenders of such loan.

Section 4.4 <u>Action of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If there is more than one Manager serving, all decisions requiring action of the Managers or relating to the business, or affairs of the Company shall be decided by the affirmative vote or consent of a majority of the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On any matter that is to be voted on by Managers, a Manager may vote in person or by proxy, and such proxy may be granted in writing, by means of Electronic Transmission or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the discretion of the Manager executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any action of the Managers may be taken without a meeting if either (i) a written consent of a majority of the Managers shall approve such action; provided, that prior written notice of such action is provided to all Managers at least one (1) day before such action is taken, or (ii) a written consent constituting all of the Managers shall approve such action. Such consent shall have the same force and effect as a vote at a meeting and may be stated as such in any document or instrument filed with the Secretary of State of Delaware.

Section 4.5 <u>Actions Requiring Approval of Members</u>. Without the written approval of Members holding a majority of the outstanding Units, except as stated otherwise herein, the Company shall not, and shall not enter into any commitment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Enter into or effect any transaction or series of related transactions involving the purchase, lease, license, exchange or other acquisition (including by merger, consolidation, acquisition of stock or acquisition of assets) by the Company of any assets and/or equity interests of any Person, other than in the ordinary course of business consistent with past practice; *provided*, *however,* that such acquisition will not result in the Company or any of its Members being required to register as an investment company under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Enter into or effect any transaction or series of related transactions involving the sale, lease, license, exchange or other disposition (including by merger, consolidation, sale of stock or sale of assets) by the Company of any material assets, other than sales of inventory in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Make any investments in any Person who is or may be considered an investment company under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Appointment of additional Managers of the Company as set forth in Section 4.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amendment of this Agreement as set forth in Section 11.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Removal of a Manager pursuant to Section 4.3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Voluntary dissolution of the Company pursuant to Section 10.1(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any amendment to Section 4.7 as it relates to the amount of compensation to be paid to the Manager.

Section 4.6 <u>Officers</u>. The Manager may appoint individuals as officers of the Company (the "<u>Officers</u>") as it deems necessary or desirable to carry on the business of the Company and the Manager may delegate to such Officers such power and authority as the Manager deems advisable. No Officer needs be a Member of the Company. Any individual may hold two or more offices of the Company. Each Officer shall hold office until a successor is designated by the Managers or until the Officer's earlier death, resignation or removal. Any Officer may resign at any time on written notice to the Manager. Any Officer may be removed by the Manager with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal or otherwise, may, but need not, be filled by the Manager.

Section 4.7 <u>Compensation and Reimbursement of Managers; No Employment</u>. The Company shall pay the Manager a management fee equal to 1% of the Company's annual gross revenues (the "<u>Management Fee</u>"). The Company shall also reimburse the Manager for all reasonable expenses incurred in the performance of its duties as Manager. Nothing contained in this Section 4.7 shall be construed to preclude any Manager from serving the Company in any other capacity and receiving reasonable compensation for such services. This Agreement does not, and is not intended to confer upon any Manager any rights with respect to continued employment by the Company, and nothing herein should be construed to have created any employment agreement with the Manager. This Section 4.7 shall not be amended unless by a Super Majority Vote of the Members.

Section 4.8 <u>Other Activities of Managers; Business Opportunities</u>. Managers shall devote so much time and attention to the business of the Company as they deem appropriate in their sole discretion. Nothing contained in this Agreement shall prevent any Manager from engaging in any other activities or businesses, regardless of whether those activities or businesses are similar to or competitive with the Company. None of the Managers shall be obligated to account to the Company or to the Members for any profits or income earned or derived from other such activities or businesses. None of the Managers shall be obligated to inform the Company or the Members of any business opportunity of any type or description.

Section 4.9 <u>No Personal Liability</u>. Except as otherwise provided in the Act, by Applicable Law or expressly in this Agreement, no Manager will be obligated personally for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Manager.

**<u>ARTICLE V</u>**

**CONTRIBUTIONS; CAPITAL ACCOUNTS**

Section 5.1 <u>Capital Contributions</u>. The initial Capital Contribution and each subsequent Capital Contribution, if any, of each Member shall be set forth in the Company's records. Any Member may, but shall not be obligated to, make additional Capital Contributions to the Company at such times and in such amounts as determined from time to time by any such contributing Member and the Manager. Except as otherwise provided in this Agreement, no Member will have the right to withdraw or receive any return of such Member's Capital Contributions.

Section 5.2 <u>Capital Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A separate capital account shall be maintained for each Member (each a "<u>Capital Account</u>") in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Member shall be:

&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) increased by (A) such Member's Capital Contributions, and (B) such Member's distributive share of Profits and any items in the nature of income or gain of the Company and (C) the amount of any Company liabilities assumed by such Member or that are secured by any property distributed to such Member; 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;(ii) decreased by (A) the amount of money and the Gross Asset Value of any property distributed to such Member, (B) such Member's distributive share of Losses and any items in the nature of deductions or expenses of the Company, and (C) the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Units are transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In determining the amount of any liability for purposes of <u>Section 5.2(a)</u>, above, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Treasury Regulations. The Manager may modify the manner in which Capital Accounts are computed as it deems necessary to comply with Code Section 704(b) and the Treasury Regulations thereunder, provided that such modifications shall not have a material effect on the amounts distributable to any Member under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may, at the discretion of the Managers, revalue Company property as permitted under Treasury Regulations Section 1.704-1(b)(2)(iv)(f). In the event of such a revaluation, the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and (g).

Section 5.3 <u>Determinations by Manager</u>. All matters concerning the computation of Capital Accounts, the allocation of items of Company income, gain, loss, deduction and expense for all purposes under this Agreement and the adoption of any accounting procedures not expressly provided for by the terms of this Agreement will be reasonably determined by the Manager. Such determinations will be final, binding and conclusive as to all the Members, absent manifest error. In the event that the Manager determines that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are computed in order to effectuate the intended economic sharing arrangement of the Members, then each Member agrees to take such action as the Manager reasonably decides is required to effect such result (which may include amending this Agreement in accordance with <u>Section 11.9</u>).

**<u>ARTICLE VI</u>**

**DISTRIBUTIONS AND ALLOCATIONS**

Section 6.1 <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. After withholding any amounts reasonably necessary for the operation of the Company, payment of any outstanding Management Fee under <u>Section 4.7</u>, and the setting aside as reserves, in such amounts as may be determined by the Manager, for expenses to be incurred by the Company within the following 12-month period, the Manager may, from time to time, determine the amount of cash and other property of the Company that is available for distribution to the Members (the "<u>Net Distributable Cash</u>"), and, in its sole discretion, may cause the Company to distribute such Net Distributable Cash to the members, subject to applicable laws and <u>Section 6.2</u> below. Any distributions of Net Distributable Cash will be made to the Members 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) *First*, the Manager is required to and will cause to be distributed to the Members, in proportion to their respective allocations of estimated taxable income of the Company for the taxable year in question, an amount necessary to provide liquidity for the payment of taxes arising from allocations of profits to Members to the extent of such tax payment obligation at the highest federal tax rate, and such tax distributions will reduce dollar for dollar, distributions subsequently to be made to such Member under <u>Section 6.1(a)</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;(ii) *Second*, to the Original Members pro rata in accordance with their respective Unit holdings, on an annual basis or more frequently, in the Manager's discretion, an amount of Net Distributable Cash until the Original Members have received, in the aggregate, an amount equal to thirty-eight and one-tenth percent (38.10%) of their original, aggregate capital contributions as set forth on the Company Ledger (taking into account the redemption of any Units thereof in accordance with Section 3.8);

&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) *Third*, to the Members pro rata in accordance with their respective Unit holdings until such Members have been returned their aggregate capital contributions as set forth on the Company Ledger, giving credit to the Original Members distributions previously received under Section 6.1(a)(ii);

&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) *Fourth*, to the Members pro rata in accordance with their respective Unit holdings, an amount of Net Distributable Cash until such Members receive a cumulative, non-compounding return on their investments equal to eight percent (8%) per annum, calculated on their aggregate Unreturned Capital Contributions (defined 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;(v) *Fifth*, an amount of Net Distributable Cash will be distributed 80% to the Members pro rata in accordance with their respective Unit holdings, and 20% to the Manager, as a carried interest, until the Members have received an IRR (defined below) of 15%; 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;(vi) *Sixth*, after the Members have received an IRR (defined below) of 15%, Net Distributable Cash will be distributed 70% to the Members pro rata in accordance with their respective Unit holdings, and 30% to the Manager.

For purposes of this Section 6.1(a), the following definitions apply:

"**IRR**" means the internal rate of return that, when applied to the aggregate Capital Contributions made by a Member to the Company as of a certain date and all distributions made to such Member as of such date, produces a net present value of zero. In calculating the IRR, all Capital Contributions made by a Member shall be measured based on the actual amount and date such Capital Contributions were contributed to the Company, all distributions to a Member shall be measured based on the actual amount and date such distributions were made by the Company, and the amount of any distribution shall be based on the amount of such distribution prior to the application of any Federal, state or local taxation to Members (including any withholding, deduction or assessment requirements. The IRR may be calculated using Microsoft Excel's XIRR function. For the avoidance of doubt, and for purposes of Section 6.1(a)(v) and (vi), the calculation of IRR shall include the eight percent (8%) preferred return provided under Section 6.1(a)(iv).

"**Unreturned Capital Contributions**" means, regarding a Member, all capital contributed by such Member less any amounts returned to such Member from a sale or refinancing of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Upon a Dissolution or Company Sale</u>. In the event of the dissolution and liquidation of the Company pursuant to ARTICLE X or the consummation of a Company Sale, the Company shall distribute all proceeds arising from such event in the following manner and order:

&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) First, to creditors in satisfaction of indebtedness, whether by payment or the making of reasonable provision for payment, and the expenses of liquidation, whether by payment or the making of reasonable provision for payment, including the establishment of reasonable reserves (which may be funded by a liquidating trust) determined by the Manager or the liquidating trustee, as the case may be, to be reasonably necessary for the payment of the Company's expenses, liabilities and other obligations (whether fixed, conditional, unmatured or contingent); 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;(iii) Second, to the Members in accordance with their respective Percentage Interests.

<u>provided</u> that no payment or distribution in any of the foregoing categories will be made until all payments in each prior category shall have been made in full; and <u>provided</u>, <u>further</u>, that, if the payments due to be made in any of the foregoing categories exceed the remaining assets available for such purpose, such payments will be made to the Persons entitled to receive the same pro rata in accordance with the respective amounts due to them or, with respect to payments made under subsection (i), in accordance with relative priority interests or on such other equitable basis as the Manager may determine.

Further, if a Company Sale is structured as a direct or indirect sale of Units by the Members, rather than a transaction giving rise to a distribution of proceeds by the Company, the purchase agreement governing such sale will have provisions therein which replicate, to the greatest extent possible, the economic result which would have been attained under <u>Section 6.1(b)</u> had the Company Sale been structured as a sale of the Company's assets and a distribution of proceeds thereof (or modifications will be made to this Agreement to accomplish this result).

Section 6.2 <u>Tax Advances</u>. To the extent of Net Distributable Cash (if any), the Company shall make payments (if any) to the Members ("<u>Tax Advances</u>"), as described in this Section 6.2 prior to the due date for payment of such Members' federal and state estimated income taxes (including quarterly estimated tax payments). Payments under this Section 6.2 shall be made to the Members in amounts that, in the aggregate, approximate the income taxes payable with respect to taxable income or gain allocated to the Members (as reasonably estimated by the Manager using the highest tax rate estimated to apply to any Member for all Members) under this ARTICLE VI, utilizing such assumptions as the Manager may determine regarding the tax rate and taking into account the type of income allocated). Any payments to a Member under this Section 6.2 shall be treated as an advance to such Member to be reimbursed from (and thus reduce dollar-for-dollar) distributions otherwise to be made to such recipient under this Agreement and shall constitute a personal debt of the recipient to the Company until so reimbursed. If Net Distributable Cash is insufficient to pay all of the tax advances due hereunder, then each Member's share thereof will be reduced by a pro rata amount based on the ratio of such Member's tax advance amount to all Members' tax advance amounts.

Section 6.3 <u>General Allocations</u>. Subject to <u>Sections 6.4 to 6.8</u> below, for each fiscal year, the Company's items of income, gain, loss, and deduction comprising Profits and Losses shall be allocated among the Members in such a manner that, immediately after giving effect to such allocations, each Member's Adjusted Capital Account balance, increased by such Member's share of partnership minimum gain (as determined according to Treasury Regulation Section 1.704-2(g)) and such Member's partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)), and taking into account all contributions by such Member and distributions to such Member during the fiscal year, equals, as nearly as possible, the amount of cash that would be distributed to such Member if (a) all of the Company's assets were sold for cash equal to their respective book values (as determined under Treasury Regulations Section 1.704-(b)(2)(iv)), reduced, but not below zero, by the amount of nonrecourse debt to which such assets are subject, (b) all of the Company's liabilities (other than nonrecourse liabilities) were paid in full, and (c) all of the remaining cash was distributed to the Members under <u>Section 6.1</u>. For purposes of determining allocations pursuant to this Section 6.3, all Units (including any Incentive Units) shall be treated as vested.

Section 6.4 <u>Nonrecourse Deductions, Tax Credits, Etc</u>. Nonrecourse deductions (within the meaning of Treasury Regulations Section 1.704-2(b)(1)), tax credits, and other items the allocation of which cannot have economic effect shall be allocated to the Members in accordance with the Members' interests in the Company, which, unless otherwise required by the Code and Treasury Regulations, shall be in accordance with their relative number of Units.

Section 6.5 <u>Section 704(b) Regulatory Allocations</u>. The provisions of the Treasury Regulations under Code Section 704(b) relating to qualified income offset, minimum gain chargeback, minimum gain chargeback with respect to partner nonrecourse debt, allocations of nonrecourse deductions, allocations with respect to partner nonrecourse debt, limitations on allocations of losses to cause or increase a Capital Account deficit, corrective allocations with respect to any partnership non-compensatory options and forfeiture allocations with respect to substantially nonvested partnership interests are hereby incorporated by reference and shall be applied to the allocation of income, gain, loss, or deduction in the manner provided in the Treasury Regulations. The Manager may, in their discretion, adjust the subsequent allocations of income, gain, losses, or deduction to prevent distortion of the economic arrangement of the Members, as otherwise described in this Agreement, due to allocations resulting from the preceding sentence.

Section 6.6 <u>Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided below or as otherwise required by the Code or Treasury Regulations, a Member's distributive share of items of income, gain, loss, and deduction for income tax purposes shall be the same as is entered in the Member's Capital Account pursuant to this Agreement. A Member's distributive share shall be deemed to consist of a pro rata portion of each item of income, gain, loss, or deduction required to be separately stated under Code Section 702(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Code Section 704(c) and the Treasury Regulations thereunder, and by such methods (including but not limited to adjustments described in Treasury Regulations Section 1.704-3(c)(ii) and (iii)(B)) determined by the Manager, allocations of items of income, gain, loss, or deduction for income tax purposes shall take into account any variation between the adjusted tax basis of Company property and the initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value).

Section 6.7 <u>Transfer or Change of Interests</u>. If any interests in the Company are newly issued, reserved, transferred, forfeited, or redeemed during a fiscal year, the Manager shall adjust allocations of income, gain, loss, deduction, and credit to take account of the varying interests of the Members in any manner consistent with Code Section 706 and the Treasury Regulations thereunder.

Section 6.8 <u>Non-Cash Distributions</u>. If any non-cash assets of the Company shall be distributed in kind, such assets shall be distributed on the basis of the then Gross Asset Value (computed in accordance with the definition of Gross Asset Value).

Section 6.9 <u>Amounts Withheld</u>. The Company is authorized to withhold from payments and distributions, and pay over to any federal, state and local government or any foreign government, any amounts required to be so withheld pursuant to the Code, the Treasury Regulations or any provisions of any other federal, state or local law or any foreign law. All amounts so withheld shall be treated as amounts paid or distributed, as the case may be, to the Members with respect to which such amount was withheld pursuant to this Section 6.9 for all purposes under this Agreement. Each Member shall provide to the Company such tax forms or other information as may be required under applicable law or reasonably requested by the Company, to allow the Company to comply with applicable withholding and reporting requirements and minimize the amount of tax withholding, if any.

**<u>ARTICLE VII</u>**

**BOOKS AND RECORDS; CONFIDENTIALITY; TAX MATTERS; REPORTING**

Section 7.1 <u>Schedule K-1</u>. Within ninety (90) days after the end of each fiscal year of the Company, the Company will prepare and submit a final Schedule K-1 to each Member that was a Member during such fiscal year.

Section 7.2 <u>Confidentiality</u>. Each Member agrees that, except as otherwise consented to by the Manager, all information furnished to such Member pursuant to this Agreement will be kept confidential and will not be disclosed by such Member, or by any of such Member's Representatives, in any manner, in whole or in part, except that (i) each Member shall be permitted to disclose such information to those of such Member's Representatives who need to be familiar with such information in connection with such Member's investment in the Company and who are charged with an obligation of confidentiality, including, without limitation, information relating to tax matters, (ii) each Member shall be permitted to disclose such information to such Member's partners and equity holders so long as they agree to keep such information confidential on the terms set forth herein, (iii) each Member shall be permitted to disclose information to the extent required by law, so long as such Member shall have first provided the Company a reasonable opportunity to contest the necessity of disclosing such information, (iv) each Member shall be permitted to disclose information to the extent necessary for the enforcement of any right of such Member arising under this Agreement, and (v) each Member shall be permitted to disclose information generally available to or known by the public (other than as a result of disclosure in violation by such Member or such Member's Representatives, partners or equity holders of this Agreement or any other agreement to which such Member is bound). For purposes of this Section 7.2, "<u>Representatives</u>" means, with respect to a Member, such Member's directors, officers, employees, agents, attorneys and accountants.

Section 7.3 <u>Tax Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of <u>Section 7.3</u>, all references to provisions of the Code shall be to such provisions as set forth in the 2018 Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and until the Members designate otherwise, the Manager shall be the Company's designated "partnership representative" within the meaning of Code Section 6223 (the "<u>Tax Representative</u>") with sole authority to act on behalf of the Company for purposes of Subchapter C of Chapter 63 of the Code and any comparable provisions of state or local income tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company is eligible to elect out of the application of Subchapter C of Chapter 63 of the Code, pursuant to Code Section 6221(b) (or successor provision), the Tax Representative shall use reasonable efforts to cause the Company to make such election unless otherwise requested by the Manager after consultation with the Company's tax advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of, and authority granted to, the Tax Representative under this Section 7.3 shall take into account the 2018 Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Tax Representative shall arrange for the preparation and timely filing of all returns relating to Company income, gains, losses, deductions and credits, as necessary for federal, state and local income tax purposes, and shall have the authority to make any election (or refrain from making any election) on behalf of the Company for income tax purposes and otherwise make any determination concerning income tax matters of the Company, except as specifically provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tax Representative is authorized and required to represent the Company in connection with any administrative proceeding at the Company level with the IRS relating to the determination of any item of Company income, gain, loss, deduction or credit for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tax Representative shall inform each other Member of all significant matters that may come to its attention in its capacity as Tax Representative by giving notice thereof within ten (10) days after becoming aware thereof and, within such time, shall forward to each other Member copies of all significant written communications it may receive in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any imputed underpayment imposed on the Company pursuant to Section 6232 of the Code under the 2018 Audit Rules (and any related interest, penalties or other additions to tax) that the Company reasonably determines is attributable to one or more Members, or any former Members, shall be promptly paid by such Members, and such former Members, to the Company (pro rata in proportion to their respective shares of such underpayment) within fifteen (15) days following the Company's request for payment. Any failure to timely pay such amount shall accrue an interest charge equal to the Wall Street Journal Prime Rate plus 2.50% and result in a subsequent reduction in distributions otherwise payable to such Member, or such former Member.

Section 7.4 <u>Cooperation</u>. Each Member agrees that, upon request of the Tax Representative such Member shall provide such information, execute such instruments and take such other actions as may be necessary or reasonably requested (as determined in good faith by the Tax Representative) to allow the Company (Tax Representative, acting on behalf of the Company pursuant to <u>Section 7.3</u>) to comply with any applicable tax reporting and/or withholding obligations, prepare for and participate in any tax proceedings, timely make any tax elections, and otherwise undertake actions relating to tax matters of the Company (including, to the extent applicable, actions to ensure compliance with the provisions of Section 6226 of the Code so that any "partnership adjustments" are taken into account by the Members rather than the Company). Each Member shall use its best efforts to provide the Tax Representative with such information and execute such instruments as may be needed under the 2018 Audit Rules or otherwise reasonably requested by the Tax Representative in connection with the 2018 Audit Rules (including, for the avoidance of doubt, in connection with making any election thereunder).

**<u>ARTICLE VIII</u>**

**LIABILITY, EXCULPATION, AND INDEMNIFICATION**

Section 8.1 <u>Liability</u>. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, will be solely the debts, obligations and liabilities of the Company, and no Covered Person will be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Covered Person.

Section 8.2 <u>Exculpation</u>. No Covered Person will be liable to the Company or any other Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner believed to be within the scope of authority conferred on such Covered Person by this Agreement, except that a Covered Person will be liable for any such loss, damage or claim which is found by a court of competent jurisdiction, not subject to further appeal, to have been incurred by reason of such Covered Person's gross negligence, willful misconduct or willful breach of this Agreement.

Section 8.3 <u>Indemnification</u>. To the fullest extent permitted by applicable law, a Covered Person will be entitled to indemnification from the Company for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner believed to be within the scope of authority conferred on such Covered Person by this Agreement, except that no Covered Person will be entitled to be indemnified in respect of any loss, damage or claim which is found by a court of competent jurisdiction, not subject to further appeal, to have been incurred by such Covered Person by reason of such Covered Person's gross negligence, willful misconduct or willful breach of this Agreement with respect to such acts or omissions; <u>provided</u>, that (a) any indemnity under this Section 8.3 will be provided out of and to the extent of Company assets only, and no Covered Person will have any personal liability on account thereof, and (b) except as required by applicable law, no Covered Person shall be entitled to indemnification in respect of a claim, action, suit or other proceeding brought by such Covered Person against the Company.

Section 8.5 <u>Expenses</u>. To the fullest extent permitted by applicable law, expenses (including, without limitation, reasonable attorneys' fees, disbursements, fines and amounts paid in settlement) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding relating to or arising out of such Covered Person's performance of such Covered Person's duties on behalf of the Company (but other than a claim, action, suit or other proceeding brought by such Covered Person against the Company) will, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of such Covered Person to repay such amount if it is ultimately determined by a court of competent jurisdiction, not subject to further appeal, that such Covered Person is not entitled to be indemnified as authorized in this <u>Section 8.4</u>.

Section 8.5 <u>Severability</u>. To the fullest extent permitted by applicable law, if any portion of this ARTICLE VIII is invalidated on any ground by any court of competent jurisdiction, then the Company will nevertheless indemnify each Manager or Officer and may indemnify each employee or agent of the Company as to costs, charges and expenses (including reasonable attorneys' fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative, including an action by or in the right of the Company, to the fullest extent permitted by any applicable portion of this ARTICLE VIII that has not been invalidated.

**<u>ARTICLE IX</u>**

**TRANSFERS OF UNITS**

Section 9.1 <u>Restrictions on Transfers of Units</u>. No Member may Transfer any Units, including, without limitation, to any other Member, by gift, or by operation of law or otherwise, except with the approval of the Manager or a majority of the Managers, as the case may be. Notwithstanding anything contained herein to the contrary, any Units that are permitted to be Transferred may not be Transferred (a)(i) unless there is then in effect a registration statement under the Securities Act covering such proposed Transfer and such Transfer is made in accordance with such registration statement or (ii) such Transfer is exempt from registration under the Securities Act and applicable state securities laws and, if requested by the Manager, a legal opinion shall have been furnished to the Company, reasonably satisfactory to the Company's legal counsel, that such Transfer will not require registration of such Units under the Securities Act and applicable state securities laws, or (b) if such Transfer could cause, as reasonably determined by the Manager, the Company to be considered a "publicly traded partnership" under Section 7704(b) of the Code and the Treasury Regulations thereunder. Any attempted Transfer of any Units other than in accordance with this Agreement shall be null and void *ab initio*.

Section 9.2 <u>Assignments</u>. The provisions of this Agreement will be binding upon and inure to the benefit of the Members hereto and their respective heirs, legal representatives, successors and assigns; <u>provided</u>, <u>however</u>, that no Member may assign any of such Member's rights or obligations hereunder unless such assignment is in connection with a Transfer explicitly permitted by this Agreement, and prior to such assignment, such assignee complies with the requirements of <u>Section 9.3</u>.

Section 9.3 <u>Substitute Members</u>. In the event any Member Transfers all or any portion of its Units in compliance with the other provisions of this ARTICLE IX, the Transferee thereof will have the right to become a substitute Member, but only upon satisfaction of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) execution of such instruments as the Manager deems reasonably necessary or desirable to effect such substitution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acceptance and agreement in writing by the Transferee of the Member's Units to be bound by all of the terms and provisions of this Agreement and assumption of all obligations under this Agreement (including breaches hereof) applicable to the Transferring Member. Upon the execution of the instrument of assumption by such Transferee, such Transferee will enjoy all of the rights and will be subject to all of the restrictions and obligations of the Transferring Member.

Section 9.4 <u>Release of Liability</u>. In the event any Member Transfers all of such Member's Units (other than as subsequently agreed by the parties) in compliance with the provisions of this Agreement, without retaining any interest therein, directly or indirectly, then the Transferring Member will, to the fullest extent permitted by applicable law, be relieved of any further liability arising hereunder with respect to, or by reason of such Transferred Units, for events occurring from and after the date of such Transfer; <u>provided</u>, <u>however</u>, that no such Transfer will relieve any Member of its confidentiality obligations pursuant to <u>Section 7.2</u> hereof and such obligations will survive any termination of such Member's membership in the Company.

**<u>ARTICLE X</u>**

**DISSOLUTION, LIQUIDATION AND TERMINATION**

Section 10.1 <u>Dissolving Events</u>. The Company will be dissolved and its affairs wound up in the manner hereinafter provided upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a unanimous consent of the Members in writing to dissolve the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any event which, under applicable law, would cause the dissolution of the Company; <u>provided</u>, <u>however</u>, that, unless required by applicable law, the Company will not be wound up as a result of any such event and the business of the Company will continue.

Notwithstanding the foregoing, the bankruptcy or dissolution of any Member or the occurrence of any other event that terminates the continued membership of any Member under the Act will not, in and of itself, cause the dissolution of the Company. In such event, the remaining Member(s) will continue the business of the Company without dissolution.

Section 10.2 <u>Dissolution and Winding-Up</u>. Upon the dissolution of the Company, the assets of the Company will be liquidated or distributed under the direction of, and to the extent determined by, the Manager, and the business of the Company will be wound up. Within a reasonable time after the effective date of dissolution of the Company, the Company's assets will be distributed in accordance with <u>Section 6.1</u>.

Section 10.3 <u>Distributions in Cash or in Kind</u>. Upon the dissolution of the Company, the Manager will use all commercially reasonable efforts to liquidate all of the Company's assets in an orderly manner and apply the proceeds of such liquidation as set forth in <u>Section 10.2</u>; <u>provided</u>, <u>however</u>, that the Manager will in good faith attempt to liquidate sufficient Company assets to satisfy in cash (or make reasonable provision for) the debts and liabilities of the Company.

Section 10.4 <u>Termination</u>. The Company will terminate when the winding up of the Company's affairs has been completed, all of the assets of the Company have been distributed and the Certificate has been canceled, all in accordance with the Act.

Section 10.5 <u>Claims of the Members</u>. The Members and former Members will look solely to the Company's assets for the return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Capital Contributions, the Members and former Members will have no recourse against any other Member or Manager.

**<u>ARTICLE XI</u>**

**MISCELLANEOUS**

Section 11.1 <u>Notices</u>. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered personally, (b) mailed by certified or registered mail with postage prepaid, (c) sent by next-day or overnight mail or delivery or (d) sent by fax or other electronic transmission (including via email), as follows (or to such other address as the party entitled to notice will hereafter designate in accordance with the terms hereof):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company: | Main & Main RoRo Property Owner, LLC |
|  | 829 North 1<sup>st</sup> Avenue |
|  | Unit 201 |
|  | Phoenix, Arizona 85003 |
|  | Attn: Manager |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to any Member: | at such Member's address as set forth on his, her or its counterpart signature page to this Agreement or in the Company Ledger |

---

All such notices, requests, demands, waivers and other communications will be deemed to have been received on the day delivered; <u>provided</u>, that such delivery is confirmed by signed receipt of delivery or, if delivery by fax or other electronic transmission, confirmation of transmittal; and, provided, further, if delivered by fax or other electronic transmission, that such notice, request, demand, waiver or other communication is sent by another method permitted by this Section 11.1.

Section 11.2 <u>Headings; No Strict Construction</u>. The headings to sections in this Agreement are for purposes of convenience only and will not affect the meaning or interpretation of this Agreement. In the event of an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

Section 11.3 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the Members with respect to the subject matter hereof and supersedes any prior agreement or understanding among them with respect to the matters referred to herein, including, without limitation, the Existing Operating Agreement. There are no representations, warranties, promises, inducements, covenants or undertakings relating to the Units, other than those expressly set forth or referred to herein.

Section 11.4 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, and by fax or portable document form "pdf" signatures, each of which will be deemed an original but all of which together will constitute one and the same instrument.

Section 11.5 <u>Governing Law</u>. This Agreement and the rights and obligations of the Members hereunder and the Persons subject hereto will be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware.

Section 11.6 <u>Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may otherwise be provided by applicable law in connection with the winding-up, liquidation and dissolution of the Company, each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Waiver by any Member hereto of any breach or default by any other Member of any of the terms of this Agreement will not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement will be implied from any course of dealing between the Members hereto or from any failure by any Member to assert its or his or her rights hereunder on any occasion or series of occasions.

Section 11.7 <u>Invalidity of Provision</u>. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction will not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in any other jurisdiction. Any provision of this Agreement held illegal, invalid, or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. To the extent legally permissible, any illegal, invalid or unenforceable portion of any provision of this Agreement will be replaced by a valid provision which will implement the purpose of the illegal, invalid or unenforceable provision.

Section 11.8 <u>Further Actions</u>. Each Member will execute and deliver such other certificates, agreements and documents, and take such other actions, as may reasonably be requested by the Company in connection with the continuation of the Company and the achievement of its purposes, including (a) any documents that the Company deems necessary or appropriate to continue the Company as a limited liability company in all jurisdictions in which the Company conducts or plans to conduct business, and (b) all such agreements, certificates, tax statements and other documents as may be required to be filed in respect of the Company consistent with the provisions of this Agreement. Further, the Company and the Original Members agree to take any action or execute any document, if any, that is necessary to effect the cancellation of this Agreement and reinstating of the Existing Operating Agreement in its entirety, if Central RoRo does not acquire a majority Percentage Interest in the Company prior to the termination of the Offering according to the terms of the Offering Statement.

Section 11.9 <u>Amendments</u>. Neither this Agreement nor the Certificate of Formation may be amended (including by way of merger), modified or supplemented except by a written instrument signed by a Super-Majority of the Members; <u>provided</u>, <u>however</u>, that the Manager may, without the written consent of each other Member, make such modifications to this Agreement, including the Company Ledger, as are necessary to admit Additional Members unless any such modifications have an adverse and disproportionate impact on any Member or class of Members (in which case such modification will also require the written consent of such Member or class of Members); <u>provided</u>, <u>further</u>, that (a) any amendment to this Section 11.9 requires the approval of all the Members; and (b) any amendment that materially increases the obligations of any Member requires the approval of such Member. The Company will notify all Members after any such amendment, modification or supplement, as permitted herein, has taken effect (excluding an amendment to the Company Ledger which need not be distributed to the Members).

Section 11.10 <u>No Third Party Beneficiaries</u>. Except as otherwise provided herein with respect to Covered Persons pursuant to ARTICLE VIII, this Agreement is not intended to confer upon any Person, except for the parties hereto, any rights or remedies hereunder.

Section 11.11 <u>Injunctive Relief</u>. The Units cannot readily be purchased or sold in the open market, and for that reason, among others, the Company and the Members will be irreparably damaged in the event this Agreement is not specifically enforced. Each of the Members therefore agrees that, in the event of a breach of any provision of this Agreement, the aggrieved party may elect to institute and prosecute proceedings in any court of competent jurisdiction to enforce specific performance or to enjoin the continuing breach of this Agreement. Such remedies will, however, be cumulative and not exclusive, and will be in addition to any other remedy which the Company or any Member may have.

Section 11.12 <u>Successors and Assigns</u>. Except as herein otherwise provided to the contrary, this Agreement will be binding upon and inure to the benefit of the parties hereto, their successors and, subject to the provisions of ARTICLE IX hereof and all applicable laws, rules, and regulations, permitted assigns.

Section 11.13 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All references herein to Articles, Sections and Schedules will be deemed to be references to Articles and Sections of, and Schedules to, this Agreement unless the context requires otherwise. All Schedules attached hereto will be deemed incorporated herein as if set forth in their entirety herein and, unless otherwise defined therein, all terms used in any Schedule will have the meaning ascribed to such term in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Words in the singular include the plural and, in the plural, include the singular. The words "including," "includes," "included" and "include," when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun will include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes, and all attachments thereto and instruments incorporated therein.

[*Signature Pages follow*]

**IN WITNESS WHEREOF**, the Company, Manager, and the Original Members have approved this Agreement as of the Effective Date, to be effective upon the Closing.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | **COMPANY:** |  |
| via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |

---

---

| | | |
|:---|:---|:---|
| **MANAGER:** | **MANAGER:** | **MANAGER:** |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |

---

---

| | | |
|:---|:---|:---|
| **ORIGINAL MEMBERS:** | **ORIGINAL MEMBERS:** | **ORIGINAL MEMBERS:** |
| **Main & Main RoRo QOZB, LLC** | **Main & Main RoRo QOZB, LLC** | **Main & Main RoRo QOZB, LLC** |
| via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |
| Address: | Address: | 829 North 1st Avenue, Unit 201 |
|  |  | Phoenix, Arizona 85003 |
| Email: | Email: | jordan@intersectiondev.com |
| **Main & Main RoRo, LLC** | **Main & Main RoRo, LLC** | **Main & Main RoRo, LLC** |
| via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC | via its Manager, Central RoRo Manager, LLC |
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager of Manager |
| Address: | Address: | 829 North 1st Avenue, Unit 201 |
|  |  | Phoenix, Arizona 85003 |
| Email: | Email: | jordan@intersectiondev.com |

---

**New Member Counterpart Signature Page to the**

**Third Amended and Restated Operating Agreement of** 

**Main & Main RoRo Property Owner, LLC**

*(Separate counterpart to be completed and signed by each Member)*

This New Member Counterpart Signature Page (this "<u>Counterpart</u>") is executed pursuant to the terms of the Third Amended and Restated Operating Agreement of Main & Main RoRo Property Owner, LLC (as amended, supplemented, or restated, the "<u>Operating Agreement</u>"). By executing this Counterpart, the undersigned hereby: (i) executes the Operating Agreement, (ii) acknowledges that he, she or it has been provided with, and has reviewed, a copy of the Operating Agreement, (iii) agrees to be bound by the terms and conditions of the Operating Agreement as a new Member, and (iv) authorizes this signed Counterpart to be attached as a counterpart to the Operating Agreement.

---

| |
|:---|
| **THE COMPANY:** |
| via its Manager, Central RoRo Manager, LLC |
| Jordan Taylor |
| Co-Manager of Manager |

---

---

| | |
|:---|:---|
| **MEMBER:** | **MEMBER:** |
| Entity Name Typed or Printed | Entity Name Typed or Printed |
| By: |  |
|  | Name: |
|  | Title: |
| Its: |  |
|  | Title |
| Address to Which Correspondence Should be Directed: | Address to Which Correspondence Should be Directed: |
| Email Address | Email Address |
| Date: |  |

---

[*New Member Counterpart Signature Page*]

**Schedule I**

**<u>Schedule of Defined Terms</u>**

---

| | |
|:---|:---|
| 2018 Audit Rules | Schedule I |
| Additional Member | 3.5(a) |
| Adjusted Capital Account | Schedule I |
| Affiliate | Schedule I |
| Agreement | Schedule I |
| Business Day | Schedule I |
| Capital Account | 5.2(a) |
| Capital Contribution | Schedule I |
| Certificate | Schedule I |
| Code | Schedule I |
| Company | Preamble |
| Company Assets | 3.9 |
| Company Ledger | 3.1(d) |
| Company Sale | Schedule I |
| Confidential Information | Schedule I |
| Control | Schedule I |
| Distribution | Schedule I |
| Effective Date | Preamble |
| Existing Operating Agreement | Recitals |
| Gross Asset Value | Schedule I |
| Intellectual Property Rights | Schedule I |
| Intellectual Property | Schedule I |
| Interest | Schedule I |
| IRS | 3.1(c) |
| IRR | 6.1 |
| Act | Schedule I |
| Losses | Schedule I |
| Majority Vote | Schedule I |
| Manager | Preamble, 4.1(a) |
| Members | Schedule I |
| Net Distributable Cash | 6.1(a) |
| Net Operating Profits | 3.8(b) |
| Offering | Background |
| Offering Statement | Background |
| Officers | 4.3 |
| Original Members or Member | Background |
| Original Price | 3.8(b) |
| Percentage Interest | Schedule I |
| Permitted Lien | Schedule I |
| Person | Schedule I |
| Profits | Schedule I |
| Redemption Date | 3.8(a) |
| Redemption Units | 3.8(a) |
| Redemption Trigger Event | 3.8(a) |
| Redemption Price | 3.8(b) |
| Redemption Notice | 3.8(c) |

---

Schedule I - 1

---

| | |
|:---|:---|
| Related Party Transaction | Schedule I |
| Related Party | Schedule I |
| Representative | 7.2 |
| Rules | 11.5 |
| Tax Representative | 7.3 |
| Transfer | Schedule I |
| Transferee | Schedule I |
| Transferring Member | Schedule I |
| Treasury Regulations | Schedule I |
| Units | Schedule I |
| Unreturned Capital Contributions | 6.1 |

---

"<u>2018 Audit Rules</u>" means the partnership tax audit rules set forth in the Bipartisan Budget Act of 2015, effective as of January 1, 2018, as such provisions may subsequently be modified, including any existing and future Treasury Regulations and other formal guidance issued in connection therewith.

"<u>Adjusted Capital Account</u>" means the balance in the Capital Account maintained for each Member as of the end of each fiscal year and further (i) increased by any amounts which such Member is obligated to restore pursuant to any provision of this Agreement or is treated as being obligated to restore pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

"<u>Affiliate</u>" means, with respect to any Person, any other Person, which directly or indirectly controls, is controlled by or is under common control with such Person.

"<u>Agreement</u>" means this Amended and Restated Operating Agreement of the Company, as this agreement may be amended, modified, supplemented or restated from time to time after the date hereof in accordance with the terms herewith.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or day on which banks are permitted to close in the State of New York.

"<u>Certificate</u>" means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.

"<u>Capital Contribution</u>" means, with respect to any Member, the amount of money and the initial Gross Asset Value of any property (other than money) contributed to the Company.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended (or any corresponding provision or provisions of succeeding tax law).

"<u>Company Sale</u>" means (i) any transaction or series of related transactions to which the Company is a party in which in excess of fifty percent (50%) of the Company's voting power is transferred (other than any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof) or a merger or consolidation in which the Company is a constituent party (other than with and into a corporation or other entity, one hundred percent (100%) of the outstanding capital stock or other equity interests of which are held by the Company) or a subsidiary of the Company is a constituent party and the Company issues membership interests pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the Members of the Company immediately prior to such consolidation, merger or reorganization, continue to hold at least a majority of the voting power of the surviving entity in substantially the same proportions (or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger or reorganization; or (ii) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company.

Schedule I - 2

"<u>Confidential Information</u>" means all Intellectual Property Rights, documents, financial statements, records, business plans, reports and other information of whatever kind or nature, which has value to the Company, or which is treated by the Company as confidential and regardless of whether such information is marked "confidential," except (a) such information that is or becomes generally available to the public through no action of the party (including its limited partners, representatives, agents and Affiliates) to which such information was furnished, or (b) is or becomes available to the party to which it was furnished on a nonconfidential basis from a source, other than from the Company, its Affiliates or representatives, which the receiving party believes, after reasonable inquiry, was not prohibited from so disclosing such information by a contractual, legal or fiduciary obligation.

"<u>control</u>", as used in the definitions of Affiliate, means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise.

"<u>Covered Person</u>" means a current or former Member or Manager, an Affiliate of a current or former Member or Manager, any officer, director, shareholder, partner, member, employee, advisor, representative or agent of a current or former Member or Manager or any of their respective Affiliates.

"<u>Distribution</u>" means any cash or other property distributed to a Member pursuant to <u>Section 6.1</u>.

"<u>Effective Date</u>" means the date as of which Main & Main RoRo QOZB, LLC and Main & Main RoRo, LLC have executed and delivered this Agreement.

"<u>Fair Market Value</u>" means the fair market value as reasonably determined in good faith by the Manager of a Unit or the Company's assets, as applicable.

"<u>Gross Asset Value</u>" means with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows: (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; (ii) the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values (taking Code Section 770(g) into account), as of the following times: (A) 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; (B) 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; (C) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(3(ii)(g) (other than pursuant to Code Section 708(b)(1)(B)); and (D) in connection with the grant of 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 partner capacity in anticipation of being a Member; provided that an adjustment described in clauses (A), (B), and (D) of this definition shall be made only if the Manager reasonably determines that such adjustment is necessary to reflect the relative economic interests of the Members in the Company; (iii) the Gross Asset Value of any item of Company assets 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; and (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 Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to (X) Treasury Regulations Section 1.704-1(b)(3)(iv)(m) and (Y) clause (v) of the definition of "Profits" and "Losses," provided, however, the Gross Asset Values shall not be adjusted pursuant to this clause (iv) to the extent that an adjustment pursuant to clause (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iv).

"<u>Interest</u>" means the ownership interest of a Member in the Company at any particular time, whether represented by Units, including the right of such Member to any and all distributions and any other benefits to which such Member may be entitled as provided in this Agreement or the Act, together with the obligations of such Member to comply with all the provisions of this Agreement and the Act.

"<u>Act</u>" means the Delaware Limited Liability Company Act, as amended from time to time.

"<u>Majority Vote</u>" means, (a) with respect to Members, the affirmative vote of Members holding at least a majority of the votes represented by all outstanding Units, and (b) with respect to Managers, the affirmative vote of a majority in number of all of the Managers then serving, provided, that, if there are only two or fewer Managers then serving, a Majority Vote of the Managers will mean the affirmative vote of all Managers.

"<u>Members</u>" (and each, a "<u>Member</u>") means any Person identified as a Member of the Company on the Company Ledger and any Person admitted as an Additional Member or substitute Member of the Company pursuant to this Agreement.

"<u>Percentage Interest</u>" means, with respect to any Member, such Member's percentage share of the total Interests.

Schedule I - 3

"<u>Permitted Liens</u>" means: (a) statutory liens for taxes, assessments and other governmental charges which are not yet due and payable or are due but not delinquent or are being contested in good faith by appropriate proceedings, (b) statutory or common law liens to secure sums not yet due to landlords, sublandlords, licensors or sublicensors under leases or rental agreements, (c) deposits or pledges made in connection with, or to secure payment of, workers' compensation, unemployment insurance, old age pension or other social security programs mandated under applicable laws, (d) statutory or common law liens in favor of carriers, warehousemen, mechanics, workmen, repairmen and materialmen to secure claims for labor, materials or supplies and other like liens, (e) restrictions on transfer of securities imposed by applicable state and federal securities laws, (f) any other encumbrance affecting any asset which does not materially impede or otherwise affect the ownership or operation of such asset, (g) liens resulting from a filing by a lessor as a precautionary filing for a lease, (h) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business, (i) vendors' liens to secure payment, (j) rights or claims of customers or tenants under agreements, licenses or leases, or (k) liens that have not or would not reasonably be expected to result in a material adverse effect on the business of the Company.

"<u>Person</u>" means any human being, organization, general partnership, limited partnership, corporation, limited liability company, limited liability partnership, joint venture, trust, business trust, association, governmental entity or other legal entity.

"<u>Profits</u>" and "<u>Losses</u>" mean for each fiscal year, an amount equal to the Company's taxable income or loss for such fiscal year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication); (i) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of "Profits" and "Losses" shall be added to such taxable income or loss; (ii) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition of "Profits" and "Losses," shall be subtracted from such taxable income or loss; (iii) in the event the Gross Asset Value of any Company asset is adjusted pursuant to clauses (ii) or (iii) of the definition of "Gross Asset Value," the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; (iv) gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; (v) to the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member's interest in the Company, the amount of such adjustment 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) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses. Any amounts allocated to the Members pursuant to <u>Section 6.5</u> shall be excluded from Profits and Losses.

"<u>Related Party</u>" means (a) any Member holding Units constituting ten percent (10%) or more of the outstanding class of such Units, (b) each Manager and Officer of the Company, and (c) any Person known to the Manager to be an Affiliate or immediate family member of a Person described in clause (a) or (b) of this definition.

"<u>Related Party Transaction</u>" means any financial transaction between the Company, on the one hand, and a Related Party on the other hand, involving payments to or from the Company of $25,000 or more per annum.

"<u>Super-Majority Vote</u>" means, with respect to Members, the affirmative vote of 75% of the issued and outstanding Members holding Units of the Company.

"<u>Transfer</u>" or "<u>Transferred</u>" means to directly or indirectly transfer, sell, pledge, hypothecate or otherwise dispose of.

"<u>Transferee</u>" means any Person to whom any Transferring Member will make a Transfer.

"<u>Transferring Member</u>" means any Member Transferring Units or Interest.

"<u>Treasury Regulations</u>" means the United States Treasury regulations promulgated under the Code, as amended from time to time, and including corresponding provisions of succeeding regulations.

"<u>Units</u>" means an Interest in the Company held by a Member. The number of Units held by each Member is as indicated on the Company Ledger, as it may be amended from time to time.

Schedule I - 4

## Ex1A-6

**Exhibit 6.1**

**Castle Placement, LLC**

**1460 Broadway**

**New York, New York 10036**

**(212) 418-1180**

January 24, 2025

Central RoRo, LLC ("Company")

829 N 1<sup>st</sup> Ave Suite 201

Phoenix, AZ 85003

Attention: Jordan Taylor, Co-Manager

This agreement (the "Agreement") is made and entered into by and between Company and Castle Placement, LLC ("Castle"). Company hereby engages Castle as an independent contractor to solicit a Transaction. "Transactions" shall be defined as: a proposed offering and sale of Investments (as defined below).

1. <u>**Services.**</u> Castle will use its commercially reasonable efforts to provide Company with certain services, which may include: (i) completing appropriate
due diligence on Company and its principals and helping Company create an investor presentation and landing page on castleplacement.com;
(ii) identifying prospective Investors, sending email campaigns to them, and facilitating LinkedIn connection requests from Company's
account; (iii) conducting a mock investor call with Company and sharing insights and suggestions with Company regarding positioning and
marketing the opportunity to Investors in calls and meetings; (iv) assisting Company in connection with Investors throughout the entire
process through closing; (v) reviewing and helping to prepare written material and forecasts prepared by Company such as the financial
model and final definitive documents; (vi) attempting to obtain executed NDAs between Investors and Company; (vii) setting-up, administrating,
and assisting Company in populating the VDR on Castle's VDR platform; (viii) working with Company to provide information, answer questions,
and follow-up with Investors; (ix) including the Transaction on castleplacement.com and CPGO (Castle's proprietary app) for prospective
investors to review; (x) conducting an accredited investor email campaign (optional - extra cost to Company; success subject to general
challenges of large email campaigns); (xi) providing paid (optional - extra cost to Company to reimburse Castle for payments to third-party
providers (such as MailChimp for emails or Meta for ads)) and/or organic digital marketing outreach to prospective investors (creating
great creative for the digital ads is essential; Company is responsible for creating the overall digital advertising creative content
and strategy, including advertising videos and static ads - Castle will review and share ideas, and manage the ad placement strategy
and implementation); (xii) coordinating with a third-party videographer to help Company create an elevator pitch video for investors
(optional - extra cost to Company); (xiii) providing Company with detailed information on CPGO regarding the status of each Investor
currently interested in the Transaction, and allowing Company to communicate with Investors directly through CPGO; (xiv) helping Company
to structure the Transaction, seeking proposals from Investors, negotiating with Investors; (xv) attempting to obtain term sheets from
Investors; and (xvi) assisting in arranging and closing the Transaction.

2.  **<u>Exclusivity.</u>** This is an exclusive engagement as the Company's managing broker-dealer. Company will
 not allow any other party to participate in the Transaction without Castle's prior
 written consent; *provided*, *however*, that Castle may enter into Soliciting Dealer
 Agreements, in a form reasonably acceptable to both parties (each, a "Soliciting Dealer
 Agreement") with: i) any soliciting broker-dealers identified and selected by the Company,
 with Castle's consent, which shall not be unreasonably withheld, or ii) any soliciting
 broker-dealers identified by Castle, at its sole discretion, with reasonable notice to the
 Company, except for Caliber Companies, as defined below. With respect to Section 2(ii) hereof,
 Castle shall be entitled to the fee set forth in Section 6(a)-ii pursuant to any Soliciting
 Dealer Agreement executed by and between Castle and a soliciting broker-dealer identified
 by the Company and approved by Castle according to clause i) of this Section 2. Additionally,
 payment of Castle's fee on any closed Transaction shall not be contingent in any respect
 on whether Castle introduced the Investor, Castle's performance, or Castle's
 interaction with the Investor or counterparty, further defined in "Fees" section
 below. "Investors" shall mean potential and actual investors (including existing
 investors in the Company) or participants in a Transaction, regardless of whether Castle,
 the Company, or a third party is the source of such investors or participants.

**<u>This Agreement is exclusive with the exception of Caliber Companies, based in Scottsdale, Arizona. Any Transaction with Caliber shall be excluded from this Agreement in its entirely as a "carve out" from the exclusivity defined above. In the event that the Company completes a Transaction with Caliber, the Company will pay a one-time fee of $5,000 to Castle within 10 days of the closing with Caliber.</u>**

3. <u>**Term.**</u> Unless earlier terminated as herein provided, the term of this engagement shall begin on
 the date hereof and end: i) six months (the "Term") from the date that the last
 Transaction is made available to investors; *provided*, *however*, **  that ii)
 the Term will automatically be extended by three months if the Company has executed a term
 sheet with an Investor OR Investors have already funded $8,800,000 or more (these time periods
 - both i and ii above - shall be the "Initial Term"). After the Initial Term
 has ended the Term will be extended on a month-to-month basis until either party terminates
 this Agreement upon thirty days' prior written notice to the other.

Castle Placement, LLC

<u>**Tail.**</u> Company shall pay to Castle pursuant to the same fee schedule contained herein with respect to any Transaction with an Investor to which Castle has marketed the Transaction during the Term or Tail which is consummated, or for which an agreement has been signed, within fifteen (15) months after the termination of the Agreement (the "Tail"), provided, however, in connection with the Reg A offering in accordance with FINRA Rule 2010: i) any tail fee to be received by Castle will only be received in connection with Castle's marketing of the Reg A to prospective investors, and ii) Castle will not be entitled to its fee if it was terminated for Cause.

<u>**Fees.**</u> If an Investor that is sourced by A) the Company, or B) soliciting broker-dealers identified by the Company and approved by Castle in accordance with Section 2(ii) hereof then Castle will only receive 50% of the fees set forth below.

Company shall pay Castle as compensation for its services under this Agreement fees as follows:

A. For Reg CF capital raises: (the parties acknowledge that Company does not plan to do a Reg CF, and this clause is included solely in case Company, in its sole and absolute discretion, changes its strategy)

&nbsp;&nbsp;&nbsp;&nbsp;a. 7.5% on all capital raised from Investors.

&nbsp;&nbsp;&nbsp;&nbsp;b. In connection with the first closed transaction under paragraphs
(a)-i, in addition to the cash fee, Castle will be granted equity in the Company in the amount of 2% multiplied by the capital raised
divided by the post-money valuation of the company at closing.

B. For the planned Reg A+ capital raise (the "Reg A+ Offering"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Castle will receive a 2.75% fee on capital sourced from Investors
it brings to the Reg A+ Offering, which fee may be allocated by Castle to soliciting dealers participating in the offering, in its sole
discretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. Castle will receive a 1.25% fee on capital sourced by A)
the Company, or B) soliciting broker-dealers identified by the Company and approved by Castle in accordance with Section 2(ii) hereof.

For the avoidance of doubt, the maximum total fees Castle can earn from the Reg A+ Offering will not exceed $2,092,500 (2.75% of the maximum offering proceeds plus the Consulting/Advisory Fee).

Castle acknowledges and agrees that, unless Company in its sole and absolute discretion changes its strategy, the Reg A+ Offering has a minimum raise requirement of $8,800,000 (the "Minimum Offering Amount") which must be met before an initial closing of the Reg A+ Offering can occur, and that, if the Reg A+ Offering does not receive subscriptions for the Minimum Offering Amount, then the Company will not owe any success fees to Castle (unless Company agrees to close the transaction with a lower offering amount).

C. For Reg D capital raises:

&nbsp;&nbsp;&nbsp;&nbsp;a. 5% on A) equity (including preferred equity or convertible
debt) capital from Investors, B) debt capital expected to yield 14% or more to Investors, and C) the exercise price of all securities
constituting warrants, options or other rights to purchase securities, or times the equivalent total capitalization if structured as
a non-standard transaction with Investors such as a merger, purchase, or other non-standard structure;

&nbsp;&nbsp;&nbsp;&nbsp;b. 3.5% on all debt capital to Investors, other than as set
forth in paragraph (a); and

&nbsp;&nbsp;&nbsp;&nbsp;c. Castle Equity in the Company: in connection with all closed Transactions under paragraphs (a), in
 addition to the cash fee, Castle will be granted equity shares in the Company in the amount of 2% of the capital raised.

Consulting/Advisory Fee: Company shall pay to Castle upon execution of this Agreement a $25,000 fee for services performed in connection with this Agreement such as due diligence, general consulting services relating to the offering, and coordination with third party vendors. This fee shall become nonrefundable 30 days after execution of this Agreement if Castle during such 30 day period has not declined to move forward with the offering. If Castle during such 30 day period does decline to move forward with the offering, then the full Consulting/Advisory fee shall be refunded to the Company within 10 days.

Castle Placement, LLC

4. <u>**Indemnification, Fees and Expenses**</u> **.** Company and Castle agree to the provisions regarding Company's indemnity of Castle and other matters set forth in Schedule II. Company
agrees to the provisions for the payment of Castle's fees and other matters set forth in Schedule I.

<u>**Survival/Investments.**</u> Provisions relating to the status of Castle as an independent contractor, the limitation as to whom Castle shall owe any duties, governing law, successors and assigns, the waiver of the right to trial by jury, indemnification, Additional Transactions, the Tail, and other provisions herein that extend beyond the termination of this Agreement, shall survive any termination of this Agreement. "Investments": any transaction involving Company, including without limitation an equity or debt investment, management agreement, asset management structure, fund, consulting arrangement, grant, tax credit, merger, acquisition, loan, joint or strategic venture, asset or loan purchase or sale, securitization, one-off or special purpose vehicle transaction, digital security, partnership, fee agreement, licensing or servicing agreement.

<u>**Entire Agreement.**</u> This Agreement, and all schedules, annexes, or attachments hereto, and any rights, duties or obligations hereunder, constitutes the entire agreement of the parties, supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, and shall inure to the benefit of and be binding upon the successors, assigns, and personal representatives of each of the parties hereto, and may not be waived, amended, modified or assigned, in any way, in whole or in part, including by operation of law, without prior written consent signed by each of the parties hereto. The provisions of this Agreement may not be explained, supplemented or qualified through evidence of industry standards, trade usage or a prior course of dealings.

5. <u>**Severability; Execution; Representations.**</u> In case any provision of this Agreement is found to be void, invalid, illegal or unenforceable by reason of law or public policy, all
other remaining provisions of this Agreement shall, nevertheless, remain in full force and effect. This Agreement may be executed in several
counterparts, each of which when executed and delivered shall be an original, but all of which together shall constitute one and the same
instrument. Facsimile, PDF or electronic signatures shall be deemed original signatures and be binding. Castle and Company hereby make
the representations, warranties and agreements set forth in Schedule III.

<u>**Choice of Law; Arbitration.**</u> This Agreement and any claim or dispute of any kind or nature whatsoever arising out of, or relating to, this Agreement or Castle's engagement hereunder, directly or indirectly (including any claim concerning services provided pursuant to this Agreement), shall be governed by and construed in all respects, including as to validity, interpretation and effect, in accordance with the laws of the State of Arizona without giving effect to the conflicts or choice of law provisions thereof. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be adjudicated in accordance with the provisions set forth in Schedule IV.

<u>**Schedules; Communications.**</u> All schedules to this Agreement shall be made a part hereof, are an integral part of this Agreement, and shall survive any termination or expiration of this Agreement. All communications hereunder shall be in writing e-mailed to the parties hereto as follows:

**If to Castle email to:** rluftig@castleplacement.com

**If to Company email to:** jordan@intersectiondev.com

[*Signature Page Follows*]

 

Castle Placement, LLC

We are pleased to accept this engagement and look forward to working with Company. Upon execution and delivery by both parties this shall constitute a binding agreement.

Very truly yours,

Castle Placement, LLC

---

| | | |
|:---|:---|:---|
| By: | /s/ Richard Luftig | /s/ Richard Luftig |
|  | Name: | Richard Luftig |
|  | Title: | Managing Partner |

---

Accepted and agreed to as of the date first written above:

Central RoRo, LLC

By: Central RoRo Manager, LLC, Managing Member

---

| | | |
|:---|:---|:---|
| By: | /s/ Jordan Taylor | /s/ Jordan Taylor |
|  | Name: | Jordan Taylor |
|  | Title: | Co-Manager |

---

[*Schedules Follow*]

 

SCHEDULE I

**FEE SUPPLEMENT**

Castle has not communicated to the Company, and does not guarantee, that its efforts will be successful in raising capital. Many factors could prevent any capital from being raised including without limitation market, economic, political, regulatory, management team, business sector, structure, opportunity, business plan, financial projections, expected returns, perceived risks, or other unanticipated factors.

Success fees payable to Castle pursuant to this Agreement shall be paid by Company in cash upon the funding or closing of Transactions during: i) for all Investors, the Term or the Tail; and ii) for Investors that completed a Transaction during the Term or the Tail and then have subsequent closings, commencing on the initial closing and ending when there is a final sale, disposition, or entity termination. This paragraph shall survive any termination or expiration of this Agreement.

Company agrees to pay Castle's reasonable out-of-pocket expenses in connection with this engagement, including expenses for background investigations/reports on Company prior to marketing ($250 total cost if key people and company are in the US). Castle will not incur any material expenses (including digital advertising expenses) without the prior written consent of Company. Company shall be responsible for payment (directly or via reimbursement of Castle) of all fees and expenses in connection with the offering including without limitation: legal, audit, due diligence, escrow agent, transfer agent, advertising, credit card/ACH processing/fees, FINRA, KYC/AML/OFAC, etc.

Company shall pay a penalty for any payment that is not received as required herein, at a rate of 1.5% per month on all overdue balances. This penalty shall be capped at $300,000 in connection with a Reg A offering.

See Schedule V for payment instruction by the Company to Castle.

SCHEDULE II

**INDEMNIFICATION**

Company and its affiliates, on a joint and several basis, agree to indemnify Castle, any affiliate or controlling person of Castle and each of their respective directors, officers, employees, agents, affiliates, independent contractors, and representatives (each, an "Indemnified Party") and hold each of them harmless against any and all losses, claims, damages, expenses, and liabilities (collectively, "Liabilities") to which the Indemnified Parties may become liable, directly or indirectly, arising out of, or relating to, the Agreement to which this schedule is attached (the "Agreement") or Castle's services thereunder, unless there is a final arbitral or judicial determination, not subject to appeal, that the Liabilities resulted from the Actionable Misconduct (as defined below) of such Indemnified Party (the "Final Judicial Determination"). Actionable Misconduct is defined solely as: i) actual fraud; or ii) negligence that is both willful and gross. No other conduct shall constitute Actionable Misconduct, and the following conduct, without limitation, shall expressly be excluded from this standard: negligence (other than negligence that is both willful and gross), misconduct, fraudulent inducement of Company to work with Indemnified Party, or Indemnified Party's actions in connection with the preparation of marketing materials, financial models, or other materials, advice, strategy, timing of activities, the Indemnified Party's experience, relationships, or abilities, etc. If Company becomes aware of Actionable Misconduct by the Indemnified Party then Company must immediately notify Indemnified Party in writing, including a description of such Actionable Misconduct.

Company shall reimburse each Indemnified Party immediately upon request for all expenses (including reasonable attorneys' fees and expenses) reasonably incurred in connection with the investigation of, preparation for, defense of, or providing evidence in, any action, claim, suit, proceeding or investigation, including any action brought by Company against an Indemnified Party or by an Indemnified Party against Company, directly or indirectly, arising out of, or relating to, the Agreement or Castle's services thereunder, whether or not pending or threatened, and whether or not any Indemnified Party is a party to such action.

No Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to Company or any person asserting claims on behalf of or in right of Company, directly or indirectly, arising out of, or relating to, the Agreement or Castle's services thereunder, unless there is a Final Judicial Determination.

Castle hereby indemnifies Company for liabilities incurred by Company that directly result from the Actionable Misconduct of Castle.

Any amounts that an Indemnified Party may owe to Company shall be limited to the lesser of: (i) actual damages incurred by Company (which shall not include any consequential or speculative damages); and (ii) actual cash fees paid by Company to the Indemnified Party in connection with this Agreement.

Company will not, without Castle's prior written consent, agree to any settlement of, compromise or consent to the entry of any judgment in or other termination of (each and collectively, a "Settlement") any action in respect of which indemnification could be sought hereunder (whether or not Castle or any other Indemnified Party is an actual or potential party to such action), unless (i) such Settlement includes an unconditional release of each Indemnified Party from any Liabilities arising out of such action; and (ii) the parties agree that the terms of such Settlement shall remain confidential.

The rights of the Indemnified Parties referred to above shall be in addition to any rights that any Indemnified Party may otherwise have.

SCHEDULE III

**REPRESENTATIONS AND WARRANTIES**

Castle represents, warrants and agrees that:

(i) The Investments will be offered and sold in compliance with all applicable federal, state and foreign securities or blue sky laws, rules, regulations, and registration requirements.

(ii) It has all requisite power and authority to execute and perform this Agreement. All corporate action necessary for the authorization, execution, delivery and performance of this Agreement has been taken. This Agreement constitutes a valid and binding obligation of it.

(iii) It is duly registered as a broker-dealer pursuant to the Exchange Act and is a member in good standing of FINRA.

(iv) Notwithstanding anything to the contrary herein, Company may terminate this Agreement at any time for "Cause", in which case, all rights granted to Castle related to Additional Transactions or any Tail fee or payments shall be terminated and Castle shall have no claim to such items. For purposes of this Agreement, "Cause" shall mean with respect to Castle (a) the loss by Castle of any licensure or qualification necessary to provide the services; (b) a material fraudulent act in connection with the performance of Castle's duties; (c) a material violation of the terms of this Agreement by Castle which has continued for more than 30 days following written notice of such violation from Company which specifically describes the alleged violation; or (d) continued willful and deliberate non-performance by Castle of duties which has continued for more than 30 days following written notice of non-performance from Company which specifically describes the alleged non-performance.

Company represents, warrants and agrees that:

(i) If applicable, the Investments will be offered utilizing general solicitation of investors, and offered and sold in compliance with all applicable federal, state and foreign securities or blue sky laws, rules, regulations, and registration requirements; and prior to closing of any Transactions conducted in accordance with Rule 506(c) of Regulation D, that it will be responsible for verification of the accredited status of each investor participating in such closing.

(ii) If applicable, the legal documents will include all information required to be furnished to investors and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated in the legal documents or necessary to make the statements therein not misleading. The Information will be accurate and complete in all material respects.

(iii) It is solely responsible for preparing legal documents, including all materials and financial projections, for potential Investors, and will notify Castle promptly of any material information or change. It has not, and will not, offer for sale or sell any securities that would jeopardize the availability of the exemptions from all registration and qualification requirements with respect to any transaction.

(iv) It has done its own independent due diligence on Castle prior to entering into the Agreement and has not relied on any oral or written statement not contained in this Agreement as an inducement to enter into this Agreement or otherwise, including without limitation statements regarding Castle's track record, abilities, experience, relationships with investors and others, staffing and execution plans, expectations for success, or knowledge of it or the industry. To the extent it (a) discovers Castle has made any false statements or omitted any facts prior to or during this Agreement, (b) is not satisfied with Castle's performance in any way, or (c) has any other concerns regarding Castle's activities, it agrees to notify Castle promptly in writing so that such matter may be resolved.

(v) The required services of Castle are limited to those services explicitly contained in this Agreement. There are no other services required of Castle, expressly or implicitly, for Castle to fulfill its requirements under this Agreement. For purposes of clarifying the meaning of Castle's commercially reasonable efforts (as set forth in this Agreement), Castle (a) is under no obligation and provides no express or implied commitment or guarantees to place the Transaction with any Investor; (b) will not invest in the Transaction with its own capital nor will it incur any on-going out-of-pocket expenses that are not reimbursable under the Agreement; and (c) shall not assume the responsibilities of an advisor, fiduciary or agent for it, and although Castle may provide advice to it, it agrees that it will make its own decisions and agrees to hold Castle harmless regarding any advice it may or may not receive from Castle or its other advisors. It also acknowledges that the Transaction has a limited market and Castle makes no representations, commitments or guarantees regarding its knowledge of or relationships with, or the level of interest from, potential Investors that are known to Castle. It also acknowledges that Castle has limited knowledge of, and Castle makes no representations, commitments or guarantees regarding its knowledge of, it, its market, or its industry.

(vi) It has all requisite power and authority to execute and perform this Agreement; this Agreement constitutes a valid and binding obligation of it; the execution and performance of this Agreement by it and the offer and sale of the Investments in the Transaction will not violate any provision of its charter or bylaws or any agreement or other instrument to which it is a party or by which it is bound; and any necessary approvals, governmental and private, will be obtained by it before the closing of the Transaction.

(vii) The services performed by Castle in connection with this engagement are for the benefit and use of it in conducting the Transaction to which such services relate. No such services shall be used for any other purpose or be disclosed, reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, nor shall any public references to Castle be made, in each case without Castle's prior written consent, which consent shall not be unreasonably withheld.

(viii) It is a sophisticated business enterprise with competent internal financial advisors and legal counsel, and it has retained Castle for the limited purposes set forth in this Agreement. The parties acknowledge and agree that their respective rights and obligations as set forth herein are contractual in nature. It agrees that (i) Castle has been retained to act solely in connection with the activities stated herein, and (ii) any duties of Castle arising out of its engagement shall be owed solely to it. Accordingly, (i) Castle shall not be deemed to have any fiduciary duties or obligations to the investors, it, any other business entities, or their respective officers, directors, shareholders, partners, members, affiliates or creditors, as a result of this Agreement or the services provided hereto and (ii) it hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against Castle with respect to any breach or alleged breach of fiduciary duty hereunder.

(ix) Under no circumstances shall the execution of this Agreement or any act of Castle hereunder commit or be deemed a commitment by Castle to provide or arrange any bank financing or other debt or equity financing for any transaction or to purchase any security in connection therewith. Its Board of Directors will not base its decisions regarding whether and how to pursue the Transaction on Castle's advice, but will consider the advice of its legal, tax and other business advisors and such other factors which they consider appropriate. Castle has no responsibility to it with respect to any transaction contemplated hereby except the obligations expressly set forth in this Agreement.

(x) Castle may be engaged in a broad range of securities transactions and activities and financial services that involve interests that differ from, compete with, or overlap with those of it and Castle has no obligation to disclose any of such interest. In the ordinary course of Castle's business Castle or its clients may at any time be involved in competing transactions or be raising capital, or providing or arranging debt, equity, or other types of financing and other financial services for or to a prospective issuer, client, company, fund, prospective investor, or other entities that may be involved in competing transactions or businesses. The rights and obligations it may have to Castle under any other agreement are separate from its rights and obligations under this Agreement and will not be affected by Castle's services hereunder.

(xi) It will furnish to Castle such information as Castle believes appropriate to the engagement (all such information, the "Information"). Castle will rely solely on the accuracy and completeness of the Information without assuming any responsibility for investigation or independent verification whether or not Castle reviews it. Castle has not made and may not make any physical inspection of the properties or assets of it, and will assume that any financial forecasts furnished to or discussed with Castle by it have been reasonably prepared and reflect the best estimates and judgments of management. At the closing of the Transaction it will provide Castle with a copy of the closing binder (soft copy) including: an index (or table of contents) and the transaction documents.

(xii) Castle will be able to rely on it with respect to blue sky matters, and for updating, amending and supplementing legal documents and filings as required by applicable laws.

(xiii) Investors will be able to see: i) Transaction information on castleplacement.com and information regarding their interest in the Transaction (status, notes from Castle and it, etc.) on cpgoapp.com ("CPGO"); and ii) due diligence materials compiled by Castle in the VDR (including approval memo, references, background checks, etc.).

(xiv) Castle's marketing of the transaction may include email campaigns, social media posts (LinkedIn, etc.), digital advertising, phone calls, and/or meetings. In addition, Castle may include it and Transaction information on Castle's website (consistent with the presentation of other transactions on Castle's website) and social media sites (LinkedIn, etc.).

(xv) Company will not directly or indirectly solicit an employee of Castle to work for or with Company during the Term and until one year after the expiration of the Term.

(xvi) If a Transaction is completed: i) if Company takes part in any type of announcement of the transaction (including without limitation a press release) it shall include in such announcement that Castle was the exclusive placement agent and/or advisor for the transaction; and ii) Castle may make announcements (including without limitation in a press release, in its marketing materials, on social media sites (LinkedIn, etc.), and on its web site) including a description of the transaction noting that it was the exclusive placement agent and/or advisor.

SCHEDULE IV

**ARBITRATION/LITIGATION/VENUE**

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be adjudicated by arbitration ("Arbitration") administered by the American Arbitration Association (the "AAA") in accordance with its Commercial Arbitration Rules in place when the Arbitration is filed (the "Rules"). The award of the arbitrator shall be final and binding, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Except as provided by the Rules, the Arbitration shall be the sole, exclusive and final remedy for any dispute between the parties.

The Arbitration shall be heard by a single arbitrator selected by AAA. The place of arbitration shall be Chicago, Illinois.

The Commercial Arbitration Optional Rules for Emergency Measures of Protection are also incorporated by the parties. The award of the arbitrator shall be accompanied by a reasoned opinion. The parties hereby agree that the parties and the arbitrator may participate in the procedures via remote communication (such as Zoom).

Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties. If, in connection with any judicial proceedings to modify, vacate or confirm any order or award, confidential information must be filed with any court, the party submitting such confidential information shall file such confidential information under seal and shall also file a motion with the court requesting that the confidential information remain under seal and no party shall oppose such request.

Notwithstanding the requirements in this section that any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be adjudicated by binding arbitration as set forth in this schedule, if one of the pai1ies attempts to litigate in court (for example to argue that the arbitration clause herein is not binding or that the ruling of the arbitrator is not binding) the parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the federal courts of the United States of America located in the Borough of Manhattan in New York City, New York solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and hereby waive and agree not to assert as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such documents may not be enforced in or by said courts. All claims with respect to such action or proceeding shall be heard and determined in such New York court or federal courts of the United States of America located in the Borough of Manhattan in New York City, New York. The parties hereby consent to and grant any such court exclusive jurisdiction over the person of the parties and over the subject matter of any such dispute. For avoidance of doubt, nothing contained in this paragraph shall prevent a party from asserting as a defense that such action, suit or proceeding is prohibited by the binding arbitration provisions contained in this Schedule IV. The parties agree that issues of arbitrability shall be resolved by the arbitrator, and that all matters involving the Agreement shall be tried in the arbitration forum.

Unless there is a final judicial determination, not subject to appeal, that Castle's liability resulted from the Actionable Misconduct (as defined herein) of Castle, then in the event of litigation relating to this Agreement, in a court or an arbitration, Company shall be liable and pay to Castle the reasonable legal fees and costs, and/or arbitration costs, incurred by Castle in connection with such litigation and/or arbitration, including any appeal therefrom.

SCHEDULE V

**PAYMENT INFORMATION**

Two options to pay: 1) Wire, 2) Credit Card

1) Wire to Castle Placement, LLC

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank | Citibank, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABA | 021000089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account | 4991671355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBO | Castle Placement, LLC |

---

2) Credit Card - Company hereby pre-authorizes Castle to bill the Company's Credit Card (information for both the initial fees in connection with this Agreement and the background fee) as set forth in this Agreement and Schedule I.

(A) Credit Card (circle one): Visa, MasterCard, Amex, Discover

Credit Card Number:______________________3-Digit Number:_____________

Name as it appears on Credit Card:_______________Expiration Date:___________

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| |
|:---|
| Billing address: |
| Date: |
| Print Name: |
| Signature: |

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## Ex1A-6

**Exhibit 6.2**

**<u>AGREEMENT OF PURCHASE AND SALE</u>**

**THIS AGREEMENT OF PURCHASE AND SALE** (the "**Agreement**") is made as of this <u>31<sup>st</sup></u> day of August 2023 (being, the "**Effective Date**"), by and between **AUDACY ATLAS, LLC,** a Delaware limited liability company ("**Seller**"), and **JMJT ROOSEVELT 2 LLC**, an Arizona limited liability company ("**Purchaser**").

**ARTICLE I**

**Sale of Property**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Sale of Property</u>.** Seller hereby agrees to sell and Purchaser agrees to purchase all of Seller's right, title and interest in and to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1 <u>Land and Improvements</u>**. Approximately 46,124 square feet of real property located in Phoenix, Arizona, commonly known as 840 N. Central Avenue, Phoenix, Arizona (Tax Parcel Numbers 111-40-064, 111-40-066, 111-40-068, 111-40-069B, 111-40-067C, 111-40-065B, ###-##-####C, and 111-40-070) and depicted and described on **Exhibit A** attached hereto (the "**Land**"), together with Seller's interest in all improvements located on the Land (including an approximately 23,120 square foot building) excluding the Excluded Assets (the "**Improvements,**" the Land and the Improvements are sometimes collectively referred to herein as the "**Real Property**"); 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;**1.1.2 <u>Intangible Property</u>**. All guarantees, licenses, approvals, certificates, permits and warranties relating to the Real Property, to the extent assignable and excluding the Excluded Assets (collectively, the "**Intangible Property**"). (The Real Property and the Intangible Property are sometimes collectively hereinafter referred to as the "**Property**"). Notwithstanding the foregoing, Seller's business licenses, FCC permits for communications and rights connected with the operation of Seller's business from the Property shall not be conveyed to Purchaser and shall be deemed Excluded Assets hereunder. It is hereby acknowledged by the parties that Seller shall not convey to Purchaser claims relating to any real property tax refunds or rebates for periods accruing prior to the Closing, existing insurance claims and any existing claims against previous occupants of the Property, which claims shall be reserved by Seller and are deemed Excluded Assets hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Excluded Assets</u>**. The Property being transferred hereunder shall not include the personal property and equipment listed in **Exhibit G** attached hereto or deemed Excluded Assets in Section 1.1.2 above (the "<u>Excluded Assets</u>").

**ARTICLE II**

**Purchase Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Purchase Price</u>**. The purchase price for the Property shall be **TEN MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($10,500,000.00)**, plus or minus pro-rations and other adjustments as herein set forth, (the "**Purchase Price**"), which shall be payable by Purchaser to Seller on the Closing Date.

**ARTICLE III**

**Deposit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Deposit</u>**. Within three (3) business days following the Effective Date of this Agreement, Purchaser shall deposit an earnest money deposit of **TWO HUNDRED THOUSAND AND 00/100 DOLLARS ($200,000.00)** (the **"Deposit**") with Old Republic National Commercial Services, located at 226 Airport Parkway, Suite 200, San Jose, California 95110, Attn: Kevin Melberg, kmelberg@ortc.com (the "**Escrow Agent**"), in a strict joint order escrow. If requested by Purchaser, the Deposit may be held in an interest-bearing escrow account by Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Application of Deposit</u>**. If the Closing occurs, the Deposit shall be paid to Seller and credited against the Purchase Price at Closing. If the Closing does not occur in accordance with the terms hereof, the Deposit shall be held and delivered as hereinafter provided.

**ARTICLE IV**

**Purchaser's Right of Inspection; Feasibility Period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Right to Evaluate</u>**. Purchaser's due diligence review of the Property shall commence upon the Effective Date and continue until 5:00 p.m. Mountain Standard Time on the ninetieth (90th) day following the Effective Date (the "**Feasibility Period**"). During the Feasibility Period, Purchaser and its agents shall have the right during business hours (with not less than two business days' prior notice to Seller which notice may be given by email or telephone to each of Dave Pugh (david.pugh@audacy.com cell 415-971-3001) and Frank Magarelli (frank.magarelli@audacy.com cell 480-797-1033), at Purchaser's sole cost and expense and at Purchaser's and its agents' sole risk, at reasonable times during normal business hours agreed upon by Seller and Purchaser, as long as such work or access will not result in any disruption to Seller's radio broadcast business and operations from the Property and can be done safely and without potential damage to the radio station equipment or property, to (i) perform inspections and tests of the Property and (ii) to perform such other analyses, inquiries and investigations as Purchaser shall deem necessary or appropriate, including pursuing any necessary entitlements for its use of the Property; provided, however, that in no event shall (x) such inspections or tests unreasonably disrupt or disturb the on-going operation of the Property, or (y) Purchaser or its agents or representatives conduct any invasive physical testing, drilling, boring, sampling or removal of, on or through the surface of the Property (or any part or portion thereof) including, without limitation, any ground borings or invasive testing of the Improvements (collectively, "**Physical Testing**") without providing Seller with a specific plan for such testing at least two (2) business days' prior to conducting such invasive testing. Seller agrees that it shall, at no cost or expense to Seller, reasonably cooperate with Purchaser in such regard, including executing and delivering such customary applications and other documents which are required, provided that no entitlement, change in zoning classification or permitted use of the Property shall be effective until Purchaser's acquisition of the Property unless otherwise agreed in writing by Seller. By way of example, but in no way in limitation, in connection with any Physical Testing, Seller may require that: (i) any staking of the Property lines shall be no deeper than 2 inches; (ii) Purchaser shall provide Seller the exact location of where such samples would be taken; (iii) any boring holes must be backfilled with a bentonite-based grout and topped with the drill cuttings from the native soil and finished seamlessly with the same ground level finish as is currently in place (i.e. asphalt, concrete, etc..); (iv) prior to any soil borings, Seller must approve the exact locations of such borings provided that Purchaser shall be responsible to repair of any damage caused by the Physical Testing, even if Seller approves the location of the Physical Testing; and (v) Purchaser shall promptly provide Seller with a copy of any final geo-tech report and/or other similar studies, and no findings from the same may be disclosed to any third parties other than Purchaser's agents until Seller has had a reasonable opportunity to review.

In no event shall Seller be obligated as a condition of this transaction to repair or remediate any items identified by Purchaser as a result of its inspections and tests. After making such tests and inspections, Purchaser shall (1) promptly pay when due the costs of all Physical Testing; (2) not permit any liens to attach to the Property; (3) restore the improvements and the surface of the Property to the condition in which the same were found immediately prior to any Physical Testing, and any restoration plans must be approved by Seller in writing; and (4) except as may be required by law, not reveal or disclose any non-public information obtained concerning the Property to anyone outside Purchaser's organization other than its agents, lenders, investors, attorneys, consultants and representatives who need to know such information to assist Purchaser with the consummation of this transaction (such obligations shall survive any termination of this Agreement). Prior to Purchaser entering the Property to conduct the inspections and tests described above, Purchaser shall deliver to Seller evidence of commercial general liability insurance, with Seller as an additional insured, which insurance policies must have limits for bodily injury and death of not less than One Million Dollars ($1,000,000) for any one occurrence and not less than Two Million Dollars ($2,000,000) for all occurrences. Purchaser and all contractors that enter the Property shall also provide evidence of workers compensation insurance in accordance with state law. Notwithstanding the foregoing, to the extent of any Physical Testing at the Property, Purchaser and its contractors shall also carry an umbrella policy of $5,000,000 and Seller and Affiliates of Seller shall be named additional insureds on such umbrella policy. Seller shall have the right, in its discretion, to accompany Purchaser and its agents in all on-site investigations and Purchaser shall give Seller two business days' prior notice of any such inspections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Inspection Obligations and Indemnity</u>**. Purchaser and its agents and representatives shall: (a) not disturb or interfere with the use of the Real Property, including without limitation, broadcasting activities; (b) not interfere with the operation of the Real Property; (c) not damage any part of the Property; (d) not injure or otherwise cause bodily harm to Seller, its agents, contractors and employees or any employee or invitee; (e) promptly pay when due the costs of all investigations; (f) not permit any liens to attach to the Property; (g) restore the Improvements and the surface of the Real Property to the condition in which the same were found; and (h) except as may be required by law, not reveal or disclose any information obtained during the Feasibility Period concerning the Property to anyone outside Purchaser's organization other than its agents, lenders, investors, attorneys, consultants and representatives who need to know such information to assist Purchaser with the consummation of this transaction. Purchaser shall, at its sole cost and expense, comply with all applicable federal, state and local laws, statutes, rules, regulations, ordinances or policies in conducting its inspection of the Property and any permitted Physical Testing. Purchaser acknowledges and confirms its understanding that the Property is used for broadcasting and that Purchaser is not permitted to create any sounds, interruptions or vibrations which may interfere with broadcasting activities.

Purchaser shall, and does hereby agree to protect, indemnify, defend and hold Seller, its members, officers, directors, employees, agents, attorneys and their respective successors and assigns, and Seller's tenants, management company and any lender harmless from and against any and all claims, demands, suits, obligations, payments, damages, losses, penalties, liabilities, costs and expenses (including but not limited to reasonable attorneys' fees) arising out of Purchaser's or Purchaser's agents' actions taken in, on or about the Property. Purchaser's obligations pursuant to this Section 4.2 shall survive the Closing and/or any termination of this Agreement. Notwithstanding the foregoing, Purchaser shall have no liability with respect to, and Purchaser's indemnification obligation shall not apply to, (a) the mere discovery of any pre-existing conditions at the Property, or (b) any liability, loss, cost, expense, damage or injury to the extent arising out of or resulting from the negligence or willful misconduct of Seller, its agents, employees, contractors or consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Seller Deliveries</u>**. Seller, at its sole cost and expense, has delivered to Purchaser all of the items specified on **Exhibit B** attached hereto (the "**Documents**") that are in Seller's possession. Seller makes no representation or warranty of any kind regarding the accuracy, thoroughness or completeness of the Documents or the conclusions that might be drawn therefrom. In addition to items specified on **Exhibit B**, Seller, to Seller's knowledge, shall disclose any known modifications or changes to the documents since the date thereof in **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Termination Right</u>.** In the event that Purchaser determines that it does not desire to acquire the Property for any reason or no reason prior to the expiration of the Feasibility Period, then Purchaser shall provide written notice to Seller on or before the end of the Feasibility Period, and, subject to the Surviving Termination Obligations (as defined in Section 15.11 herein), this Agreement shall terminate. The Deposit shall be delivered to Purchaser and thereupon neither party shall have any further rights or obligations hereunder. If Purchaser shall fail to timely notify Seller in writing of its election to terminate this Agreement on or before the expiration of the Feasibility Period, Purchaser's termination right shall be deemed waived and of no further force or effect and the Deposit shall become non-refundable unless a Seller Default beyond applicable notice and cure periods occurs.

**ARTICLE V**

**Title and Survey Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Title and Survey</u>**. Seller has delivered to Purchaser a title commitment dated July 11, 2023 (the "**Title Commitment**") issued by Old Republic Title Agency (the "**Title Company**"). Seller has also provided to Purchaser a copy of its existing survey dated July 20, 2000 from Seller's acquisition of the Property (the "**Survey**") and Purchaser, may, to the extent required by the Title Company, at its sole cost and expense, prior to expiration of the Feasibility Period, have the Survey updated to a current date (it being understood by Purchaser that if it fails to cause an update to be completed, then Seller shall have no obligation to deliver coverage over any survey matters raised in the Title Commitment). The Title Commitment shall be in the amount of the Purchase Price and shall be a commitment to issue a standard policy of fee title insurance with respect to the Real Property.

**ARTICLE VI**

**Closing, Prorations and Closing Costs**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Closing</u>**. The closing of the sale of the Property (the "**Closing**") shall occur on the earlier of (X) one hundred twentieth (120<sup>th</sup>) day after the Effective Date or (Y) December 10, 2023 (the "**Closing Date**"). The Closing shall be a New York style closing and shall take place remotely through the Escrow Agent. Purchaser may extend the Closing Date for an additional period of five (5) days, but in no event may Purchaser extend the Closing Date beyond December 10, 2023, by: (i) delivering written notice to Seller at least thirty (30) days prior to the anticipated Closing Date; and (ii) depositing an additional **ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00)** with Escrow Agent which shall be non-refundable but applicable to the Purchase Price at Closing. As used herein, the term "Deposit" shall include the original deposit of $200,000.00 and the additional deposit $100,000.00 made in connection with such extension of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Prorations</u>**. No prorations of taxes, assessments, utilities and the like shall be made in connection with the Closing. Payment of such items is addressed in the attached Lease Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Closing and other Costs</u>**. Seller shall pay (a) the cost of a standard ALTA Title Policy (as defined in Section 10.2.2); (b) one-half of all escrow fees and costs; (c) Seller's share of prorations; and (d) recording release fees for any monetary liens encumbering the Real Property as of the Closing Date. Purchaser shall pay (i) any document recording charges for the deed; (ii) one-half of all escrow fees and costs; (iii) Purchaser's share of prorations; (iv) the cost of extended title insurance coverage and any title endorsements requested by Purchaser; and (v) the cost of updating the Survey.

**ARTICLE VII**

**Representations and Warranties of Seller**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Seller's Representations</u>**. Seller represents and warrants that the following matters are true and correct as of the Effective Date with respect to the Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1 <u>Ownership</u>**. Seller represents and warrants to Purchaser that Seller is the fee simple title owner of the Property with title to the Real Property subject to the Permitted Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2 <u>Authority</u>**. Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware and authorized to conduct business in the state of Arizona. This Agreement has been duly authorized, executed and delivered by Seller, is the legal, valid and binding obligation of Seller, does not violate any provision of any agreement or judicial order to which Seller is a party or to which Seller is subject. All documents to be executed by Seller which are to be delivered at Closing, will, at the time of Closing, (i) be duly authorized, executed and delivered by Seller, (ii) be legal, valid and binding obligations of Seller, and (iii) not violate any provision of any agreement or judicial order to which Seller is a party or to which Seller is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3 <u>Foreign Person</u>**. Seller is not a foreign person within the meaning of Section 1445(f) of the Internal Revenue Code, and Seller agrees to execute any and all documents necessary or required by the Internal Revenue Service or Purchaser in connection with such declaration(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4 <u>Leases.</u>** There are no current leases affecting the Property, other than a verbal agreement for after-hours parking with a local business, which will be terminated by Seller prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.5 <u>Litigation</u>**. Seller has received no written notice of any lawsuits pending or threatened as of the Effective Date, against or relating to Seller's interest in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.6 <u>Violations</u>**. Other than as disclosed on **Exhibit C** attached hereto, Seller has received no written notice of any violations issued by a governmental authority having jurisdiction over the Property which violation has not been corrected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.7 <u>Hazardous Materials.</u>** Seller has not received any written notice of any violation of any Environmental Laws (as herein defined) which has not been cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.8 <u>Condemnation</u>**. Seller has not received from any governmental authority any written notice of any condemnation of the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.9 <u>Terrorist Organization Lists</u>**. Seller is not acting, directly or indirectly, for or on behalf of any person named by the United States Treasury Department as a Specifically Designated National and Blocked Person, or for or on behalf of any Person designated in Executive Order 13224 as a Person who commits, threatens to commit, or supports terrorism. Seller is not engaged in the transaction contemplated by this Agreement directly or indirectly on behalf of, or facilitating such transaction directly or indirectly on behalf of, any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Seller's Knowledge</u>**. For purposes of this Agreement and any document delivered at Closing, whenever the phrases "to Seller's knowledge" or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge only of Carmela Masi, VP/Real Estate, John Kennedy, SVP/Technical Operations and David Pugh, SVP/Market Manager and not any implied, imputed or constructive knowledge, without any independent investigation having been made or any implied duty to investigate. Purchaser agrees that no personal liability may be asserted against Carmela Masi, John Kennedy, or David Pugh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Change in Representation/Waiver</u>**. Notwithstanding anything to the contrary contained herein, Purchaser acknowledges that Purchaser shall not be entitled to rely on any representation made by Seller in this Article VII to the extent that, prior to or at Closing, Purchaser shall have actual knowledge of any information that was contradictory to such representation or warranty. If Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building codes affecting the Property which would otherwise enable Purchaser to terminate this Agreement in accordance with its terms, then Purchaser may, at its option, by sending to Seller written notice of its election, either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price, and Seller shall have no further liability as to such matter thereafter. In the event Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be promptly refunded to Purchaser and neither Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than under Section 15.11 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Purchaser, to the extent that, prior to the Closing, Purchaser discovers or learns of information (or as a result of Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller's agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Purchaser nevertheless consummates the transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 <u>Survival</u>**. The express representations and warranties made in this Article VII shall not merge into any instrument or conveyance delivered at the Closing; but shall survive the Closing for a period of one hundred eighty (180) days (the "<u>Survival Period</u>"). Purchaser shall have the right to bring an action against Seller on the breach of a representation or warranty hereunder so long as Purchaser files such action within the Survival Period. The provisions of this Section 7.4 shall survive the Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed by Article XIII. In no event shall Purchaser be entitled to collect incidental, consequential or special damages from Seller.

**ARTICLE VIII**

Representations and Warranties of Purchaser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Purchaser's Representations</u>.** Purchaser represents and warrants to Seller that the following matters are true and correct as of the Effective Date and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1 <u>Authority</u>**. This Agreement is the legal, valid and binding obligation of Purchaser, and does not violate any provision of any agreement or judicial order to which Purchaser is a party or to which Purchaser is subject. All documents to be executed by Purchaser which are to be delivered at Closing, at the time of Closing will be duly authorized, executed and delivered by Purchaser, and will be the legal, valid and binding obligations of Purchaser, and at the time of Closing will not violate any provision of any agreement or judicial order to which Purchaser is a party or to which Purchaser is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2 <u>Terrorist Organization Lists</u>**. Purchaser is not acting, directly or indirectly, for or on behalf of any person named by the United States Treasury Department as a Specifically Designated National and Blocked Person, or for or on behalf of any Person designated in Executive Order 13224 as a Person who commits, threatens to commit, or supports terrorism. Purchaser is not engaged in the transaction contemplated by this Agreement directly or indirectly on behalf of, or facilitating such transaction directly or indirectly on behalf of, any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>AS-IS</u>**. PURCHASER IS PURCHASING THE PROPERTY ON ITS OWN INSPECTION AND EXAMINATION THEREOF, IN AN "<u>AS IS</u>" PHYSICAL CONDITION AND IN AN "AS IS" STATE OF REPAIR, AND EXCEPT AS EXPRESSLY CONTAINED IN THE SPECIAL WARRANTY DEED TO BE DELIVERED AT THE CLOSING AND SELLER'S REPRESENTATIONS (AS SET FORTH IN SECTION 7.1 HEREOF), PURCHASER HEREBY WAIVES, AND SELLER DISCLAIMS ALL WARRANTIES OF ANY TYPE OR KIND WHATSOEVER WITH RESPECT TO THE PROPERTY, WHETHER EXPRESS OR IMPLIED, DIRECT OR INDIRECT, ORAL OR WRITTEN, INCLUDING, BY WAY OF DESCRIPTION, BUT NOT LIMITATION, THOSE OF HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND USE. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, PURCHASER EXPRESSLY ACKNOWLEDGES THAT, EXCEPT AS OTHERWISE PROVIDED IN SELLER'S REPRESENTATIONS (AS SET FORTH IN SECTION 7.1 HEREOF), SELLER MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING, AND HEREBY EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES CONCERNING: (I) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY; (II) ANY RESTRICTIONS RELATED TO DEVELOPMENT OF THE PROPERTY; (III) THE APPLICABILITY OF ANY GOVERNMENTAL REQUIREMENTS; (IV) THE SUITABILITY OF THE PROPERTY FOR ANY PURPOSE WHATSOEVER; (V) THE PRESENCE IN, ON, UNDER OR ABOUT THE PROPERTY OF ANY HAZARDOUS MATERIAL OR ANY OTHER CONDITION OF THE PROPERTY WHICH IS ACTIONABLE UNDER ANY ENVIRONMENTAL LAW; (VI) COMPLIANCE OF THE PROPERTY OR ANY OPERATION THEREON WITH THE LAWS, RULES, REGULATIONS OR ORDINANCES OF ANY APPLICABLE GOVERNMENTAL BODY; OR (VII) THE PRESENCE OR ABSENCE OF, OR THE POTENTIAL ADVERSE HEALTH, ECONOMIC OR OTHER EFFECTS ARISING FROM, ANY MAGNETIC, ELECTRICAL OR ELECTROMAGNETIC FIELDS OR OTHER CONDITIONS CAUSED BY OR EMANATING FROM ANY POWER LINES, TELEPHONE LINES, CABLES OR OTHER FACILITIES, OR ANY RELATED DEVICES OR APPURTENANCES, UPON OR IN THE VICINITY OF THE PROPERTY, IT BEING UNDERSTOOD THAT SELLER HAS CONDUCTED ITS OWN INDEPENDENT INVESTIGATIONS. PURSUANT TO SECTION 4.3, SELLER HAS PROVIDED A PROPERTY DISCLOSURE FORM ATTACHED HERETO AS EXHBIT G, WHICH IS IN ADDITION TO PURCHASER'S OWN INSPECTION AND EXAMINATION OF THE PROPERTY.

As used herein, "<u>Hazardous Materials</u>" shall mean, collectively, any chemical, material, substance or waste which is or hereafter becomes defined or included in the definitions of "hazardous substances," "hazardous wastes," "hazardous materials," "extremely hazardous wastes," "restricted hazardous wastes," "toxic substances," "toxic pollutants," "pollutant" or "contaminant," or words of similar import, under any Environmental Law, and any other chemical, material, substance, or waste, exposure to, disposal of, or the release of which is now or hereafter prohibited, limited or regulated by any governmental or regulatory authority or otherwise poses an unacceptable risk to human health or the environment. As used herein, "<u>Environmental Laws</u>" shall mean all applicable local, state and federal environmental rules, regulations, statutes, laws and orders, as amended from time to time, including, but not limited to, all such rules, regulations, statutes, laws and orders regarding the storage, use and disposal of Hazardous Materials and regarding releases or threatened releases of Hazardous Materials to the environment. The provisions of this Section 8.2 shall survive the Closing and the delivery of the Deed to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 <u>Purchaser's Release</u>**. Without limiting the provisions of Section 8.2 above, effective as of the Closing Date, Purchaser, on behalf of itself and its successors and assigns, waives its right to recover from, and forever releases and discharges, Seller, Affiliates of Seller, Seller's property manager, the partners, members, trustees, shareholders, beneficiaries, directors, officers, employees, attorneys and agents of each of them, and their respective heirs, successors, personal representatives and assigns from any and all demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses known or unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with (i) the physical condition of the Property, (ii) the condition of title to the Property, (iii) the presence on, under or about the Property of any Hazardous Material or regulated substance, or (iv) the Property's compliance with any applicable federal, state or local law, rule or regulation. Excluded from the foregoing is any matter expressly warranted or represented in this Agreement by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 <u>Survival</u>**. The express representations and warranties made in this Article VIII shall not merge into any instrument or conveyance delivered at the Closing; but shall survive the Closing for the Survival Period. Seller shall have the right to bring an action against Purchaser on the breach of a representation or warranty hereunder so long as Seller files such action within the Survival Period. The provisions of this Section 8.4 shall survive the Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed by Article XIII. In no event shall Seller be entitled to collect incidental, consequential or special damages from Purchaser.

**ARTICLE IX**

**Seller Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Operations</u>**. Seller shall, in accordance with its reasonable business practices, manage, maintain and operate the Property until Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Maintain Insurance</u>**. Seller agrees to maintain in full force and effect until the Closing Date its existing insurance coverages (as of the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>No Sales</u>**. Seller agrees that it shall not convey any interest in the Property to any third party other than an Affiliate of Seller. "**Affiliate of Seller**" shall mean an entity that directly or indirectly through one or more intermediaries' controls, or is controlled by, or is under the common control with, Seller or its parent companies.

**ARTICLE X**

**Closing Conditions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Conditions to Obligations of Seller</u>**. The obligations of Seller under this Agreement to sell the Property and consummate the other transactions contemplated hereby shall be subject to the satisfaction of the following conditions on or before the Closing Date except to the extent that any of such conditions may be waived by Seller in writing at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1 <u>Representations</u>**. All of the representations and warranties of Purchaser contained in this Agreement shall be true and correct in all material respects as of the date of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.2 <u>Deliveries</u>**. Purchaser shall have delivered to the Title Company all of the items required to be delivered by Purchaser pursuant to Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.3 <u>Lease Agreement</u>**. Purchaser shall have delivered to Seller duly executed counterparts of the Lease Agreement in the form attached hereto as **Exhibit D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.4 <u>Purchase Price</u>**. Seller shall have received the Purchase Price as adjusted as provided herein, pursuant to and payable in the manner provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Conditions to Obligations of Purchaser</u>**. The obligations of Purchaser under this Agreement to purchase the Property and consummate the other transactions contemplated hereby shall be subject to the satisfaction of the following conditions on or before the Closing Date, except to the extent that any of such conditions may be waived by Purchaser in writing at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1 <u>No Suits</u>**. No suit or other proceeding shall be pending or threatened by any third party not affiliated with or acting at the request of Purchaser before any court or governmental authority seeking to restrain or prohibit or declare illegal, or recover damages against Purchaser or any Affiliate of Purchaser in connection with the transactions contemplated by 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;**10.2.2 <u>Title Policy</u>**. At the Closing, Purchaser shall receive a "marked up" policy ("**Title Policy**") insuring Purchaser as the fee owner of the Property and subject to the Permitted Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3 <u>Possession of the Property</u>**. Delivery at Closing by Seller of possession of the Property, subject to the Permitted Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.4 <u>Lease Agreement</u>**. Seller shall have delivered to Purchaser a counterpart of the Lease Agreement in the form attached hereto as **Exhibit D** executed by Tenant**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.5 <u>Representations</u>**. All of the representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects as of the date of Closing.

**ARTICLE XI**

**Closing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Purchaser's Closing Obligations</u>**. Purchaser, at its sole cost and expense, shall deliver or cause to be delivered to the Title Company at Closing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1** The Purchase Price, after all adjustments as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2** The Bill of Sale, Assignment and Assumption in the form attached hereto as **Exhibit E**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.3** The Lease Agreement in the form attached hereto as **Exhibit D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.4** A settlement statement signed by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.5** Such evidence as the Title Company may reasonably require as to the authority of the person or persons executing documents on behalf of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.6** Such affidavits as may be customarily and reasonably required by the Title 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;**11.1.7** An Affidavit of Property Value as required 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;**11.1.8** Such other documents as may be reasonably necessary or appropriate to effect the consummation of the transactions which are the subject of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Seller's Closing Obligations</u>**. Seller, at its sole cost and expense, shall deliver or cause to be delivered to the Title Company at or prior to the Closing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1** An original of the special warranty deed (the "**Deed**") in the form attached hereto as **Exhibit F**, properly executed by Seller conveying to Purchaser the Land and Improvements in fee simple, subject only to the Permitted Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2** The Bill of Sale, Assignment and Assumption in the form attached hereto as **Exhibit E**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.3** Evidence reasonably satisfactory to Purchaser and the Title Company that the person executing the Closing documents on behalf of Seller has full right, power and authority to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.4** A certificate certifying that Seller is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code of 1986, 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;**11.2.5** A subordination, non-disturbance and attornment agreement in a form reasonably acceptable to Seller executed by an Affiliate of Seller, Audacy Arizona, LLC ("Tenant"), if required by any lender of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.6** A settlement statement, signed by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.7** An Owner's Affidavit signed by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.8** The Lease Agreement in the form attached hereto as **Exhibit D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.9** The following items, to the extent in Seller's possession: (i) copies of all keys for the Improvements and (ii) the originals (or copies where originals are not available) of any licenses and permits for the Improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.10** An Affidavit of Property Value as required 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;**11.2.11** Mutually agreed upon closing escrow instructions and **s**uch other documents as may be reasonably necessary or appropriate to effect the consummation of the transactions which are the subject of this Agreement.

**ARTICLE XII**

**Risk of Loss.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 <u>Condemnation and Casualty</u>**. If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending or threatened taking which has not been consummated, or is destroyed or damaged by fire or other casualty and such damages exceed $500,000.00, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. Upon receipt of such notice, Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than 15 days after receipt of Seller's notice, or the Closing Date, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except with respect to the Surviving Termination Obligations. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds (plus the applicable deductible) or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

**ARTICLE XIII**

**Default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Default by Seller</u>**. In the event the Closing and the transactions contemplated hereby do not occur as provided herein by reason of the default of Seller, Purchaser may elect, as the sole and exclusive remedies of Purchaser, to either (i) terminate this Agreement and receive the Deposit from the Escrow Agent, in such event Seller shall not have any liability whatsoever to Purchaser except to reimburse Purchaser for its documented out of pocket expenses (with verifiable third party receipts) for the due diligence performed by Purchaser directly related to this Property and the negotiation of this Agreement, not to exceed $75,000.00; or (ii) if specific performance is available, enforce specific performance of this Agreement of the obligations of Seller hereunder. The provisions of this Section 13.1 shall survive the Closing or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Default by Purchaser</u>**. In the event the Closing and the transactions contemplated hereby do not occur as provided herein by reason of any default of Purchaser, then, as Seller's sole and exclusive remedy for such default, the Deposit shall be paid to Seller as fixed and full liquidated damages, and Seller hereby agrees that Purchaser shall have no further liability hereunder or by reason of Purchaser's breach hereof, except with respect to the Surviving Termination Obligations. Purchaser and Seller recognize that it would be difficult to ascertain the actual damages suffered by Seller as a result of such failure to close, it being specifically acknowledged and agreed by Seller and Purchaser that such liquidated damages are reasonable. Notwithstanding the foregoing, nothing contained herein shall limit Seller's remedies at law or in equity as to Purchaser's obligations under the Surviving Termination Obligations, including Purchaser's indemnity and restoration obligations under Sections 4.1 and 4.2 of this Agreement. The provisions of this Section 13.2 shall survive the Closing or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>Failure of a Closing Condition.</u>** Failure of any closing condition listed in Article X shall not be deemed a default unless such failure was caused by the act or omission of Seller or Purchaser, as the case may be, with the intent to cause the termination of this Agreement (an "**Intentional Termination**"). The sole remedy of Seller or Purchaser for failure of a closing condition of the other party that results in such other party refusing or failing to close on the Closing Date that is not an Intentional Termination shall be to terminate this Agreement upon delivery of written notice of such termination to the party that fails or refuses to close and the Deposit shall be delivered to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Notice and Failure to Cure</u>**. Before a default can be declared, the non-defaulting party must notify the defaulting party in writing of the default with the defaulting party failing to cure the default within three (3) days after receipt of the default (provided however, such cure period shall limited to one (1) business day for failure to close the transaction on the scheduled Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5 <u>Post-Closing Remedies</u>**. After Closing, Seller and Purchaser shall have such rights and remedies as are available at law or in equity in regard to any provision of this Agreement that expressly survives Closing. Neither Seller nor Purchaser shall be entitled to recover from the other consequential or special damages in regard to any such matter.

**ARTICLE XIV**

**Brokers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 <u>Brokers</u>**. Purchaser and Seller represent and warrant to the other that they have not dealt with any person or entity entitled to a brokerage commission, finder's fee or other compensation with respect to the transaction contemplated hereby other than OX Urban Properties., whose compensation shall be the responsibility of Seller pursuant to a separate written agreement**.** Each party hereby agrees to indemnify, defend, and hold the other harmless from and against any losses, damages, costs and expenses (including, but not limited to, attorneys' fees and costs) incurred by reason of any breach or inaccuracy of its representations and warranties contained in this Article XIV. The provisions of this Article XIV shall survive the Closing or earlier termination of this Agreement.

**ARTICLE XV**

**Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 <u>Notices</u>**. Any and all notices, requests, demands or other communications hereunder shall be deemed to have been duly given if in writing and if transmitted by hand delivery with receipt therefor, by facsimile delivery, by e-mail, by overnight courier, or by registered or certified mail, return receipt requested, first class postage prepaid addressed as follows (or to such new address as the addressee of such a communication may have notified the sender thereof in writing) (the date of such notice shall be the date of actual delivery to the recipient thereof):

---

| | |
|:---|:---|
| To Seller: | Audacy Atlas, LLC |
|  | 2400 Market Street, 4<sup>th</sup> Floor |
|  | Philadelphia, Pennsylvania 19103 |
|  | Attention: Real Estate - Phoenix |
|  | Email: carmela.masi@audacy.com |
| With a copy to: | Linsey N. Cohen |
|  | Gould & Ratner |
|  | 222 North LaSalle Suite 300 |
|  | Chicago, Illinois 60601 |
|  | Phone No: (312) 236-3003 |
|  | Facsimile: (312) 236-3241 |
|  | Email: lcohen@gouldratner.com |

---

---

| | |
|:---|:---|
| To Purchaser: | JMJT Roosevelt 2 LLC |
|  | 829 N 1<sup>st</sup>. Avenue Suite 201 |
|  | Phoenix, Arizona 85003 |
|  | Attention: Jordan Taylor |
|  | Email: jordan@intersectiondev.com |
| With a copy to: | Law Office of Kristin Henry, PC |
|  | 111 East Dunlap Avenue, Suite 1-229 |
|  | Phoenix, Arizona 85020 |
|  | Attention: Kristin Henry |
|  | Email: kristin@khenrylaw.com |

---

Notice from a party's attorney shall be deemed notice from such party and notice to a party's attorney shall be deemed notice to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 <u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the internal, substantive laws of the State of Arizona, without regard to the conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3 <u>Headings</u>**. The captions and headings herein are for convenience and reference only and in no way define or limit the scope or content of this Agreement or in any way affect its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4 <u>Non-Disclosure/Confidentiality</u>**. From and after the date of this Agreement, Seller will provide Purchaser with access to certain documents and information (including, without limitation, verbal information) related to the Property, including, without limitation, surveys, title reports, and environmental reports ("Property Information & Documents"). Subject to the requirements of applicable law, all non-public information that is included and disclosed in the Property Information & Documents shall be confidential and shall not be disclosed to any other person or entity, except Purchaser's agents who have a need-to know for the purpose of evaluating the transaction contemplated by this Agreement and whom Purchaser shall have informed of the confidential nature of such information and for whom Purchaser shall be liable and responsible to Seller for any breach of this confidentiality obligation by any of its Purchaser's agents. Seller and Purchaser agree not to disclose the economic terms or identify the Seller or Purchaser to any other parties other than as follows: (i) as required by law, court order, or any applicable stock exchange or the SEC, (b) to their directors, officers, employees, lawyers, consultants, auditors, advisors, lenders, investors, brokers, agents and representatives or affiliated companies or to any entity which may acquire Seller or Purchaser or any of their respective affiliated companies or Phoenix assets so long as the foregoing are informed of and agree to keep such information confidential; or (iii) written permission is secured from Seller or Purchaser, as applicable. Notwithstanding the foregoing, Purchaser acknowledges and agrees that, Seller shall have the right to publicly disclose (verbally or in required governmental filings but not through any form of press release) that it has entered into an agreement to sell the Property for a purchase price of approximately $10,000,000.00 and a fourth (4th) quarter 2023 closing. Seller acknowledges and agrees that Purchaser shall have the right to publicly disclose its intent to develop an Atari Hotel on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5 <u>Business Days</u>**. If any date herein set forth for the performance of any obligations of Seller or Purchaser or for the delivery of any instrument or notice as herein provided should be on a Saturday, Sunday or legal holiday, the compliance with such obligations or delivery shall be deemed acceptable on the next business day following such Saturday, Sunday or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6 <u>Counterpart Copies; Electronic Signature & Exchange</u>**. This Agreement may be executed in two or more counterpart copies (including electronically mailed PDFs), all of which counterparts shall have the same force and effect as if all parties hereto had executed a single copy of this Agreement. The parties hereto consent and agree that this Agreement may be signed and/or transmitted by e-mail of a .pdf document or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), and that such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party's handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7 <u>Assignment</u>**. Purchaser shall not have the right to assign the Agreement without Seller's prior written consent, which consent shall not be unreasonably withheld or delayed; provided that Purchaser shall in no event be released from any of its obligations or liabilities hereunder as a result of any such assignment. Notwithstanding anything to the contrary stated above, Purchaser shall be permitted to assign this Agreement without Seller's consent to any Affiliate of Purchaser (as defined below) of Purchaser, provided that, (i) assignee assumes Purchaser's obligations under this Agreement pursuant to a written agreement in form and substance reasonably acceptable to Seller and (ii) Seller receives a copy of such assignment and assumption agreement on or before three (3) business days after the execution thereof (and in no event less than ten (10) business days prior to Closing) and assignee reaffirms all of the representations and warranties of Purchaser herein and Purchaser shall remain liable for, and shall not be released from the obligations herein. Whenever reference is made in this Agreement to Seller or Purchaser, such reference shall include the successors and assigns of such party under this Agreement. For purposes of this Section 15.7, "**Affiliate of Purchaser**" shall mean an entity that directly or indirectly through one or more intermediaries' controls, or is controlled by, or is under the common control with, Purchaser or its parent companies. For the sake of clarity, prior to the Closing, Purchaser may assign the Agreement to a Delaware entity with a legal name to be determined, which entity shall be an Affiliate of Purchaser. Closing may not occur under the entity "JMJT Roosevelt 2 LLC".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8 <u>Interpretation</u>**. This Agreement shall not be construed more strictly against one party than against the other merely by virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Seller and Purchaser have contributed substantially and materially to the preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9 <u>Entire Agreement</u>**. This Agreement and the Exhibits attached hereto contain the final and entire agreement between the parties hereto with respect to the sale and purchase of the Property and are intended to be an integration of all prior negotiations and understandings. Purchaser, Seller and their agents shall not be bound by any terms, conditions, statements, warranties or representations, oral or written, not contained herein. No change or modifications to this Agreement shall be valid unless the same is in writing and signed by the parties hereto. Each party reserves the right to waive any of the terms or conditions of this Agreement which are for their respective benefit and to consummate the transaction contemplated by this Agreement in accordance with the terms and conditions of this Agreement which have not been so waived. Any such waiver must be in writing signed by the party for whose benefit the provision is being waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10 <u>Severability</u>**. If any one or more of the provisions hereof shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11 <u>Survival</u>**. Except as otherwise specifically provided for in Sections 4.1, 4.2, Articles VII, VIII, XIII and XIV and Section 15.14 (collectively, the **"Surviving Termination Obligations"**), the provisions of this Agreement and the representations and warranties herein shall not survive after the conveyance of title and payment of the Purchase Price but be merged therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12 <u>Time</u>**. Time is of the essence in the performance of each of the parties' respective obligations contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13 <u>Limitation of Liability</u>**. The obligations of Seller are binding only on Seller and Seller's interest in the Property and shall not be personally binding upon, nor shall any resort be had to, the private properties of any of the members, partners, officers, directors, shareholders or beneficiaries of Seller, or of any members, partners, officers, directors, shareholders or beneficiaries of any partners of Seller, or of any of Seller's employees or agents. Any liability of Seller hereunder and under the documents executed and delivered by Seller at Closing shall be expressly limited as set forth in Sections 7.3, 8.2, 8.3 and 13.1 of this Agreement. Except for the indemnity obligations of Purchaser provided in Section 4.2 of this Agreement which shall not be limited, any liability of Purchaser hereunder and under the documents executed and delivered by Purchaser at Closing shall be expressly limited as set forth in Section 13.2 of this Agreement. All documents to be executed by the respective parties shall also contain the respective foregoing exculpations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.14 <u>Prevailing Party</u>**. Should either party employ an attorney to enforce any of the provisions hereof, (whether before or after Closing, and including any claims or actions involving amounts held in escrow), the non-prevailing party in any final judgment shall pay the other party's reasonable expenses, including reasonable attorneys' fees and expenses in or out of litigation and, if in litigation, trial, appellate, bankruptcy or other proceedings, expended or incurred in connection therewith, as determined by a court of competent jurisdiction. The provisions of this Section 15.14 shall survive Closing or any earlier termination of this Agreement.

**ARTICLE XVI**

**Tax Deferred Exchange**

This Agreement may be assigned by Seller or Purchaser to a qualified exchange intermediary(ies) in order for Seller, Purchaser and/or their members or the partners of the members to effect an IRS Section 1031 tax deferred exchange (the "Exchange"). In the event such an assignment is made, the other party agrees to promptly execute a customary consent or acknowledgment of such assignment in connection therewith, as the qualified intermediary (ies) may reasonably request. In the case of an assignment by Seller, Purchaser agrees to accept title to the Premises and other closing deliveries from the assignee. In the case of an assignment by Purchaser, Seller agrees to deliver the deed to the Premises and other closing documents to such assignee, the assigning party shall bear all costs with respect to its assignment/exchange transaction. There shall be no liability by the non-assigning party to the assigning party with respect to any Internal Revenue Service disapproval or disallowance of the assigning party's assignment/exchange transaction.

**{Signatures on following pages}**

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement under seal on the date or dates set forth below.

---

| | |
|:---|:---|
| **SELLER:** | **SELLER:** |
| **AUDACY ATLAS, LLC,** | **AUDACY ATLAS, LLC,** |
| a Delaware limited liability company | a Delaware limited liability company |
| By: | /s/ Carmela Masi |
| Its: | VP Sr. Counsel |
|  | Carmela Masi |

---

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **JMJT ROOSEVELT 2 LLC,** | **JMJT ROOSEVELT 2 LLC,** |
| an Arizona limited liability company | an Arizona limited liability company |
| By: | /s/ Jordan Taylor |
| Its: | Manager |
|  | Jordan Taylor |

---

**EXHIBIT A**

**<u>LEGAL DESCRIPTION & DEPICTION OF THE LAND</u>**

**<u>Legal Description</u>**

![](ex6-2_001.jpg)

![](ex6-2_002.jpg)

![](ex6-2_003.jpg)

![](ex6-2_004.jpg)

**<u>Depiction</u>**

Land parcels are outlined below in red bubble outline, subject to the exception described in the legal description on the preceding pages.

![](ex6-2_005.jpg)

**EXHIBIT B**

**<u> </u>**

**<u>DOCUMENTS</u>**

Copies of all of the following have been made available to Purchaser prior to the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>COMPLIANCE MATTERS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Notice of Ordinance Violation dated 8/23/2021 to Entercom
Arizona, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notice of Ordinance Violation dated 5/1/2023 to Audacy Arizona,
LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Email about Correction of Notice of Ordinance Violation from
the City of Phoenix dated 5/25/2023 to Liz Jamison

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>ENVIRONMENTAL</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Phase I Environmental Site Assessment Report dated June 2000
prepared by Leader Environmental, Inc. for Linda D. Kelley, Assistant General Counsel, CBS Corporation, Law Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Asbestos Survey Report dated February 28, 2019 prepared by
Arizona Environmental Consulting & IAQ for Entercom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ADEQ Leaking Underground Storage Tank (LUST) Database Search
Results dated June 2, 2023 showing closure of LUST status at 840 N Central Ave

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>INCOME LEASES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Master License Agreement dated 8/24/22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. First Amendment to Master License Agreement dated 11/3/22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Second Amendment to Master License Agreement dated 6/27/23

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Old Mortgages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Deed of Release and Full Reconveyance dated July 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Info & Photos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Word document noting Verbal Parking Agreement with neighborhood bars and restaurants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Real Estate Information Questionnaire – Owned Real Property prepared by Paul Donovan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Real Estate Information Questionnaire – Owned Real Property – Locations with Buildings prepared by Paul Donovan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Phoenix Property Map dated 8/12/2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Four (4) interior pictures of the office/studio building located at 840 N Central Ave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Four (4) exterior pictures of the office/studio building located at 840 N Central Ave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assignments & Chain to Corporate Title

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. State of Delaware Office of the Secretary of State Certification of Merger of Chancellor Radio Broadcasting Company with and into
Evergreen Media Corporation of Los Angeles under the name of Chancellor Media Corporation of Los Angeles dated September 5, 1997

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. State of Delaware Office of the Secretary of State Certification of Merger of Capstar Radio Broadcasting Partners, Inc., Chancellor
Media Corporation of Los Angeles, and SBI Holding Corporation with and into AMFM Operating Inc. dated November 19, 1999

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certificate of Merger Merging Chancellor Media Corporation of Los Angeles, Capstar Radio Broadcasting Partners, Inc., and SBI Holding
Corporation into Capstar Communications, Inc. dated November 19, 1999

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. State of Delaware Office of the Secretary of State Certification of name change from CBS Radio Inc. to Infinity Radio Inc. dated August
29, 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. State of Delaware Office of the Secretary of State Certification of name change from Infinity Radio Inc. to CBS Radio Stations Inc.
dated February 6, 2006

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Affidavit and Chain of Title for AMFM Operating Inc. for 840 N Central Ave dated July 17, 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. State of Delaware Office of the Secretary of State Certification of merger of CBS Radio Holdings, Inc.
with and into CBS Radio Stations Inc. dated October 29, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. State of Delaware Office of the Secretary of State Certification of name change from Infinity Radio Inc. to CBS Radio Stations Inc.
dated February 6, 2006 (duplicate of v above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. State of Delaware Office of the Secretary of State Certification of name change from CBS Radio Inc. to Infinity Radio Inc. dated August
29, 2000 (duplicate of iv above)

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>SURVEYS-PLANS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ALTA/ACSM Land Title Survey for KZON Radio Station located
at Central Avenue and Roosevelt Street dated July 24, 2000 prepared by Hook Engineering Inc.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>TITLE DOCUMENTS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Title Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Owner's Policy - Chicago Title Insurance Company dated October 5, 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Owner's Affidavit from AMFM Houston, Inc. dated August 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Easement-ROW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Warranty Deed for Right of Way between CBS Radio Stations, Inc. and the City of Phoenix dated March 8, 2006

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Email about Light Rail Deed/ROW question from Liz Jamison to Carmela Masi dated October 13, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Irrevocable Right of Entry Agreement dated November 21, 2005 between Infinity Radio Inc. and the City of Phoenix

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Quitclaim Deed dated March 8, 2021 between Entercom Operations, Inc. (Grantor) and Entercom Arizona, LLC (Grantee)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Corrective Special Warranty Deed dated October 13, 2022 between Audacy Operations Inc. (Grantor) and Audacy Arizona, LLC (Grantee)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Warranty Deed dated August 24, 2000 between AMFM Houston, Inc. (Grantor) and CBS Radio Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Purchase Agreement: In-House Partial Acquisition between Infinity Radio Inc. and the City of Phoenix dated October 20, 2005

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Deed between AMFM Operating Inc. (Grantor) and AMFM Houston, Inc. dated January 14, 2000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Special Warranty Deed dated 6/27/23 between Audacy Arizona, LLC (Grantor) and Audacy Atlas, LLC (Grantee).

**EXHIBIT C**

**VIOLATIONS**

**None. All known violation as of the execution date of this Agreement have been cured or resolved.**

**<u>EXHIBIT D</u>**

**FORM OF LEASE AGREEMENT**

**(See attached)**

**LEASE AGREEMENT**

THIS LEASE AGREEMENT ("**Lease**") is made this __ day of ______ 2023, by and between __________________, a Delaware limited liability company (the "**Landlord**") and Audacy Arizona, LLC, a Delaware limited liability company (the "**Tenant**"). Landlord and Tenant, covenant and agree as follows:

1. GRANT AND TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Grant</u>. Landlord, for and in consideration of the rents herein reserved and of the covenants and agreements herein contained on the part of the Tenant to be performed, hereby leases to Tenant, and Tenant hereby lets from Landlord, sole and exclusive use, access and occupancy of the premises consisting of approximately 46,124 square feet of real property located in Phoenix, Arizona, commonly known as 840 N. Central Avenue, Phoenix, Arizona (Tax Parcel Numbers 111 40 064, 111 40 066, 111 40 068, 111 40 069B, 111 40 067C, 111 40 065B, 111 40 0072C, and 111 40 070) and depicted and described on <u>Exhibit A</u> attached hereto but excluding the Parking Area which shall be governed by the rights set forth in Section 17.16 below (together, the "**Land**") and all the improvements located on the Land (including an approximately 23,120 square foot building) (the "**Improvements**," and the Land are collectively referred to herein as the "**Leased Premises**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Term</u>. The term of this Lease shall commence on [INSERT CLOSING DATE] (the "**Commencement Date**") and shall end on the last day of the month in which the second anniversary of the Commencement Date occurs (the "**Expiration Date**"), unless sooner terminated as herein set forth. Tenant shall have the option to terminate this Lease at any time upon sixty (60) days' prior written notice to Landlord.; provided that the effective date of such termination shall be no sooner than the first anniversary of the Commencement Date.

2. PURPOSE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Purpose</u>. The Leased Premises shall be used and occupied for any lawful purpose, including without limitation, broadcasting activities and broadcasting studios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Uses Prohibited</u>. Tenant will not permit the Leased Premises to be used in any manner which would render the insurance thereon void. Tenant shall not use or occupy the Leased Premises, or permit the Leased Premises to be used or occupied, contrary to any statute, rule, order, ordinance, requirement or regulation applicable thereto (collectively, "**Applicable Law**") or which would constitute a public or private nuisance or waste; provided, however, that in the event of any violation of the foregoing by or through Tenant that is not materially adverse to the Landlord, Tenant shall have the right to work directly with the local municipality to cure such violation within a reasonable amount of time and so long as Tenant is doing so with diligence, such violation shall not be deemed a violation of its obligations hereunder.

3. RENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Rent</u>. Beginning with the Commencement Date, Tenant shall pay to, or upon the order of Landlord until otherwise notified in writing by Landlord, as rent for the Leased Premises, at such place or places as Landlord may designate in writing from time to time, and in default of such designation then at the office of the Landlord as follows (collectively, "**Rent**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 <u>Triple Net Lease – Expenses</u>. Tenant will manage, contract for and directly pay for any and all expenses for maintaining, (including, without limitation, janitorial services), repairing, replacing, operating, and insuring the Leased Premises and for all assessments, costs, fees, personal and real property taxes, charges and expenses incurred for the Leased Premises. The foregoing obligation shall include, without limitation, janitorial, general repairs (including HVAC and building systems), landscaping, refuse removal, parking lot sweeping and maintenance, pest control, utilities and security. Notwithstanding the foregoing, Tenant shall not be required to make any capital additions (as distinguished from replacements of existing components) to the Leased Premises unless (A) required by Applicable Law to do so prior to the Expiration Date or (B) elected by Tenant, in its sole discretion and at Tenant's sole cost. In no event shall Landlord be entitled to make any change to the Leased Premises or create any circumstance whereby Tenant is obligated to incur any expense that it would not be otherwise required to incur as the Leased Premises was operated on the date before the Commencement Date. Except as expressly provided herein, Landlord will not be entitled to tender any bills or incur any expenses with respect to the Leased Premises for reimbursement by Tenant other than property taxes or assessments. Tenant will not be responsible for any portion of property taxes or assessments for which Landlord has not presented Tenant with a statement within one (1) year after the end of the fiscal tax year or calendar year to which such property taxes, or assessments relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 <u>Base Rent</u>. In addition to the payment obligations set forth in Section 3.1.1 above ("**Additional Rent**"), commencing on the one year anniversary of the Commencement Date, Tenant shall also pay to Landlord a base rent equal to $13,487.00 per month ("**Base Rent**"). All payments of Base Rent shall be made without deduction, set off, discount or abatement in lawful money of the United States. In the event that any installment of Base Rent is not paid when due and such failure to pay continues for ten (10) days after written notice from Landlord, such unpaid amount shall bear interest at the rate of ten percent (10%) per annum from the expiration of the ten (10) day cure period until the same shall be paid. Landlord may require all amounts due hereunder to be paid by ACH or other electronic method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 <u>Rent Tax</u>. Tenant shall pay to Landlord, in addition to, and simultaneously with, any other amounts payable to Landlord under this Lease, a sum equal to the aggregate of any municipal, county, state, or federal excise, sales, use, or transaction privilege taxes now or hereafter legally levied or imposed against, or on account of, any amounts payable under this Lease by Tenant or the receipt thereof by Landlord (collectively, "**Rent Tax**"). Nothing contained in this Lease shall require Tenant to pay any franchise, corporate, estate, inheritance, succession, or transfer tax of Landlord or any tax upon the net income of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Security Deposit</u>. No security deposit is required in connection with this Lease.

4. INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Tenant's Insurance</u>. Tenant shall procure and maintain policies of insurance, at its own cost and expense, insuring the Leased Premises 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;4.1.1 Commercial general liability with respect to the Leased Premises, the limits of which commercial general liability insurance and property damage shall be at least One Million Dollars ($1,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Workmen's compensation insurance as required by Applicable Law with a waiver of subrogation in favor of Landlord, if available; 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;4.1.3 All-risk property insurance for damage or other loss caused by fire or other casualty or cause and property insurance for the market value of the Improvements situated upon the Leased Premises.

The foregoing commercial general liability and property insurance policies shall name Landlord and its mortgagee and its affiliates as additional insureds. The policy shall contain a clause that the insured will not cancel or change the insurance without first giving Landlord thirty (30) days' prior written notice. Tenant shall provide Landlord with certificates of insurance reasonably acceptable to Landlord issued by each of the insurance companies issuing any of the policies required pursuant to the provisions above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Landlord's Insurance</u>. Throughout the Term of this Lease, at Landlord's sole cost and expense, Landlord shall maintain a commercial general liability policy with limits of not less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) general aggregate and commercial excess (umbrella) liability policy with a limit of Five Million Dollars ($5,000,000), and workers compensation and automobile liability policies for not less than the coverage amounts set forth in Section 4.1.2 above. Commercial General Liability will include Tenant and its affiliates as additional insured and contain a clause that the insured will not cancel or change the insurance without first giving Tenant thirty (30) days' prior written notice. Landlord shall provide Tenant with certificates of insurance reasonably acceptable to Tenant issued by each of the insurance companies issuing any of the policies required pursuant to the provisions above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Waiver of Subrogation</u>. Tenant waives all rights of recovery against Landlord for or arising out of damage to or destruction of any property of Tenant to the extent that Tenant's insurance policies then in force or the policies required by this Lease, whichever is broader, insure against such damage or destruction. Landlord waives all rights of recovery against Tenant for or arising out of damage to or destruction of any property of Landlord, its affiliates or its invitees located on the Leased Premises (including, without limitation, the Parking Area) to the extent that Landlord's insurance policies then in force or the policies required by this Lease, whichever is broader, insure against such damage or destruction.

5. DAMAGE OR DESTRUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Option to Repair, Restore or Rebuild</u>. In the event that the Leased Premises are damaged by fire, explosion or other casualty, Tenant may elect to (i) terminate this Lease upon written notice to Landlord at which time the property insurance proceeds shall be assigned to Landlord (excluding only those proceeds directly attributed to any of Tenant's personal property or relocation, if any), or (ii) repair, restore or rebuild any portion of the Leased Premises with the insurance proceeds. Rent shall not be reduced or abated during the period of such repair, restoration or rebuilding even if the Leased Premises are not tenantable.

6. CONDEMNATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Taking of Whole</u>. If the whole of the Lease Premises, or so much thereof, including however a portion of the Improvements, shall be taken or condemned for a public or quasi-public use or purpose by any competent authority and as a result thereof the balance of the Lease Premises cannot, in Tenant's sole judgment, be used for the same purpose as expressed in Article 3, then and in either of such events, upon Tenant's election and written notice to Landlord, the Lease term shall terminate when possession of the Leased Premises shall be so taken and surrendered, and any award, compensation or damages (hereinafter sometimes called the "award"), shall be paid to and be the sole property of Landlord; provided, however, any compensation specifically awarded Tenant for loss of business, Tenant's personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Partial Taking</u>. If only a part of the Leased Premises shall be so taken or condemned, Tenant may elect to (i) terminate this Lease upon written notice to Landlord, or (ii) repair, restore or rebuild any portion of the Leased Premises. In the event that Tenant elects to repair, restore or rebuild any part of the Leased Premises, the award shall be paid to Tenant and any portion of the award which has not been expended by Tenant for such repairing or restoration shall be paid to Landlord.

**7 MAINTENANCE AND ALTERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Maintenance</u>. Except with respect to the Parking Area, Tenant shall keep and maintain the interior and exterior of the Leased Premises in compliance with Applicable Law as Tenant sees fit to facilitate its use of the Leased Premises and in reasonably clean condition. Landlord shall keep and maintain the Parking Area in compliance with Applicable Law and in reasonably clean condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Alterations</u>. Tenant shall not create make any alterations or additions to the Leased Premises without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed.

**8 ASSIGNMENT AND SUBLETTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Consent</u>. Except as otherwise expressly permitted pursuant to Sections 8.2 and 8.3 below, Tenant shall not, without Landlord's prior written consent, assign or sublet the Leased Premises or any part thereof or permit the use or occupancy of the Leased Premises or any part thereof by anyone other than Tenant. Landlord agrees that it will not unreasonably withhold, condition or delay its consent to any assignment or sublease. No permitted assignment or subletting shall relieve Tenant of Tenant's covenants and agreements hereunder and Tenant shall continue to be liable as a principal and not as a guarantor or surety, to the same extent as though no assignment or subletting had been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Permitted Assignments</u>. Notwithstanding the foregoing, upon written notice to Landlord (and without obtaining any consent), Tenant shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 assign this Lease or sublet the Leased Premises to an Affiliate of Tenant. "Affiliate of Tenant" means an entity that directly or indirectly through one or more intermediaries' controls, or is controlled by, or is under the common control with, the Tenant or its parent companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 assignment of Tenant's rights and obligations under this Lease, in whole or in part, to (i) any person agreeing to provide a majority of the programming for any of Tenant's radio stations operated from the Leased Premises or (ii) any assignee or person under common control with the any assignee of the Federal Communications Commission radio broadcast license for any of Tenant's radio stations operated from the Leased Premises; 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;8.2.3 assign this Lease to any corporation resulting from a merger or consolidation of the Tenant or an Affiliate of Tenant so long as such successor shall execute an instrument in writing fully assuming all of the obligations and liabilities imposed upon Tenant hereunder and deliver the same to Landlord.

No assignment shall result of a release of the named Tenant hereunder following any assignment of Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Landlord Assignment</u>. Landlord acknowledges and agrees that it owns fee simple title to the Leased Premises on the Commencement Date and throughout the Term. In the event that Landlord transfers or sells the Leased Premises to any other entity or person, Landlord acknowledges and agrees that this Lease will be assigned to such purchaser and Landlord shall cause such purchaser to execute an instrument in writing fully assuming all of the obligations and liabilities imposed upon Landlord hereunder and deliver the same to Tenant promptly following any such transfer or sale. No assignment shall relieve Landlord of Landlord's covenants and agreements hereunder and Landlord shall continue to be liable as a principal and not as a guarantor or surety, to the same extent as though no assignment had been made.

**9 LIENS AND ENCUMBRANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Encumbering Title</u>. Tenant shall not do any act which shall in any way encumber the title of Landlord in and to the Leased Premises, nor shall the interest or estate of Landlord in the Leased Premises be in any way subject to any claim by way of lien or encumbrance, whether by operation of law or by virtue of any express or implied contract by Tenant. Any claim to, or lien upon, the Leased Premises arising from any act or omission of Tenant shall accrue only against the leasehold estate of Tenant and shall be subject and subordinate to the paramount title and rights of Landlord in and to the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Liens and Right to Contest</u>. Tenant shall not permit the Leased Premises to become subject to any mechanics', laborers' or materialmen's lien on account of labor or material furnished to Tenant or claimed to have been furnished to Tenant in connection with work of any character performed or claimed to have been performed on the Leased Premises by, or at the direction or sufferance of, Tenant; provided, however, that Tenant shall have the right to contest in good faith and with reasonable diligence, the validity of any such lien or claimed lien if Tenant shall give to Landlord such security as may be deemed satisfactory to Landlord to insure payment thereof and to prevent any sale, foreclosure, or forfeiture of the Leased Premises by reason of non-payment thereof; provided further, however, that on final determination of the lien or claim for lien, Tenant shall immediately pay any judgment rendered, with all proper costs and charges, and shall have the lien released and any judgment satisfied. If Tenant fails to have any such lien released or judgement satisfied within 10 days written notice of such failure from Landlord, then Landlord may pay any such lien and Tenant shall reimburse Landlord for Landlord's cost associated with the same with interest at 10% per annum from the date expended by Landlord until paid by Tenant.

**10 UTILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Utilities</u>. The cost of all services, including but not limited to gas, water, sewer and electricity shall be contracted and paid for by Tenant.

**11 INDEMNITY AND WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Indemnity</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;11.1.1 <u>Tenant's Indemnity</u>. To the extent permitted by Applicable Law and except to the extent arising out of the gross negligence or willful misconduct of the Landlord, Tenant will protect, indemnify and save harmless Landlord, Landlord's affiliated companies and their respective agents, members, managers, officers, employees and agents (each a "**Landlord Party**", and collectively, "**Landlord Parties**") from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including without limitation, reasonable attorneys' fees and expenses) (collectively, "**Losses**") imposed upon or incurred by or asserted against any Landlord Party by reason of (a) any accident, injury to or death of persons or loss of or damage to property occurring on or about the Leased Premises or resulting from any act or omission of Tenant or anyone claiming by, through or under Tenant; (b) any failure on the part of Tenant to perform or comply with any of the terms of this Lease; or (c) performance of any labor or services or the furnishing of any materials or other property on behalf of Tenant in respect of the Leased Premises or any part thereof. If any action, suit or proceeding is brought against any Landlord Party by reason of any such occurrence, Tenant will, at Tenant's expense, resist and defend such action, suit or proceeding, or cause the same to be resisted and defended by counsel reasonably approved by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 <u>Landlord's Indemnity</u>. To the extent permitted by Applicable Law and except to the extent arising out of the gross negligence or willful misconduct of the Tenant, Landlord will protect, indemnify and save harmless Tenant and Affiliates of Tenant and their respective agents, members, managers, officers, employees and agents (each a "**Tenant Party**", and collectively, "**Tenant Parties**") from and against all Losses imposed upon or incurred by or asserted against any Tenant Party by reason of (a) any accident, injury to or death of persons or loss of or damage to property resulting from any act or omission of Landlord or anyone claiming by, through or under Landlord; (b) any failure on the part of Landlord to perform or comply with any of the terms of this Lease; (c) performance of any labor or services or the furnishing of any materials or other property on behalf of Landlord in respect of the Leased Premises or any part thereof, or (d) any accident, injury to or death of persons or loss of or damage to property resulting from use of the Parking Area or presence in the Parking Area by any person or entity other than Tenant or its employees. If any action, suit or proceeding is brought against any Tenant Party by reason of any such occurrence, Landlord will, at Landlord's expense, resist and defend such action, suit or proceeding, or cause the same to be resisted and defended by counsel reasonably approved by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Waiver of Certain Claims</u>. Except with respect to claims arising from or as a result of Landlord's (and its invitees') use and operation of the Parking Area, Tenant waives all claims it may have against any Landlord Party for damage or injury to person or property sustained by Tenant or any persons claiming through Tenant or by any occupant of the Leased Premises, or by any other person, resulting from any part of the Leased Premises or any of its improvements, equipment or appurtenances becoming out or repair, or resulting from any accident on or about the Leased Premises or resulting directly or indirectly from any act or neglect of any tenant or occupant of any part of the Leased Premises or of any other person, excluding Landlord and Landlord Parties. This Section 11.2 shall include, but not by way of limitation, damage cause by water, snow, frost, steam, excessive heat or cold sewage, gas, odors, or noise, or caused by bursting or leaking of pipes or plumbing fixtures, and shall apply equally whether any such damage results from the act or neglect of Tenant or of any other person, excluding Landlord, and whether such damage be caused by or result from anything or circumstance above mentioned or referred to, or to any other thing or circumstance whether of a like nature or of a wholly different nature. All personal property belonging to Tenant or any occupant of the Leased Premises that is in or on any part of the Leased Premises shall be there at the risk of Tenant or of such other person only, and Landlord shall not be liable for any damage thereto or for the theft or misappropriation thereof.

**12 INSPECTION & TESTING; ZONING CHANGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Zoning/Permit Changes</u>. Landlord acknowledges and agrees that in the event that it becomes aware of any proposed change or addition to any Applicable Law that would reasonably be expected to adversely affect the Tenant's ability to operate from the Leased Premises in accordance with this Lease prior to the Expiration Date, it shall promptly notify Tenant in writing thereof. In no event will Landlord suggest, support or apply for any such change or addition in Applicable Law or the zoning or other authorizations for the Leased Premises that would reasonably be expected to negatively affect the Leased Property or Tenant's existing use of the prior to the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Inspection</u>. Landlord, or Landlord's agent, may only enter the Leased Premises when accompanied by Tenant's representative for the limited purpose of viewing same, and also for the purpose of showing the Leased Premises to persons wishing to purchase or develop the same or to perform non-invasive testing or planning activities. No invasive activities or inspections shall be permitted except as set forth in Section 12.3. Such entry by Landlord shall be at reasonable times during normal business hours agreed upon by Landlord and Tenant, as long as such access will not result in any disruption of Tenant's radio broadcasting business and can be done safely and without potential damage to the radio station equipment or property. Purchaser and its agents shall provide not less than two business days' prior notice to Seller which notice may be given by email or telephone to each of Dave Pugh (david.pugh@audacy.com cell 415-971-3001) and Frank Magarelli (frank.magarelli@audacy.com cell 480-797-1033). After making such tests and inspections, Landlord shall (1) promptly pay when due the costs of such work; (2) not permit any liens to attach to the Leased Premises; (3) restore the improvements and the surface of the Leased Premises to the condition in which the same were found immediately prior to any such work, and any restoration plans must be approved by Tenant in writing; and (4) prior to entering the Leased Premises to conduct the inspections and tests described herein, Landlord and its contractors shall deliver to Tenant evidence of commercial general liability insurance, with Tenant (and, if applicable Landlord) as an additional insured in connection with such activities, which insurance policies must have limits for bodily injury and death of not less than One Million Dollars ($1,000,000) for any one occurrence and not less than Two Million Dollars ($2,000,000) for all occurrences. Landlord and all contractors that enter the Leased Premises on Landlord's behalf shall also provide evidence of workers compensation insurance in accordance with state law. Notwithstanding the foregoing, to the extent of any Physical Testing at the Leased Premises, Landlord and its contractors shall also carry an umbrella policy of $5,000,000 and Seller and its affiliated companies and representatives shall be named additional insureds on such umbrella policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Invasive Activities</u>. Neither Landlord or its agents or representatives shall conduct any invasive physical testing, drilling, boring, sampling or removal of, on or through the surface of the Leased Premises (or any part or portion thereof) including, without limitation, any ground borings or invasive testing of the Improvements (collectively, "**Physical Testing**") without providing Tenant with a specific plan for such testing at least two (2) business days' prior to conducting such invasive testing for Tenant's prior written (including by email) approval of such work. By way of example, but in no way in limitation, in connection with any Physical Testing, Tenant may require that: (i) any staking of the Leased Premises lines shall be no deeper than 2 inches; (ii) Landlord shall provide Tenant the exact location of where such samples would be taken; (iii) any boring holes must be backfilled with a bentonite-based grout and topped with the drill cuttings from the native soil and finished seamlessly with the same ground level finish as is currently in place (i.e. asphalt, concrete, etc..); (iv) prior to any soil borings, Landlord must approve the exact locations of such borings provided that Tenant shall be responsible to repair of any damage caused by the Physical Testing, even if Tenant approves the location of the Physical Testing; (v) Tenant shall have no obligation to approve of any Physical Testing that results in an loud noise of vibration that could potentially disrupt Tenant's broadcast from the Leased Premises; and (v) Tenant shall have no obligation to approve of any Physical Testing that occurs inside of the Improvements.

**13 QUIET ENJOYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Quiet Enjoyment</u>. So long as Tenant is not in default under the covenants and agreements of this Lease beyond any applicable notice and cure periods, Tenant's quiet and peaceable enjoyment of the Leased Premises shall not be disturbed or interfered with by Landlord or by any person claiming by, through or under Landlord.

**14 SUBORDINATION OR SUPERIORITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Subordination</u>. Landlord shall have the right to subordinate this Lease to any deed of trust or mortgage encumbering the Leased Premises, any advances made on the security thereof and any renewals, modifications, consolidations, replacements or extensions thereof, whenever made or recorded. Tenant shall cooperate with Landlord and any lender or purchaser which is acquiring a security interest in the Leased Premises or this Lease. Tenant shall execute such further documents and assurances as such lender or purchaser may require, provided that Tenant's obligations under this Lease shall not be increased in any material way (the performance of ministerial acts shall not be deemed material), and Tenant shall not be deprived of its rights under this Lease. Tenant's right to quiet possession of the Leased Premises during the Term shall not be disturbed if Tenant pays the rent and performs all of Tenant's obligations under this Lease and is not otherwise in default. If any beneficiary or mortgagee elects to have this Lease prior to the lien of its deed of trust or mortgage and gives written notice thereof to Tenant, this Lease shall be deemed prior to such deed of trust or mortgage whether this Lease is dated prior or subsequent to the date of said deed of trust or mortgage or the date of recording thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Attornment</u>. If Landlord's interest in the Leased Premises is acquired by any beneficiary under a deed of trust, mortgagee or purchaser, Tenant shall attorn to the transferee of or successor to Landlord's interest in the Leased Premises and recognize such transferee or successor as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Leased Premises upon the transfer of Landlord's interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. <u>SNDA</u>. Tenant shall sign and deliver a Subordination Non-Disturbance and Attornment Agreement ("<u>SNDA</u>") requested by Landlord so long as the form is reasonably agreed upon by Tenant and such agreement does not alter the terms and conditions of this Lease. Tenant shall return a signed copy of such SNDA or a signed copy with reasonable alterations to such SNDA within ten (10) business days Tenant's receipt of such SNDA from Landlord.

**15 SURRENDER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 <u>Surrender</u>. Upon the termination of this Lease, whether by forfeiture, lapse of time or otherwise, or upon the termination of Tenant's right to possession of the Leased Premises, Tenant will surrender and deliver up the Leased Premises, together with all improvements thereon, in "as-is, where-is" condition. Landlord agrees that it will accept the Leased Premises as then existing, without any obligation on the part of Tenant to rebuild, repair or demolish any portion of the Leased Premises. All additions, hardware, non-trade fixtures and all improvements, temporary or permanent, in or upon the Leased Premises placed there by Tenant shall become Landlord's property and shall remain upon the Leased Premises upon such termination of this Lease by lapse of time or otherwise, without compensation or allowance or credit to Tenant, unless Tenant elects to remove such items pursuant to Section 15.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 <u>Removal of Tenant's Property</u>. Upon the termination of this Lease whether by forfeiture, lapse of time or otherwise, or upon the termination of Tenant's right to possession of the Leased Premises, Tenant shall have no obligation to remove any towers, trade fixtures, personal property, equipment or materials nor have any obligation whatsoever to restore or repair the Leased Premises and the Leased Premises shall be surrendered in " as is" condition, except that, at Tenant's sole cost and expense, Tenant shall (a) remove all of Tenant's moveable personal property, (b) the Improvements will be returned in broom clean condition, (c) Tenant may elect to remove any of its equipment or fixtures (including, without limitation, generator system), (d) remove all of it broadcast antennas from the roof (and repair/patch any damaged caused by such removal in coordination with Landlord's roofing contractor), and (e) all conduits and cabling/data lines shall remain in place but, if necessary for safety purposes in connection with any equipment removal by Tenant, all electric wiring and other wiring removed or abandoned by Tenant in the shall be professionally capped and made safe by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 <u>Holding Over</u>. If Tenant retains possession of the Leased Premises after the expiration or earlier termination of the Term or Tenant's right to possession of the Leased Premises, such holdover shall be deemed to create a month to month tenancy and Tenant shall pay rent during such holding over at 125% of the rate in effect immediately preceding such holdover computed on a monthly basis for each month or partial month that Tenant remains in possession of the Premises (the "<u>Holdover Rent</u>"). Such holding over by Tenant, and Landlord's collection of any rent therefor, shall not serve as permission for Tenant's continued occupancy of the Premises nor serve to extend the Term. The provisions of this Section 15.3 shall not be deemed to be a waiver of Landlord's right of re-entry or right to regain possession by actions at law or in equity or any other rights under this Lease, and any receipt of payment of Holdover rent by Landlord shall not be deemed a consent by Landlord to Tenant's remaining in possession.

**16 DEFAULT AND REMEDIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 <u>Tenant Defaults</u>. The failure by Tenant to perform or honor any covenant, condition or representation made under this Lease shall constitute a default hereunder by Tenant upon the expiration of the applicable grace period hereinafter provided. Tenant shall have a period of ten (10) days from the date of written notice from Landlord within which to cure any default in the payment of Rent; provided that Landlord shall only deliver two (2) notices of non-payment of Rent in any calendar year and with respect to third and subsequent Rent payment failures, Tenant shall be in default hereunder on the tenth (10<sup>th</sup>) day following the due date. Tenant shall have a period of thirty (30) days after the date of written notice from Landlord within which to cure any other default under this Lease; provided, however, that if the nature of Tenant's obligations are such that more than thirty (30) days are required for performance, then Tenant shall not be in default if Tenant commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. Upon Tenant's failure to cure a default hereunder after the applicable cure period, if any, Landlord may terminate this Lease. Upon termination of this Lease, Landlord may re-enter the Leased Premises with process of law using such force as may be necessary, and remove all persons, fixtures and chattels therefrom, and Landlord shall not be liable for any damages resulting therefrom. Such re-entry and repossession shall not work a forfeiture of the rents or other charges to be paid and covenants to be performed by Tenant. No remedy herein or otherwise conferred upon or reserved to Landlord shall be considered to exclude or suspend any other remedy but the same shall be cumulative and shall be in addition to every other remedy given hereunder, or now or hereafter existing at law or in equity or by statute, and every power and remedy given by this Lease to Landlord may be exercised from time to time and so often as occasion may arise or as may be deemed expedient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 <u>No Waiver</u>. No delay or omission or Landlord to exercise any right or power arising from any default shall impair any such right or power or be construed to be a waiver of any such default or any acquiescence therein. No waiver of any breach of any of the covenants of this Lease shall be construed, taken or held to be a waiver of any other breach or waiver, acquiescence in or consent to any further or succeeding breach of the same covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 <u>Right Of Landlord To Perform</u>. All terms, covenants and conditions of this Lease to be performed or observed by Tenant shall be performed or observed by Tenant at Tenant's sole cost and expense and without any reduction of rent. If Tenant shall fail to perform any other term or covenant hereunder on its part to be performed beyond any applicable cure period, and such failure shall continue for five (5) business days after written notice thereof by Landlord of its intention to exercise the rights under this Section 16.3, Landlord, without waiving or releasing Tenant from any obligation of Tenant hereunder, may, but shall not be obliged to, make any such payment or perform any such other term or covenant on Tenant's part to be performed. All sums so paid by Landlord and all necessary costs of such performance by Landlord together with interest thereon at the rate of ten percent (10%) per annum from the date of such payment or performance by Landlord, and shall be paid (and Tenant covenants to make such payment) to Landlord on demand by Landlord upon delivery of an invoice of its out of pocket expenses accompanies by verifiable receipts, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of nonpayment by Tenant as in the case of failure by Tenant in the payment of rent hereunder.

**17 MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 <u>Estoppel Certificates</u>. Tenant shall at any time and from time to time upon not less than ten (10) days prior written request from Landlord execute, acknowledge and deliver to Landlord, in form reasonably satisfactory to Tenant and Landlord, a written statement certifying that Tenant, except as otherwise set forth in such Estoppel Certificate by Tenant, has accepted the Leased Premises, that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as modified and stating the modifications), that the Landlord is not in default hereunder, the date to which the rental and other charges have been paid in advance, if any, or such other accurate certification as may reasonably be required by Landlord or Landlord's mortgagee. It is intended that any such statement delivered pursuant to this Section may be relied upon by any prospective purchaser of the Leased Premises, mortgagee of the Leased Premises and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <u>Amendments Must Be in Writing</u>. None of the covenants, terms or conditions of this Lease, to be kept and performed by either party, shall in any manner be altered, waived, modified, changed or abandoned except by a written instrument, duly signed, acknowledged and delivered by the other party; and no act or acts, omission or omissions or series of acts or omissions, or waiver, acquiescence or forgiveness by Landlord or Tenant as to any default in or failure of performance, either in whole or in part, by the other party, of any of the covenants, terms and conditions to this Lease, shall be deemed or construed to be a waiver of the right at all times thereafter to insist upon the prompt, full and complete performance of each and all the covenants, terms and conditions hereon thereafter to be performed in the same manner and to the same extent as the same as herein covenanted to be performed by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 <u>Notices</u>. Any and all notices, requests, demands or other communications hereunder shall be deemed to have been duly given if in writing and if transmitted by hand delivery with receipt therefor, by overnight courier or by registered or certified mail, return receipt requested, first class postage prepaid addressed as follows (or to such new address as the addressee of such a communication may have notified the sender thereof in writing) (the date of such notice shall be the date of actual delivery to the recipient thereof):

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| | |
|:---|:---|
| To Tenant: | Audacy Arizona, LLC |
|  | 2400 Market Street, 4<sup>th</sup> Floor |
|  | Philadelphia, Pennsylvania 19103 |
|  | Attention: Real Estate – Phoenix |
| With a copy to: | Linsey N. Cohen |
|  | Gould & Ratner |
|  | 222 North LaSalle Suite 300 |
|  | Chicago, Illinois 60601 |
| To Landlord: | ________________________ |
|  | 214 East Roosevelt Street |
|  | Phoenix, Arizona 85004 |
|  | Attention: Jordan Taylor |
| With a copy to: | Law Office of Kristin Henry, PC |
|  | 111 East Dunlap Avenue, Suite 1-229 |
|  | Phoenix, Arizona 85020 |
|  | Attention: Kristin Henry |

---

Notice from a party's attorney shall be deemed notice from such party and notice to a party's attorney shall be deemed notice to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 <u>Time of Essence</u>. Time is of the essence of this Lease, and all provisions herein relating thereto shall be strictly construed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 <u>Relationship of Parties</u>. Nothing contained herein shall be deemed or construed by the parties hereto, nor by any third party, as creating the relationship of principal and agent or of partnership, or of joint venture by the parties hereto, it being understood and agreed that no provision contained in this Lease nor any acts of the parties hereto shall be deemed to create any relationship other than the relationship of Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 <u>Captions</u>. The captions to this Lease are for convenience only and are not to be construed as part of this Lease and shall not be construed as defining or limiting in any way the scope or intent of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 <u>Severability</u>. If any term or provision or this Lease shall to any extent be held invalid or unenforceable, the remaining terms and provisions of this Lease shall not be affected thereby, but each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 <u>Law Applicable</u>. This Lease shall be construed and enforced in accordance with the laws of the state of Arizona, without regard to its conflicts of laws provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 <u>Covenants Binding on Successors</u>. All of the covenants, agreements, conditions and undertakings contained in the Lease shall extend, inure to and be binding upon the heirs, executors, administrators, successors and assigns or the respective parties hereto, the same as if they were in every case specifically named, and wherever in this Lease reference is made to either of the parties hereto, it shall be held to include and apply to, wherever applicable, the heirs, executors, administrators, successors and assigns of such party. Nothing herein contained shall be construed to grant or confer upon any person or persons, firm, corporation or governmental authority, other than the parties hereto, their heirs, executors, administrators, successors and assigns, any right, claim or privilege by virtue of any covenant, agreement, condition or undertaking in this Lease contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 <u>Landlord Means Owner</u>. The term "Landlord" as used in this Lease, so far as covenants or obligations on the part of Landlord are concerned, shall be limited to include only the owner or owners at the time in question of the fee of the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 <u>Disturbance of Broadcasting</u>. Landlord acknowledges and confirms its understanding that the Leased Premises is used for broadcasting and that Landlord is not permitted to create any sounds, interruptions or vibrations or take any actions which Tenant believes (in its sole discretion) will or could interfere with its broadcasting activities from the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 <u>Recordation of Lease</u>. No memorandum of lease shall be recorded with respect to the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 <u>Counterpart Copies; Electronic Signature & Exchange.</u> This Lease may be executed in two or more counterpart copies (including electronically mailed PDFs), all of which counterparts shall have the same force and effect as if all parties hereto had executed a single copy of this Lease. The parties hereto consent and agree that this Lease may be signed and/or transmitted by e-mail of a .pdf document or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), and that such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party's handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 <u>Entire Agreement</u>. This Lease and the Exhibits attached hereto contain the final and entire agreement between the parties hereto with respect to the subject matter hereof and are intended to be an integration of all prior negotiations and understandings. Landlord, Tenant and their agents shall not be bound by any terms, conditions, statements, warranties or representations, oral or written, not contained herein. No change or modifications to this Lease shall be valid unless the same is in writing and signed by the parties hereto. Each party reserves the right to waive any of the terms or conditions of this Lease which are for their respective benefit and to consummate the transaction contemplated by this Agreement in accordance with the terms and conditions of this Lease which have not been so waived. Any such waiver must be in writing signed by the party for whose benefit the provision is being waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 <u>Publication</u>. Notwithstanding anything herein to the contrary, Landlord may during the Lease Term publicize or publish matters related to Landlord's demolition, development or potential development of the Leased Premises for any concept whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 <u>Parking</u>. Landlord shall have exclusive use and possession of the parking area shown in red on **Exhibit B** attached hereto during the Term hereof ("**Parking Area**") subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At no cost to Tenant, exclusive use by Tenant of (i) thirty-two
(32) parking spaces during regular business hours (Monday through Friday from 8am through 6:30pm) at the locations circled in red on
Exhibit B attached hereto and (ii) three (3) parking spaces 24 hours per day/7 days per week at the locations "starred" in
red on Exhibit B attached hereto (together, the "**Exclusive Tenant Spaces** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Landlord shall install, at its sole expense, "reserved"
signage with respect to all of the Exclusive Tenant Spaces and shall provide Tenant with no less than 45 parking passes, if applicable,
so long as Tenant does not use more than 32 parking spaces at any one time during business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tenant shall provide all of its permitted users of the Exclusive
Tenant Spaces with parking stickers and/or placards that will be used to confirm that such vehicle is an authorized Tenant parker in
the Exclusive Tenant Spaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Landlord shall be responsible for arranging for a towing company
to remove unauthorized vehicles from the Parking Area and shall provide Tenant with a 24/7 contact at such authorized towing company
who will remove, at no cost or expense to Tenant, any unauthorized vehicle from the Exclusive Tenant Space son request by Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tenant shall have no further right to use any other portions
of the Parking Area (other than the Exclusive Tenant Spaces) nor the right to sublease any use of the Exclusive Tenant Space except to
a permitted assignee of the Leased Premises pursuant to Section 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Lease, in
no event shall Tenant (nor Tenant's insurer) be liable to Landlord or any other third party for any damage or injury that occurs
within or as a result of Landlord's and its invitees' use of the Parking Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the first day of each month during the Term, Landlord shall
pay Tenant $5,000.00 per calendar month (pro-rated for partial months) to Tenant. In the event that Landlord fails to deliver such payment
to Tenant by the 15<sup>th</sup> of that month, Tenant shall have the right (but not the obligation) to deduct such unpaid amount from
the following calendar month's Rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Landlord may install signage,
fencing and other improvements in the Parking Area (other than the Exclusive Tenant Spaces) and operate such area as an hourly, paid
parking lot with Landlord
to retain all rents and profits from such use; provided, however, that Landlord will not do any work in the Parking Area without the prior
written approval of any plan by Tenant (which can be denied if it is reasonably expected to interfere in any way with Tenant's operations
from the Building, risk of damage to any of Tenant's equipment or wiring/cables, or adversely affect Tenant's right of access
to its equipment or any fixtures in the Parking Area (including wires/conduits) or the Building. Landlord will coordinate the scheduling
of all approved work with Tenant in order to minimize disruption to Tenant's access to and operation
of its business from the Leased Premises and Parking Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No use by the Landlord of the Parking Area may interfere in
any way to use, maintain, repair and access any equipment or fixtures located in the Parking Area and used by Tenant, including, without
limitation, the generator, HVAC units, tower and all of the above-ground and underground cabling and power lines associated with any
such equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Tenant has the right (but not
the obligation) to maintain its own security system in the Parking Area and/or exterior of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In addition to any other remedy set forth in this Lease or
available to Tenant in law or equity, in the event that Landlord breaches any of its obligation pursuant to this Section 17.16 and Landlord
failures to sure such breach within thirty (30) days after the date of written notice from Tenant (provided,
however, that (X) if the nature of Landlord's obligations are such that more than thirty (30) days are reasonably required for
performance, then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter
diligently prosecutes the same to completion or (Y) in the event of an emergency situation that materially impacts Tenant's access
to or use of the Leased Premises, such shorter cure period as is reasonable under the circumstances and set forth in the notice letter
from Tenant), then Tenant shall have the right upon written notice to Landlord to terminate all of Landlord's rights to utilize
the Parking Area pursuant to this Section 17.16; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For the avoidance of doubt, the area indicated with a larger
red "X" on the attached Exhibit B ()"**Back Lot**") shall not be included in the definition of the Parking
Area and such Back Lot shall be and remain part of the Leased Premises and used exclusively by Tenant, including, without limitation,
for parking of Tenant and contractor vehicles and loading area. In all events, Landlord shall ensure that Tenant's ability to access
(or to grant access to any of its contractors) to the Back Lot shall be unimpeded.

**[Signatures page(s) follows]**

IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease the day and year first above written.

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| |
|:---|
| LANDLORD: |
| an _______________ limited liability company |
| By: |
| Its: |

---

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| |
|:---|
| TENANT: |
| AUDACY ARIZONA, LLC, a Delaware limited liability company |
| By: |
| Its: |

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**EXHIBIT "A"**

**Legal Description**

![](ex6-2_006.jpg)

![](ex6-2_007.jpg)

![](ex6-2_008.jpg)

![](ex6-2_009.jpg)

Land parcels are outlined below in red bubble outline, subject to the exception described in the legal description on the preceding pages.

![](ex6-2_010.jpg)

**EXHIBIT "B"**

**Parking Area**

● The "Parking Area" is highlighted in green

● The areas circled in red are the Exclusive Tenant Spaces during business hours.

● The spaces with red stars are the Exclusive Tenant Spaces 24 hours per day/7 days per week.

● The large red X is the Back Lot, which is not part of the Parking Area and remains for Tenant's exclusive use 24/7.

![](ex6-2_011.jpg)

**EXHIBIT E**

**<u>FORM OF BILL OF SALE, ASSIGNMENT AND ASSUMPTION</u>**

THIS BILL OF SALE, ASSIGNMENT AND ASSUMPTION (the "Bill of Sale") is made as of the _____ day of ___________ 2023 by Audacy Atlas, LLC ("Seller"), and ________________________________________, a[n] ____________________ ("Purchaser").

Concurrently with the execution and delivery hereof, pursuant to a certain Agreement of Purchase and Sale dated <u>________</u>, 2023 (the "**Agreement**") between Seller and Purchaser, Seller is conveying to Purchaser Seller's right, title and interest in and to the real property described on <u>Exhibit A</u> attached hereto and made a part hereof (the "**Land**") and in and to the building, parking areas and other structures and improvements located on the Land except as excluded pursuant to Section 4 below (collectively, the "**Improvements**") located at 840 N. Central Avenue, Phoenix, Arizona. The Land and the Improvements are hereinafter sometimes collectively referred to as the "**Property**." Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Agreement.

It is the desire of Seller to hereby sell, assign, transfer, convey, set-over and deliver to Purchaser all of Seller's right, title and interest in and to the Assigned Property (as hereinafter defined).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment</u>. Seller does hereby sell, assign, transfer, set-over and deliver unto Purchaser, its successors and assigns, subject to the limitations set forth in Section 8.2 of the Agreement, all right, title and interest of Seller in and to, except as set forth in Section 4 below, all guarantees, licenses, approvals, certificates, permits and warranties relating to the Real Property, to the extent assignable (collectively, the "**Assigned Property**"). It is hereby acknowledged by the parties that Seller shall not convey to Purchaser any Excluded Assets, as defined in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Assumption</u>. Purchaser accepts the foregoing assignment and assumes and agrees to be bound by and to perform and observe all of the obligations, covenants, terms and conditions to be performed or observed under the Assigned Property arising on or after the date hereof. Purchaser further agrees to indemnify Seller and hold Seller harmless from and against any and all claims, liens, damages, demands, causes of action, liabilities, lawsuits, judgments, losses, costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) (collectively, the "**Losses**") asserted against or incurred by Seller by reason of or arising out of any failure by Purchaser to perform or observe the obligations, covenants, terms and conditions assumed by Purchaser hereunder arising in connection with the Assigned Property and related to the period on or after the date hereof. Seller hereby agrees to indemnify Purchaser and hold Purchaser harmless from and against any and all Losses asserted against or incurred by Purchaser by reason or arising out of any failure by Seller to perform or observe the obligations, covenants, terms and conditions assigned by Seller hereunder arising in connection with the Assigned Property and related to the period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limitation of Liability</u>. The obligations of Seller are intended to be binding only on Seller and Seller's interest in the Property and shall not be personally binding upon, nor shall any resort be had to, the private properties of any of the partners, officers, directors, shareholders or beneficiaries of Seller, or of any partners, officers, directors, shareholders or beneficiaries of any partners of Seller, or of any of Seller's employees or agents and any liability of Seller hereunder shall be expressly limited as set forth in Sections 7.3 and 8.2 of the Agreement. The obligations of Purchaser are intended to be binding only on Purchaser and Purchaser's assets and shall not be personally binding upon, nor shall any resort be had to, the private properties of any of the partners, officers, directors, shareholders or beneficiaries of Purchaser, or of any partners, officers, directors, shareholders or beneficiaries of any partners of Purchaser, or of any of Purchaser's employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusions from Assigned Property</u>. It is hereby acknowledged by the parties that the Assigned Property shall not include (i) Seller's business licenses, FCC permits for communications and rights connected with the operation of Seller's broadcasting business from the Property, (ii) claims relating to any real property tax refunds or rebates for periods accruing prior to the date hereof and existing insurance claims, which claims are hereby reserved by Seller and (iii) any other Excluded Assets (as defined in the Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterpart Copies; Electronic Signature & Exchange</u>. This Bill of Sale may be executed in two or more counterpart copies, all of which counterparts shall have the same force and effect as if all parties hereto had executed a single copy of this Bill of Sale. The parties hereto consent and agree that this Bill of Sale may be signed and/or transmitted by e-mail of a .pdf document or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), and that such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party's handwritten signature.

[*Remainder of page intentionally left blank; Signature page to follow*]

IN WITNESS WHEREOF, the parties have caused this Bill of Sale to be executed as of the date first written above.

---

| |
|:---|
| **SELLER:** |
| **AUDACY ATLAS, LLC,** a Delaware limited liability company |
| By: |
| Its: |

---

---

| |
|:---|
| **PURCHASER:** _________________________ |
| By: |
| Its: |

---

Exhibit A Asset List

**EXHIBIT F**

**When recorded mail to:**

**SPECIAL WARRANTY DEED**

For the consideration of Ten Dollars, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, **AUDACY ATLAS, LLC,** a Delaware limited liability company ("<u>Grantor</u>"), does hereby convey to ___________________ LLC, a Delaware limited liability company ("<u>Grantee</u>"), the following real property situated in Maricopa County, Arizona ("<u>Property</u>"), together with all rights and privileges appurtenant thereto and any improvements located thereon:

SEE EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE.

SUBJECT TO all general and special real property taxes and other assessments; reservations in patents; those easements, encumbrances, liens, covenants, conditions, restrictions, obligations, liabilities, and other matters as may appear of record; all matters that would be disclosed by an accurate ALTA/NSPS survey or inspection of the Property, and the applicable zoning and use regulations of any municipality, county, state, or the United States affecting the Property.

AND the Grantor hereby binds itself and its successors to warrant and defend the title as against all acts of the Grantor herein and no other, subject to the matters above set forth.

DATED: ________________2023.

[Balance of the Page Intentionally Left Blank; Signature Page Follows.]

---

| |
|:---|
| **GRANTOR:** |
| **AUDACY ATLAS, LLC,** a Delaware limited liability company |

---

THE STATE OF _________ § <br> § <br> COUNTY OF _________ §

This instrument was acknowledged before me this _____ day of _______________ 2023, by _________________________________the ____________ of **AUDACY ATLAS, LLC,** a Delaware limited liability company, on behalf of said company.

  <br> NOTARY PUBLIC, STATE OF _______________

Exhibit A: Legal Description

**<u>EXHIBIT G</u>**

**EXCLUDED ASSETS**

The following shall not be included in the sale of the Property hereunder and, from and after the Closing, shall remain the sole property of Tenant pursuant to the terms of the Lease:

&nbsp;&nbsp;&nbsp;&nbsp;(a) All personal property located on the Land that (a) is owned
by Tenant as of the date hereof, and (b) are not fixtures, buildings, building systems, or towers. Such personal property includes, without
limitation:

● rooftop and tower antennas of all kinds ,

● equipment, tools, furniture, supplies and other property which are not fixtures , and

● broadcast equipment, even if fixtures .

&nbsp;&nbsp;&nbsp;&nbsp;(b) The items deemed Excluded Assets in Section 1.1.2 of this
Agreement.

## Ex1A-6

**Exhibit 6.3**

**<u>ASSIGNMENT AND ASSUMPTION OF Real Estate Sale Agreement</u>**

This ASSIGNMENT AND ASSUMPTION OF Real Estate Sale Agreement (this "Assignment") is made and entered into this 27<sup>th</sup> day of November 2023 by and between JMJT ROOSEVELT 2 LLC, an Arizona limited liability company ("Assignor"), and MAIN & MAIN RoRo PROPERTY OWNER, LLC, a Delaware limited liability company ("Assignee").

<u>WITNESSETH:</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. Assignor, as purchaser, entered into that certain Agreement of Purchase and Sale with AUDACY ATLAS, LLC ("Seller"), as seller, dated August 31, 2023 (the "Agreement") for the purchase of the Real Property (as defined in the 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;B. Escrow No. 0616022643 ("Escrow") with Old Republic Title has been established in connection with the 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;C. Assignor now desires to assign to Assignee, an Affiliate (as defined in the Agreement) all of Assignor's right, title, and interest in and to the Agreement and the Escrow and Assignee now desires to assume such right, title, and interest.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment</u>. Assignor hereby assigns, sets over, conveys, grants and transfers to Assignee all of Assignor's right, title and interest, in and to the Agreement (including without limitation the Earnest Money, as defined in the Agreement) and the Escrow, subject to the provisions and conditions of the Agreement and the Escrow. No consent of Seller to this assignment is necessary pursuant to Section 15.7 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Assumption</u>. Assignee hereby assumes, for the benefit of Seller and Assignor, the performance of all of the provisions and conditions of the Agreement and the Escrow on the part of Assignor to be performed and hereby agrees to perform all of the provisions and conditions thereof, and with the full force and effect as if Assignee had originally signed the Agreement and established the Escrow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Terms</u>. Any capitalized term used herein, unless otherwise defined, shall have the same meaning as is given to it in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same original.

IN WITNESS WHEREOF, the parties have signed this Agreement on the date above.

---

| | | |
|:---|:---|:---|
| JMJT ROOSEVELT 2 LLC, an Arizona limited liability company | JMJT ROOSEVELT 2 LLC, an Arizona limited liability company | JMJT ROOSEVELT 2 LLC, an Arizona limited liability company |
| By: | JMJT ROOSEVELT LLC, an Arizona limited liability company, Manager and Member | JMJT ROOSEVELT LLC, an Arizona limited liability company, Manager and Member |
|  | GIKGIX LLC, an Arizona limited liability | GIKGIX LLC, an Arizona limited liability |
|  | company | company |
|  | By: | /s/ Jordan Taylor |
|  |  | Jordan Taylor, Managing Member |
|  |  | Assignor |
| MAIN & MAIN RoRo PROPERTY OWNER, LLC, a Delaware limited liability company | MAIN & MAIN RoRo PROPERTY OWNER, LLC, a Delaware limited liability company | MAIN & MAIN RoRo PROPERTY OWNER, LLC, a Delaware limited liability company |
| By: | MAIN & MAIN RORO QOZB, LLC, a Delaware limited liability company, Sole Member | MAIN & MAIN RORO QOZB, LLC, a Delaware limited liability company, Sole Member |
|  | CENTRAL RoRo MANAGER, LLC, a Delaware limited liability company, Manager | CENTRAL RoRo MANAGER, LLC, a Delaware limited liability company, Manager |
|  | By: | /s/ Jordan Taylor |
|  |  | Jordan Taylor, Managing Member |
|  |  | Assignee |

---

## Ex1A-6

**Exhibit 6.4**

![](ex6-4_001.jpg)

OPTION AGREEMENT AND LICENSE AGREEMENT THIS LICENSE AGREEMENT (this "Agreemenf') dated January 15 . 2020 , and effective as of December 27 , 2019 (the "Effective Date"), is entered into by Break . out 1976 , LLC having its place of business at 214 E Roosevelt St, Phoenix AZ 85004 ("Licensee") and Atari Interactive, Inc . , having its place of business at 286 Madison Avenue, 8 th Floor, New York, NY 10017 ("Atari'') . Atari and Licensee may be referred to herein collectively as the "Parties" and individually as a "Party . " WHEREAS, True North Studio, LLC ("True North"), GSD Group, LLC and Atari previously entered into a Binding Letter of Intent dated as of December 27, 2019 ("LOlj; WHEREAS True North and GSD Group, LLC wishes to assign their rights under the LOI to Licensee and hereby assigns such rights to Licensee; WHEREAS Atari consents to the assignment of such rights under the LOI to Licensee; and WHEREAS, Licensee is the legal owner of the hotel project at 1 E . Portland St . Phoemx, AZ 85004 and intends to build a hotel to the standards of the Atari brand . The brand standards will be created and finalized by theLicensee with approval from Atari . The proposed Hotel facilities include+/ . t SO guestrooms(4 room types), ane - gaming venue,Atari Playgroun � meeting rooms, co - worlring spaces, kitchen, restaurant and bar/ restaurant, bakery/pastiy shop, � gym . This hotel will be built on one block from the new Woz ED campus and will share parking with the office . WHEREAS, the Licensed Atari Trademarlc (as defined below) represents an iconic,global brand and resonates with people from all ages, countries, cultures and etbnical backgro \ Uld. WHEREAS , Licensee and Atari desire to expand the Licensed Atari Trademark through hotels and/or lodging, which may include a wor 1 d . c 1 ass e - gaming venue and co - working space for gamingenthusiasts (the "Atari Hotel(sY') . Thedevelopment will bea ''playground" representing the iconic Licensed Atari Trademark . WHEREAS, Atari and Licenseedesire toenter into this separate and new Agreement effective as of the Effective Date for the grant of options for each Area (as defined below) on the one hand and, if the Atari Hotel(s) are built, for the use of the Licensed Intellectual Property (as defined below) forAtariHotels in theAreas ontheotherhand,on thetermsand conditions setforthbelow . NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows : 1. Definitions and Interpretation \ QB \ 6128633 - 4.1 1

![](ex6-4_002.jpg)

1. Inaddition to other terms defined in this Agreement, thefollowing terms will have the following meanings: 1. Affiliate shall mean any person that, directly or indirectly controls is controlled by oris under common control withany other person where"controls"," � trolled by" or "common control" means the right or ability, directly or indirect by, to cause a person to act � accordance with another person's instructions . 2. Agreement shall mean this agreement and the Schedules attached hereto. 3. Area shall mean the collective zip codes associated with a city listed in Exhibit A 4. Area Option Fee has the meaning set forth in Section 6.2. 5. Atari Hotels has the meaning set forth in the Preamble. 6. Brand has the meaning set forth in the Preamble. 7. Bulleting Term bas the meaning set forth in Section 3.1. 8. Co - Brand bas themeaning set forth in Section 8.5. 9. Confidential Information has the meaning set forth in Section 13. 1. 10. Exclusivity Period has the meaning set forth in Section 3.2. 11. Extended Term has the meaning set forth in Section 3.1. 12. Enension Area Option Fee has the meaning set forth in Section 6.3. J . 1 . J 3 Gross Revenues means all revenues, receipts, consideration and incomt ; whether by cash, credit,in kind or otherwise, derived directly or indirectly duringsuchperiod from the operation of the Atar i Hotel, as finally determined on an accrual basis and generally accepted accounting principles consistently applied, including, but not limited to : (i) all n : ntals and charges for guest rooms, suites, meeting rooms, conference rooms, ballrooms and other public rooms, including allcharges forroom reservations and deposit s notrefunded to guests, and sales and other receipts of tenants, licensee s and concessionaires, andpayments, fees, commissions, or paid under a lease, license, concession or occupancy agreemen t including but not limited to e - gam . ing venue, Atari Playground, meeting rooms, co - working spaces, kitchen, restamant and bar/ restamant, bakery/pastry shop,cinema, gym ; (ii) salesof food, beverages, amenities andother itemssold from guest rooms ; (iii) sales of food and beverages, whether served on or off the premises, including but not limited to all charges for room service, banquet s and catering fees ; (iv) sales or leases of miscellaneous and sundry merchandise and services, including laundry, movies/entertainment, telephone, telex, facsimile, � mail and Internet access, computer equipment, audiovisual, check room, vault andother miscellaneotJSservices, cover and minimum chargesfor guestentertainment, fee s charged for the temporary useof facilities at the hotel, allsales through vending machines and QB \ 61286334.1 2

![](ex6-4_003.jpg)

all other consideration from business conducted pursuant to this Agreement ; (v) all business intenuption insurance awards received with respect to thehotel (or a portion thereof) th . at represent amountsor arepayable with respect to amounts that would havebeen included in � Revenues had theapplicable insured interruption not occurred ; (vi) condemnation awards for temporary use of the hotel ; (vii) amounts recovered with respect to legal proceedings or settlement of claims arising out of the operation of the hotel that represent amounts that would have beenincluded in Gross Revenues bad they been collected without resort to legal proceedings ; and (ix) all rentals, fees, commissions, concessions and other payments derived from lessees, licensees and concessionaires, including rentals from or leasing of retail space on 1 he Site . Gross Revenues for any Accounting Period shall not include : (i) Discretionmy gratuities added to guests' bills or statements bya customer which arepaid over to hotel employees and not retained by the hotel ; (ii) Any excise, sales, occupancy, room, use or rent taxes or similar duties, levies or charges imposed by governmental authorities and collected directly &om patrons or guests as part of or as an addition to thesales price of any goods or services and paid to any governmental authority ; (iii) Any proceeds from the saleor disposition of the Atari Hotel as long as buyer agrees in writing to assume any and all obligation of Licensee hereunder as part of such sale or disposition of the Atari Hotel, or any of the furniture, fixtures, equipment or other capitalasset(s) used in connection with the operation and management of the hotel ; (iv) The proceeds from any insured casualty, condemnation award except as provided in clauses (v) and (vi) above ; 3 QB \ 61286334.l (vi) (v) Any proceeds from valet, garage, or parking facilities; and Net Merchandising Revenue. 14. Initial Term has themeaning set forth in Section 3.1. 15. Licensed Intellectual Property means all of the following items, regardless of thefonn or medium involved (e . g . , paper, electronic,tape,tangible or intangible) : (i) the Licensed Atari Trademark and all Licensed Game Trademarlcs ; (rl) the � naro � likenesses, trademarks, titles, and other audio, pictorial, textual, audiovisual or multimedia matter relating to the following Atari classic titles listed on Exlubit B ; and (iii) all other infunnation, materials, and copyrightable or patentable subject matter or any other subject matter that is or can be protected under applicable intellectual property laws, owned, develo � acquired, licensed, or usedby Atari in connection with the Licensed Trademadc . s . 16. Licensed Atari Trademark means (i) the Atari trademark ; and (ti) the Atari logo as shownon ExlnbitB .

![](ex6-4_004.jpg)

17. Licensed Game Trademarks means (i) one or more of the registered trademarks, registered service marks, and registration applications all as shown on Exhtl>it B, excluding the Licensed Atari Trademark ; and (ii) any other trademark designated in writing as a Licensed Trademark by Atari, all as may be changed, deleted, added to or o 1 herwise modified by Atari in its sole discretion . 18. Licensed Merchandillng Products means the merchandising products sold by Licensee in the Atari Hotel (i . e . gift shop of the Atari Hotels) that refer to the Licensed Intellectual Property together with the name of the Atari Hotels . The list of such License Merchandising Products shall be jointly defined and approved in writing, per reference to usual business practices of the hotel business . 19. LOI bas the meaning set forth in the Preamble. 20. Net Mer.chandls � g Revenue means all gross invoice amounts billed by Licensee and other consideration received by or on behalf of Licensee from the sale or other exploitation of the Licensed Merchandising Products, less (i) sales, value - ad � exciseor similar taxesand � omsdutiesactuallypaid by Licensee with respect tosuchsales; (ii) volume � granted in the ordinary course ofbusiness, not to exceed ten percent (10%) of the gross invoice amounts; (iii) reasonable documented ret.ums for defective Licensed Merchandising Products that are actually accepted and for which a bona - fide credit or refimd is issued (provided that the total amount deducted for all returns of Licensed Merchandising Products sold in any calendar quarter must not exceed five percent (5%) of thegross invoice amounts for sales in that calendar quarter). Use of corporate averages or similar estimate for returns is expressly forbi � and may . not be used. 4 QB \ 61286334.1 21. Royalties has the meaning set forth in Section 6.4. 22. Work Product has the meaning set forth in Section 8.6. License Grant 2. 2.2 Atari hereby grants Licensee the limited, non - exclusive, non - transferable and 2 . 1 Atari grants to Licensee, and Licensee accepts, on the terms . and conditions of this Agreemen �(a) the exclusive, transferable, right and li � etouse the Licensed Atari Tmdemarlc, and (b) the non exclusive, transferable, right and license to use the other Licensed Intellectual Property (specifically excluding the Licensed Atari Trademarl . c) in connection with : (i) the operation of Atari Hotels owned by Licensee or its Affiliates in the Areas ; (ii) the operation of Atari Hotels in the Areas pursuant to a management agreement or lease in the Amis ; (ril) the marketing, financing, raising of capital for the Atari Hotels ; and to (iv) enter into subliceose agreements for Atari Hotels in the Areas . For the avoidance of doubt the present liceose does not grant the right to develop new games, services or products based on the Licensed Intellectual Property other than Atari Hotels . royally bearing right to use the Licensed Intellectual Property only for the pwpose of and to the - ii.)

![](ex6-4_005.jpg)

extent necessary to manufacture the Licensed Merchandising Products, and to promote, distnoute and sell the same at the Atari Hotels dwing the Tenn, in accordance with this Agreement 3. Licensee shall not use the Licensed Intellectual Property on any Licensed Merchandising Products without alsousing the Atari Hotels name in their branding . 4. Nothing in this Agreement shall be interpreted as preventing Atari from granting these rights to any other party, or exploiting the Lic . ensed Intellectual Property in connection with thesale of products directly in theAreas . 5. The Licensed Merchandising Products mayonly besold anddistnlmted in theAtari Hotel(s), and in accordance with 1 he provisions of this Agreement and all applicable laws and regulations . Licensee shall also refrain from establishing any branch and from maintaining any distribution depot outside the Atari Hotel(s)for the Licensed Merchandising Products . 5 QB \ 61286334.1 2.6 The LOI is hereby terminated, without any further obligation on either side. Exclusivity 3. 1. Atari agrees that throughout the term of this Agreement, Licensee shall have the exclusive right to build an Atari Hotel in the Areas for three (3) y � as ftom the date of the Agreement (the"Initial Term'j, with anoption to extend for an additional One(1) year for each market in order to break ground � construction (the "Extended Term") . Licensee shall have an additional six (6) years to complete construction as from the Initial Term or the Extended Tenn, as the case may be (the"Building Term") . If Licensee has not broken grol . md in an Area during the Initial Term or the Extended Tenn, as the case may be, all rights to that respective Area shall revert to Atari . If Licensee has not completed construction and not opened the Atari Hotel for operations during the Building T � all rights to that Area shall revert to Atari . 2. The Parties undertake that, in consideration of the costs incmred and resources devoted by thePartiesto theproject, during theperiod from thedateof execution of theAgreement until theexpiration of the Initial Term and the respective Extended Terms (if any), Licensee shall have exclusivity to use the Licensed Atari Trademark in each of the Areas in connection with the Atari Hotel, as suchexclusivity in defined in Section 2 . 1 above (the "Exclusivity Periodj . During the Exclusivity Period, Atari will not (i) grant a right or license to use the licensed Atari Trademark in connection with hotel or lodging services in theAreas to anyotherparty ; {ii) operat � licenseor manage any hotels in the Areasusing theLicensed Atari Trademark ; (iii) mterintoany other agreements in respect of the Areas pursuant to which a third party may use the Licensed Atari Trademark or any other distinguishing characteristics in connection with hotel or lodging services ; or (iv) enter intoanybinding agreement with respect to theconstruction of anAtariHotel in any of the Areas . However, for the avoidance of doubt, Atari shall have the right to entertain conversation and projects about Atari Hotel(s) with third parties in these Areas . 3. After the Exclusivity Period, Licensee shall have � e right to match any offer received by Atari for Atari Hotel(s) in the Areas . ThePartiesshall negotiate in goodfaith thesame

![](ex6-4_006.jpg)

terms and conditions. If the Parties do not sign a binding agreement within thirty (30) days of receipt of notification from Atari, then Atari shall have theright tosign with another party. 4. Term 1. Licensee will have the right to use the Licensed Atari Trademark in peipetuity in connection withany Atari Hotel built during the BuildingTerm, asset forth in Sections 2 . 1 and 3 above, subject to payment of the Area Option Fees and Royalties and subject to compliance with the tenns and conditions of the Agreement For the avoidance of doubt : (i) the right to use the Licensed Atari Trademark shall be only for each Area in which Licensee bas built an Atari Hotel in the timeline set forth in Section 3 . 1 above ; (ii) the present Agreement shall not be applicable to each Area for which Licensee has not built an Atari Hotel in the timeline set forth in Section 3 . 1 above . 2. Either party may terminate the Agreement in case of a breach by the other party that remains Wlcured thirty(30)daysafterreceipt ofa written noticefrom thenon - breaching party . Licensee's failure to comply with the requirements set forth in theAgreement shall be considered a breach . 3. In theeventoftermination pursuant toSection 4 . 2 ,Licensee shall havea reasonable amount of time, and in no event lessthan one - hundred twenty (120) days but nomore than twelve (12) months, to cease all use of the Atari Intellectual Property. S. Reservation of Rights. 1. Except for the rights set forth in Sections 2 and 3 , Atari and other Affiliat � retain all of their rights with respect to the Licensed Intellectual Property, and any business it desires to conduct anywhere in the world, including but not limited to the rights to : 1. operate, and grant to others the right to operate, hotels or lodging facilities at locations anywhere in the world outside the Areas and onsuch tmnsand conditions as it deans appropriate ; 2. sell, or license - 0 thers tosell, any products orservices withinand outside the Areas under the Licensed Intellectual Property, or under other trademarlcs, service marks or trade dress through channels of distribution other than hotel or lodging services ; 3. operate, and grant to others the right to operate any other business �(other than Atari Hotels) identified by the Licensed Intellectual Property, service marlcs or trade dress within and outside the Areas and · pu . rsuant to such terms and conditions as it deems app 10 p 1 iate . For example, Atari may use or license other parties to use the Licensed Intellectual Property in connection withexploitation ofvideo games,theAtari VCS without a hotel or lodging component ; 4. sell, or licenseothers tosell, anyproducts ors«Vices withinandoutside the Areas using the Licensed InteltectuaJ Property . QB \ 61286334.l 6 6 . Area Option Fee; Royalties

![](ex6-4_007.jpg)

QB' - 61286334.1 1. In consideration for the rights granted to Licensee underthis Agreement, Licensee shall pay Atari the Area Option Fee for each Area and, if and when any Atari Hotel is built, the Royalties for the Licensed Intellectual Property . Area Option Fee 2. As consideration for the option to build the Atari Hotel during the Initial Term in the Area, Licensee shall pay Atari a non - refundable Area Option Fee of Six Hundred Thousand United States Dollars ($600 , 000 . 00) (the "Area Option Fee''), such Area Option Pee not being applicable against the Royalties . This fee shall be defined as $75 , 000 per Area (for a total ofeight (8) Areas) . The parties acknowledge that Licensee has previously paid Atari One Hundred Fifty Thousand Dollars ($150 , 000) in connection with the LOI and such . payment will be credited to the non - refundable Area Option Fee and as a result, Four Hundred Fifty Thousand Dollars ($450 , 000) shall be due within five (5) business days of the date of signature of the present Agreement . 3. No later than the expiration of the Initial Term, and as consideration for the Extended T � Licensee shall have the option to pay a non - refundable advance ofTwenty Five Thousand United States Dollars ($25 , 000 . 00) for each Area that Licensee wishes to extend (the ''Enension Area Option Fee"), the Extension Area Option Fee not being applicable against the Royalties . Licensee shall have the option to extend the Initial Term for any or all of the eight (8) Areas . If licensee does not pay the Extension Area Option Fee for a given Area within the prescnbed timeframe, the rights in and to such Area shall revert to Atari . Royalties In connec : tlon with the licensing ofthe Licensed Jntellec : tul Property 4. Licensee shall pay Atari royalties (the ''Royaltiesj as follows : (i) five percent (5 %) of the portion of the Gross Revenue of Atari Hotels exceeding Twelve Million United States Dollars (08 $12 , 000 , 000) on a cumulative basis (i . e . , since the opening of an Atari Hotel) and on a consolidated basis (i . e . , taking into account all Atari Hotels in operation), � d (ti) ten perceot (10 %) of Net Merchandising Revenue generated by the Licensed Merchandising Products, on a monthly basis, within thirty (30) days of the end of each month . The Area Option Fee and the Extension Area Option Fee shall not be applicable against the Royalties . General 5. All Royalty payments shall be paid in for each month oommencing with the opening date and continuing until the expiration or termination of the Agreement pursuant to which the hotel is authorized to be operated as an Atari Hotel . 6. All statements and invoices issued shall be in Engli � and all payments made by Licensee shall be in United States Dollars by way ofwire transfer to the below aooomit : Name : Atari Interactive, Inc . Account# : 530 - 974657 Bank : JP Morgan Chase Address : New York, NY 7

![](ex6-4_008.jpg)

ABA: 021000021 SWIFT Code: CHASUS33 L 7. Concept/ Quality Control, Advertiaing 1. Licensee acknowledges the importance to Atari of its reputation and the goodwill in the Licensed Intellectual Property . Licensee will use the Licensed Intellectual Property in association with services that are at least equal in quality to those currently provided by similar situated hotel and lodging establishments . 2. Atari shall be entitled to inspect any Atari Hotel operated or sublicensed by Licensee periodically to determine whether the Licensee or sublicensee is operating and maintaining each Hotel in compliance with this Agreement Atari also reserves the right toperfoan inspections on system hotels if Atari determines such inspections are needed to protect the Licensed Intellectual Property . Such inspection shall be made by Atari or its designec at its own cost . 3. Licensee shall submit to Atari for approval concepts for the Atari Hotels and for the Licensed Merchandising Products, such approval shall not be umeasonable withheld ; it being understood that the granting of such approval may not be interpreted as an endorsement by Atari of the Atari Hotels or the Licensed Merchandising Products or a wananty as to the quality and/or fitness for use of the same . Atari will use reasonable efforts to communicate its approval or refusal of the Atari Hotels concepts or Licensed Merchandising Products concepts within ten (10) days of receipt of the corresponding submission . · Failure to approve or refuse within the said period will be deemed a refusal, unless Atari subsequently notifies Licensee in writing of its approval Upon refusal, Licensee shall at its option resubmit the corresponding element If Atari fails to provide its approval or refusal within five (3) days of receipt of the second submission, it shall be deemed approved . Licensee shall display, as part of the concepts for approval, the Licensed Intellectual Property as approved by Atari . 4. Following approval of and in conformity with the concept and design of the Licensed Merchandising Products, Licensee shall produce and deliver to Atari a prototype of each Licensed Merchandising Product (''Prototypes"), and shall make any changes to the Prototypes as requested by Atari. Following approval of and in confonnity with the Prototypes, final approval shall be considered by Atari upon receipt of not less than six (6) samples of each Licensed Merchandising Product fully packaged and labelled for sale (''Production Samplej. At any time dming the Agreement Licensee shall provide further Production Samples as Atari may reasonably request. In the event that Atari informs Licensee that a Production Sample does not c::onfonn to the approved Prototype, Licensee will immediately suspend manufacture and sale of the corresponding Licensed Merchandising Products, until Atari approves a revised Production Sample. All costs relating to thesubmission for the approval, manufacture, promotion, storage and sale of the Licensed Merchandising Products shall be borne by Licensee. Licensee shall destroy or ensure are destroyed any seconds, irregulars, test - runs or sub - standard units of the Licensed Merchandising Products. Atari may additionally require that the Licensed Merchandising Products be immediately recalled if Atari considers that the manufacture or distn"bution of the Llcensed �.) p;/ 8 QB \ 61286334.1

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Products may pose a health or safety hazard, or be detrimental to Atari's and/or the Property's reputation or goodwill. 8. Ownership and Useof Licensed Intellectual Property 1. Licensee acknowledges that Atari is the owner of the Licensed Intellectual Property, the licensegranted to Licensee to use theLicensed Intellectual Property is derived solely from thisAgreement, andany goodwill established by theuse ofthe Licensed Intellectual Property will inure to the benefit of Atari . 2. Licenseeagrees not to use the Licensed Intellectual Property other than as provided by this Agreement as partof the Program . 3. Licensee agrees that it will not alter, modify, dilute, or otherwise misuse the Licensed Intellectual Property, or use the Licensed Intellectual Property on or in oonnection with any products or services or in any manner, or make any statements or claims, or distnlnrte, � or offer for sale Atari Hotel to any customer or in any channel of trade, that wc : >uld or would belikely to damage or demean the name or reputation of the Licensed Intellectual Property or Atari . 4. Except as and to the extent approved by Atari in each instance, Atarishall have the sole and exclusive right to execute, file and prosecute all trademark, copyright, patent and/orother intellectual property applications for the Licensed Intellectual Property . Subject to all provisions of this Paragraph 8 . 4 , Atari will register the Licensed Intellectual Property in the applicable class for the hotel and lodging services in the United States . Atari will respond within sixty (60) days of receipt of Licensee's written inquiry to Atari as tothe status of such trademark registrations and applications . Licensee shall cooperate with Atari in all respects in connection with any such applications that Atari may desire to execute, file and/or prosecute, and in connection therewith Licensee shall supply to Atari, at no cost to At 8 t 4 such samples of the advertising and marketing materials as Atari may reasonably request . Licensee shall not seek or obtain any registration of the Licensed Intellectual Property (including, without limitation, any imitatio 118 > translations or transliterations thereof) in any name or participate directly or indirectly in such registration anywhere in the world without Atari's approval in each instance 5. Atari Hotel(s) may be co - branded using a brand owned and controlled by Licensee (� o - Brand") . Any such Co - Brand (except to the ex . tent incorporating Licensed Intellectual Property, which Licensed Intellectual Property (and no other portion or piece of the Co - Brand) shall remain the exclusive property of Atari) is the sole and exclusive property of Licensee and may not be used by Atari . Following any expiration or termination of this Agreement, any Co Brand may be used in any manner in Licensee's discretion without any Licensed Intellectual Property . For the avoidance of doubt : (i) the Co - Brand shall not be used outside of the Area ; (ii) any use of the Co - Brand in any manner by Licensee following any expiration or tennination of this Agreement shall exclude any element of the Licensed Intellectual Property . For the further avoidance of doubt, the "Co - Brand" shall be subject to approval by Atari, as set forth in Section 7 . 3 hereof, as it includes Licensed Intellectual Property . � QB \ 61286334.1 9 ��

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8 . 6 Subject to the pre - existing and underlying rights of Atari and of any third parties, all rights (including all design related intellectual property rights) in and to any artwork, screens, websites, Licensed Merchandising Products or any other promotional or other materials in any media andin any fonnator form,utilizing theLicensed Intellectual Propertyconceived andcreated under or resulting from this Agreement, whether developed by, for, or pursuant to suggestions, comments, or other recommendationsof Atari, Licensee, or on behalf of Licensee, andanyandall intellectual property rights therein (collectively ''Work Product''), will vest exclusively in, and are hereby irrevocably transferred and assigned to Licensee in perpetuity, except to the extent incorporating Licensed Intellectual Property, which Licensed Intellectual Property (and no other portion or piece of theWork Product) shall remain theexclusive property of Atari . Atari will take all reasonable steps, at Licensee's request, to assist and enable Licensee in perfecting the assignment to Licensee as provided for above . For the purposeof clarity, any Work Product may be used by Licensee at any time and in any other capacity during or after 1 he termination of this Agreement, as long as such Work Product then excludes any element of the Licensed Intellectual Property . 9. Marketing and Promotion 9 . 1 Recognizing the value of promotion and marketing in developing the Atari Hotels in the Areas and theimportance of consistency of suchpromotionandmarketing to thefurtherance of the goodwill and public image of the Atari Hotels, the parties agree that all promotion and marketing by Licensee, concerning the Atari Hotels shall be conducted in a dignified manner and shall confonn to the requirements of Atari as set forth in writing or otherwise . In all promotion and marketing, Licensee shall use the Licensed Intellectual Property only in accordance with the terms and conditions of this Agreement . Licensee shall display the Licensed Intellectual Property in the manner prescribed by Atari on all signs and other promotional and marlreting materials . Licensee shall submit samples of promotional and marketing materials to Atari, and Atari shall approve or disapprove such plans and materials within ten (10) days from the date of receipt by Licensee, such approval shall not be unreasonably withheld . If Licensee does not receive the approval of Atari within ten (I 0) days, the materials shall be deemed approved . Once approv � Licensee need not submit subsequent materials for approval if such subsequent materials use the Licensed Intellectual Property in materially the same manner . 10. Representations, Warranties, and Indemnification 1. Atari warrants and represents to Licensee as follows: 10 . 1 . l Atari bas full right, power and authority to enter into this Agreemen 4 grant thelicense to Licensee as herein granted and consummate the transactions contemplated hereby ; l 0.1.2 Atari is theowner of or otherwisehas theexclusive right to usethe Licensed Intellectual Property; 10 . 1 . 3 Licensee's useof the Licensed Intellectual Property ip . connection with the Atari Hotels pursuant to this Agreement will not infringe any rights owned or possessed by any third party ; QB \ 61286334.1

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10 . I . 4 Atari shall indemnify, defend and hold Licensee harmless from and against any and all charges, claims and/or suits, including reasonable attorneys • fees and costs related thereto, paid or incurred by Licensee that arise from Licensee's use of the Intellectual Property in accordance with the terms and conditions of this Agreement . I0.2 Licensee warrants and represents to Atari as follows: 1. Licensee shall use only the Licensed Intellectual Property designated by Atari, and shall use them only in the manner authorized and permitted by this Agreement . Any sub - license by Licensee shall also be consistent with this Agreement 2. Licensee shall use the Licensed Intellectual Property only for the purposes contemplated by this Agreement, which shall include the right to license to sublicensees the right to use the Licensed Intellectual Property pursuant to sublicense agreements . 3. During the tenn of this Agreement in conjunction with any use of the Licensed Trademarks at each Atari Hotel, there shal l b e displayed a notice in such content and form and at such conspicuou s locations in a manner reasonably accept . able to Atari, notice that the Atar i Hotel is operated under license from the Atari . 4. Licensee's right to use the Licensed Intellectual Property is limited to such uses as are authoriud llllder this Agreement, and any unauthorized use thereof shall constitute an infringement of Atari's rights . 5. Licensee shall not use the Licensed Intellectual Property to incur any obligation or indebtedness on behalf of Atari . 6. Licensee agrees to execute any documents deemed necessary by Atari or Atari's counsel to obtainprotection for the Licensed Intellectual Property and/or to maintain their continued validity andenforceability,including a registered user or license agreement . 7. Licensee shall not act directly or indirectly in any manner which may, in Atari'sopinion, bring Atari'sreputation or the reputation of the Licensed Intellectual Property into disrepute, and/or otherwise adversely affect the same, nor shall it be directly or indirectly associated with anything that may be considered as Wlethical, immoral and/or offensive . 8. Licensee shall obtain and maintain at its own expense any and all pami � licenses, rights,clearances, consents, approvals and permissions necessary fortheconst : ruction and promotion of the Atari Hotels in the Area and manufucture, promotion and sale of the Liceosed Merchandising Products . Licensee shall be and always remain in oompliance with regulations applicable to the Atari Hotel(s) and their exploitation . Licensee shall comply with theFlammable Fabrics Act . the Consumers Products Safety Act and all otherlaws and regulations in foroe in the Area, applicable to the manufacture, promotion and sale of the Licensed Merobandising Products . 9. Licensee shall inform Atari of any actual or potential infiingem.ent of the Licensed Intellectual Property, and any improper or unlawful use (>£ or thin! party claims � QB \ 61286334,l 11 �. �

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regarding, the Licensed Intellectual Property and/or the Atari Hotels . If Atari so requests, the Licensee shall provide all necessary information'and, at Atari's cost, shall assist in thedefense of the Licensed Intellectual Property and/or theAtari Hotels . 3. Licensee Indemnities . Licensee shall indemnify and hold Atari and its Affiliates and their officers, directors, managers, members, partners, shareholders, employees, agents, representatives,and theirrespectivesuccessors and assigns hannless against andfromalldamages of every kind and description, including fines, penalties, tax � expenses, costs, losses or Atari's reasonable legal and acC 01 mting costs actually incmred, arising out of or resulting from : (i) Licensee's unauthorized use of the Licensed Intellectual Property ; (ii) a breach of Licensee's representationsand wammties under this Agreement ; (iii) the constrw :: ti � renovation, upgrading, alteration, remodeling, repair, operation, ownership or use of any Atari Hotel, including, for the avoidance of doubt, losses, costs, liabilities, damages, claims and � resulting ftom claims asserted by or on behalf of anyone using the facilities at an Atari Hotel or (iv) the conduct or operation of any otherpart of a Licensee's business (excepting claims brought by Licensee against Atari pursuant to this indemnity clause), provided that (a) Licensee shall havesoleconduct of any such claim and {b) Atari shall provide all reasonable assistance to Licensee in re 1 ation to the conduct of anysuch claim . Thisindemnity does not apply to theextent that such claim or demand (i) is a direct consequence of the gross negligence or willfu 1 misconduct of Atari or its officers, directors, agents and employees or (ii) is a direct con . sequence of Atari 1 s breachoftbisAgreement . 4. Atari Indemnities. Atari shall indemnify and hold Licensee and its Affiliates and their officers, directors, managers, members, partners, shareholders, employees, ag � representatives, and their respective successors and assigns, harmless against and from all fines, penalties, taxes,expenses, costs, losses or damages andincluding Licensee's reasonable legal and accounting costs actually incurred resulting from any claim or demand arising (i) Lk:ensee's authorized use of the Licensed Intellectual Property; (ii) a breach of Atari's representations and warranties under this Agreement; or (ill) out of the operation of any other part of Atari• �(save for claims brought against Licensee by Atari pursuant to this indemnity clause), provided that (a) Atari shall have sole conduct of any such claim and (b) Licensee shall provide all reasonable assistance in relation to theconduct of any suchclaim . This indemnity does not apply totheextent thatsuch claimordemand is (i) a direct consequence of thegrossnegligence or willful misconduct of Licensee ; or (ii) is a direct consequence of Licensee's breach of this Agreement . 5. The indemnification provisions in Section 10 shall smvivc the terminatillD . or expiration of this Agreement as to any claim or demand the hams for which arose prior to such termination or expiration . 11. Limitation of Liability 1. EXCEPT AS OTIIERWISE EXPRESSLY PROVIDED HER . BIN> - UNDER NO CIRCUMSTANCES,INCLUDING, WITHOUT LIMITATION, ANY BREACH OR ALLEGED BREACH OF THIS AGREEMENT BY A PAR 1 Y OR THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY, SHALL EITHER PAR 1 Y OR ANY OF ITS omCERS, DIRECTORS,MANAGERS, MEMBERS, PARTNERS, SHAREHOLDERS, EMPLOYEES, AGENTS, INDEPENDENT CONTRACTORS, REPRESENTATIVES OR AFFILIATED OR QB \ 612863.34.1 12

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RELATED PERSONS OR ENTITIES, HAVE ANY LIABILl'IY OR OBLIGATION TO THE OTIIER PARTY OR TO ANY OF TIIE OTHER PARTY'S OFFICERS, DIRECTORS, MANAGERS, : MEMBERS, PARTNERS, SHAREHOLDERS, EMPLOYEES, AGENTS, INDEPENDENT CONTRACTORS, REPRESENTATIVES OR AFFil .. IATES FOR ANY CONSEQUENTIAL OR INCIDENTAL DAMAGES, LOST PROFITS, ANTICIPATED INCOME OR PROFITS, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES OR OTHER SIMILAR DAMAGES ; PROVIDED, HOWEVER, THAT THERE SHALL BE NO LIMITATION OF ACTUAL DAMAGES . TIIB FOREGOING SHALL NOT APPLY, AND NOTiilNG CONTAJNED HEREIN SHALL BB DEEMED TO LIMIT, ANY INDEMNTIY OBLIGATION FOR TIIlRD PARTY CLAIMS . 12. Enforcement of Licensed Intellectual Property 1. Licensee shall promptlynotify Atari of anysuspected inftingement or unautboriud use ot : any known challenge to the validity of,or any known challenge to Atari'sownership o � or Atari's right to use, the Licensed Intellectual Property . Licensee acknowledges that Atari shall have the sole right to direct and control any administrative proceeding or litigation involving the Licensed Intellectual Property, including any settlement thereof Atari shall a 1 so have the sole right, but not theobligation, to takeaction against uses by others that may constitute infiingement of the Licensed Intellectual Property . 2. If Atari 1 . Uldertakes the defense or prosecution of any litigation reJating to the Licensed Intellectual Property, Licensee shall execute any and all docmnents anddo such acts and things as may, in the opinion of collllSCI for Atari, be necessary to carry out such defense or prosecution, including becoming a nominal party to any legal action . Except to the extent that such litigation is the result of Licensee's use of the Licensed Intellectual Property in a manner inconsistent with the terms of this Agreement, Atari agrees to reimburse Licensee for its out - of - pocket costs in doing such acts and things . 3. Licensee shall affix the Trademarks, copyright and - other proprietary notices set forth in Exlnlrit B and as otherwise provided by Atari on all Licensed Merchandising Products and materials in a conspicuous, legible and permanent manner . Licensee shall also affix any other legends, markings and notices required by any Jaw or regulation in the Area or which Atari reasonably may request on all Licensed Merchandising Products and materials in a conspicuous, legi'ble and pennanent manner . 13. Confidentiality 1. Except where reasonably necessary for theproper execution of thisAgreem � the QB \ 61286334.1 13 parties shall not, without theprior written consent of the otherparty, use, release or divulge toany third party orally or in writing, any technical, commercial, promotion � financial or other information acquired in anticipation of or during the term of this Agreement (''Confidential Infonna . tion") . The party who discloses Confidential Information to a third party shall be • responsible for ensuring its continued oonfidenti,ality - and shall � full liability for any unauthorized disclosure of the same by the said third party. The obligations of this clause shall remain effective for three (3) years following the expiration or termination of this Agreement \ ��

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2. The obligation of confidentialjtyconcerning the Confidential Information shall not apply to thepart thereof which : 1. w � alreadyin the receiving party's possession prior to itsdisclosure by the disclosing party ; or 2. is or subsequently comes into the public domain, through no fault or omission of the receiving party ; or 3. was disclosed to the receiving party by a third party who placed no restriction on its further disclosure or use, and that that third party was legally entitled to make sucha disclosure ; or 4. was obtained by the receiving party through independent research without direct or indirect access to, or useor knowledge of, theConfidential Information; or 13 . 2 . S is required to be disclosed pursuant to an administrative or judicial Older, provided that, where practicable, the receiving party agrees to provide the disclosing party . with prior notice of such a disclosure . 14. Miscellaneous 1. Notices . All notices, demands, and other cotnmUDi . cations required by this Agreement and all payments to be made pursuant to this Agreement, shall be sent to theaddresses set forth below unless and until a notification of a change of address is given in writing . All notices, demands, payments and other communications shal l b e deemed to have beenduly givm or made (i) when delivered personally, (ii) when sent by electronic mail (with a second confumation copy sent by mail), (iii) when sen t by fax to the fax number on the address shown below, (iv) the second day following the day of delivery prepaid to a national air courier service, or (v) three business days after deposit in the U . S . mails, certified or regi � postage prepaid, in each case addressed to the party to whom notice is bein g given a t theaddresses set forthbelow . 14 QB \ 61286334.1 To Atari: CEO I Business and Legal Affairs Atari Interactive, Inc. 286 Madison Avenue New York NY 10075 Email: fredchesnais@atari.com kathy@atari.com With a copy to (such copy shall not constitute noticed under thisSection 14.1): Lime,LLC 132 Fayerweathe.r Street Cambridge, MA 02138 United States

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Attn: Steven Bercu, Esq. bercu@limelaw.com Fax: +1 (617) 812 - 2554 15 QB \ 61286334.1 To Licensee: Jordan Taylor Shelly Mwphy Breakout 1976, LLC 214 E Roosevelt Street Phoenix AZ 85004 Email: Smurphy@d � az.com Fax: Witha copy to (such copy shall not constitute noticed under this Section 14.l}; Paul Valentine Quarles & Brady LLP One Renaissance Square Two North Central Avenue Phoenix, Arizona 85004 paw.valentine@quarles.com 2. Governing Law . This Agreement shall be governed by the law of the state of Arizona, all disputes arising in respect of the agreement shall be submitted to the exclusive jurisdiction of thestate and federal courts located in Phoenix, Arimna 3. Entire Agreement This Agreement contains the entire agreement between the parties with regard to its subject matter and supersedes all prior agreements between them pertaining to its subject matter . ThisAgreement may be altered or amendedonlyin a dulyexecuted writing . 4. Severability . If any provision of this Agreement is held to be unenforceable, such provision shall be limited and construed so as to make it enforceable consistent with the parties � manifest intentions or, if such limitation or construction is not poSSiole or would be inconsistent with theparties' manifest intentions, suchprovision will bedeemed stricken from thisAgreement . Inanysuchevent,allotherprovisions ofthis Agreement willremain in full forceand effect, unless such enforcement would result in an injustice or be inconsistent with the purposes of this Agreement 5. Waiver . The failure of any party to enforce the provisions of this Agreement will in no way be construed to be a waiver of such provisions, nor in any way affect the ability of any party to enforceeachand everysuchprovisionthereafter . Nowaiver of anytenn ofthis Agreement shall be valid unless in a writing signed by the party against which the waiver is sought to be enforced . No waiver by either party of any breach of or failure of performance under this Agreement shall be deemed a continuing waiver or a waiver as to anysubsequent or similarbreach .

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6. No Conflicts . The parties each represent that neither it nor any of its direct or indirect owners is subject toanyagreement, or a party toanypending litigation,that would conflict with the party's rights and obligations Wlder the Agreement or that would otherwise limit in any manner the party • s ability to perform its obligations W 1 der the LOI and the Agreement . 7. Force Majeure. 1. In the event of force majeure, the parties shall not be held responsible for the non - fulfi 11 ment of their obligations under this Agreement ; insofar as the party pleading force majeure shall be discharged from its responsibility only for the dmation of the force majeure, making all reasonable efforts to limit its effect, and shall notify the other party in writing as soon as reasonably possiole . 2. If the force majeure continues beyond a period of thirty (30 }days from the date of receipt of its notification, theparties shall meet in order to consider in good faith 1 he steps to be taken regarding the continuation of the Agreement . In the event that force majeure prevents the continuation of the Agreement for a period of forty - five (45 } days or more from the date of receipt of its notification, either partymay terminate this Agreem • which shall takeeffect at the date at which written notice of termination is received by theother party . 3. For the pw : poses of this Agreement, non - exhaustive illustrations of force m . ajeure include actof Go � war,abnormal weatherconditions, riots, uprisin � government acti � fires,floods, national strikes (excluding strikes limited to theotherparty's personnel}, or othersuch events outside thecontrol of either party . 8. Independent Contractors . This Agreement shall not be deemed to have established a partnership, joint venture or a relation of agent and principal between the parties and/or any of their subsidiaries, affiliated or re 1 ated companies . 9. Injunctive Relief Licensee acknowledges that its failure to perfoan any of the material terms or conditions of this Agreement shall result in immediate and ineparable damage to Atari . Licenseealsoacknowledges that theremay be noadequate remedy at law fur suchfailures and that in theevent thereof : Atari shall be entitled to equitable relief in thenatureof aninjunction and to all other available relief in equityissued from a court of competent jurisdiction . 1. O Survival . The rights and obligations set forth in Sections S, 6 , 8 , 1 O ; 11 , 12 , 13 ,and 14 shall survive the termination or expiration of this Agreement or any determination that this Agreement or any portion hereof or Exhibit hereto is invalid . 11. Assigpmeut This Agreement and all of the provisions hereof shall be binding upon and inure to thebenefit of the parties hereto and their respective successors and assigns. 12. Expenses . Eachparty will bear its ownexpenses in connection with thenegotiation and consummation of this Agreement . QB \ 6]286334.1 16

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14 . 13 Name "Breakout 1976 " . Atari and Licensee hereby agree that ''Breakout 1976 " is part of the Licensed Intellectual Property and Atari hereby authorizes Licensee to use "Breakout 1976 "for free during the Tenn but solely for the purpose of thedenomination of the LLC, to the exclusion of any other use . IN WITNESS whereof, the Parties hereto have executed or caused the Agreement to be executed in duplicate by their officers thereuntoduly authorized, all as of theday and year written below. Name: �:Dtf un,_ Title: - ---- = - �....:... - ----- - TRUE NORTH STUDIO, LLC By. � Title: CEO GDSGROUP, LLC Name: - - ��- -- - T = 'f t - '/ W - \ , - . - - Title: - --- ' - �:....,_!........: ---- - Name: Slf£LL7 M ll t.P f&t Title: MA - NM£ � l J I QB'61286334.1 17

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, EXHIBITA AREAS Area of interest for Atari Hotel(s), each an "Area": Phoenix,AZ 85003 85004 85006 85007 85008 85009 85012 85013 85014 85015 85016 85017 85018 85019 85020 85021 85022 85023 85024 85026 85027 85028 85029 850318503285033 85034 85035 85037 85039 85040 85041 85042 85043 8S04485045 8504885050 85051 8505385054 85065 85073 8508385085 85086 85087 Austin, TX 78610 78613 78617 78641 78652 78653 78660 78664 78681 78701 78702 78703 78704 78705 78712 78717 78719 78721 78722 78723 78724 78725 78726 78727 78728 76729 78730 78731 78732 78733 78734 78735 78736 78737 78738 76739 78741 78742 78744 78745 78746 78747 78748 78749 787S0 787S1787S218153 78754 787S6 78757 78758 78759 San Francisco, CA 94102 94103 94104 9410S 94107 94108 94109 94110 941U 94112 94114 94115 94116 94117 94118 94121941229412394124 94127 94128 94129 94130 941319413294133 94134 94143 94158 94188 Chfcago,IL 60601 60602 60603 60604 60605 60606 60607 60608 60609 60610 60611 60612 60613 60614 60615 60616 60617 60618 60619 60620 60621606226062360624 60625 60626 60628 60629 60630 60631 60632 60633 60634 60636 60637 60638 60639 60640 60641 60642 60643 60644 60645 60646 60647 60649 60651 606S2 606S3 60654 60655 60656 60657 60659 60660 60661 60699 60701 60706607076080360804 6080S 60827 Las Vegas, NV 89101 89102 89103 89104 89105 89106 89107 89108 89109 89110 8 _ 91118911289113 89114 89115 89116 89117 89118 89119 89120 89121 89122 89123 89124 89125 89126 89127 89128 89129 89130 89131 89132 89133 89134 8913S 89136 89137 89138 89139 89140 891418914289143 89144 89145 89146 89147 89148 89149 89150 891S1 89152 89153 89154 89155 89156 89157 891S8 89159 89160 89161 89162 89164 8916589166 89169 89170 89173 89177 8917889179 89180 89183 8918S 89193 89195 89199 ' � V QB \ 6128 �34.I 18 •

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Denver,CO 80012 80014 80022 80033 80123 80127 80202 80203 80204 80205 80206 80207 80209 80210 80211 80212 80214 80215 80216 80218 80219 80220 80221 80222 80223 80224 80225 80226 80227 80228 80229 80230 80231 80232 80233 80234 80235 80236 80237 80238 80239 802418024680247 80249 80260 80264 80265 80266 80290 80293 80294 80299 Seattle, WA 981019810298103 98104 98105 98106 98107981089810998110981119811298113 98114 98115 98116 98117 981189811998121 98122 98124 981259812698127 98129 98131 98133 98134 98136 981389813998141 98144 98145 9814698148 98154 98155 98158 98160 9816198164981659816698168 98170 98174 98175 98177 98178 98181 98185 98188 9819098191 98194 9819598198 98199 SanJose,CA 95002 95101951039S1069S108 95109 95110 9511195112 9511395115 9511695117 9S11895119 95120 95121 95122 95123 95124 95125 95126 95127 95128 9512995130 95131 95132 9513395134 95135 95136 95138 95139 95140 95141 95148 95150 95151 9S152 9S153 9S154 951S5 95156 95157 9S158 95159 95160 951619516495170 95172 9517395190 9519195192951939S194 9S196 I QB \ 612&6334 . l 19

![](ex6-4_020.jpg)

StreetRaeer Outlaw Double Dunk 3D Tie> - Tac - Toe Submarine Commander Pong Flag Capt \ ll'C AGame of Concentration Super Basd>aJI Quadnm Football Adven � Super Brm.oat Radar Lock Fun With Numbers Air - Sea Battle Superfootball Realsports Baseball Golf Asteroids Surround RealsportsFootball Gravitar AsteroidsDeluxe Swordquest Earthworld Realsports Teonis Hauntrd House Blac:kJaclt Swordquest Fircworid Realsports Volleyball HomeRun Black Widow Swordquest: Wetc:zwodd RedBaron Human Cannonball Bowling Tempest Sky Diver Liberator Breakout VideoOieckc:rs Slot Machine Lunar Lander Canyon Bomber Video Chess SlotRacas Major Havoc Centipede VideoOlympics Space Duel Intentionally left blank. Circus Atari Video Pinball SpaceWar MazeCrazc Codebreaker Warlonb Sprintmaster Millipede Combat Yar'sRcvcngc Star Raiders MiniatmeGolf Crystal Castles Star Ship Missile Command Demons to Diamonds Steeplechase Nigbt Driver Desert Falcon StellarTrack OfftheWall Dodge'em i l EXHIBITB CLASSIC TITLES QB \ 61286334.1 20 L

![](ex6-4_021.jpg)

TRADEMARKS Notice to be affixed to Atari Hotels, Licensed Merchandising Products and Licensed Intellectual Property: • C [date offust publication] • [Classic Atari Title], Atari and the Atari logo are registered trademarks of Atari Interactive _ / Inc. P' _ a< QB \ 61286334.1 21

## Ex1A-6

**Exhibit 6.5**

**<u>AMENDMENT NO. 1 TO OPTION AGREEMENT AND LICENSE AGREEMENT</u>**

This Amendment No. 1 to Option Agreement and License Agreement ("**Amendment**"), effective as of September 30, 2020 ("**Amendment Effective Date**"), is made by and between Breakout 1976, LLC having its place of business at 214 East Roosevelt Street, Phoenix, Arizona 85004 ("**Licensee**") and Atari Interactive, Inc., having its place of business at 286 Madison Avenue, 8th Floor, New York, New York 10017 ("**Atari**"). Atari and Licensee may be referred herein collectively as the "**Parties**" and individually as a "**Party**."

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Parties are both subject to the existing Option Agreement and License Agreement between the Parties effective as of December 27, 2019 ("**Agreement**") pursuant to which Atari licensed certain trademark rights to Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Licensee wishes to confirm its ability to sell and otherwise distribute Licensed Merchandising Products outside of the physical location of the Atari Hotel, including without limitation online, in order to market and promote the Atari Hotels both before and after the opening of any Atari Hotel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Licensee also wishes to amend the approval process for Licensed Merchandising Products pursuant to Section 14.3 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Atari is amenable to such modifications to the Agreement, such that Parties wish to amend the Agreement as further set forth below.

**NOW THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree to amend the Agreement as follows:

**1. Definitions**. Capitalized terms used but not defined in this Amendment will have the meanings given such terms in the Agreement. All references to the Agreement set forth in this Amendment will be deemed to be references to the Agreement as amended by the Amendment.

 **2. Amendments.** The Parties wish to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 1.1.18 is revised to read as follows: "**Licensed Merchandising Products** means the merchandising products sold or distributed by Licensee only (i) in the Atari Hotel (i.e. gift shop of the Atari Hotels), (ii) at promotional events for the Atari Hotel, and/or (iii) on the website of the Atari Hotel and any other website approved in advance by Atari (which approval may not be unreasonably withheld, conditioned, or delayed) (collectively, the "Authorized Channels") to the exclusion of any other offline or online location, and that refer to the Licensed Intellectual Property together with the name of the Atari Hotels, as approved by Atari pursuant to Section 7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 2.2 is revised to read as follows: "Atari hereby grants Licensee the limited, non-exclusive, transferable and royalty bearing right to use the Licensed Intellectual Property only for the purpose of and to the extent necessary (i) to manufacture and have manufactured the Licensed Merchandising Products, (ii) to promote, distribute and/or sell the same only in the Authorized Channels, to market the Atari Hotels during the Term, in accordance with this Agreement and (iii) to enter into sublicense agreements to grant one or more sublicensees the ability to do the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 2.5 is revised to read as follows: "The Licensed Merchandising Products may only be sold and distributed in the Authorized Channels, to market the Atari Hotels, and in accordance with the provisions of this Agreement and all applicable laws and regulations. Licensee shall also refrain from establishing any permanent physical retail location outside the Atari Hotel(s) for the Licensed Merchandising Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Section 7.3 of the Agreement is revised to read as follows:

Licensee shall submit to Atari for approval concepts for the Atari Hotels and for the Licensed Merchandising Products in paper or digital format, such approval shall not be unreasonable withheld; it being understood that the granting of such approval may not be interpreted as an endorsement by Atari of the Atari Hotels or the Licensed Merchandising Products or a warranty as to the quality and/or fitness for use of the same. Atari will use reasonable efforts to communicate its approval or refusal of the Atari Hotels concepts or Licensed Merchandising Products concepts within seven (7) business days of receipt of the corresponding submission. Failure to approve or refuse within the said period will be deemed a refusal, unless Atari subsequently notifies Licensee in writing of its approval. Upon refusal, Licensee shall at its option resubmit the corresponding element. If Atari fails to provide its approval or refusal within five (5) calendar days of receipt of the second submission, it shall be deemed approved. Licensee shall display, as part of the concepts for approval, the Licensed Intellectual Property as approved by Atari.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 7.4 of the Agreement is deleted in its entirety and replaced with the following provision:

Following approval of and in conformity with the concept and design of the Licensed Merchandising Products as approved by Atari pursuant to Section 7.3, Licensee shall produce and deliver to Atari digital rendering samples ("Digital Renderings") along with a description of the textiles for each Licensed Merchandising Product ("Textile Description"), and shall make any changes to the Digital Renderings and textiles as reasonably requested by Atari, provided such requests are submitted to Licensee within seven (7) business days of the delivery of the Digital Renderings and Textile Description to Atari. Final approval shall be deemed given by Atari upon receipt by Atari of final visual and digital revisions of the Digital Renderings and Textile Descriptions from Licensee. Following such approval, in the event Licensee elects to move forward with the particular Licensed Merchandising Product, Licensee shall manufacture the Licensed Merchandising Products in conformity with the final approved Digital Renderings and Textile Descriptions. Licensee shall provide Atari with three (3) samples of each Licensed Merchandising Product from the initial production run, fully packaged and labelled for sale, along with the identification of the number units produced in the initial production run of the Licensed Merchandising Product. Production samples are not required for any production run other than the first production run, unless during the Term and the course of production, the Digital Renderings and Textile Descriptions have changed from the final approval given by Atari to Licensee, in which case Licensee shall resubmit. Once a Licensed Merchandising Product has been approved for manufacture, Licensee may run multiple production runs as it deems appropriate to meet demand. All costs relating to the submission for the approval, manufacture, promotion, storage and sale of Licensed Merchandising Products shall be borne by Licensee. Licensee shall destroy (or ensure are destroyed) any seconds, irregulars, test-runs or sub-standard units of the Licensed Merchandising Products. Atari may additionally require that the Licensed Merchandising Products be immediately recalled if Atari considers that the manufacture or distribution of the Licensed Products may pose a health or safety hazard, or be detrimental to Atari's and/or the Property's reputation or goodwill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) A new Section 7.5 is added as follows:

Atari has and maintains a digital asset library that contains images and digital files for artwork of certain of the Licensed Intellectual Property and will provide Licensee with access to such digital asset library in order to facilitate Licensee's promotional and marketing activities contemplated by this Agreement as well as the development of Licensed Merchandising Products and the Digital Renderings for the same. Licensee may use and access any such digital assets from the Atari digital asset library for the purposes of supporting Licensee's activities as set forth in this Agreement and provided such digital assets originated from Atari's digital asset library, use of such digital assets will be deemed approved. In the event a digital asset is not available for Licensed Intellectual Property, Licensee may produce its own digital asset, which will be subject to approval by Atari as set forth in this Section 7 or Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section 10.1.3 is revised to read as follows: " Use of the Licensed Intellectual Property in connection with the Atari Hotels and any Licensed Merchandising Products by either Licensee or its sublicensees pursuant to this Agreement will not infringe any rights owned or possessed by any third party;"

**3. Miscellaneous.** Except as modified or amended by this Amendment, all other terms of the Agreement are hereby ratified, reaffirmed, and remain in full force and effect. In the event of a conflict between the terms of this Amendment and the Agreement, the terms and conditions of this Amendment control. Signatures submitted via facsimile or electronic means will be deemed to be original signatures of the parties and will be valid and binding upon the parties hereto.

**IN WITNESS WHEREOF**, the Parties hereto have duly executed this Amendment as of the Amendment Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BREAKOUT 1976, LLC ("Licensee")** | **BREAKOUT 1976, LLC ("Licensee")** | **ATARI INTERACTIVE, INC. ("Atari")** | **ATARI INTERACTIVE, INC. ("Atari")** |
| By: | /s/ Jordan Taylor | By: | /s/ Frédéric Chesnais |
| Name: | Jordan Taylor | Name: | Frédéric Chesnais |
| Title: | Partner | Title: | CEO |
| Date: | September 30, 2020 | Date: | September 30, 2020 |

---

## Ex1A-6

**Exhibit 6.6**

**AMENDMENT NO. 2**

**TO OPTION AGREEMENT AND LICENSE AGREEEMENT**

Reference is made to the Option Agreement and License Agreement dated as of December 27, 2019, in full force as of the date hereof, by and between Atari Interactive, Inc., a Delaware corporation, with a principal place of business at 286 Madison Avenue, New York, NY, 10017 ("Atari"), and Breakout 1976, LLC ("Breakout" or "Licensee"), regarding Atari Hotels (the "Agreement").

This Amendment No. 2 to the Agreement entered into effective as of September 30, 2020, when fully executed together with mutual premises, covenants and consideration, the sufficiency of which is hereby acknowledged, shall constitute the further understanding and amendments between the parties with regard to the Agreement. Capitalized terms used and not otherwise defined in this Amendment No. 2 ("Amendment No. 2") shall have the meanings ascribed to them in the Agreement.

WHEREAS, Atari and Licensee desire to modify the rate applicable to the first three (3) Atari Hotels in operation and to provide for additional services.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1. Scope of Amendment No. 2

Except as expressly or by necessary implication modified or amended by this Amendment No. 2, the terms of the Agreement are hereby ratified and confirmed without limitation or exception.

2. Consulting fee payable to Atari

For services rendered by Atari up to and including the date hereof, including but not limited to promotion, advisory, introduction to parties, Licensee shall pay Atari a consulting fee of Two Hundred Twenty Five Thousand United States Dollars ($225,000.00) to be funded within 3 days of the signing of this Amendment No. 2.

3. Modification of the Royalties payable to Atari

A Section 6.4(a) is added as follows to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 As an exception to Section 6.4, and only for the first (3) three Atari Hotels that are put in operation, the rate of Royalties applicable to the Gross Revenue of Atari Hotels shall be reduced as follows: (i) three percent (3%) during the first year of operation; (ii) three and a half percent (3.5%) during the second year of operation; (iii) four percent (4%) thereafter. The rate of Royalties for the Gross Revenue of the other Atari Hotels and for the Net Merchandising Revenue generated by the Licensed Merchandising Products shall remain unchanged. In addition, Licensee shall get a deduction of Three Hundred Thousand United States Dollars ($300,000) on the Royalties otherwise payable hereunder.

To benefit from such reduced rate of Royalties and for the services to be provided by Atari, including but not limited to promotion, advisory and introduction to parties, failing which the rate set forth in Section 6.4 shall apply, Licensee shall pay Atari a one-time fee of Five Hundred Thousand United States Dollars ($500,000.00) for each of such three (3) Atari Hotels, i.e a grand total of One Million Five Hundred Thousand United States Dollars ($1,500,000.00). The one-time fee of $500,000.00 shall be paid for each of such three (3) Atari Hotels in equal monthly installments over the construction period of each of the three (3) hotels, as from the date of the ground being broken of such Atari Hotel and the closing of the construction loan and no later than the opening date for such Atari Hotel. For the avoidance of doubt, the one-time fee is calculated per Atari Hotel, i.e. Licensee can benefit from the reduced rate of Royalties for the first Atari Hotel as long as the one-time fee of $500,000 has been paid for such Atari Hotel, even if the remaining two (2) Atari Hotels are still not open.

NOW THEREFORE, the duly authorized representatives of the parties hereto have executed this Agreement as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| **ATARI INTERACTIVE, INC.** | **ATARI INTERACTIVE, INC.** | **BREAKOUT 1976, LLC** |
| By: | /s/ Frédéric Chesnais | By: |
| Name: | Frédéric Chesnais | Name: |
| Title: | CEO | Title: |
| Date: | 9/30/2020 | Date: |

---

## Ex1A-6

**Exhibit 6.7**

**AMENDMENT NO. 3**

**TO OPTION AGREEMENT AND LICENSE AGREEMENT**

Reference is made to the Option Agreement and License Agreement dated January 15, 2020, and effective as of December 27, 2019, amended and in full force as of the date hereof, by and between Atari Interactive, Inc., a Delaware corporation, with a principal place of business at 286 Madison Avenue, New York, NY, 10017 ("Atari"), and Breakout 1976, LLC ("Breakout" or "Licensee"), regarding Atari Hotels (the "Agreement"). Capitalized terms used and not otherwise defined in this Amendment No. 3 ("Amendment No. 3") shall have the meanings ascribed to them in the Agreement.

This Amendment No. 3 to the Agreement entered into effective as of December 15, 2022, when fully executed together with mutual premises, covenants and consideration, the sufficiency of which is hereby acknowledged, shall constitute the further understanding and amendments between the parties with regard to the Agreement.

WHEREAS, Atari and Licensee desire to modify the Initial Term and the Extension Area Option Fee, as defined.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

**1.** Scope of Amendment No. 3

Except as expressly or by necessary implication modified or amended by this Amendment No. 3, the terms of the Agreement are hereby ratified and confirmed without limitation or exception.

**2.** The first sentence in Section 3.1 of the Agreement shall be replaced with the following:

Atari agrees that throughout the term of this Agreement, Licensee shall have the exclusive right to build an Atari Hotel in the Areas for four (4) years as from the date of the Agreement (the **"Initial Term"**), with an option to extend for an additional One (1) year for each market in order to break ground on construction (the **"Extended Term"**).

**3.** Section 6.3 shall be deleted and replaced with the following:

No later than the expiration of the Initial Term, and as consideration for the Extended Term, Licensee shall have the option to pay a non-refundable advance of Fifty Thousand United States Dollars ($50,000.00) for each Area that Licensee wishes to extend (the "**Extension Area Option Fee**"), the Extension Area Option Fee not being applicable against the Royalties. Licensee shall have the option to extend the Initial Term for any or all of the eight (8) Areas. If Licensee does not pay the Extension Area Option Fee for a given Area within the prescribed timeframe, the rights in and to such Area shall revert to Atari. Notwithstanding the foregoing and the amended Initial Term, if Licensee breaks ground in an Area prior to December 27, 2023, then Licensee shall still be obligated to pay an Extension Area Option Fee in the amount of Twenty-Five Thousand United States Dollars ($25,000.00).

--Signature Page Follows--

NOW THEREFORE, the duly authorized representatives of the parties hereto have executed this Agreement as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **ATARI INTERACTIVE, INC.** | **ATARI INTERACTIVE, INC.** | **BREAKOUT 1976, LLC** | **BREAKOUT 1976, LLC** |
| By: | /s/ Ethan Zoubek | By: | /s/ Jordan Taylor |
| Name: | Ethan Zoubek | Name: | Jordan Taylor |
| Title: | President | Title: | Partner |
| Date: | 12/15/2022<br>| Date: | 12/15/2022 |

---

## Ex1A-6

**Exhibit 6.8**

**AMENDMENT NO. 4**

**TO OPTION AGREEMENT AND LICENSE AGREEEMENT**

This is Amendment No. 4 ("Amendment No. 4") to the Option Agreement and License Agreement dated as of December 27, 2019 (as previously amended) (the "License Agreement"), by and between Atari Interactive, Inc., a Delaware corporation, with a principal place of business at 286 Madison Avenue, New York, NY, 10017 ("Atari"), and Breakout 1976, LLC ("Breakout" or "Licensee") is entered into to be effective as of May 29, 2024.

Atari and Licensee desire to amend the Agreement. Capitalized terms used and not otherwise defined in this Amendment No. 4 shall have the meanings as provided in the Agreement.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit
 A is deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section
 1 shall be amended as follows:

Section 1.1.3 is deleted and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 **Area** shall mean the cities of Phoenix and Denver. The Parties agree to negotiate in good faith if Licensee desires to add or replace cities in the United States through an additional amendment to the Agreement, which shall not be unreasonably withheld if projects are consistent with projects previously approved by Atari in Phoenix and Denver.

Section 1.1.12 is deleted and replace with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.12 **Extension Area Option Fee** has the meaning set forth in Section 3.1 and shall be proceeded by the applicable Area, i.e., Phoenix Extension Area Option Fee or Denver Extension Area Option Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section
 3.1 of the Agreement shall be replaced with the following:

Subject to an extension payment of $50,000 to be paid in full by June 30, 2024 (the "Extension Payment"), Atari agrees that throughout the term of this Agreement, Licensee shall have the exclusive right to build an Atari Hotel in the Phoenix Area until June 30, 2026 (the "**Phoenix Initial Term**"), with one option to extend the Phoenix Initial Term to December 31, 2026 in order to break ground on construction (the "**Phoenix Extended Term**") with an additional extension payment of $50,000 (the "**Phoenix Extension Area Option Fee**"). In the event that Licensee needs no more than nine (9) months of additional time to break ground due to city permitting delays or acts of god and has secured required capital for the project, approval of that additional time shall not be unreasonably withheld.

Subject to an Extension Payment of $50,000 to be paid in full by December 31, 2024, Atari agrees that throughout the term of this Agreement, Licensee shall have the exclusive right to build an Atari Hotel in the Denver Area until **<u>December 31, 2026</u>** (the "**Denver Initial Term**"), with one option to extend the Denver Initial Term to June 30, 2027 in order to break ground on construction (the "**Denver Extended Term**") with an additional extension payment of $50,000 (the "**Denver Extension Area Option Fee"). In the event that Licensee needs no more than nine (9) months of additional time to break ground due to city permitting delays or acts of god and has secured required capital for the project, approval of that additional time shall not be unreasonably withheld.**

References to Initial Term and Extended Term shall be proceeded by the Area as applicable, i.e., Phoenix Initial Term or Phoenix Extended Term.

Licensee shall have an additional six (6) years to complete construction as from the Initial Term or the Extended Term, as the case may be (the "**Building Term**"). If Licensee has not broken ground in an Area during the Initial Term or the Extended Term, as the case may be, all rights to that respective Area shall revert to Atari. If Licensee has not completed construction and not opened the Atari Hotel for operations during the Building Term, all rights to that Area shall revert to Atari.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 following is added to the end of Section 4.1: Notwithstanding the perpetual license referenced
 herein, in the event that Atari determines that the quality of any Atari Hotel has degraded,
 such that the hotel could have a negative impact on the Atari brand, Atari may terminate
 the right to use the Licensed Atari Trademark for any such Atari Hotel upon six (6) months
 written notice. In the event License disagrees with such quality determination, the parties
 will hire an independent valuation expert who is mutually agreeable to both parties who will
 make the independent determination as to the impact of the quality of the Atari Hotel on
 the Atari brand, where the license is terminated for such Atari Hotel if the independent
 valuation expert agrees with Atari that the Atari Hotel has a negative impact on the value
 of the Atari brand. If the independent valuation expert disagrees with Atari and determine
 either no impact or a positive impact on the Atari brand, then the license shall continue
 regarding such Atari Hotel. Atari and Licensee may also mutually agree to a remediation plan
 for such Atari Hotel during such six (6) month notice period, whereby the notice period shall
 be tolled during which the remediation actions take place. Upon completion of the remediation
 actions consistent with the plan, but no later than six (6) months after the agreed plan
 is finalized, Atari shall either withdraw the notice or provide notice of the continuation
 of the notice period for the quality complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Section
 6.3 shall be deleted and replaced with the following:

Subject to payment by Licensee to Atari of the Extension Payment, and as consideration for the Extended Term as applicable, Licensee shall have the option to pay the non-refundable Extension Area Option Fee(s) (as applicable), the Extension Area Option Fee(s) not being applicable against the Royalties. If Licensee does not pay the Extension Area Option for a given Area within the prescribed timeframe, the rights in and to such Area shall revert to Atari.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Section
 6.4(a) added by Amendment No. 2 to the Agreement is hereby deleted, and Section 6.4 of the
 original Agreement is hereby deleted, and both sections are replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Licensee
 shall pay Atari royalties (the "Royalties") as follows: (i) five percent
 (5%) of the portion of the Gross Revenue of Atari Hotels, and (ii) ten percent (10%) of Net
 Merchandising Revenue generated by the Licensed Merchandising Products, on a monthly basis,
 within thirty (30) days of the end of each month. The Area Option Fee and the Extension Area
 Option Fee shall not be applicable against the Royalties.

As an exception to Royalties rate above, and only for the first (3) three Atari Hotels that are put in operation, the rate of Royalties applicable to the Gross Revenue of Atari Hotels shall be reduced to the following: (i) three percent (3%) during the first year of operation; (ii) three and a half percent (3.5%) during the second year of operation; (iii) four percent (4%) thereafter. The rate of Royalties for the Gross Revenue of the other Atari Hotels and for the Net Merchandising Revenue generated by the Licensed Merchandising Products shall remain unchanged.

To benefit from such reduced rate of Royalties, and for the services to be provided by Atari, including but not limited to promotion, advisory and introduction to parties, failing which the rate set forth in Section 6.4 shall apply, Licensee shall pay Atari a non-recoupable and non-refundable one-time fee of Five Hundred Thousand United States Dollars ($500,000.00) for each of such three (3) Atari Hotels, i.e a grand total of One Million Five Hundred Thousand United States Dollars ($1,500,000.00). The one-time fee of $500,000.00 shall be paid for each of such three (3) Atari Hotels in equal monthly installments over a twenty-four (24) month period, as from the date of the ground being broken of such Atari Hotel. For the avoidance of doubt, the one-time fee is calculated per Atari Hotel, i.e. Licensee can benefit from the reduced rate of Royalties for the first Atari Hotel as long as the one-time fee of $500,000 has been paid for such Atari Hotel, even if the remaining two (2) Atari Hotels are still not open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. New
 Section 7.4 is added to the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Licensee
 hereby agrees to each of the following:

&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;(a) Licensee shall not utilize the Atari name in any investment or other presentations without the prior written approval of Atari and Licensee shall always make it clear in any such document that Atari is the licensor of its name and certain intellectual property and is not a party or guarantor of the Licensee. Atari shall have three business days to review materials provided by Licensee and approval of materials cannot be unreasonably withheld for any reason as long as aforementioned disclosures are clearly included in such materials. Any future updates to materials will not require additional approval as long as modifications are consistent with previously approved materials and include no material changes related to the references to Atari. Failure to approve or reject the materials within five (5) business days of confirmed receipt shall result in materials being deemed approved.

&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;(b) Licensee shall make it clear that "Atari" is a brand name utilized by Licensee and shall include a disclaimer or footer on all documents, websites, social media accounts and other presentations that clearly states: "Breakout 1976, LLC is an independent licensee of Atari Interactive, Inc.. This offering is not affiliated with Atari Interactive, Inc. and any investment does NOT include any rights to ownership in Atari Interactive, Inc. and is not guaranteed by Atari Interactive, Inc. or 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;(c) In the event that Licensee no longer has an active license with Atari after all extension periods have been exhausted, currently June 30, 2027, without regards to additional extensions that the parties may agree to, Licensee shall transfer ownership of the "atarihotels.com" domain name to Atari. Licensee agrees that it shall not register any additional domain names that includes the Atari name without the advance written approval of Atari.

—Signature Page Follows—

NOW THEREFORE, the duly authorized representatives of the parties hereto have executed this Agreement as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **ATARI INTERACTIVE, INC.** | **ATARI INTERACTIVE, INC.** | **BREAKOUT 1976, LLC** | **BREAKOUT 1976, LLC** |
| By: | /s/ Wade Rosen | By: | /s/ Jordan Taylor |
| Name: | Wade Rosen | Name: | Jordan Taylor |
| Title: | CEO | Title: | Partner |
| Date: | 29-May-2024 | Date: | 29-May-2024 |

---

## Ex1A-6

**Exhibit 6.9**

**ASSIGNMENT AGREEMENT**

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "**Agreement**") is made and entered into as of February 14, 2025 (the "**Effective Date**"), by and between Breakout 1976 LLC, a Delaware limited liability company ("**Assignor**"), and AH Endeavors LLC, an Arizona limited liability company ("**Assignee**"). Assignor and Assignee are each referred to herein as a "**Party**" and collectively as the "**Parties**."

**RECITALS**

**WHEREAS,** the Assignor and Jason Merck ("**Merck**") have entered into that certain Settlement and Release Agreement dated January 3, 2025 (the "Settlement") whereby Assignor has agreed to assign certain of its assets to an entity principally managed by Merck in settlement of certain claims Merck alleged against Assignor;

**WHEREAS**, pursuant to the terms of the Settlement, Merck has formed Assignee to be the recipient of such assets;

**WHEREAS**, pursuant to the foregoing, the Assignor desires to assign and transfer to Assignee, and Assignee desires to accept and assume from Assignor, all of Assignor's right, title, and interest in and to all of the assets of Assignor, including without limitation the following assets (collectively, the "**Assigned Assets**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** That certain Atari Option & License Agreement dated December 27, 2019, as amended, between Assignor and Atari Interactive, Inc. (the "**License Agreement**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** All intellectual property including, without limitation, the domain name www.atarihotels.com (the "**Domain Name**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All cash (the "**Cash**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** All marketing files, design files, architectural schematics and renderings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** All social media accounts (Instagram, Facebook, X, LinkedIn etc.)

**NOW, THEREFORE**, in consideration of the mutual promises and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Assignment of Assets</u>.** Assignor hereby assigns, transfers, and conveys to Assignee, and Assignee hereby accepts and assumes from Assignor, all of Assignor's right, title, and interest in and to the Assigned Assets as of the Effective Date. The Parties hereby acknowledge that the assignment and transfer of the Assigned Assets, shall be done in consideration of the mutual promises set forth in the Settlement, which shall be considered a full and complete settlement of the claims referenced therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties</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;2.1 <u>Representations and Warranties of Assignor</u>. Assignor represents and warrants to Assignee 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignor is the lawful owner of the Assigned Assets, free and clear of all liens, claims, and encumbrances;

&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;(b) Assignor has the full right, power, and authority to assign the Assigned Assets to Assignee; 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;(c) The execution, delivery, and performance of this Agreement by Assignor do not and will not conflict with or result in any breach of, or constitute a default under, any agreement to which Assignor is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Representations and Warranties of Assignee</u>. Assignee represents and warrants to Assignor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignee has the full right, power, and authority to accept the assignment of the Assigned Assets;

&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;(b) The execution, delivery, and performance of this Agreement by Assignee do not and will not conflict with or result in any breach of, or constitute a default under, any agreement to which Assignee is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Further Assurances</u>.** Each Party agrees to execute and deliver such further documents and take such further actions as may be reasonably necessary to effectuate the purposes of this Agreement, including, but not limited to any actions required to perfect the transfer of the Assigned Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Governing Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Arizona, without regard to its conflict of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Entire Agreement</u>.** This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Counterparts</u>.** This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures delivered electronically or by facsimile shall be deemed effective for all purposes.

***[SIGNATURE PAGE FOLLOWS]***

 ****

 ****

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **ASSIGNOR:** | **ASSIGNOR:** |
| BREAKOUT 1976 LLC, | BREAKOUT 1976 LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| By: | /s/ Shelly Murphy |
| Name: | Shelly Murphy |
| Title: | Manager |
| By: | /s/ Jordan Taylor |
| Name: | Jordan Taylor |
| Title: | Manager |
| **ASSIGNEE:** | **ASSIGNEE:** |
| AH ENDEAVORS LLC, | AH ENDEAVORS LLC, |
| an Arizona limited liability company | an Arizona limited liability company |
| By: | /s/ Jason Merck |
| Name: | Jason Merck |
| Title: | Manager |

---

## Ex1A-6

**Exhibit 6.10**

**BUSINESS LOAN AGREEMENT**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> $3,000,000.00** | **Loan Date<br> 12-07-2023** | **Maturity<br> 12-07-2025** | **Loan No<br> 201512-100** | **Call / Coll<br> 01E0 / RI** | **Account** | **Officer<br> 76** | **Initials** |
| References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "**\*\*\***" has been omitted due to text length limitations. |

---

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| | | | |
|:---|:---|:---|:---|
| **Borrower:** | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** | **Lender:** | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |

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**THIS BUSINESS LOAN AGREEMENT dated December 7, 2023, is made and executed between Main & Main RoRo Property Owner, LLC ("Borrower") and Commerce Bank of Arizona ("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.**

**TERM.** This Agreement shall be effective as of December 7, 2023, and shall continue in full force and effect until such time as all of Borrower's Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement.

**CONDITIONS PRECEDENT TO EACH ADVANCE.** Lender's obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

**Loan Documents.** Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender's Security Interests; (4) evidence of insurance as required below; (5) guaranties; (6) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender's counsel.

**Borrower's Authorization.** Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

**Payment of Fees and Expenses.** Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or any Related Document.

**Representations and Warranties.** The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct.

**No Event of Default.** There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document.

**REPRESENTATIONS AND WARRANTIES.** Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

**Organization.** Borrower is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Arizona. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 829 N. 1st Avenue, Unit 201, Phoenix, AZ 85003. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower's state of organization or any change in Borrower's name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower's business activities.

**Assumed Business Names.** Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: **None.**

**Authorization.** Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower's articles of organization or membership agreements, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties.

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| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 2** |

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**Financial** **Information.** Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements.

**Legal Effect.** This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

**Properties.** Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties. All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.

**Hazardous Substances.** Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower's ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.

**Litigation and Claims.** No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

**Taxes.** To the best of Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.

**Lien Priority.** Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in and to such Collateral.

**Binding Effect.** This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.

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| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 3** |

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**AFFIRMATIVE COVENANTS.** Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

**Notices of Claims and Litigation.** Promptly inform Lender in writing of (1) all material adverse changes in Borrower's financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.

**Financial Records.** Maintain its books and records in accordance with GAAP, or an OCBOA acceptable to Lender, applied on a consistent basis, and permit Lender to examine and audit Borrower's books and records at all reasonable times.

**Financial Statements.** Furnish Lender with the following:

**Additional Requirements.**

**Borrower to provide interim financial statements, including balance sheet, income statement** & **any supporting schedules on a semi-annual basis within thirty (30) days of each half-year.**

**Borrower must provide, on an annual basis, complete copies of signed federal tax returns, including all K-1's & any/all applicable schedules and/or extension no later than thirty (30) days after filing or in the case of extensions, no later than 10/31 in the year the return is due.**

**Interest reserve equal to twelve (12) months interest to be funded by deposit account maintained at Commerce Bank of Arizona. Interest amount will be determined based on the loan amount and WSJP at time of closing.**

**Borrower must provide rent roll report on an annual basis within thirty (30) days of each year-end.**

All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, or an OCBOA acceptable to Lender, applied on a consistent basis, and certified by Borrower as being true and correct.

**Additional Information.** Furnish such additional information and statements, as Lender may request from time to time.

**Insurance.** Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least fifteen (15) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require.

**Insurance Reports.** Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

**Guaranties.** Prior to disbursement of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by the guarantors named below, on Lender's forms, and in the amounts and under the conditions set forth in those guaranties.

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| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 4** |

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| | |
|:---|:---|
| **<u>Names of Guarantors</u>** | **<u>Amounts</u>** |
| **James Jason Merck** | **Unlimited** |
| **Jason Merck Revocable Trust Dated <br> September 27, 2016** | **Unlimited** |
| **Jordan I Taylor and Jamaica L Taylor <br> Main & Main RoRo QOZB, LLC** | **Unlimited<br> Unlimited** |
| **Main & Main Roro LLC <br> Main & Main Roro Oz, LLC <br> Central RoRo Manager, LLC** | **Unlimited<br> Unlimited<br> Unlimited** |

---

**Other Agreements**. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower. and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.

**Loan Proceeds**. Use all Loan proceeds solely for Borrower's business operations, unless specifically consented to the contrary by Lender in writing.

**Taxes, Charges and Liens**. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower's properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP or an OCBOA acceptable to Lender.

**Performance**. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement.

**Operations**. Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.

**Environmental Studies**. Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower.

**Compliance with Governmental Requirements**. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.

**Inspection**. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower's expense.

**Compliance Certificates**. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower's chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the certificate, no Event of Default exists under this Agreement.

**Environmental Compliance and Reports**. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources.

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| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 5** |

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**Additional Assurances.** Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests.

**LENDER'S EXPENDITURES**. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, to the extent permitted by applicable law, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity.

**NEGATIVE COVENANTS**. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender:

**Indebtedness and Liens**. (1) Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including finance leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of Borrower's assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower's accounts receivable, except to Lender.

**Continuity of Operations**. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) make any distribution with respect to any capital account, whether by reduction of capital or otherwise.

**Loans, Acquisitions and Guaranties**. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business.

**Agreements**. Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower's obligations under this Agreement or in connection herewith.

**CESSATION OF ADVANCES**. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor's guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself insecure, even though no Event of Default shall have occurred.

**RIGHT OF SETOFF**. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts.

**DEFAULT**. Each of the following shall constitute an Event of Default under this Agreement:

**Payment Default**. Borrower fails to make any payment when due under the Loan.

**Other Defaults**. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.

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|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 6** |

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**Environmental Default**. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with any Loan.

**False Statements**. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

**Death or Insolvency**. The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from Borrower, or any other termination of Borrower's existence as a going business or the death of any member, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

**Defective Collateralization**. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

**Creditor or Forfeiture Proceedings**. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

**Events Affecting Guarantor**. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

**Adverse Change**. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired.

**EFFECT OF AN EVENT OF DEFAULT**. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.

**MISCELLANEOUS PROVISIONS**. The following miscellaneous provisions are a part of this Agreement:

**Amendments**. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

**Attorneys' Fees; Expenses**. Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's attorneys' fees and legal expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. However, Borrower will only pay attorneys' fees of an attorney not Lender's salaried employee, to whom the matter is referred after Borrower's default. Borrower also shall pay all court costs and such additional fees as may be directed by the court.

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|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 7** |

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**Caption Headings**. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

**Consent to Loan Participation**. Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

**Governing Law**. **This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Arizona without regard to its conflicts of law provisions. This Agreement has been accepted by Lender** in **the State of Arizona.**

**No Waiver by Lender**. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

**Notices**. Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.

**Severability**. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.

**Subsidiaries and Affiliates of Borrower**. To the extent the context of any provisions of this Agreement makes **it** appropriate, including without limitation any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.

**Successors and Assigns**. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.

**Survival of Representations and Warranties**. Borrower understands and agrees that in making the Loan, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the making of the Loan and delivery to Lender of the Related Documents, shall be continuing in nature, and shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

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|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 8** |

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**Time is of the Essence**. Time is of the essence in the performance of this Agreement.

**Waive Jury**. **All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.**

**DEFINITIONS**. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement:

**Advance**. The word "Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

**Agreement**. The word "Agreement" means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.

**Borrower**. The word "Borrower" means Main & Main RoRo Property Owner, LLC and includes all co-signers and co-makers signing the Note and all their successors and assigns.

**Environmental Laws**. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.

**Event of Default**. The words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of this Agreement.

**GAAP**. The word "GAAP" means generally accepted accounting principles.

**Grantor.** The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest.

**Guarantor**. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan.

**Guaranty**. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

**Hazardous Substances**. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.

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|:---|:---|:---|
| **Loan No: 201512-100** | **BUSINESS LOAN AGREEMENT<br> (Continued)** | **Page 9** |

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**Indebtedness**. The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.

**Lender**. The word "Lender" means Commerce Bank of Arizona, its successors and assigns.

**Loan**. The word "Loan" means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

**Note.** The word "Note" means the Note dated December 7, 2023 and executed by Main & Main RoRo Property Owner, LLC in the principal amount of $3,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement.

**OCBOA**. The term "OCBOA" means Other Comprehensive Basis of Accounting, as designated by Lender in writing as an acceptable alternative to GAAP.

**Permitted Liens**. The words "Permitted Liens" mean (1) liens and security interests securing Indebtedness owed by Borrower to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent; (4) purchase money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled "Indebtedness and Liens"; (5) liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and (6) those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower's assets.

**Related Documents**. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.

## Ex1A-6

**Exhibit 6.11**

**RECORDATION REQUESTED BY:**

**Commerce Bank of Arizona**

**Scottsdale Branch**

**16435 N. Scottsdale Rd., Ste 140**

**Scottsdale, AZ 85254**

**WHEN RECORDED MAIL TO:**

**Commerce Bank of Arizona**

**Scottsdale Branch**

**16435 N. Scottsdale Rd., Ste 140**

**Scottsdale, AZ 85254**

**SEND TAX NOTICES TO:**

**Main & Main RoRo Property Owner, LLC**

**829 N. 1st Avenue, Unit 201**

**Phoenix, AZ 85003**

**FOR RECORDER'S USE ONLY**

**DEED OF TRUST**

**THIS DEED OF TRUST is dated December 7, 2023, among Main & Main RoRo Property Owner, LLC, an Arizona, Limited Liability Company, whose address is 829 N. 1st Avenue, Unit 201, Phoenix, AZ 85003 ("Trustor"); Commerce Bank of Arizona, chartered in the United States of America under the laws of the State of Arizona, whose address is Scottsdale Branch, 16435 N. Scottsdale Rd., Ste 140, Scottsdale, AZ 85254 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Commerce Bank of Arizona, organized or registered in the United States of America under the laws of the State of Arizona, whose address is 7315 N Oracle Road, Suite 181, Tucson, AZ 85704 (referred to below as "Trustee").**

**CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, with power of sale, for the benefit of Lender as Beneficiary**, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water and water rights flowing through, belonging or in anyway appertaining to the Real Property, and all of Trustor's water rights that are personal property under Arizona law, including without limitation all type 2 nonirrigation grandfathered rights (if applicable), all irrigation rights, all ditch rights, rights to irrigation district stock, all contracts for effluent, all contracts for Central Arizona Project water, and all other contractual rights to water, and together with all rights (but none of the duties) of Trustor as declarant under any presently recorded declaration of covenants, conditions and restrictions affecting real property; and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, **(the "Real Property") located in Maricopa County, State of Arizona**:

**See Exhibit A, which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set forth herein.**

**The Real Property or its address is commonly known as 840 N. Central Avenue, Phoenix, AZ 85004. The Real Property tax identification number is 111-40-064, 111-40-066, 111-40-068, 111-40-069B, 111-40-067C, 111-40-065B, 111-40-072C, 111-40-070.**

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| | | |
|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 2** |

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**CROSS-COLLATERALIZATION**. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest thereon, of Trustor to Lender, or any one or more of them, as well as all claims by Lender against Trustor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Trustor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.

Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.

**THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:**

**PAYMENT AND PERFORMANCE**. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all amounts secured by this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this Deed of Trust, and the Related Documents.

**POSSESSION AND MAINTENANCE OF THE PROPERTY**. Trustor agrees that Trustor's possession and use of the Property shall be governed by the following provisions:

**Possession and Use**. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property.

**Duty to Maintain**. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value.

**Compliance With Environmental Laws**. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Trustor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Trustor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Deed of Trust. Beneficiary, at its option, but without obligation to do so, may correct any condition violating any applicable Environmental Law affecting the Property, and in doing so shall conclusively be deemed to be acting reasonably and for the purpose of protecting the value of its collateral, and all costs of correcting a condition or violation shall be payable to Beneficiary by Trustor as provided in the Expenditures by Lender section of this Deed of Trust. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Trustor or to any other person. The representations and warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Trustor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have been known to Trustor. The provisions of this section of the Deed of Trust, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.

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| | | |
|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 3** |

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**Nuisance, Waste**. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.

**Removal of Improvements**. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value.

**Lender's Right to Enter**. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of this Deed of Trust.

**Compliance with Governmental Requirements**. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With Disabilities Act. Trustor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.

**Duty to Protect**. Trustor agrees neither to abandon or leave unattended the Property. Trustor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.

**DUE ON SALE - CONSENT BY LENDER**. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Deed of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Trustor is a corporation, partnership or limited liability company, transfer also includes any restructuring of the legal entity (whether by merger, division or otherwise) or any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may be, of such Trustor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Arizona law.

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| | | |
|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 4** |

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**TAXES AND LIENS**. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:

**Payment**. Trustor shall pay when due (and in all events prior to delinquency) all taxes and assessments, including without limitation sales or use taxes in any state, local privilege or excise taxes based on gross revenues, special taxes, charges (including water and sewer), fines and impositions levied against Trustor or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this Deed of Trust. Beneficiary shall have the right, but not the duty or obligation, to charge Trustor for any such taxes or assessments in advance of payment. In no event does exercise or non-exercise by Beneficiary of this right relieve Trustor from Trustor's obligation under this Deed of Trust or impose any liability whatsoever on Beneficiary.

**Right to Contest**. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Trustor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.

**Evidence of Payment**. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property.

**Notice of Construction**. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such improvements.

**PROPERTY DAMAGE INSURANCE**. The following provisions relating to insuring the Property are a part of this Deed of Trust.

**Maintenance of Insurance**. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in such liability insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least fifteen (15) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real Property be located in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to obtain and maintain flood insurance, if available, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Flood insurance may be purchased under the National Flood Insurance Program, from private insurers providing "private flood insurance" as defined by applicable federal flood insurance statutes and regulations, or from another flood insurance provider that is both acceptable to Lender in its sole discretion and permitted by applicable federal flood insurance statutes and regulations.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 5** |

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**Application of Proceeds**. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's interests may appear.

**Trustor's Report on Insurance**. Upon request of Lender, however not more than once a year, Trustor shall furnish to Lender a report on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property.

**LENDER'S EXPENDITURES**. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor's failure to discharge or pay when due any amounts Trustor is required to discharge or pay under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, to the extent permitted by applicable law, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (8) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon the occurrence of any Event of Default and shall be exercisable by Lender to the extent permitted by applicable law.

**WARRANTY; DEFENSE OF TITLE**. The following provisions relating to ownership of the Property are a part of this Deed of Trust:

**Title**. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender, or have otherwise been previously disclosed to and accepted by Lender in writing in connection with this Deed of Trust, and (b) Trustor has the full right, power, and authority to execute and deliver this Deed of Trust to Lender.

**Defense of Title**. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 6** |

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**Compliance With Laws**. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities.

**Survival of Representations and Warranties**. All representations, warranties, and agreements made by Trustor in this Deed of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect until such time as Trustor's Indebtedness shall be paid in full.

**CONDEMNATION**. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:

**Proceedings**. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit such participation.

**Application of Net Proceeds**. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation.

**IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES**. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust:

**Current Taxes, Fees and Charges**. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.

**Taxes**. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Trustor.

**Subsequent Taxes**. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.

**SECURITY AGREEMENT; FINANCING STATEMENTS**. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust:

**Security Agreement**. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 7** |

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**Security Interest**. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductions of this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law.

**Addresses**. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Deed of Trust.

**FURTHER ASSURANCES; ATTORNEY-IN-FACT**. The following provisions relating to further assurances and attorney-in-fact are a part of this Deed of Trust:

**Attorney-in-Fact**. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph.

**FULL PERFORMANCE**. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance without warranty and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.

**EVENTS OF DEFAULT**. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed of Trust:

**Payment Default**. Trustor fails to make any payment when due under the Indebtedness.

**Other Defaults**. Trustor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Deed of Trust or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Trustor.

**Compliance Default**. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note or in any of the Related Documents.

**Default on Other Payments**. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.

**Environmental Default**. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with the Property.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 8** |

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**False Statements**. Any warranty, representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

**Defective Collateralization**. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

**Death or Insolvency**. The dissolution of Trustors (regardless of whether election to continue is made), any member withdraws from the limited liability company, or any other termination of Trustor's existence as a going business or the death of any member, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.

**Creditor or Forfeiture Proceedings**. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Trustor or by any governmental agency against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

**Breach of Other Agreement**. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Trustor to Lender, whether existing now or later.

**Events Affecting Guarantor**. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

**Adverse Change**. A material adverse change occurs in Trustor's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired.

**RIGHTS AND REMEDIES ON DEFAULT**. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender may exercise any one or more of the following rights and remedies:

**Election of Remedies**. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust, after Trustor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies.

**Accelerate Indebtedness**. Lender shall have the right at its option without notice to Trustor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty which Trustor would be required to pay.

**Foreclosure**. With respect to all or any part of the Real Property, the Trustee shall have the right to foreclose by notice and sale, and Lender shall have the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law. To the extent permitted by law, Trustor shall be and remain liable for any deficiency remaining after sale, either pursuant to the power of sale or judicial proceedings.

**UCC Remedies**. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 9** |

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**Collect Rents**. Lender shall have the right, without notice to Trustor to take possession of and manage the Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Trustor irrevocably designates Lender as Trustor's attorney-in-fact to endorse instruments received in payment thereof in the name of Trustor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver.

**Appoint Receiver**. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.

**Tenancy at Sufferance**. If Trustor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Trustor, Trustor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender.

**Other Remedies**. Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at law or in equity.

**Notice of Sale**. Lender shall give Trustor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real Property.

**Sale of the Property**. To the extent permitted by applicable law, Trustor hereby waives any and all rights to have the Property marshalled. In exercising its rights and remedies, the Trustee or Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.

**Insurance Policies**. Lender shall have the right upon an Event of Default, but not the obligation, to assign all of Trustor's right, title and interest in and to all policies of insurance on the Property and any unearned premiums paid on such insurance to any receiver or any purchaser of the Property at a foreclosure sale, and Trustor hereby appoints Lender as attorney in fact to assign and transfer such policies.

**Attorneys' Fees; Expenses**. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. However, Trustor will only pay attorneys' fees of an attorney not Lender's salaried employee, to whom the matter is referred after Trustor's default. Trustor also will pay any court costs, in addition to all other sums provided by law.

**Rights of Trustee**. Trustee shall have all of the rights and duties of Lender as set forth in this section.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 10** |

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**POWERS AND OBLIGATIONS OF TRUSTEE**. The following provisions relating to the powers and obligations of Trustee are part of this Deed of Trust:

**Powers of Trustee**. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to take the following actions with respect to the Property upon the written request of Lender and Trustor: (a) join in preparing and filing a map or plat of the Real Property, including the dedication of streets or other rights to the public; (b) join in granting any easement or creating any restriction on the Real Property; and (c) join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.

**Obligations to Notify**. Trustee shall not be obligated to notify any other party of a pending sale under any other trust deed or lien, or of any action or proceeding in which Trustor, Lender, or Trustee shall be a party, unless the action or proceeding is brought by Trustee.

**Trustee**. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth above, with respect to all or any part of the Property, the Trustee shall have the right to foreclose by notice and sale, and Lender shall have the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law.

**Successor Trustee**. Lender, at Lender's option, may from time to time appoint a successor Trustee to any Trustee appointed under this Deed of Trust by an instrument executed and acknowledged by Lender and recorded in the office of the recorder of Maricopa County, State of Arizona. The instrument shall contain, in addition to all other matters required by state law, the names of the original Lender, Trustee, and Trustor, the book and page where this Deed of Trust is recorded, and the name and address of the successor trustee, and the instrument shall be executed and acknowledged by Lender or its successors in interest. The successor trustee, without conveyance of the Property, shall succeed to all the title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for substitution of Trustee shall govern to the exclusion of all other provisions for substitution.

**NOTICES**. Any notice required to be given under this Deed of Trust, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust shall be sent to Lender's address, as shown near the beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Trustor agrees to keep Lender informed at all times of Trustor's current address. Unless otherwise provided or required by law, if there is more than one Trustor, any notice given by Lender to any Trustor is deemed to be notice given to all Trustors.

**MISCELLANEOUS PROVISIONS**. The following miscellaneous provisions are a part of this Deed of Trust:

**Amendments**. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

**Annual Reports**. If the Property is used for purposes other than Trustor's residence, Trustor shall furnish to Lender, upon request, a certified statement of net operating income received from the Property during Trustor's previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the Property.

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|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 11** |

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**Caption Headings**. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define the provisions of this Deed of Trust.

**Governing Law. This Deed of Trust will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Arizona without regard to its conflicts of law provisions. This Deed of Trust has been accepted by Lender in the State of Arizona.**

**No Waiver by Lender**. Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Deed of Trust. No prior waiver by Lender, nor any course of dealing between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of Trustor's obligations as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

**Severability**. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of any other provision of this Deed of Trust.

**Successors and Assigns**. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Trustor, Lender, without notice to Trustor, may deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness.

**Time is of the Essence**. Time is of the essence in the performance of this Deed of Trust.

**Waiver of Homestead Exemption**. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Arizona as to all Indebtedness secured by this Deed of Trust.

**DEFINITIONS**. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:

**Beneficiary**. The word "Beneficiary" means Commerce Bank of Arizona, and its successors and assigns.

**Borrower**. The word "Borrower" means Main & Main RoRo Property Owner, LLC and includes all co-signers and co-makers signing the Note and all their successors and assigns.

**Deed of Trust**. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without limitation all assignment and security interest provisions relating to the Personal Property and Rents.

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| | | |
|:---|:---|:---|
|  | **DEED OF TRUST** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 12** |

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**Environmental Laws**. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.

**Event of Default**. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of default section of this Deed of Trust.

**Guarantor**. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

**Guaranty**. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

**Hazardous Substances**. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.

**Improvements**. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property.

**Indebtedness**. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Trustor's obligations or expenses incurred by Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided in this Deed of Trust. Specifically, without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Deed of Trust.

**Lender**. The word "Lender" means Commerce Bank of Arizona, its successors and assigns.

**Note**. The word "Note" means the promissory note dated December 7, 2023, **in the original principal amount of $3,000,000.00** from Trustor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. **NOTICE TO TRUSTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE**.

**Personal Property**. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Trustor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.

**Property**. The word "Property" means collectively the Real Property and the Personal Property.

**Real Property**. The words "Real Property" mean the real property, interests and rights, as further described in this Deed of Trust.

**Related Documents**. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

## Ex1A-6

**Exhibit 6.12**

**PROMISSORY NOTE**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principle<br> $3,000,000.00** | **Loan Date<br> 12-07-2023** | **Maturity<br> 12-07-2025** | **Loan No<br> 201512-100** | **Call / Coll<br> 01E0 / RI** | **Account** | **Officer<br> 76** | **Initials** |
| References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. | References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.<br> Any item above containing "\*\*\*" has been omitted due to text length limitations. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Borrower:** | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** | **Lender:** | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |
|  | **Main** & **Main RoRo Property Owner,** LLC <br> **829 N. 1st Avenue, Unit 201<br> Phoenix, AZ 85003** |  | **Commerce Bank of Arizona <br> Scottsdale Branch <br> 16435 N. Scottsdale Rd., Ste 140 <br> Scottsdale, AZ 85254<br> (480) 253-4500** |

---

---

| | |
|:---|:---|
| **Principal Amount: $3,000,000.00** | **Date of Note: December 7, 2023** |

---

**PROMISE TO PAY. Main & Main RoRo Property Owner, LLC ("Borrower") promises to pay to Commerce Bank of Arizona ("Lender"), or order, in lawful money of the United States of America, the principal amount of Three Million & 00/100 Dollars ($3,000,000.00), together with interest on the unpaid principal balance from December 7, 2023, until paid in full.**

**PAYMENT. Borrower will pay this loan** in **one principal payment of $3,000,000.00 plus interest on December 7, 2025. This payment due on December 7, 2025, will be for all principal and all accrued interest not yet paid.** In **addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning January 7, 2024, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied to any attorneys' fees, legal expenses or other costs, late fees, interest and principal,** in **the order determined by Lender In its sole discretion. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate** in **writing.**

**VARIABLE INTEREST RATE**. The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the West Coast Edition of the Wall Street Journal's "Money Rates" table (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each Day. Borrower understands that Lender may make loans based on other rates as well. **The Index currently is 8.500% per annum**. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate equal to the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 8.500% per annum based on a year of 360 days. If Lender determines, in its sole discretion, that the Index has become unavailable or unreliable, either temporarily, indefinitely, or permanently, during the term of this Note, Lender may amend this Note by designating a substantially similar substitute index. Lender may also amend and add a positive or negative margin (percentage added to or subtracted from the substitute index value) as part of the rate determination. In making these amendments, Lender may take into consideration any then-prevailing market convention for selecting a substitute index and margin for the specific Index that is unavailable or unreliable. Such an amendment to the terms of this Note will become effective and bind Borrower 10 business days after Lender gives written notice to Borrower without any action or consent of the Borrower. NOTICE: Under no circumstances will the interest rate on this Note be less than 0.000% per annum or more than the maximum rate allowed by applicable law.

**INTEREST CALCULATION METHOD**.** Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method.**

**EFFECTIVE RATE**. Borrower agrees to an effective rate of interest that is the rate specified in this Note plus any additional rate resulting from any other charges in the nature of interest paid or to be paid in connection with this Note.

**PREPAYMENT**. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, early payments **will** reduce the principal balance due. Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. **All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Commerce Bank of Arizona, Main Office, 7315 N Oracle Road Suite 181 Tucson, AZ 85704.**

**LATE CHARGE**. If a payment is 10 days or more late, Borrower will be charged **5.000% of the regularly scheduled payment.**

**INTEREST AFTER DEFAULT**. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding an additional 6.000 percentage point margin ("Default Rate Margin"). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

---

| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **PROMISSORY NOTE<br> (Continued)** | **Page 2** |

---

**DEFAULT.** Each of the following shall constitute an event of default ("Event of Default") under this Note:

**Payment Default**. Borrower fails to make any payment when due under this Note.

**Other Defaults**. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.

**Environmental Default**. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with any loan.

**False Statements**. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

**Death or Insolvency**. The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from Borrower, or any other termination of Borrower's existence as a going business or the death of any member, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

**Creditor or Forfeiture Proceedings**. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

**Events Affecting Guarantor**. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

**Adverse Change**. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired.

**Insecurity**. Lender in good faith believes itself insecure.

---

| | | |
|:---|:---|:---|
| **Loan No: 201512-100** | **PROMISSORY NOTE<br> (Continued)** | **Page** 3** |

---

**LENDER'S RIGHTS**. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.

**ATTORNEYS' FEES; EXPENSES**. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. However, Borrower will only pay attorneys' fees of an attorney not Lender's salaried employee, to whom the matter is referred after Borrower's default. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.

**JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other.**

**GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Arizona without regard to its conflicts of law provisions. This Note has been accepted by Lender** in **the State of Arizona.**

**DISHONORED ITEM FEE**. Borrower will pay a fee to Lender of $15.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized charge with which Borrower pays is later dishonored.

**RIGHT OF SETOFF**. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts.

**SUCCESSOR INTERESTS**. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

**NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES**. Borrower may notify Lender if Lender reports any inaccurate information about Borrower's account(s) to a consumer reporting agency. Borrower's written notice describing the specific inaccuracy(ies) should be sent to Lender at the following address: Commerce Bank of Arizona Main Office 7315 N Oracle Road Suite 181 Tucson, AZ 85704.

**GENERAL PROVISIONS**. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several.

## Ex1A-6

**Exhibit 6.13**

**RECORDATION REQUESTED BY:**

**Commerce Bank of Arizona**

**Scottsdale Branch**

**16435 N. Scottsdale Rd., Ste 140**

**Scottsdale, AZ 85254**

**WHEN RECORDED MAIL TO:**

**Commerce Bank of Arizona**

**Scottsdale Branch**

**16435 N. Scottsdale Rd., Ste 140**

**Scottsdale, AZ 85254**

**SEND TAX NOTICES TO:**

**Main & Main RoRo Property Owner, LLC**

**829 N. 1st Avenue, Unit 201**

**Phoenix, AZ 85003**

**FOR RECORDER'S USE ONLY**

**ASSIGNMENT OF RENTS**

**THIS ASSIGNMENT OF RENTS dated December 7, 2023, is made and executed between Main & Main RoRo Property Owner, LLC, an Arizona, Limited Liability Company, whose address is 829 N. 1st Avenue, Unit 201, Phoenix, AZ 85003 (referred to below as "Grantor") and Commerce Bank of Arizona, chartered in the United States of America under the laws of the State of Arizona, whose address is 16435 N. Scottsdale Rd., Ste 140, Scottsdale, AZ 85254 (referred to below as "Lender").**

**ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described Property located in Maricopa County, State of Arizona:**

**See Exhibit A, which is attached to this Assignment and made a part of this Assignment as if fully set forth herein.**

**The Property or its address is commonly known as 840 N. Central Avenue, Phoenix, AZ 85004. The Property tax identification number is 111-40-064, 111-40-066, 111-40-068, 111-40-069B, 111-40-067C, 111-40-065B, 111-40-072C, 111-40-070.**

**CROSS-COLLATERALIZATION.** In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any one or more of them, as well as all claims by Lender against Grantor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 2** |

---

**THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:**

**PAYMENT AND PERFORMANCE.** Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.

**GRANTOR'S REPRESENTATIONS AND WARRANTIES.** Grantor warrants that:

**Ownership.** Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to and accepted by Lender in writing.

**Right to Assign.** Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to Lender.

**No Prior** **Assignment.** Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.

**No Further Transfer.** Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided in this Assignment.

**LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS.** Lender shall have the right at any time, and even though no default shall have occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following rights, powers and authority:

**Notice to Tenants.** Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents to be paid directly to Lender or Lender's agent.

**Enter the Property.** Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any tenant or tenants or other persons from the Property.

**Maintain the Property.** Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other insurance effected by Lender on the Property.

**Compliance with Laws.** Lender may do any and all things to execute and comply with the laws of the State of Arizona and also all other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.

**Lease the Property.** Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as Lender may deem appropriate.

**Employ Agents.** Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's name, to rent and manage the Property, including the collection and application of Rents.

**Other Acts.** Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 3** |

---

**No Requirement to Act.** Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.

**APPLICATION OF RENTS.** All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness. All expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until paid.

**FULL PERFORMANCE.** If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property. Any termination fee required by law shall be paid by Grantor, if permitted by applicable law.

**LENDER'S EXPENDITURES.** If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor fails to comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, to the extent permitted by applicable law, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Rents or the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses **will** become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Assignment also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon the occurrence of any Event of Default and shall be exercisable by Lender to the extent permitted by applicable law.

**DEFAULT.** Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:

**Payment Default.** Grantor fails to make any payment when due under the Indebtedness.

**Other Defaults.** Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Assignment or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Grantor.

**Default on Other Payments.** Failure of Grantor within the time required by this Assignment to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.

**Environmental Default.** Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with the Property.

**False Statements.** Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Assignment or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 4** |

---

**Defective Collateralization.** This Assignment or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

**Death or Insolvency.** The dissolution of Grantor's (regardless of whether election to continue is made), any member withdraws from the limited liability company, or any other termination of Grantor's existence as a going business or the death of any member, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor.

**Creditor or Forfeiture Proceedings.** Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Grantor or by any governmental agency against the Rents or any property securing the Indebtedness. This includes a garnishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

**Property Damage or Loss.** The Property is lost, stolen, substantially damaged, sold, or borrowed against.

**Events Affecting Guarantor.** Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

**Adverse Change.** A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired.

**RIGHTS AND REMEDIES ON DEFAULT.** Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:

**Accelerate Indebtedness.** Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty that Grantor would be required to pay.

**Collect Rents.** Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver.

**Appoint Receiver.** Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.

**Other Remedies.** Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 5** |

---

**Election of Remedies.** Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies.

**Attorneys' Fees; Expenses.** If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. However, Grantor will only pay attorneys' fees of an attorney not Lender's salaried employee, to whom the matter is referred after Grantor's default. Grantor also will pay any court costs, in addition to all other sums provided by law.

**MISCELLANEOUS PROVISIONS.** The following miscellaneous provisions are a part of this Assignment:

**Amendments.** This Assignment, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

**Caption Headings.** Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the provisions of this Assignment.

**Governing Law. This Assignment will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the: State of Arizona without regard to its conflicts of law provisions. This Assignment has been accepted by Lender in the State of Arizona.**

**Interpretation.** (1) In all cases where there is more than one Borrower or Grantor, then all words used in this Assignment in the singular shall be deemed to have been used in the plural where the context and construction so require. (2) If more than one person signs this Assignment as "Grantor," the obligations of each Grantor are joint and several. This means that if Lender brings a lawsuit, Lender may sue any one or more of the Grantors. If Borrower and Grantor are not the same person, Lender need not sue Borrower first, and that Borrower need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenience purposes only. They are not to be used to interpret or define the provisions of this Assignment.

**No Waiver by Lender.** Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Assignment. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender is required under this Assignment, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 6** |

---

**Notices.** Any notice required to be given under this Assignment shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Assignment. Any party may change its address for notices under this Assignment by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.

**Powers of Attorney.** The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of security and may not be revoked by Grantor until such time as the same are renounced by Lender.

**Severability.** If a court of competent jurisdiction finds any provision of this Assignment to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Assignment. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Assignment shall not affect the legality, validity or enforceability of any other provision of this Assignment.

**Successors and Assigns.** Subject to any limitations stated in this Assignment on transfer of Grantor's interest, this Assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the Indebtedness.

**Time is of the Essence.** Time is of the essence in the performance of this Assignment.

**Waiver of Homestead Exemption.** Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Arizona as to all Indebtedness secured by this Assignment.

**Waiver of Right of Redemption.** NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS ASSIGNMENT, GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM SALE UNDER ANY ORDER OR JUDGMENT OF FORECLOSURE ON GRANTOR'S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON, EXCEPT JUDGMENT CREDITORS OF GRANTOR, ACQUIRING ANY INTEREST IN OR TITLE TO THE PROPERTY SUBSEQUENT TO THE DATE OF THIS ASSIGNMENT.

**DEFINITIONS.** The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:

**Assignment.** The word "Assignment" means this ASSIGNMENT OF RENTS, as this ASSIGNMENT OF RENTS may be amended or modified from time to time, together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.

**Borrower.** The word "Borrower" means Main & Main RoRo Property Owner, LLC.

**Event of Default.** The words "Event of Default" mean any of the events of default set forth in this Assignment in the default section of this Assignment.

**Grantor.** The word "Grantor" means Main & Main RoRo Property Owner, LLC.

---

| | | |
|:---|:---|:---|
|  | **ASSIGNMENT OF RENTS** |  |
| **Loan No: 201512-100** | **(Continued)** | **Page 7** |

---

**Guarantor.** The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

**Guaranty.** The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

**Indebtedness.** The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Assignment, together with interest on such amounts as provided in this Assignment. Specifically, without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Assignment.

**Lender.** The word "Lender" means Commerce Bank of Arizona, its successors and assigns.

**Note.** The word "Note" means the promissory note dated December 7, 2023, **in the original principal amount of $3,000,000.00** from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement.

**Property.** The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in the "Assignment" section of this Assignment.

**Related Documents.** The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

**Rents.** The word "Rents" means all of Grantor's present and future rights, title and interest in, to and under any and all present and future leases, including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security deposits, advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such leases of every kind and nature, whether due now or later, including without limitation Grantor's right to enforce such leases and to receive and collect payment and proceeds thereunder.

## Ex1A-11

**Exhibit 11.1**

![](ex11-1_001.jpg)

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use in the Offering Circular constituting a part of this Offering Statement on Form 1-A, as it may be amended, of our Independent Auditor's Report dated May 19, 2025 relating to the financial statements of Central RoRo, LLC as of December 31, 2024 and 2023 and for the periods then ended.

We consent to the use in the Offering Circular constituting a part of this Offering Statement on Form 1-A, as it may be amended, of our Independent Auditor's Report dated May 19, 2025 relating to the financial statements of Main & Main RoRo Property Owner LLC as of December 31, 2024 and 2023 and for the periods then ended.

**/s/ Artesian CPA, LLC**

Denver, CO

August 25, 2025

**Artesian CPA, LLC**

1624 Market Street, Suite 202 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

### 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:** Central RoRo, LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2023

**CIK:** 0001991899

**I.R.S. Employer Identification Number:** 93-3133266

**Primary Standard Industrial Classification Code:** 7011

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 829 N 1st Ave, Suite 201, Phoenix, AZ 85003

**Company Phone:** 1-800-617-8981

**Person to contact:** Louis A. Bevilacqua, Esq.

### 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                             | $96750.00  |
| Accounts Payable and Accrued Liabilities | $105250.00 |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $105250.00 |
| Total Stockholders' Equity               | $-8500.00  |
| Total Liabilities and Equity             | $96750.00  |

**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 | Artesian CPA, LLC |

### Outstanding Securities

| Class   |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| n/a     |             0 | 000000000 | n/a               |
| n/a     |             0 | 000000000 | n/a               |
| n/a     |             0 | 000000000 | 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:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** No

**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                                    | 150000       |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $500.00      |
| Issuer's aggregate offering price                               | $75000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $75000000.00 |

**Anticipated Fees**

| Service Provider   | Name            | Fees       |
|:---|:---|:---|
| Auditor            | Artesian CPA    | $250000.00 |
| Legal              | Bevilacqua PLLC | $500000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $72725000.00

### 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