Document:

Exhibit
10.1

 

LOAN
AGREEMENT

 

THIS
LOAN AGREEMENT (“Agreement”) is made and entered into by and between SHEPHERD’S FINANCE, LLC
(“Borrower”), and LCA Bank Corporation (“Lender”) as of:

 

	Date:	2/2/2021

 

Borrower
has applied for a loan from Lender (“Loan”) under the Paycheck Protection Program (“PPP”) contemplated
by the Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program Flexibility Act of 2020, the Economic Aid
to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and any subsequent amendments thereof and regulations and guidelines
thereunder (collectively, the “Act”). In consideration of the promises in this Agreement, the disbursement of the
Loan to Borrower, and for other good and valuable consideration, Borrower and Lender hereby agree as follows:

 

	1.	Subject
    to the terms and conditions of the loan authorization, (if required by the U.S. Small Business Administration (“SBA”)),
    all other terms and conditions of the SBA and any guarantee agreement between Lender and SBA (the foregoing are hereinafter
    referred to as the “Authorization”), and the program requirements of the PPP, the related SBA rules, regulations,
    frequently asked questions and other guidance, Lender agrees to make the Loan to Borrower if Borrower complies with the following
    “Borrower Requirements.” Borrower must:
	 	 	 
	 	a.	Provide
    Lender with all certifications, documents or other information required by Lender or the Authorization;
	 	 	 
	 	b.	Execute
    a promissory note (“Note”), this Loan Agreement, the Disbursement Direction, Request and Authorization, the ACH,
    Direct Deposit and Wire Transfer Authorization Agreement, Borrower’s Certification, and any other documents required
    by Lender in connection with the Loan (“Loan Documents”); and
	 	 	 
	 	c.	Do
    everything necessary for Lender or Borrower to comply with the terms and conditions of the Authorization or the requirements
    of the PPP.
	 	 	 
	2.	The
    terms and conditions of this Agreement:
	 	 	 
	 	a.	Are
    binding on Borrower and Lender and their successors and assigns; and
	 	 	 
	 	b.	Will
    remain in effect after the closing of the Loan.
	 	 	 
	3.	Borrower
    understands and agrees that the Loan will be disbursed only upon receipt of all approvals from Lender and satisfaction of
    all terms and conditions for the Loan, including the Borrower Requirements. Failure of Borrower to abide by any of the Borrower
    Requirements, or any breach of this Agreement, will constitute an event of default under the Note and other Loan Documents.

 

    	 

    	 

    

 

	4.	Borrower
    represents and certifies to Lender as follows:
	 	 	 
	 	a.	Each
    of the answers provided and certifications made by Borrower in the application submitted under the Act to the SBA in connection
    with the Loan (“Application”) is true, accurate and complete, and Borrower will comply with all such certifications.
	 	 	 
	 	b.	If
    Borrower is an entity, Borrower (i) has duly maintained its corporate existence, (ii) is currently in good standing in the
    state of its organization, and is neither dissolved nor subject to dissolution or pending dissolution proceedings, whether
    voluntary or involuntary, and (iii) is duly authorized and qualified to do business in each jurisdiction where it is required
    to be so authorized or qualified. Borrower shall provide at the time of execution hereof a current Certificate of Good Standing,
    Certificate of Existence or similar evidence of its good standing or existence from the Secretary of State of its state of
    organization.
	 	 	 
	 	c.	If
    Borrower is an entity, Borrower’s managing body (e.g., Board of Directors, Board of Managers, Managing Members, Managers)
    has duly authorized and approved, and has authorized the signatory below to execute and deliver, the Application, the Note,
    the Loan Documents and this Agreement, and such authority has not been revoked. Borrower’s signatory below is the duly
    authorized incumbent officer or other authorized representative of Borrower.
	 	 	 
	 	d.	If
    Borrower provides any professional services, Borrower or its applicable employees are duly licensed or authorized to provide
    such services by the appropriate licensing or other authority and such license(s) are in full force and effect.
	 	 	 
	 	e.	To
    the extent Borrower has contracted with an agent as defined in the Act (including, but not limited to, attorneys, accountants,
    consultants, loan brokers and/or other individuals or other parties), Borrower acknowledges and agrees that: (i) Borrower
    is responsible for payment of any fees owed to Borrower’s agent; and (ii) Borrower may not use Loan proceeds to pay
    Borrower’s agent. Borrower further acknowledges and agrees that Lender shall only be responsible for paying fees to
    an agent for services for which the Lender directly contracts with the agent.
	 	 	 
	 	f.	Borrower
    currently is in compliance with, and at all times that any amount is outstanding under the Loan will comply with, all applicable
    federal, state and local laws, rules, regulations, ordinances and other requirements (including, but not limited to, those
    pertaining to taxes, the environment and hazardous substances) and all court orders to which Borrower is subject.
	 	 	 
	 	g.	Borrower
    is eligible to receive the Loan under the rules and regulations that have been issued by the SBA relating to the PPP. Borrower
    shall comply with all rules, regulations and requirements of the PPP and the SBA in existence at the time of the Loan and
    as are thereafter promulgated, including, but not limited to, those relating to affiliates.

 

    	 

    	 

    

 

	5.	Borrower
    agrees that at all times while any amount is outstanding under the Loan, Borrower will not convey, sell or transfer any of
    its assets or properties other than in the ordinary course of business or permit any owner to sell, transfer or pledge any
    ownership interest in Borrower, in each case without Lender’s prior written consent.
	 	 	 
	6.	Upon
    the request of Lender, the Borrower agrees to:
	 	 	 
	 	a.	furnish
    and execute any documents required by Lender to verify the truth and accuracy of any information provided by Borrower in connection
    with the Application and the Loan including, but not limited to, income, payroll, employment, deposit and loan authorizations
    and verifications, income tax and other documents;
	 	 	 
	 	b.	execute
    any document that should have been signed at or before the closing of the Loan, re-execute any document signed at or before
    the closing and execute any document that was incorrectly or incompletely drafted and signed at the closing, including, but
    not limited to, correction notes, and other correction instruments;
	 	 	 
	 	c.	execute
    and furnish any additional documents or forms required by Lender and/or comply with the terms, conditions and/or certifications
    set forth in the Application or the Authorization; and
	 	 	 
	 	d.	execute
    and furnish any additional documents or forms that are or may become required under the PPP, the Act or any rules, regulations
    or other requirements thereunder, or as may be required by the SBA or the U.S. Department of Treasury, regarding the repayment,
    administration, servicing, forgiveness or any other aspects of the Loan.
	 	 	 
	7.	Borrower
    understands, acknowledges and agrees that Lender is relying solely on the representations, warranties, certifications, confirmations
    and/or other statements of, and information from, the Borrower and/or any of its affiliates, officers, directors, owners,
    principals, agents, and/or controlling persons as to the Borrower, its business or activities, its ownership, its eligibility
    for the Loan, its use of the proceeds or any other benefits of the Loan, the existence of any hardship or other condition,
    the eligibility of the Borrower for forgiveness of all or any portion of the Loan, the amount of any Loan forgiveness, or
    any other matters of compliance with the Act, including the Borrower Requirements, the PPP and SBA requirements, and without
    Lender’s examination or verification of any other information not included as part of the Application which may be in
    Borrower’s possession.
	 	 	 
	8.	This
    Agreement and the Loan Documents may be executed in one or more counterparts, each of which shall constitute an original and
    all of which taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature
    page of this Agreement and the Loan Documents by electronic format shall be effective as delivery of a manually executed counterpart
    of this Agreement, and Borrower acknowledges and agrees that this Agreement and the Loan Documents may be executed by DocuSign
    or other electronic means; provided, that manually signed counterparts shall be delivered to Lender upon Lender’s request.
    Borrower’s electronic signature shall have the same force and effect as an original signature and shall be deemed (i)
    to be “written” or “in writing” or an “electronic record”, (ii) to have been signed and
    (iii) to constitute a record established and maintained in the ordinary course of business and an original written record
    when printed from electronic files.

 

    	 

    	 

    

 

	9.	This
    Agreement shall be governed by and construed in accordance with the laws of the State of Utah without reference to any conflict
    or choice of law principles thereof. This Agreement shall be binding upon and inure to the benefit of Lender and Borrower,
    and their respective successors and assigns. This Agreement, and the rights and obligations hereunder, may not be assigned
    by Borrower without the written consent of Lender. Lender may assign this Agreement, and its rights hereunder, without the
    prior consent of Borrower. Any provision of this Agreement held to be invalid, illegal or unenforceable shall be ineffective
    only to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
    of the remaining provisions hereof.
	 	 
	10.	Any
    waiver by Lender of any provision of this Agreement or of any of Lender’s rights hereunder must be in writing and signed
    by an authorized officer of Lender. No waiver by Lender of any provision or breach of this Agreement in any one or more instances
    shall be deemed to be or construed as a further or continuing waiver of any such provision or of any breach or a waiver of
    any other provision or breach. The failure of Lender at any time or times to require performance by Borrower of any provision
    of this Agreement shall in no manner affect Lender’s right at a later time to enforce such provision.
	 	 
	11.	The
    Loan Documents, the Terms and Conditions agreed to by Borrower to apply for the Loan, the Application, certifications and
    other documents executed by Borrower in connection with the Loan and all provisions of the Act and all rules, regulations
    and other requirements under the Act constitute the entire understanding and agreement between Lender and Borrower relating
    to the Loan and supersede any and all other oral statements, commitments or agreements previously made or purported to be
    made.
	 	 
	12.	Any
    reference in this Agreement to “its” shall also refer to “his,” “her” or “their”
    as appropriate or required by the context.

 

    	 

    	 

    

 

	13.	The
    terms “Claim” or “Claims” refer to any disputes, controversies, claims, counterclaims, allegations
    of liability, theories of damage, or defenses between Borrower, its subsidiaries and affiliates, on the one hand, and the
    Lender, on the other hand (all of the foregoing each being referred to as a “Party” and collectively as the “Parties”).
    Whether in state court, federal court, or any other venue, jurisdiction, or before any tribunal, the Parties agree that all
    aspects of any action, litigation or trial with respect to any Claim will take place without resort to any form of class or
    representative action. The Parties may only bring Claims against each other in an individual capacity and waive any right
    they may have to do so as a class representative or a class member in a class or representative action. THIS CLASS ACTION
    WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING IN OR BEING REPRESENTED IN ANY CLASS OR REPRESENTATIVE ACTION REGARDING A CLAIM.
	 	 
	14.	EACH
    OF BORROWER AND LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS
    UNDER THIS AGREEMENT, THE NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR
    THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP BETWEEN LENDER
    AND BORROWER EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED
    BEFORE A COURT AND NOT BEFORE A JURY.

 

IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties below by their duly authorized officers or
representatives on the dates indicated.

BORROWER:

 

SHEPHERD’S
FINANCE, LLC

 

	By:	/s/
    Daniel Wallach	Date:
    2/2/2021
	 	 	 
	Name:	DANIEL
    WALLACH	 
	 	 	 
	Title:	CEO	 

 

LENDER:

 

LCA
Bank Corporation

 

	By:	/s/
    Jill Vogel	Date:
    2/5/2021
	 	 	 
	Name:	Jill
    Vogel	 
	 	 	 
	Title:	ASSISTANT
    SECRETARYExhibit
10.2

 

		U.S.
        Small

                                                                                                    Business

                                                                                                    Administration

         

 

NOTE

 

	SBA
    Loan #	5196258304
	SBA
    Loan Name	SHEPHERD’S
    FINANCE, LLC
	Date	February
    5, 2021
	Loan
    Amount	$361,485.42
	Interest
    Rate	1.0%
    per annum (computed on the basis of the actual number of days elapsed in a year of 365 days)
	Borrower	SHEPHERD’S
    FINANCE, LLC
	Lender	LCA
    Bank Corporation

 

	1.	PROMISE
    TO PAY:

 

In
return for the Loan, Borrower promises to pay to the order of Lender the Loan Amount, plus interest on the unpaid principal balance
at the Interest Rate, and all other amounts required by this Note. Borrower must make all payments due under this Note from Borrower’s
deposit account set forth in the ACH, Direct Deposit, and Wire Transfer Authorization Agreement entered into between Borrower
and Lender of even date herewith.

 

	2.	DEFINITIONS

 

Unless
defined in this Section 2, capitalized terms shall have the meanings ascribed to them above.

 

“Act”
means collectively the Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program Flexibility Act of 2020,
and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.

 

“Deferral
Period” means the period of time during which payments on this Note are deferred in accordance with the Act.

 

“Loan”
means the loan evidenced by this Note.

 

“Loan
Documents” means this Note, the Loan Agreement, the Disbursement Direction, Request and Authorization, the ACH, Direct
Deposit and Wire Transfer Authorization Agreement, Borrower’s Certification, and any other the documents related to
this loan signed by Borrower.

 

    	 	 	 

     

    

 

“Maturity
Date” means sixty (60) months from the date of this Note.

 

“SBA”
means the Small Business Administration, an Agency of the United States of America.

 

	3.	PAYMENT
    TERMS

 

The
payment terms for this Note are:

 

	 	A.	There
    shall be no payments due by Borrower during the Deferral Period. However, interest shall accrue during the Deferral Period.
	 	 	 
	 	B.	Commencing
    one (1) month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the
    Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required
    to fully amortize by the Maturity Date the principal amount outstanding on this Note on the last day of the Deferral Period.
    If a payment on this Note is more than ten (10) days late, Lender may charge Borrower a late fee of up to 5.0% of the unpaid
    portion of the regularly scheduled payment.
	 	 	 
	 	C.	This
    Note will mature on the Maturity Date. On the Maturity Date, Borrower shall pay to Lender any and all unpaid principal, plus
    all accrued and unpaid interest including interest accrued during the Deferral Period.
	 	 	 
	 	D.	If
    any payment is due on a date for which there is no numerical equivalent in a particular calendar month, then it shall be due
    on the last day of such month. If any payment is due on a day that is not a Business Day, the payment will be made on the
    next Business Day. The term “Business Day” means a day other than a Saturday, Sunday or any other day on which
    banks in the State of Utah are authorized to be closed.
	 	 	 
	 	E.	Payments
    shall be allocated among principal and interest at the discretion of Lender, unless otherwise agreed or required by applicable
    law. Notwithstanding the foregoing, in the event the Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection
    Program under the Act, the amount so forgiven shall be applied to principal first, unless otherwise specified by the SBA or
    the Act. The amount of loan forgiveness, if any, shall be determined in accordance with the Act.
	 	 	 
	 	F.	Borrower
    may prepay this Note at any time without payment of any premium.
	 	 	 
	 	G.	Borrower
    must make all payments under this Note at the place Lender designates.
	 	 	 
	 	H.	Lender
    or any holder of this Note shall not be required to renew, extend or refinance this Note or any amounts due hereunder.

 

    	 	 	 

     

    

 

	4.	DEFAULT

 

Borrower
is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower:

 

	 	A.	Fails
    to do anything required by this Note or the Loan Documents;
	 	 	 
	 	B.	Defaults
    on any other loan with Lender;
	 	 	 
	 	C.	Does
    not disclose, or anyone acting on its behalf does not disclose, any material fact to Lender or SBA;
	 	 	 
	 	D.	Provides,
    or anyone acting on its behalf provides, to Lender or SBA any information that is inaccurate or incorrect;
	 	 	 
	 	E.	Defaults
    on any loan or agreement with another creditor, if Lender believes  the default may materially affect Borrower’s
    ability to pay this Note;
	 	 	 
	 	F.	Fails
    to pay any taxes when due;
	 	 	 
	 	G.	Becomes
    the subject of a proceeding under any bankruptcy or insolvency law;
	 	 	 
	 	H.	Has
    a receiver or liquidator appointed for any part of its business or property.
	 	 	 
	 	I.	Makes
    an assignment for the benefit of creditors;
	 	 	 
	 	J.	Has
    any adverse change in financial condition or business operation that Lender believes may affect Borrower’s ability to
    pay this Note;
	 	 	 
	 	K.	Reorganizes,
    merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent;
	 	 	 
	 	L.	Becomes
    the subject of a civil or criminal action that Lender believes may affect Borrower’s ability to pay this Note; or
	 	 	 
	 	M.	Makes,
    or anyone acting on its behalf makes, a false or misleading representation, attestation or certification to Lender or the
    SBA in connection with Borrower’s request for this Loan.

 

	5.	LENDER’S
    RIGHTS IF THERE IS A DEFAULT

 

Without
notice or demand and without giving up any of its rights, Lender may:

 

	 	A.	Require
    immediate payment of all amounts owing under this Note;
	 	 	 
	 	B.	Collect
    all amounts owing from Borrower including Enforcement Costs as defined in Section 9(Q) of this Note; or
	 	 	 
	 	C.	File
    suit and obtain judgment.

 

	6.	LENDER’S
    GENERAL POWERS

 

Without
notice and without Borrower’s consent, Lender may:

 

	 	A.	Enforce
    the terms of this Note or any other Loan Documents;
	 	 	 
	 	B.	Incur
    expenses to collect amounts due under this Note. Such expenses may include, without limitation, reasonable attorneys’
    fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the
    principal balance of this Note; or
	 	 	 
	 	C.	Take
    any action necessary to collect amounts owing on this Note.

 

    	 	 	 

     

    

 

	7.	GOVERNING
    LAW; WHEN FEDERAL LAW APPLIES

 

When
SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may
use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By
using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax or liability. As to this
Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or
preempt federal law.

 

If
the SBA is not the holder, this Note shall be governed by and construed in accordance with the laws of the State of Utah, where
the main office of Lender is located, without reference to any conflicts or choice of law provisions thereof. Borrower agrees
that any legal action or proceeding with respect to any of its obligations under this Note may be brought by Lender in any state
or federal court located in the State of Utah, as Lender in its sole discretion may elect. Borrower submits to and accepts, generally
and unconditionally, the non-exclusive jurisdiction of those courts. Borrower waives any claim that the State of Utah is not a
convenient forum or the proper venue for any such suit, action or proceeding. The extension of credit that is the subject of this
Note is being made by Lender in Utah.

 

	8.	SUCCESSORS
    AND ASSIGNS

 

Under
this Note, Borrower includes all successors, and Lender includes its successors and assigns.

 

	9.	GENERAL
    PROVISIONS

 

	 	A.	This
    Loan is being made under the Paycheck Protection Program pursuant to the Act. Accordingly, the terms of this Note are subject
    to the Paycheck Protection Program and all regulations, rules, guidance and other requirements of such program and the SBA,
    including, but not limited to, eligibility for the Loan, use of Loan proceeds and Loan forgiveness as now or hereafter in
    effect. Borrower represents and certifies to Lender that it currently is, and at all times will be, in compliance with such
    regulations, rules, guidance and other requirements. Borrower acknowledges the speed of the implementation of the Paycheck
    Protection Program and agrees that additional documents may be required to document the Loan and further agrees to execute
    and deliver to Lender promptly such additional documents as Lender or SBA may require.
	 	 	 
	 	B.	The
    Loan is made for a business purpose. No proceeds from the Loan will be disbursed until all approvals have been obtained from
    Lender and the SBA and all conditions to such disbursement have been satisfied.
	 	 	 
	 	C.	All
    individuals and entities signing this Note are jointly and severally liable.

 

    	 	 	 

     

    

 

	 	D.	Borrower
    waives all suretyship defenses.
	 	 	 
	 	E.	Borrower
    must sign all documents necessary at any time to comply with the Loan Documents.
	 	 	 
	 	F.	Lender
    may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo
    enforcing any of its rights without giving up any of them. Any waiver by Lender of any provision of this Note or of any of
    its rights hereunder must be in writing and signed by an authorized officer of Lender.
	 	 	 
	 	G.	Borrower
    may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
	 	 	 
	 	H.	If
    any part of this Note is unenforceable, all other parts remain in effect.
	 	 	 
	 	I.	To
    the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand,
    protest, and notice of dishonor.
	 	 	 
	 	J.	This
    Note shall be construed in a manner consistent with the other Loan Documents.
	 	 	 
	 	K.	Borrower’s
    liability under this Note will continue with respect to any amounts the SBA may pay Lender based on an SBA guarantee of this
    Note. Any agreement with Lender under which SBA may guarantee this Note does not create any third-party rights or benefits
    for Borrower and, if SBA pays Lender under such an agreement, the SBA or Lender may then seek recovery from Borrower of amounts
    paid by SBA.
	 	 	 
	 	L.	Upon
    request of Lender or SBA, Borrower shall submit to Lender a certified schedule of eligible amounts, together with all appropriate
    supporting documentation, for which Borrower may seek Loan forgiveness.
	 	 	 
	 	M.	Borrower
    waives any defenses based on any claim that Lender did not obtain or perfect any guaranty of this Note from the SBA.
	 	 	 
	 	N.	Borrower
    shall remain responsible for any amounts under this Note not forgiven pursuant to the Paycheck Protection Program.
	 	 	 
	 	O.	This
    Note, the Loan Documents, the Terms and Conditions agreed to by Borrower to apply for the Loan, all applications, certifications
    and other documents executed by Borrower in connection with the Loan and all provisions of the Act and all rules, regulations
    and other requirements under the Act constitute the entire understanding and agreement between Lender and Borrower relating
    to the Loan and supersede any and all other oral statements, commitments or agreements previously made or purported to be
    made.
	 	 	 
	 	P.	Any
    reference in this Note to “its” shall also refer to “his,” “her” or “their”
    as appropriate or required by the context.
	 	 	 
	 	Q.	Borrower
    agrees to pay all costs, legal expenses, and reasonable attorneys’ fees, paid or incurred by the Lender (collectively
    “Enforcement Costs”) in enforcing its rights hereunder, including, but not limited to, litigation or proceedings
    initiated under the United States Bankruptcy Code, or in defending against any defense, cause of action, counterclaim, setoff
    or cross-claim based on any act of commission or omission by the Lender with respect to this Note promptly on demand of the
    Lender.

 

    	 	 	 

     

    

 

	10.	ELECTRONIC
    SIGNATURES

 

Borrower
agrees to conduct business with Lender by use of electronic records and electronic signatures. Borrower’s electronic signature
demonstrates Borrower’s intent that this Note be legally valid and enforceable in accordance with its terms, and Borrower’s
signature shall have the same force and effect as an original signature and shall be deemed (i) to be “written” or
“in writing” or an “electronic record,” (ii) to have been signed and (iii) to constitute a record established
and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper
copies or “printouts,” if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding,
will be admissible as between the parties to the same extent and under the same conditions as other original business records
created and maintained in documentary form.

 

Borrower
acknowledges and agrees that this Note is (i) not a “negotiable instrument” as defined in the applicable Uniform Commercial
Code, (ii) not governed by Article 3 of the applicable Uniform Commercial Code; (iii) a “transferable record,” to
the extent permitted and as defined by applicable law relating to electronic transactions. If this Note is finally interpreted
by a court of law not to be a “transferable record” under applicable law, then the electronic chattel provisions of
Article 9 of the applicable Uniform Commercial Code shall apply to this Note

 

BORROWER’S
NAME AND SIGNATURE(S)

 

By
signing below, each individual or entity becomes obligated under this Note as Borrower. BORROWER:

 

	SHEPHERD’S FINANCE, LLC	 
	 	 	 
	By:	/s/
    Daniel Wallach	 
	Name:

        
	Daniel
    Wallach	 
	Title:	CEO

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