Document:

Exhibit 10.1

 

	Recording requested by:	COMMONWEALTH OF PENNSYLVANIA
	 	COUNTY OF BUTLER

And when recorded mail to:

 

Otten, Johnson, Robinson,

Neff & Ragonetti, P.C.

950 Seventeenth Street

Suite 1600

Denver, Colorado 80202

 

Attention: Heather Park Meek, Esq.

 

 

 

Open-end
MORTGAGE, SECURITY AGREEMENT, FIXTURE FILING,

FINANCING STATEMENT

AND ASSIGNMENT OF LEASES AND RENTS

 

THIS OPEN-END MORTGAGE,
SECURITY AGREEMENT, FIXTURE FILING, FINANCING STATEMENT AND ASSIGNMENT OF LEASES AND RENTS (this “Mortgage”)
is executed as of December 18, 2020, by THORN HILL POSTAL REALTY HOLDINGS LLC,
a Delaware limited liability company (“Borrower”), in favor of, and for the use and benefit of, THE UNITED STATES
LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, a New York corporation (“Co-Lender 1”) and NATIONAL
UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., a Pennsylvania corporation (“Co-Lender 2”) (Co-Lender 1
and Co-Lender 2 being referred to herein, individually and collectively, as “Lender”).

 

THIS OPEN-END MORTGAGE,
SECURITY AGREEMENT, FIXTURE FILING, FINANCING STATEMENT AND ASSIGNMENT OF LEASES AND RENTS SECURES FUTURE ADVANCES, AND SHALL HAVE
THE LIEN PRIORITY IN ACCORDANCE WITH PENNSYLVANIA ACT. NO. 126, LAWS 1990, 42 PA. C.S.A. § 8143, ET SEQ., AS MORE PARTICULARLY
SET FORTH IN SECTION 9.19 OF THIS MORTGAGE.

 

Article 1

PARTIES, PROPERTY, AND DEFINITIONS

 

The following terms
and references shall have the meanings indicated

 

1.1 Borrower:
The Borrower named in the introductory paragraph of this Mortgage, whose legal address is 75 Columbia Avenue, Cedarhurst, New York
11516, together with any future owner of the Property or any part thereof or interest therein.

 

1.2 Cash Collateral
Agreement: The Cash Collateral Agreement of even date herewith made by and between Borrower and Lender, and acknowledged and
agreed to by the “Servicer” named therein, as amended, modified, supplemented, replaced, or restated from time to time.

 

     

     

    

 

1.3 Chattels:
All goods, fixtures, inventory, equipment, building and other materials, supplies, and other tangible personal property of every
nature, whether now owned or hereafter acquired by Borrower, used, intended for use, or reasonably required in the construction,
development, or operation of the Property, together with all accessions thereto, replacements and substitutions therefor, and proceeds
thereof.

 

1.4 Co-Lender 1
Note: Borrower’s promissory note of even date herewith, payable to the order of Co-Lender 1 in the principal face
amount of $20,915,700.00, the last payment under which is due on January 1, 2031, unless such due date is accelerated, together
with all renewals, extensions and modifications of such promissory note.

 

1.5 Co-Lender 1
Note (FORTITUDE): Borrower’s promissory note of even date herewith, payable to the order of Co-Lender 1 in the principal
face amount of $3,838,575.00, the last payment under which is due on January 1, 2031, unless such due date is accelerated,
together with all renewals, extensions and modifications of such promissory note.

 

1.6 Co-Lender 2
Note: Borrower’s promissory note of even date herewith, payable to the order of Co-Lender 2 in the principal face
amount of $5,470,725.00, the last payment under which is due on January 1, 2031, unless such due date is accelerated, together
with all renewals, extensions and modifications of such promissory note.

 

1.7 Commonwealth:
The Commonwealth of Pennsylvania.

 

1.8 Controlling
Persons: Collectively, (a) Surety, (b) if Borrower is a partnership or joint venture, all general partners or joint
venturers of Borrower, (c) if Borrower is a limited liability company, all managers or managing members of Borrower, (d) any
other party directly or indirectly liable for payment of the Secured Obligations, whether as maker, endorser, guarantor, surety,
general partner, or otherwise, and (e) any successor to any of the foregoing.

 

1.9 Default:
Any matter which, with the giving of notice, passage of time, or both, would constitute an Event of Default.

 

1.10 Debt Service
Coverage Ratio: The ratio calculated on a cash flow basis, as reasonably determined by Lender, of (a) Net Operating Income
for the Property for the period in question (or if no such period is designated, in each case, for the preceding twelve (12) calendar
months), to (b) the annual debt service payments due under the Loan Documents (calculated assuming (i) a thirty (30)-year
amortization schedule during any interest-only period and (ii) the maximum principal amount of the Loan has been disbursed)
and on all other indebtedness secured, or to be secured, by a lien on all or any part of the Property or on any direct or indirect
interests in Borrower.

 

1.11 Environmental
Indemnity Agreement: The Environmental Indemnity Agreement of even date herewith made by Borrower and Surety for the benefit
of Lender, as amended, modified, supplemented, replaced, or restated from time to time.

 

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1.12 ERISA:
The Employee Retirement Income Security Act of 1974, as amended, together with all rules and regulations issued thereunder.

 

1.13 Event of Default:
As defined in Article 6.

 

1.14 Insurance Agreement:
The Agreement Concerning Insurance Requirements of even date herewith executed by Borrower for the benefit of Lender, as amended,
modified, supplemented, replaced, or restated from time to time.

 

1.15 Intangible
Personalty: The right to use all trademarks and trade names and symbols or logos used in connection therewith, or any modifications
or variations thereof, in connection with the operation of the improvements existing or to be constructed on the Property, together
with all accounts, rents, issues, income, profits, fees, charges or other payments for the use or occupancy of rooms and other
public facilities at the Property, deposit accounts, letter of credit rights, investment property, monies in the possession of
Lender (including without limitation proceeds from insurance, retainages and deposits for taxes and insurance), Permits, contract
rights (including, without limitation, rights to receive insurance proceeds) and general intangibles (whether now owned or hereafter
acquired, and including proceeds thereof) relating to or arising from Borrower’s ownership, use, operation, leasing, or sale
of all or any part of the Property, specifically including but in no way limited to any right which Borrower may have or acquire
to transfer any development rights from the Property to other real property, and any development rights which may be so transferred.

 

1.16 Lease Certificate:
The certificate of even date herewith made by Borrower to Lender concerning Leases.

 

1.17 Leases:
Any and all leases, subleases and other agreements under the terms of which any person other than Borrower has or acquires any
right to occupy or use the Property, or any part thereof.

 

1.18 Lender:
The Lender named in the introductory paragraph of this Mortgage, whose legal address is c/o AIG Investments, 777 S.
Figueroa Street, 16th Floor, Los Angeles, California 90017-5800, together with any future holder of the
Note.

 

1.19 Loan: The
loan from Lender to Borrower evidenced by the Note.

 

1.20 Loan Documents:
The Note, all of the deeds of trust, mortgages and other instruments and documents securing or executed and delivered in connection
with the Note, including this Mortgage, the Insurance Agreement, the Environmental Indemnity Agreement, the Suretyship Agreement,
the Cash Collateral Agreement, TI/LC Reserve Agreement, the Roof Reserve Agreement, the Lease Certificate and each other document
executed or delivered in connection with the transaction pursuant to which the Note has been executed and delivered. The term “Loan
Documents” also includes all modifications, extensions, renewals, and replacements of each document referred to above.

 

1.21 Loan-to-Value
Ratio: The ratio, as determined by Lender, of the aggregate principal balance of the Note and all undisbursed advances thereunder,
if any, and all other indebtedness secured by liens or encumbrances against the Property or against the direct or indirect ownership
interests in Borrower, to the fair market value of the Property, as such fair market value is determined by an M.A.I. appraisal
obtained by Lender from an appraiser selected and engaged by Lender.

 

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1.22 Net Operating
Income: All gross revenues generated by the Property (excluding loans or contributions to capital), less operating expenses
(other than debt service payments due under the Loan and non-cash expenses such as depreciation, amortization, and corporate general
and administrative expenses), as determined on a cash accounting basis, as of the date of such calculation for the period in question
(or if no such period is designated, in each case, for the preceding twelve (12) calendar months), adjusted, however,
so that (a) operating expenses shall be deemed to include (i) a management fee equal to the greater of three percent (3%)
of gross revenues or the actual management fee, and (ii) a tenant improvement, leasing commission, and capital improvement
reserve equal to $0.25 per rentable square foot per year, (b) payments of operating expenses, including property taxes and
assessments and insurance expenses, are to be spread out over the period during which they accrued and shall be adjusted for any
known future changes to any such expenses, (c) prepaid rents and other prepaid payments received are to be spread out over
the periods during which such rents or payments are earned or applicable, (d) security deposits shall not be included as items
of income until duly applied or earned, (e) gross revenue shall be based on a lease-in-place analysis that reflects then current
Leases in place, excluding extraordinary, or one-time items, but expressly excluding those Leases from the analysis in which (i) the
tenant is in material default, (ii) the tenant is in bankruptcy or other similar insolvency proceeding, and (iii) there
is a materially significant probability, as determined by Lender in its reasonable discretion, based upon reasonable third-party
evidence, that the tenant will file bankruptcy or seek protection from creditors in other similar insolvency proceeding, and (f) any
refunds or rebates to operating expenses are to be applied and credited against the applicable operating expenses for the period
that such operating expenses were incurred.

 

1.23 Note: Individually
and collectively, the Co-Lender 1 Note, the Co-Lender 1 Note (FORTITUDE), and the Co-Lender 2 Note. All terms and
provisions of the Note are incorporated by this reference in this Mortgage.

 

1.24 Parent Company:
Postal Realty Trust, Inc., a Maryland corporation.

 

1.25 Permits:
All permits, licenses, certificates and authorizations necessary for the beneficial development, ownership, use, occupancy, operation
and maintenance of the Property.

 

1.26 Permitted Exceptions:
The matters (excluding matters of survey) set forth in Schedule B-I of the title insurance policy insuring the lien created
by this Mortgage, in form and substance satisfactory to, and accepted by, Lender, that Borrower has caused to be delivered to Lender
in connection with the Loan.

 

1.27 Property:
The tract or tracts of land described in Exhibit A attached, together with the following:

 

(a) All buildings,
structures, and improvements now or hereafter located on such tract or tracts, as well as all rights-of-way, easements, and other
appurtenances thereto;

 

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(b) All of
Borrower’s right, title and interest in any land lying between the boundaries of such tract or tracts and the center line
of any adjacent street, road, avenue, or alley, whether opened or proposed;

 

(c) All of
the rents, income, receipts, revenues, issues and profits of and from such tract or tracts and improvements;

 

(d) All (i) water
and water rights (whether decreed or undecreed, tributary, nontributary or not nontributary, surface or underground, or appropriated
or unappropriated); (ii) ditches and ditch rights; (iii) spring and spring rights; (iv) reservoir and reservoir
rights; and (v) shares of stock in water, ditch and canal companies and all other evidence of such rights, which are now owned
or hereafter acquired by Borrower and which are appurtenant to or which have been used in connection with such tract or tracts
or improvements;

 

(e) All minerals,
crops, timber, trees, shrubs, flowers, and landscaping features now or hereafter located on, under or above such tract or tracts;

 

(f) All machinery,
apparatus, equipment, fittings, fixtures (whether actually or constructively attached, and including all trade, domestic, and ornamental
fixtures) now or hereafter located in, upon, or under such tract or tracts or improvements and used or usable in connection with
any present or future operation thereof, including but not limited to all heating, air-conditioning, freezing, lighting, laundry,
incinerating and power equipment; engines; pipes; pumps; tanks; motors; conduits; switchboards; plumbing, lifting, cleaning, fire
prevention, fire extinguishing, refrigerating, ventilating, cooking, and communications apparatus; boilers, water heaters, ranges,
furnaces, and burners; appliances; vacuum cleaning systems; elevators; escalators; shades; awnings; screens; storm doors and windows;
stoves; refrigerators; attached cabinets; partitions; ducts and compressors; rugs and carpets; draperies; and all additions thereto
and replacements therefor;

 

(g) All development
rights associated with such tract or tracts, whether previously or subsequently transferred to such tract or tracts from other
real property or now or hereafter susceptible of transfer from such tract or tracts to other real property;

 

(h) All awards
and payments, including interest thereon, resulting from the exercise of any right of eminent domain or any other public or private
taking of, injury to, or decrease in the value of, any of such property; and

 

(i) All other
and greater rights and interests of every nature in such tract or tracts and in the possession or use thereof and income therefrom,
whether now owned or subsequently acquired by Borrower.

 

1.28 Required Tenants:
Collectively, United States Postal Service, and any other tenant occupying (together with its affiliates) 100,000 or more square
feet of space in the Property

 

1.29 Roof Reserve
Agreement: The Reserve Agreement (Roof) of even date herewith made among Borrower, Lender and the “Servicer” named
therein, as amended, modified, supplemented, replaced, or restated from time to time.

 

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1.30 Sale: The
transfer or sale of the Property, whether by agreement, execution, foreclosure judgment or any other court order.

 

1.31 Secured Obligations:
All present and future obligations of Borrower to Lender evidenced by or contained in the Note, the Environmental Indemnity Agreement,
this Mortgage and all other Loan Documents, whether stated in the form of promises, covenants, representations, warranties, conditions,
or prohibitions or in any other form. If the maturity of the Note secured by this Mortgage is accelerated, the Secured Obligations
shall include an amount equal to any prepayment premium which would be payable under the terms of the Note as if the Note were
prepaid in full on the date of the acceleration. If under the terms of the Note no voluntary prepayment would be permissible on
the date of such acceleration, then the prepayment fee or premium to be included in the Secured Obligations shall be equal to one
hundred twenty-five percent (125%) of the highest prepayment fee or premium set forth in the Note, calculated as of the date
of such acceleration, as if prepayment were permitted on such date.

 

1.32 Special Purpose
Entity Requirements: As defined in Section 4.28.

 

1.33 Surety:
Postal Realty LP, a Delaware limited partnership.

 

1.34 Suretyship
Agreement: The Suretyship Agreement of even date herewith made by Surety for the benefit of Lender, as amended, modified, supplemented,
replaced, or restated from time to time.

 

1.35 TI/LC Reserve
Agreement: The Tenant Improvement Cost and Leasing Commissions Reserve Agreement (Major Tenants) of even date herewith among
Borrower, Lender and the “Servicer” named therein, as amended, modified, supplemented, replaced, or restated from time
to time.

 

Article 2

GRANTING CLAUSE

 

2.1 Grant to Lender.
NOW, THIS INDENTURE WITNESSETH, that in and for the consideration of the sum of $30,225,000.00, as evidenced by the Note or so
much thereof as shall be advanced from time to time under the Note, as security for the Secured Obligations, Borrower, with the
intent to be legally bound hereby, hereby grants, bargains, sells, conveys, mortgages, aliens, enfeoffs, releases, confirms, assigns,
transfers, sets over and warrants unto Lender, its successors and assigns and grants to Lender, its successors and assigns, the
entire right, title, interest and estate of Borrower in and to the Property, whether now owned or hereafter acquired; TO HAVE AND
TO HOLD the same, together with all and singular the rights, hereditaments, and appurtenances in anywise appertaining or belonging
thereto, unto Lender and Lender’s successors, substitutes and assigns forever. PROVIDED, HOWEVER, that if Borrower
shall promptly pay or cause to be paid to Lender the principal sum, including all other sums payable by Borrower to Lender under
the terms of the Loan Documents and shall perform or cause to be performed all the other terms, conditions, agreements and provisions
contained in the Loan Documents, all without fraud or delay or deduction or abatement of anything or for any reason, then this
Mortgage and the estate hereby granted shall cease, terminate and become void.

 

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2.2 Security Interest
to Lender. As additional security for the Secured Obligations, and without limiting any other provisions of this Mortgage,
Borrower hereby grants to Lender a security interest in the Property, Chattels and Intangible Personalty. To the extent any of
the Property, Chattels or the Intangible Personalty may be or have been acquired with funds advanced by Lender under the Loan Documents,
this security interest is a purchase money security interest. Without limiting any of the other provisions of this Mortgage, this
Mortgage constitutes a Security Agreement under the Uniform Commercial Code of the Commonwealth (the “Code”)
with respect to any part of the Property, Chattels and Intangible Personalty that may or might now or hereafter be or be deemed
to be personal property, fixtures or property other than real estate (all collectively hereinafter called “Collateral”);
all of the terms, provisions, conditions and agreements contained in this Mortgage pertain and apply to the Collateral as fully
and to the same extent as to any other property comprising the Property, and the following provisions of this Section shall
not limit the generality or applicability of any other provisions of this Mortgage but shall be in addition thereto:

 

(a) The Collateral
shall be used by Borrower solely for business purposes, and all Collateral (other than the Intangible Personalty) shall be installed
upon the real estate comprising part of the Property for Borrower’s own use or as the equipment and furnishings furnished
by Borrower, as landlord, to tenants of the Property;

 

(b) The Collateral
(other than the Intangible Personalty) shall be kept at the real estate comprising a part of the Property, and shall not be removed
therefrom without the consent of Lender (being the Secured Party as that term is used in the Code); and the Collateral (other than
the Intangible Personalty) may be affixed to such real estate but shall not be affixed to any other real estate;

 

(c) No financing
statement covering any of the Collateral or any proceeds thereof is on file in any public office; and Borrower will, at its cost
and expense, upon demand, furnish to Lender such further information and will execute and deliver to Lender such financing statements
and other documents in form satisfactory to Lender and will do all such acts and things as Lender may at any time or from time
to time reasonably request or as may be necessary or appropriate to establish and maintain a perfected first-priority security
interest in the Collateral as security for the Secured Obligations, subject to no adverse liens or encumbrances; and Borrower will
pay the cost of filing the same or filing or recording such financing statements or other documents and this instrument in all
public offices wherever filing or recording is deemed by Lender to be necessary or desirable;

 

(d) The terms
and provisions contained in this Section and in Section 7.6 of this Mortgage shall, unless the context otherwise
requires, have the meanings and be construed as provided in the Code; and

 

(e) This
Mortgage constitutes a financing statement under the Code with respect to the Collateral. As such, this Mortgage covers all items
of the Collateral that are or are to become fixtures. The filing of this Mortgage in the real estate records of the county where
the Property is located shall also operate as a fixture filing in accordance with Sections 9-313 and 9-402 of the Code. Information
concerning the security interests created hereby may be obtained from Lender at the address set forth in Article 1
of this Mortgage. Borrower is the “Debtor” and Lender is the “Secured Party” (as those terms
are defined and used in the Code) insofar as this Mortgage constitutes a financing statement, and their respective addresses are
as elsewhere set forth in this Mortgage. The record owner of the Property is Borrower.

 

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Article 3

BORROWER’S REPRESENTATIONS AND WARRANTIES

 

3.1 Warranty of
Title. Borrower represents and warrants to Lender that:

 

(a) Borrower
has good and marketable fee simple title to the Property, and such fee simple title is free and clear of all liens, encumbrances,
security interests and other claims whatsoever, subject only to the Permitted Exceptions;

 

(b) Borrower
is the sole and absolute owner of the Chattels and the Intangible Personalty, free and clear of all liens, encumbrances, security
interests and other claims whatsoever, subject only to the Permitted Exceptions;

 

(c) This
Mortgage is a valid and enforceable first lien and security interest on the Property, Chattels and Intangible Personalty, subject
only to the Permitted Exceptions;

 

(d) Borrower,
for itself and its successors and assigns, hereby agrees to warrant and forever defend, all and singular of the property and property
interests granted and conveyed pursuant to this Mortgage, against every person whomsoever lawfully claiming, or to claim, the same
or any part thereof; and

 

The representations,
warranties and covenants contained in this Section shall survive foreclosure of this Mortgage or any execution following judgment
upon the Note, and shall inure to the benefit of and be enforceable by any person who may acquire title to the Property, the Chattels,
or the Intangible Personalty pursuant to any such foreclosure.

 

3.2 Due Authorization.
If Borrower is other than a natural person, then each individual who executes this document on behalf of Borrower represents and
warrants to Lender that such execution has been duly authorized by all necessary corporate, partnership, limited liability company
or other action on the part of Borrower. Borrower represents that Borrower has obtained all consents and approvals required in
connection with the execution, delivery and performance of this Mortgage.

 

3.3 Other Representations
and Warranties. Borrower represents and warrants to Lender as follows:

 

(a) Borrower
is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware.
Borrower is duly authorized to transact business in and is in good standing under the laws of the Commonwealth of Pennsylvania.
The sole Controlling Persons of Borrower are Surety, Parent Company, and Andrew Spodek. Surety is a limited partnership, duly authorized
to transact business in and is in good standing under the laws of the State of Delaware, and is a member of Borrower. Parent Company
is a corporation, duly authorized to transact business in and is in good standing under the laws of the State of Maryland, and
is the sole general partner of Surety. Andrew Spodek is the manager of Borrower.

 

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(b) The execution,
delivery and performance by Borrower of the Loan Documents are within Borrower’s power and authority and have been duly authorized
by all necessary action;

 

(c) This
Mortgage is, and each other Loan Document to which Borrower or Surety is a party will, when delivered hereunder, be valid and binding
obligations of Borrower and Surety enforceable against Borrower and Surety in accordance with their respective terms, except as
limited by equitable principles and bankruptcy, insolvency and similar laws affecting creditors’ rights;

 

(d) The execution,
delivery and performance by Borrower and Surety of the Loan Documents will not contravene any contractual or other restriction
binding on or affecting Borrower or any Controlling Person and will not result in or require the creation of any lien, security
interest, other charge or encumbrance (other than pursuant hereto) upon or with respect to any of its properties;

 

(e) The execution,
delivery and performance by Borrower and Surety of the Loan Documents does not contravene any applicable law;

 

(f) No authorization,
approval, consent or other action by, and no notice to or filing with, any court, governmental authority or regulatory body is
required for the due execution, delivery and performance by Borrower and Surety of any of the Loan Documents or the effectiveness
of any assignment of any of Borrower’s rights and interests of any kind to Lender;

 

(g) No part
of the Property, Chattels, or Intangible Personalty is in the hands of a receiver, no application for a receiver is pending with
respect to any portion of the Property, Chattels, or Intangible Personalty, and no part of the Property, Chattels, or Intangible
Personalty is subject to any foreclosure or similar proceeding;

 

(h) Neither
Borrower nor any Controlling Person has made any assignment for the benefit of creditors, nor has Borrower or any Controlling Person
filed, or had filed against it, any petition in bankruptcy;

 

(i) There
is no pending or, to the best of Borrower’s knowledge, threatened, litigation, action, proceeding or investigation, including,
without limitation, any condemnation proceeding, against Borrower, any Controlling Person or the Property before any court, governmental
or quasi-governmental, arbitrator or other authority;

 

(j) Borrower
is a “non-foreign person” within the meaning of Sections 1445 and 7701 of the United States Internal Revenue Code
of 1986, as amended, and the regulations issued thereunder;

 

(k) Access
to and egress from the Property are available and provided by public streets, and Borrower has no knowledge of any federal, state,
county, municipal or other governmental plans to change the highway or road system in the vicinity of the Property or to restrict
or change access from any such highway or road to the Property;

 

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(l) All public
utility services necessary for the operation of all improvements constituting part of the Property for their intended purposes
are available at the boundaries of the land constituting part of the Property, including water supply, storm and sanitary sewer
facilities, and natural gas, electric, telephone and cable television facilities;

 

(m) The Property
is located in a zoning district designated “SP-1” Special Growth District, by Cranberry Township (Butler County), Pennsylvania.
Such designation permits the development, use and operation of the Property as it is currently operated as a permitted, and not
as a non-conforming use. The Property complies in all respects with all zoning ordinances, regulations, requirements, conditions
and restrictions, including but not limited to deed restrictions and restrictive covenants, applicable to the Property;

 

(n) There
are no special or other assessments for public improvements or otherwise now affecting the Property, nor does Borrower know of
any pending or threatened special assessments affecting the Property or any contemplated improvements affecting the Property that
may result in special assessments. There are no tax abatements or exemptions affecting the Property;

 

(o) Borrower
and each Controlling Person has filed all tax returns it is required to have filed, and has paid all taxes as shown on such returns
or on any assessment received pertaining to the Property;

 

(p) Borrower
has not received any notice from any governmental body having jurisdiction over the Property as to any violation of any applicable
law, or any notice from any insurance company or inspection or rating bureau setting forth any requirements as a condition to the
continuation of any insurance coverage on or with respect to the Property or the continuation thereof at premium rates existing
at present which have not been remedied or satisfied;

 

(q) Neither
Borrower nor any Controlling Person is in default, in any manner which would adversely affect its properties, assets, operations
or condition (financial or otherwise), in the performance, observance or fulfillment of any of the obligations, covenants or conditions
set forth in any agreement or instrument to which it is a party or by which it or any of its properties, assets or revenues are
bound;

 

(r) Except
as set forth in the Lease Certificate, there are no occupancy rights (written or oral), Leases or tenancies presently affecting
any part of the Property. The Lease Certificate contains a true and correct description of all Leases presently affecting the Property.
No written or oral agreements or understandings exist between Borrower and the tenants under the Leases described in the Lease
Certificate that grant such tenants any rights greater than those described in the Lease Certificate or that are in any way inconsistent
with the rights described in the Lease Certificate;

 

(s) There
are no options, purchase contracts or other similar agreements of any type (written or oral) presently affecting any part of the
Property;

 

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(t) There
exists no brokerage agreement with respect to any part of the Property;

 

(u) Except
as otherwise disclosed to Lender in writing prior to the date hereof, (i) there are no contracts presently affecting the Property
(“Contracts”) having a term in excess of one hundred eighty (180) days or not terminable by Borrower (without
penalty) on thirty (30) days’ notice; (ii) Borrower has heretofore delivered to Lender true and correct copies
of each of the Contracts together with all amendments thereto; (iii) Borrower is not in default of any obligations under any
of the Contracts; and (iv) the Contracts represent the complete agreement between Borrower and such other parties as to the
services to be performed or materials to be provided thereunder and the compensation to be paid for such services or materials,
as applicable, and except as otherwise disclosed herein, such other parties possess no unsatisfied claims against Borrower. Borrower
is not in default under any of the Contracts and no event has occurred which, with the passing of time or the giving of notice,
or both, would constitute a default under any of the Contracts;

 

(v) Borrower
has obtained all Permits necessary for the operation, use, ownership, development, occupancy and maintenance of the Property as
a warehouse and industrial complex, as it is currently being operated. None of the Permits has been suspended or revoked, and all
of the Permits are in full force and effect, are fully paid for, and Borrower has made or will make application for renewals of
any of the Permits prior to the expiration thereof;

 

(w) All insurance
policies held by Borrower relating to or affecting the Property are in full force and effect and shall remain in full force and
effect until all Secured Obligations are satisfied. Borrower has not received any notice of default or notice terminating or threatening
to terminate any such insurance policies. Borrower has made or will make application for renewals of any of such insurance policies
prior to the expiration thereof;

 

(x) Borrower
currently complies with ERISA. Neither the making of the Loan secured by this Mortgage nor the exercise by Lender of any of its
rights under the Loan Documents constitutes or will constitute a non-exempt, prohibited transaction under ERISA; and

 

(y) Borrower’s
exact legal name is correctly set out in the introductory paragraph of this Mortgage. Borrower’s organizational identification
number is 4079723. Borrower’s location (as such term is used in Section 5.8 hereof) is the State of Delaware.

 

(z) Neither
the Property nor any of the Leases is subject to any rent control statute, rule, regulation or ordinance.

 

3.4 Continuing Effect.
Borrower shall be liable to Lender for any damage suffered by Lender if any of the foregoing representations are inaccurate as
of the date hereof, regardless of when such inaccuracy may be discovered by, or result in harm to, Lender. Borrower further represents
and warrants that the foregoing representations and warranties, as well as all other representations and warranties of Borrower
to Lender relative to the Loan Documents, shall remain true and correct during the term of the Note and shall survive termination
of this Mortgage.

 

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Article 4

BORROWER’S AFFIRMATIVE COVENANTS

 

4.1 Payment of Note.
Borrower will pay all principal, interest, and other sums payable under the Note, on the date when such payments are due, without
notice or demand.

 

4.2 Performance
of Other Obligations. Borrower will promptly and strictly perform and comply with all other covenants, conditions, and prohibitions
required of Borrower by the terms of the Loan Documents.

 

4.3 Other Encumbrances.
Borrower will promptly and strictly perform and comply with all covenants, conditions, and prohibitions required of Borrower in
connection with any other encumbrance affecting the Property, the Chattels, or the Intangible Personalty, or any part thereof,
or any interest therein, regardless of whether such other encumbrance is superior or subordinate to the lien hereof.

 

4.4 Payment of Taxes.

 

(a) Property
Taxes. Unless Borrower is depositing with Lender the amounts required pursuant to Section 4.4(b), Borrower will
(i) pay, before delinquency, all taxes and assessments, general or special, which may be levied or imposed at any time against
Borrower’s interest and estate in the Property, the Chattels, or the Intangible Personalty, and (ii) within ten days
after each payment of any such tax or assessment, Borrower will deliver to Lender, without notice or demand, an official receipt
for such payment. At Lender’s option, Lender may retain the services of a firm to monitor the payment of all taxes and assessments
relating to the Property, the cost of which shall be borne by Borrower.

 

(b) Deposit
for Taxes. On or before the date hereof, Borrower shall deposit with Lender an amount equal to 1/12th of the amount which Lender
estimates will be required to make the next annual payment of taxes, assessments, and similar governmental charges referred to
in this Section, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most
recent due date for such taxes, assessments and similar governmental charges. Thereafter, with each monthly payment under the Note,
Borrower shall deposit with Lender an amount equal to 1/12th of the amount which Lender estimates will be required to pay the next
annual payment of taxes, assessments, and similar governmental charges referred to in this Section. The purpose of these provisions
is to provide Lender with sufficient funds on hand to pay all such taxes, assessments, and other governmental charges thirty (30) days
before the date on which they become past due. If Lender, in its sole but reasonable discretion, determines that the funds impounded
hereunder are, or will be, insufficient, Borrower shall within ten (10) days of demand pay such additional sums as Lender
shall determine necessary and shall pay any increased monthly charges requested by Lender. Provided no Event of Default exists
hereunder, Lender will apply the amounts so deposited to the payment of such taxes, assessments, and other charges when due, but
in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled
with Lender’s own funds.

 

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(c) Intangible
Taxes. If by reason of any statutory or constitutional amendment or judicial decision adopted or rendered after the date hereof,
any tax, assessment, or similar charge is imposed against the Note, Lender, or any interest of Lender in any real or personal property
encumbered hereby, Borrower will pay such tax, assessment, or other charge before delinquency and will indemnify Lender against
all loss, expense, or diminution of income in connection therewith. In the event Borrower is unable to do so, either for economic
reasons or because the legal provisions or decisions creating such tax, assessment or charge forbid Borrower from doing so, then
the Note will, at Lender’s option, become due and payable in full upon ninety (90) days’ notice to Borrower.

 

(d) Right
to Contest. Notwithstanding any other provision of this Section, Borrower will not be deemed to be in default solely by reason
of Borrower’s failure to pay any tax, assessment or similar governmental charge so long as, in Lender’s reasonable
judgment, each of the following conditions is satisfied:

 

(i) Borrower
is engaged in and diligently pursuing in good faith administrative or judicial proceedings appropriate to contest the validity
or amount of such tax, assessment, or charge; and

 

(ii) Borrower’s
payment of such tax, assessment, or charge would necessarily and materially prejudice Borrower’s prospects for success in
such proceedings; and

 

(iii) Nonpayment
of such tax, assessment, or charge will not result in the loss or forfeiture of any property encumbered hereby or any interest
of Lender therein; and

 

(iv) Borrower
deposits with Lender, as security for such payment which may ultimately be required, a sum equal to the amount of the disputed
tax, assessment or charge plus the interest, penalties, advertising charges, and other costs which Lender estimates are likely
to become payable if Borrower’s contest is unsuccessful.

 

If Lender reasonably determines that any
one or more of such conditions is not satisfied or is no longer satisfied, Borrower will pay the tax, assessment, or charge in
question, together with any interest and penalties thereon, within ten (10) days after Lender gives notice of such determination.

 

4.5 Maintenance
of Insurance.

 

(a) Coverages
Required. Borrower shall maintain or cause to be maintained, with financially sound and reputable insurance companies or associations
reasonably satisfactory to Lender, all insurance required under the terms of the Insurance Agreement, and shall comply with each
and every covenant and agreement contained in the Insurance Agreement.

 

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(b) Renewal
Policies. Not less than ten (10) days prior to the expiration date of each insurance policy required pursuant to the Insurance
Agreement, Borrower will deliver to Lender an appropriate renewal policy (or certificates evidencing same), together with evidence
satisfactory to Lender that the applicable premium has been prepaid.

 

(c) Deposit
for Premiums. On or before the date hereof, Borrower shall deposit with Lender an amount equal to 1/12th of the amount which
Lender estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in
this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most
recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Borrower will deposit
an amount equal to 1/12th of the amount which Lender estimates will be required to pay the next required annual premium for each
insurance policy referred to in this Section. The purpose of these provisions is to provide Lender with sufficient funds on hand
to pay all such premiums thirty (30) days before the date on which they become past due. If Lender, in its sole but reasonable
discretion, determines that the funds impounded hereunder are, or will be, insufficient, Borrower shall upon demand pay such additional
sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges requested by Lender. Provided no
Event of Default exists hereunder, Lender will apply the amounts so deposited to the payment of such insurance premiums when due,
but in no event will Lender be liable for any interest on any amounts so deposited, and the money so received may be held and commingled
with Lender’s own funds. Notwithstanding anything to the contrary in this Section, Borrower shall not be required to make
monthly deposits with Lender for the premiums for the policies of insurance referred to in this Section if such insurance is provided
under a blanket policy, except (i) during the continuance of an Event of Default or (ii) during the existence of a Triggering
Event Condition (as defined in the Cash Collateral Agreement).

 

(d) Application
of Hazard Insurance Proceeds. Borrower shall promptly notify Lender of any damage or casualty to all or any portion of the
Property or Chattels. Lender may participate in all negotiations and appear and participate in all judicial arbitration proceedings
concerning any insurance proceeds which may be payable as a result of such casualty or damage, and shall approve, in Lender’s
reasonable discretion, the compromise or settlement of any claim by Borrower for any such insurance proceeds in the name of Lender,
Borrower, or both. Any such insurance proceeds shall be paid to Lender and shall be applied first to reimburse Lender for all actual
and reasonable out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with
the collection of such insurance proceeds. The balance of any insurance proceeds received by Lender with respect to an insured
casualty may, in Lender’s sole discretion, either (i) be retained and applied by Lender toward payment of the Secured
Obligations, or (ii) be paid over, in whole or in part and subject to such conditions as Lender may reasonably impose, to
Borrower to pay for repairs or replacements necessitated by the casualty; provided, however, that if all of the Secured Obligations
have been performed or are discharged by the application of less than all of such insurance proceeds, then any remaining proceeds
will be paid over to Borrower. Notwithstanding the preceding sentence, if (A) no monetary default or Event of Default shall
exist hereunder, and (B) the proceeds received by Lender (together with any other funds delivered by Borrower to Lender for
such purpose) shall be sufficient, in Lender’s reasonable judgment, to pay for any restoration necessitated by the casualty,
and (C) the cost of such restoration shall not exceed $1,511,250.00, and (D) such restoration can be completed, in Lender’s
reasonable judgment, at least ninety (90) days prior to the maturity date of the Note, then Lender shall apply such proceeds
as provided in clause (ii) of the preceding sentence. Lender will have no obligation to see to the proper application of any
insurance proceeds paid over to Borrower, nor will any such proceeds received by Lender bear interest or be subject to any other
charge for the benefit of Borrower. Lender may, prior to the application of insurance proceeds, commingle them with Lender’s
own funds.

 

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(e) Successor’s
Rights. Any person who acquires title to the Property or the Chattels upon foreclosure hereunder, by deed-in-lieu thereof,
or upon execution following judgment upon the Note will succeed to all of Borrower’s rights under all policies of insurance
maintained pursuant to this Section.

 

4.6 Maintenance
and Repair of Property and Chattels. Borrower will at all times maintain the Property and the Chattels in good condition and
repair, will diligently prosecute the completion of any building or other improvement which is at any time in the process of construction
on the Property, and will promptly repair, restore, replace, or rebuild any part of the Property or the Chattels which may be affected
by any casualty or any public or private taking or injury to the Property or the Chattels, provided that Lender will make any insurance
proceeds available in accordance with Section 4.5 above and any condemnation awards available in accordance with Section 4.8
below. All costs and expenses arising out of the foregoing shall be paid by Borrower whether or not the proceeds of any insurance
or eminent domain shall be sufficient therefor. Borrower will comply with all statutes, ordinances, and other governmental or quasi-governmental
requirements and private covenants relating to the ownership, construction, use, or operation of the Property, including but not
limited to any environmental or ecological requirements; provided, that so long as no Event of Default exists hereunder, Borrower
may, upon providing Lender with security reasonably satisfactory to Lender, proceed diligently and in good faith to contest the
validity or applicability of any such statute, ordinance, or requirement. Lender and any person authorized by Lender may enter
and inspect the Property at all reasonable times upon reasonable advance written notice to Borrower, and may inspect the Chattels,
wherever located, at all reasonable times upon reasonable advance written notice to Borrower.

 

4.7 Leases.
Borrower shall timely pay and perform each of its obligations under or in connection with the Leases, and shall otherwise pay such
sums and take such action as shall be necessary or required in order to maintain each of the Leases in full force and effect in
accordance with its terms. Borrower shall immediately furnish to Lender copies of any notices given to Borrower by the lessee under
any Lease, alleging the default by Borrower in the timely payment or performance of its obligations under such Lease and any subsequent
communication related thereto. Borrower shall also promptly furnish to Lender copies of any notices given to Borrower by the lessee
under any Lease, extending the term of any Lease, requiring or demanding the expenditure of any sum by Borrower (or demanding the
taking of any action by Borrower), or relating to any other material obligation of Borrower under such Lease and any subsequent
communication related thereto. Borrower agrees that Lender, in its sole discretion, may advance any sum or take any action which
Lender believes is necessary or required to maintain the Leases in full force and effect, and all such sums advanced by Lender,
together with all out-of-pocket costs and expenses incurred by Lender in connection with action taken by Lender pursuant to this
Section, shall be due and payable by Borrower to Lender within five (5) days of demand, and shall bear interest from the date
which is five (5) days after demand until paid at the Default Rate (as defined in the Note), and shall be secured by this
Mortgage.

 

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4.8 Eminent Domain;
Private Damage. If all or any part of the Property is taken or damaged by eminent domain or any other public or private action,
Borrower will notify Lender promptly of the time and place of all meetings, hearings, trials, and other proceedings relating to
such action. Lender may participate in all negotiations and appear and participate in all judicial or arbitration proceedings concerning
any award or payment which may be due as a result of such taking or damage, and shall approve, in Lender’s reasonable discretion,
the compromise or settlement of any claim by Borrower for any such award or payment in the names of both Borrower and Lender. Any
such award or payment is to be paid to Lender and will be applied first to reimburse Lender for all reasonable out-of-pocket costs
and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with the ascertainment and collection
of such award or payment. The balance, if any, of such award or payment may, in Lender’s sole discretion, either (a) be
retained by Lender and applied toward the Secured Obligations, or (b) be paid over, in whole or in part and subject to such
conditions as Lender may reasonably impose, to Borrower for the purpose of restoring, repairing, or rebuilding any part of the
Property affected by the taking or damage. Notwithstanding the preceding sentence, if (i) no monetary default or Event of
Default shall have occurred and be continuing hereunder, and (ii) the proceeds received by Lender (together with any other
funds delivered by Borrower to Lender for such purpose) shall be sufficient, in Lender’s reasonable judgment, to pay for
any restoration necessitated by the taking or damage, and (iii) the cost of such restoration shall not exceed $1,511,250.00,
and (iv) such restoration can be completed, in Lender’s judgment, at least ninety (90) days prior to the maturity
date of the Note, and (v) the remaining Property shall constitute, in Lender’s sole but reasonable judgment, adequate
security for the Secured Obligations, then Lender shall apply such proceeds as provided in clause (b) of the preceding sentence.
Borrower’s duty to pay the Note in accordance with its terms and to perform the other Secured Obligations will not be suspended
by the pendency or discharged by the conclusion of any proceedings for the collection of any such award or payment, and any reduction
in the Secured Obligations resulting from Lender’s application of any such award or payment will take effect only when Lender
receives such award or payment. If this Mortgage has been foreclosed prior to Lender’s receipt of such award or payment,
Lender may nonetheless retain such award or payment to the extent required to reimburse Lender for all costs and expenses, including
attorneys’ fees, incurred in connection therewith, and to discharge any deficiency remaining with respect to the Secured
Obligations.

 

4.9 Mechanics’
Liens. Borrower will keep the Property free and clear of all liens and claims of liens by contractors, subcontractors, mechanics,
laborers, materialmen, and other such persons, and will cause any recorded statement of any such lien to be released of record
within sixty (60) days after receipt of notice of the recording thereof. Notwithstanding the preceding sentence, however,
Borrower will not be deemed to be in default under this Section if and so long as Borrower (a) contests in good faith
the validity or amount of any asserted lien and diligently prosecutes or defends an action appropriate to obtain a binding determination
of the disputed matter, (b) provides Lender with such security as Lender may reasonably require to protect Lender against
all loss, damage, and expense, including attorneys’ fees, which Lender might incur if the asserted lien is determined to
be valid, and (c) the contest of such lien halts the enforcement of such lien.

 

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4.10 Defense of
Actions. Borrower will defend, at Borrower’s expense, any action, proceeding or claim which affects any property encumbered
hereby or any interest of Lender in such property or in the Secured Obligations, and will indemnify and hold Lender harmless from
all loss, damage, cost, or expense, including attorneys’ fees, which Lender incurs in connection therewith.

 

4.11 Expenses of
Enforcement. Borrower will pay all out-of-pocket costs and expenses, including reasonable attorneys’ fees, which Lender
incurs in connection with any effort or action (whether or not litigation or foreclosure is involved) to enforce or defend Lender’s
rights and remedies under any of the Loan Documents, including but not limited to all attorneys’ fees, appraisal fees, consultants’
fees, and other expenses incurred by Lender in securing title to or possession of, and realizing upon, any security for the Secured
Obligations. All such costs and expenses (together with interest thereon at the Default Rate from the date incurred) shall constitute
part of the Secured Obligations, and may be included in the computation of the amount owed to Lender for purposes of foreclosing
or otherwise enforcing this Mortgage.

 

4.12 Financial and
Other Information. During the term of the Loan, Borrower shall deliver to Lender (a) within sixty (60) days
following the end of each calendar quarter, Borrower’s quarterly operating statements for the Property for the preceding
quarter, and, within ninety (90) days following the end of each calendar year, annual operating statements for the Property
for the preceding calendar year, in each case prepared against the budget for such year; (b) contemporaneously with Borrower’s
delivery of each of such operating statements, a certified rent roll detailing the names of all tenants under the Leases, the portion
of the improvements constituting a portion of the Property occupied by each tenant, the rent and any other charges payable under
each Lease, the commencement date and expiration date of each Lease, and the term of each Lease; and (c) an annual balance
sheet of Borrower and each Surety. The financial statements and reports described in (a) and (c) above shall
be in such detail as Lender may reasonably require, shall be prepared in accordance with generally accepted accounting principles
consistently applied or such other sound and generally accepted accounting method as may be acceptable to Lender, shall be certified
as true and correct by Borrower or the applicable Surety, and the annual balance sheet of Borrower and each Surety shall have been
audited by a certified public accountant (or if such audit has not been completed by the due date for such report, Borrower shall
provide the unaudited, but certified, copy of the annual balance prior to the due date and provide the audited annual balance sheets
within sixty (60) days thereafter). Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing,
Borrower shall not be required to submit to Lender audited financial statements for either Borrower or Surety and, in lieu thereof,
may submit internally prepared financial statements, certified by Borrower or the applicable Surety as true and correct, for the
Property, Borrower, and Surety, as required herein. In addition, Borrower shall also furnish to Lender any other financial reports
or statements of Borrower as Lender may reasonably request. Upon Lender’s demand following the occurrence and during the
continuance of an Event of Default by Borrower, Borrower shall supply to Lender the items required in (a) and (b) above
on a monthly basis. Additionally, upon Lender’s demand, if Lender intends to securitize the Loan and until the Loan is contributed
to the securitization structure, Borrower shall supply to Lender the items required in (a) and (b) above on a monthly
basis. With respect to the financial statements of Surety, Lender acknowledges that Surety’s financials are consolidated
with Parent Company and, so long as Lender is reasonably able to determine the financial status, net worth, and liquidity of Surety
from such financial statements, independent of other entities, Lender will accept such financial statement, in lieu of a financial
statement of Surety directly.

 

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4.13 Priority of
Leases. To the extent Borrower has the right, under the terms of any Lease, to make such lease subordinate to the lien hereof,
Borrower will, at Lender’s request and Borrower’s expense, take such action as may be reasonably required to effect
such subordination. Conversely, Borrower will, at Lender’s request and Borrower’s expense, take such action as may
be necessary to subordinate the lien hereof to any future Lease designated by Lender.

 

4.14 Inventories;
Assembly of Chattels. Borrower will, from time to time at the request of Lender, supply Lender with a current inventory of
the Chattels and the Intangible Personalty, in such detail as Lender may require. Upon the occurrence of any Event of Default hereunder,
Borrower will at Lender’s request assemble the Chattels and make them available to Lender at any place designated by Lender
which is reasonably convenient to both parties.

 

4.15 Compliance
with Laws, Etc. Borrower shall comply in all material respects with all applicable state, federal, and other laws, rules, regulations
and orders, such compliance to include, without limitation, maintaining all Permits and paying before the same become delinquent
all taxes, assessments and governmental charges imposed upon Borrower or the Property.

 

4.16 Records and
Books of Account. Borrower shall keep accurate and complete records and books of account, in which complete entries will be
made in accordance with generally accepted accounting principles consistently applied, reflecting all financial transactions relating
to the Property.

 

4.17 Inspection
Rights. At any reasonable time, and from time to time, upon reasonable advance written notice, Borrower shall permit Lender,
or any agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of,
and visit and inspect the Property and to discuss with Borrower the affairs, finances and accounts of Borrower.

 

4.18 Change of Borrower’s
Address or State of Organization. Borrower shall promptly notify Lender if changes are made in Borrower’s address from
that set forth in Section 9.10 hereof, or if Borrower shall either change its “location” (as such
term is used in Section 5.8 hereof), its state of organization or if Borrower shall organize in any state other than
the State of Delaware.

 

4.19 Further Assurances;
Estoppel Certificates. Borrower will execute and deliver to Lender upon demand, and pay the costs of preparation and recording
thereof, any further documents which Lender may reasonably request to confirm or perfect the liens and security interests created
or intended to be created hereby, or to confirm or perfect any evidence of the Secured Obligations. Borrower will also, within
ten (10) business days after any request by Lender, deliver to Lender a signed and acknowledged statement certifying to Lender,
or to any proposed transferee of the Secured Obligations, (a) the balance of principal, interest, and other sums then outstanding
under the Note, and (b) whether Borrower claims to have any offsets or defenses with respect to the Secured Obligations and,
if so, the nature of such offsets or defenses.

 

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4.20 Costs of Closing.
Borrower shall on demand pay directly or reimburse Lender for any out-of-pocket costs or expenses incurred by Lender in connection
with the closing of the Loan, including, but not limited to, all fees and other charges of outside counsel for Lender, costs and
expenses for which invoices were not available at the closing of the Loan, or costs and expenses which are incurred by Lender after
such closing, including, without limitation, costs or expenses incurred to obtain originals or copies of recorded or filed Loan
Documents and UCC financing statements. Any invoice for the legal fees and expenses of Lender’s counsel shall not be required
to show narratives or any other items that Lender reasonably determines constitute attorney-client privileged information. Reimbursement
for costs and expenses incurred prior to closing of the Loan, but not reimbursed at or before closing, shall not exceed $25,000.00,
excluding the costs, fees and expenses of Lender’s counsel, which shall not be subject to the foregoing cap; additionally,
the foregoing shall not limit or cap the reimbursement of Lender’s costs and expenses that are paid prior to or at closing
of the Loan. All such costs and expenses (together with interest thereon at the Default Rate from the date incurred by Lender)
shall constitute a part of the Secured Obligations, and may be included in the computation of the amount owed to Lender for purposes
of foreclosing or otherwise enforcing this Mortgage.

 

4.21 Fund for Electronic
Transfer. All monthly payments of principal and interest on the Note, and impound deposits under this Mortgage, shall be made
by Borrower by electronic funds transfer from a bank account established and maintained by Borrower for such purpose. Borrower
shall establish and maintain such an account until the Note is fully paid and shall direct the depository of such account in writing
to so transmit such payments on or before the respective due dates to the account of Lender as shall be designated by Lender in
writing.

 

4.22 Use. Borrower
shall use the Property solely for the operation of a warehouse and industrial complex and for no other use or purpose.

 

4.23 Management.
The Property shall be managed by Oxford Development Company (“Property Manager”) under a management agreement
previously delivered to, and approved, by Lender (the “Management Agreement”). Borrower shall not permit any
amendment to or modification of the Management Agreement, or management of the Property by any person or entity other than Property
Manager, without the prior written consent of Lender not to be unreasonably withheld, conditioned or delayed.

 

4.24 Surety.
Within thirty (30) days after the death of an individual Surety (if applicable), Borrower shall notify Lender in writing
of such death and provide to Lender the names and current financial statements of one or more substitute sureties reasonably acceptable
to Lender (a) (i) whose net worth and financial condition is, in Lender’s reasonable discretion, equivalent
to or better than the deceased Surety, or (ii) who are the heirs, devisees and beneficiaries of substantially all of the deceased
Surety’s assets, and (b) (i) whose net worth equals or exceeds the minimum net worth required under the Suretyship
Agreement, when added to the net worth of the remaining persons and/or entities comprising Surety, and (ii) whose net worth
includes cash and cash equivalents that equals or exceeds the minimum liquid assets required under the Suretyship Agreement, when
added to the amount of cash and cash equivalents owned by the remaining persons and/or entities comprising Surety. Within sixty (60) days
after the death of the individual Surety, each substitute Surety(ies) shall (A) deliver to Lender the financial reports and
statements required in Section 4.12 hereof and Section 14 of the Suretyship Agreement and (B) execute and
deliver to Lender a suretyship agreement and environmental indemnity agreement in substantially the same form as the Suretyship
Agreement and Environmental Indemnity Agreement and such other instruments as Lender may reasonably require.

 

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4.25 General Indemnity.
Borrower agrees that while Lender has no liability to any person in tort or otherwise as lender and that Lender is not an owner
or operator of the Property, Borrower shall, at its sole expense, protect, defend, release, indemnify and hold harmless the Indemnified
Parties (defined below) from any Losses (defined below) imposed on, incurred by, or asserted against the Indemnified Parties, directly
or indirectly, arising out of or in connection with the Property, Loan, or Loan Documents; provided, however, that the foregoing
shall not apply (a) to any Losses caused by the gross negligence or willful misconduct of the Indemnified Parties or (b) provided
no Event of Default then exists, to any disputes among the Indemnified Parties not caused in whole or in part by a breach of Borrower’s
obligations under the Loan Documents. The term “Losses” shall mean any claims, suits, liabilities (including
strict liabilities), actions, proceedings, obligations, debts, damages, losses (including, without limitation, unrealized loss
of value of the Property), costs, expenses, fines, penalties, charges, fees, judgments, awards, and amounts paid in settlement
of whatever kind including reasonable attorneys’ fees and all other costs of defense including fees and disbursements incurred
on appeal. The term “Indemnified Parties” shall mean (i) Lender, (ii) any prior owner or holder of
the Note, (iii) any existing or prior servicer of the Loan, (iv) Trustee, (v) the officers, directors, shareholders,
partners, members, employees and trustees of any of the foregoing, and (vi) the heirs, legal representatives, successors and
assigns of each of the foregoing. THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNIFIED PARTY WITH RESPECT TO LOSSES WHICH
IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OF SUCH (AND/OR ANY OTHER) INDEMNIFIED PARTY OR ANY STRICT LIABILITY.

 

4.26 Duty to Defend,
Costs and Expenses. Upon request, whether Borrower’s obligation to indemnify Lender arises under Section 4.25
above or elsewhere in the Loan Documents, Borrower shall defend the Indemnified Parties (in Borrower’s or the Indemnified
Parties’ names) by attorneys and other professionals reasonably approved by the Indemnified Parties. Notwithstanding the
foregoing, the Indemnified Parties may, in their sole discretion, engage their own attorneys and professionals to defend or assist
them and, at their option, their attorneys shall control the resolution of any claims or proceedings. Upon demand, Borrower shall
pay or, in the sole discretion of the Indemnified Parties, reimburse the Indemnified Parties for all Losses imposed on, incurred
by, or asserted against the Indemnified Parties by reason of any items set forth in Section 4.25 above and/or the enforcement
or preservation of the Indemnified Parties’ rights under the Loan Documents. Any amount payable to the Indemnified Parties
under this Section shall (a) be deemed a demand obligation, (b) be part of the Secured Obligations, (c) bear
interest from the date of demand at the Default Rate until paid if not paid on demand, and (d) be secured by this Mortgage.

 

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4.27 Actions by
Lender. If Borrower shall fail to make any payment or perform any covenant as and in the manner provided in any of the Loan
Documents, so long as such failure continues beyond any applicable grace, notice or cure period, Lender in its sole discretion,
without obligation to do so and without notice to or demand upon Borrower and without releasing Borrower from any obligation, may
make or perform the same in such a manner and to such extent as it may deem necessary to protect the security hereof. Lender shall
be permitted to pay all reasonable expenses incurred in connection therewith, including, without limitation, employment of counsel
and other consultants, engineers, contractors, appraisers, surveyors, and other professionals. Borrower shall, upon demand by Lender,
pay all reasonable costs and expenses incurred by Lender in connection with the exercise by Lender of the foregoing rights, together
with interest thereon at the Default Rate from the date demanded by Lender.

 

4.28 Single Purpose
Entity. Borrower shall be a single purpose, bankruptcy remote entity, exclusively formed for owning and operating the Property.
Borrower’s form, structure and organizational documents shall be acceptable to Lender in its reasonable discretion. Borrower’s
organizational documents shall contain representations, warranties and covenants of Borrower (collectively, the “Special
Purpose Entity Requirements”), in form and content required by Lender, reflecting that Borrower shall be a special purpose
bankruptcy remote entity meeting specific criteria reasonably required by Lender. The Special Purpose Entity Requirements shall
remain applicable throughout the term of the Loan.

 

Lender shall not require
any independent director, independent manager, or springing member/partner in the Special Purpose Entity Requirements, or require
any non-consolidation opinion.

 

Article 5

BORROWER’S NEGATIVE COVENANTS

 

5.1 Waste and Alterations.
Borrower will not commit or permit any waste with respect to the Property or the Chattels. Borrower shall not cause or permit any
part of the Property, including but not limited to any building, structure, parking lot, driveway, landscape scheme, timber, or
other ground improvement, to be removed, demolished, or materially altered without the prior written consent of Lender not to be
unreasonably withheld, conditioned or delayed.

 

5.2 Zoning and Private
Covenants. Borrower will not initiate, join in, or consent to any change in any zoning ordinance or classification, any change
in the “zone lot” or “zone lots” (or similar zoning unit or units) presently comprising the Property, any
transfer of development rights, any private restrictive covenant, or any other public or private restriction limiting or defining
the uses which may be made of the Property or any part thereof, without the express written consent of Lender. If under applicable
zoning provisions the use of all or any part of the Property is or becomes a nonconforming use, Borrower will not cause such use
to be discontinued or abandoned without the express written consent of Lender, and Borrower will use its best efforts to prevent
the tenant under any Lease from discontinuing or abandoning such use.

 

5.3 Interference
with Leases.

 

(a) Borrower
will neither do, nor neglect to do, anything which may cause or permit the termination of any Lease of all or any part of the Property,
or cause or permit the withholding or abatement of any rent payable under any such Lease.

 

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(b) All Leases
(i) unless the Leases are for individual apartments, shall be subject to Lender’s approval, or (ii) if the Leases
are for individual apartments, shall (A) have original terms of no less than six (6) months, (B) be with bona
fide, arm’s length tenants, (C) contain rental and other terms consistent with those prevailing in the applicable market,
and (D) be on a form previously delivered to and approved by Lender. Any submission by Borrower for Lender’s approval
of a Lease or modification thereof shall be accompanied by a copy of such Lease or modification, a Lease abstract, a then-current
rent roll for the Property, year-to-date and prior year operating statements for the Property, and a cover letter requesting Lender’s
approval which contains a signature line on which Lender may evidence its approval of such Lease or modification.

 

(c) Notwithstanding
the provisions of Section 5.3, Lender’s written consent will not be required prior to entering into any new Safe
Harbor Lease (as defined below) provided that no Event of Default has occurred and is continuing, and Borrower delivers a copy
of such Safe Harbor Lease to Lender within ten (10) business days after execution thereof together with Borrower’s
written certification that such copy is a true, correct and complete copy of the Safe Harbor Lease and that all of the conditions
set forth in this sentence and in the definition of “Safe Harbor Lease” have been satisfied. However, Lender’s
written consent will be required prior to entering into any Lease that would otherwise qualify as a Safe Harbor Lease, as a condition
to executing any non-disturbance or recognition agreement requested by the tenant thereunder, which non-disturbance or recognition
agreement shall be in form and substance acceptable to Lender in its sole discretion.

 

(d) For purposes
of Section 5.3(c), the term “Safe Harbor Lease” shall be a Lease that meets all of the following
conditions:

 

(i) on a standard
form of lease previously approved in writing by Lender, with such changes only as are necessitated by the business terms satisfying
the requirements of this definition of “Safe Harbor Lease” and other non-material changes as are commercially reasonable;

 

(ii) entered
into at arm’s length with a third party tenant unaffiliated with Borrower or Surety, which tenant shall be creditworthy and
reputable;

 

(iii) the net
rentable area of the leased premises, when combined with any other space in the Property leased to an affiliate of the tenant,
shall not exceed 20,000 rentable square feet and shall not contain any tenant expansion options that, if exercised, would cause
the leased premises to exceed such rentable square footage limitations;

 

(iv) the term
of the Lease shall not be less than five (5) years or greater than twenty (20) years (excluding tenant renewal
options that comply with clause (vi) below) or the Lease is a “seasonal” retail lease with a term of less than
six (6) months without any options to extend the term of the Lease; provided, however, with respect to any renewal of
the Lease with USPS, for said renewal to be considered a Safe Harbor Lease, the term must exceed ten (10) years;

 

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(v) the minimum
contract rent during the initial term of the Lease (after taking into consideration tenant improvement allowances, rental abatement
periods, and other leasing concessions) is equal to or greater than then current fair market rental rate for the leased premises;

 

(vi) the minimum
contract rent during any extension or renewal term shall be either (A) fixed at the time the Lease is executed, which rent
shall not be reduced from that charged during the initial term, shall be not less than the then current fair market rental rate
for the leased premises during such renewal terms, and contain such increases as would be fair and consistent with the market at
the time the Lease is executed, or (B) determined at the time of renewal and not be less than ninety percent (90%) of
the then-current fair market rental rate for the leased premises;

 

(vii) the leasing
commission for such Lease shall not be greater than then-current market conditions;

 

(viii) requires
tenant to attorn to Lender or Lender’s successor in interest upon such party’s acquisition of title and at such party’s
sole option;

 

(ix) does not
contain any requirement for a non-disturbance or recognition agreement, or any other provision which would adversely affect Lender’s
rights under the Loan Documents in any material way;

 

(x) does not
contain any material restrictions on the landlord’s rights to lease remaining portions of the Property, excluding reasonable
and customary tenant exclusions for shopping centers of similar size;

 

(xi) does not
contain any provision that would permit the abatement or reduction of rent (including the conversion of fixed rent to percentage
rent), in whole or in part, for any reason, other than during restoration for a casualty, for more than twelve (12) consecutive
months (i.e., a co-tenancy clause that would trigger percentage rent for the remainder of the lease term) unless, at the end of
the twelve (12) months, the tenant must either reinstate full rent or terminate the lease and surrender the premises;

 

(xii) does
not contain any option, right of first refusal, right of first offer or other preferential right to purchase the Property or any
portion thereof, or termination options (other than in the event of material casualty or condemnation or material landlord default)
and does not grant tenant any incentives equivalent to an ownership interest in the Property or grant tenant any interest in the
ownership of the Property, or otherwise contain terms that would cause a material impairment of Lender’s security; and

 

(xiii) complies
with all applicable state, federal and other law.

 

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(e) Except
with the prior written consent of Lender, which may be granted or withheld in Lender’s sole discretion, Borrower will not
(i) collect rent from all or any part of the Property for more than one month in advance, (ii) assign the rents from
the Property or any part thereof, or (iii) consent to the cancellation or surrender of all or any part of any Lease, except
that Borrower may in good faith terminate any Lease for nonpayment of rent or other material breach by the tenant.

 

(f) Without
limiting the generality of the foregoing, whether or not Lender’s consent to the cancellation or surrender of any Lease is
required hereunder, (i) Borrower shall notify Lender in writing of any cancellation penalties or other consideration payable
to Borrower in connection with such cancellation or surrender (the “Termination Fees”), which written notice
must be delivered to Lender prior to the payment by the applicable tenant of any such Termination Fees to Borrower, and (ii) at
Lender’s sole option, Lender shall be entitled to (A) require that Borrower deposit such Termination Fees into a reserve
held by Lender or Lender’s loan servicer, and (B) impose such restrictions and conditions on the timing and amount of
disbursements of the Termination Fees from such reserve as Lender may require in its reasonable discretion, including, without
limitation (x) requiring that (1) such vacant space be relet to a tenant and under a Lease acceptable to Lender in its
reasonable discretion (an “Approved Lease”), (2) the tenant under the Approved Lease is in occupancy of
the Property and paying rent, (3) Borrower provide to Lender a tenant estoppel certificate from the tenant under the Approved
Lease in a form acceptable to Lender in Lender’s reasonable discretion, and (4) Borrower provide to Lender evidence
acceptable to Lender in its reasonable discretion that all improvements to the Property required by the Approved Lease have been
completed, and (y) limiting the amount of such disbursement to the lesser of the actual cost of retenanting such space or
the amount calculated by dividing the Termination Fees by the total square feet of space vacated, then multiplying that result
by the number of square feet of newly leased space under the Approved Lease. Borrower shall pay all actual out-of-pocket fees and
expenses incurred by Lender or Lender’s loan servicer in connection with opening, holding, maintaining and administering
such reserve, provided that, at Lender’s sole option, Lender and or Lender’s loan servicer may automatically
deduct such fees and expenses from funds on deposit in such reserve without notice to or consent from Borrower. Upon the occurrence
of an Event of Default, Lender may apply any Termination Fees to the Secured Obligations in such order and in such manner as determined
by Lender in its sole discretion. Notwithstanding the foregoing, if the Termination Fees are applicable to a Major Tenant (as defined
in the TI/LC Reserve Agreement), Borrower shall deposit such Termination Fees into the Reserve (as defined in the TI/LC Reserve
Agreement) in connection with the applicable Major Tenant, and the funds shall be disbursed in accordance with the TI/LC Reserve
Agreement.

 

5.4 Transfer or
Further Encumbrance of Property.

 

(a) Transfer
or Further Encumbrance of Property – General Provision. Without Lender’s prior written consent, which consent may
be granted or withheld in Lender’s sole and absolute discretion, Borrower shall not (a) directly or indirectly sell,
assign, convey, transfer or otherwise dispose of the Property or any portion thereof or any direct or indirect legal, beneficial
or equitable interest in all or any part of the Property, (b) permit or suffer any owner, directly or indirectly, voluntarily
or involuntarily, of any direct or indirect beneficial interest in the Property or Borrower to transfer such interest, whether
by transfer of partnership, membership, stock or other beneficial interest in any entity or otherwise, or (c) mortgage, pledge,
hypothecate or otherwise encumber or permit or suffer to be encumbered or grant or permit to be granted a security interest in
all or any part of, or any direct or indirect legal, beneficial or equitable interest in, the Property or Borrower.

 

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(b) Permitted
Transfer of Chattel and Personal Property. Notwithstanding the foregoing to the contrary, it shall not be a violation of the
due on sale provisions of the Loan Documents if Borrower sells, transfers, or removes Chattels or other personal property from
the Property in the ordinary course of operation and management of the Property as a prudent owner, operator and manager of similar
properties would own, operate, and manage the Property, (i) if the same is contemporaneously replaced with similar items of
equal or greater value and of similar utility, or (ii) if such item is immaterial and obsolete, has no material value, or
is non-essential and non-material to the use, management, and operation of the Property.

 

(c) Public
Trading of Shares. Notwithstanding Section 5.4(a) above or the “due-on-sale” provisions of the Loan
Documents to the contrary, the public trading of shares in the ordinary course on a reputable national stock exchange in the United
States in any entity that is an indirect owner of Borrower above Surety and that is a publicly traded entity, so long as said entity
is and remains a publicly-traded entity whose shares of stock are listed and traded on a reputable national stock exchange in the
United States, shall be permitted without Lender’s prior written consent or notice.

 

(d) Permitted
Transfers of Direct or Indirect Ownership Interest in Borrower. Notwithstanding Section 5.4(a) above or the “due-on-sale”
provisions of the Loan Documents to the contrary, the following transfers are permitted without Lender’s prior written consent:

 

(i) Merger
or Acquisition of Parent Company. Provided that Transfer Conditions (B), (C), (D)(I), (E)(II), (F), (G), (H), (I) (provided
that Borrower shall not be required to provide copies of the documents that effectuated such transfer), and (J), as defined below,
have all been satisfied, transfer of all or substantially all of the ownership in Parent Company or the transfer of all or substantially
all of the assets of Parent Company, in either event, to another single entity; provided, however, in such event, if Surety will
no longer be owned and controlled by the successor to Parent Company or if, after giving effect to the transfer, Surety will no
longer satisfy the net worth and liquidity obligations under the Loan Documents, the ownership or control requirements of Borrower
set forth below, or any other obligations or conditions of Surety as set forth in the Loan Documents, the transferee shall provide
a substitute surety (the “Substitute Surety”) to replace Surety, that is reasonably acceptable to Lender and
that satisfies the Substitute Surety Conditions, as defined below.

 

(ii) Transfers
Between Affiliates. Provided that the Transfer Conditions, as defined below, are satisfied, transfers of an indirect ownership
interest in Borrower or Surety to another entity that is wholly owned by Parent Company; and

 

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(iii) Other
Transfers of Up to 49% of Interests in Borrower. Provided that the Transfer Conditions, as defined below, are satisfied, transfers
(other than encumbrances) to any person or entity other than those specified in clauses (i) and (ii) above, in the aggregate over
the term of the Loan, of up to forty-nine percent (49%) of the direct and indirect ownership interests in Borrower.

 

(iv) Certain
Definitions.

 

		(1)	“Substitute Surety Conditions” means
the following terms and conditions: (A) Substitute Surety shall have furnished to Lender, if Substitute Surety is a corporation,
partnership, limited liability company or other entity or trust, certified copies of all documents evidencing Substitute Surety’s
organization and good standing, and the qualification of the signers to execute a substitute Suretyship Agreement, which documents
shall include certified copies of all documents relating to the organization and formation of Substitute Surety; (B) Borrower
shall have caused Substitute Surety to have executed and delivered a Suretyship Agreement and Environmental Indemnity Agreement,
in the forms executed by Surety at the closing of the Loan, to Lender and Borrower and Substitute Surety shall have executed and
delivered to Lender such additional modifications to the Loan Documents as Lender may reasonably request to reflect such substitution
of surety, provided that in no event shall any such modifications increase or expand the liabilities of Borrower or increase or
expand Substitute Surety’s liabilities beyond those of the original Surety; (C) the Substitute Surety shall meet all
of Lender’s underwriting criteria, including know-your-counterparty and the applicable representations and warranties in
Section 13 of the application for the Loan and Borrower shall provide Lender with such due diligence and other information
as Lender may reasonably request in connection therewith; (D) the Substitute Surety’s net worth and liquid assets equal
or exceed the net worth and liquid asset obligations set forth in the Loan Documents; and (E) Borrower shall cause Borrower’s
counsel and counsel for Substitute Surety to deliver such legal opinions as Lender may reasonably request in connection with the
Substitute Sureties and other documents executed by Borrower and Substitute Surety in connection herewith.

 

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		(2)	“Transfer Conditions” mean all of
the following: (A) no monetary default or material non-monetary default or Event of Default has occurred and is continuing
as of the date of the Permitted Transfer Notice (as defined below) and as of the date of the transfer, (B) there has been
no change in control of Borrower (other than a transfer under subsection 5.4(d)(i), in which the successor to Parent Company
assumes control), nor will the proposed transfer result in a change in control of Borrower (other than a transfer under subsection 5.4(d)(i),
in which the successor to Parent Company assumes control), and, immediately following the consummation of any such transfer, Parent
Company (or its successor after a transfer under subsection 5.4(d)(i) above) continues to directly or indirectly control
Borrower and own, directly or indirectly, at least 51% of the ownership interest in Borrower, (C) Surety (or, if applicable,
the Substitute Surety) continues to directly or indirectly own at least 51% of Borrower, (D) not less than thirty (30)
days prior to the consummation of any such transfer (unless said transfer is due to a death), Borrower shall (I) deliver
to Lender written notice of the proposed transfer (the “Permitted Transfer Notice”), together with (w) an
organizational chart illustrating the ownership structure both before and after the consummation of the proposed transfer (an
“Organizational Chart”), which Organizational Chart shall set forth Borrower’s and Surety’s complete
direct and indirect upstream ownership, percentage interests held by each upstream entity or person and type of each such entity
and specifically identify and highlight any party that would, as a result of the proposed transfer, hold 20% or more of the direct
or indirect interests, whether legal or beneficial, in Borrower or Surety, if such party held less than 20% of such interests
prior to giving effect to the proposed transfer, and (x) a list of all persons and entities after the proposed transfer that
will directly or indirectly control Borrower and Surety and all persons and upstream entities (including the type of such entity
and state or commonwealth of formation) that hold twenty percent (20%) or more of the direct or indirect interest, whether
legal or beneficial, in Borrower or Surety, specifically highlighting the changes that will occur in such list as a result of
the proposed transfer, and (II) pay an administrative review fee equal to $5,000.00 to Lender or, at Lender’s election,
to Lender’s asset manager; (E) (I) the proposed transferee, its Controlling Persons, and their respective constituent
members that have a 10% or greater, direct or indirect, ownership interest in the proposed transferee or its Controlling Persons:
(w) are citizens of the United States of America, or a State or Commonwealth of the United States of America or the District
of Columbia, or, in the alternative, as applicable, are an entity organized under the laws of the any of the foregoing with constituent
members that are a citizen of one or more of the foregoing, (x) have never been convicted, indicted, or otherwise charged
with a criminal act that would constitute a felony involving moral turpitude under the laws of the United States of America, including
the laws of the various states, commonwealths, and territories thereof; (y) during the preceding ten (10) years, have
not been a party to a bankruptcy, insolvency, or other similar proceeding as a debtor, whether under the bankruptcy laws of the
United States of America, or any state, commonwealth, or other territory thereof, or any other country or jurisdiction and have
never had a receiver, trustee, or liquidator appointed with respect to its property or any portion thereof, and (z) have
no outstanding and unpaid judgments that would be a breach or default under the Loan Documents, and (II) the proposed transferee,
its Controlling Persons, and their respective constituent members are not then an OFAC Listed Person and are not in violation
of or under investigation for possible violation of, nor previously violated, any Anti-Money Laundering Laws and otherwise comply
with the representations and warranties contained in Section 13 of the application for the Loan; (F) such transfer shall
not impair or adversely affect Lender’s security under the Loan Documents, including the obligations of Borrower thereunder
and under this Mortgage; (G) such transfer could not subject Lender or any of Lender’s affiliates to any civil or criminal
penalties in any jurisdiction or otherwise constitute an unlawful act, offence, or crime by Lender or any of Lender’s affiliates,
including under any of the laws, regulations and executive orders; (H) immediately following the consummation of such transfer,
all of the representations and warranties of Borrower as set forth in the Loan Documents shall remain true, complete and correct,
except solely to reflect the changes resulting from such transfer; (I) not later than ten (10) business days following
any such transfer, Borrower shall provide Lender with (I) evidence reasonably satisfactory to Lender that all of the required
Transfer Conditions have been satisfied with respect to such transfer and (II) a certificate signed by Borrower that (A) certifies
to Lender that all of the required Transfer Conditions have been satisfied with respect to such transfer, and (II) attaches
(w) a final Organizational Chart confirming the new ownership structure of Borrower (certified as being true, complete and
correct by Borrower), (x) a copy of the documents effectuating the transfer and a copy of the organizational documents of
the entities affected by such transfer, as amended (certified as being true, complete and correct by Borrower), and (y) any
other information that Lender may reasonably request; and (J) Borrower shall pay or reimburse Lender for all of the out-of-pocket
costs, fees and expenses incurred by Lender in respect of any such transfer, regardless of whether such transfer is consummated
(including all legal, processing, accounting, title insurance and appraisal fees and costs).

 

		(3)	The term “control” or “controlled”
means the power or authority, directly or indirectly through one or more intermediaries, through the ownership of voting securities,
by contract or otherwise, to direct the management, activities and policies of such person or entity.

 

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(e) One-Time
Permitted Transfer of the Property. Provided that the USPS Lease has been renewed for a term which does not terminate prior
to the Maturity Date, notwithstanding subsection 5.4(a) above or the “due on sale” provisions of the Loan
Documents to the contrary, Lender shall permit a one-time transfer on or after the date that is three (3) years after the
date hereof of all, but not less than all, of the Property provided that all of the following conditions are satisfied: (i) no
default or Event of Default has occurred and is continuing; (ii) Borrower has paid to Lender an assumption fee of one percent (1%)
of the outstanding principal balance of the Loan; (iii) as of the date of the transfer and the date of the Assumption Notice
(as defined below): (A) the Debt Service Coverage Ratio (as hereinafter defined) is not less than 1.30:1.00, and Lender receives
written evidence reasonably satisfactory to Lender of the Debt Service Coverage Ratio and that Debt Service Coverage Ratio will
be maintained for the twelve (12) months immediately following the consummation of such transfer, based upon a then leases-in-place
analysis using the projected operating expenses for the next twelve (12) months, as reasonably determined by Lender, and (B) the
Loan-to-Value Ratio, taking into account all obligations secured by liens on the Property, does not exceed 60% (Lender reserves
the right to order an updated appraisal to establish the Loan-to-Value Ratio, at Borrower’s cost and expense); (iv) the
proposed transferee and its principals and control parties (A) have total assets under management in excess of $50,000,000.00
(exclusive of the Property) and (B) are regularly engaged in the business of owning, investing in, and managing commercial
real estate similar to the Property and has a satisfactory history of owning, investing in, and managing such properties, as reasonably
determined by Lender; (v) the principals of the proposed transferee acceptable to Lender in Lender’s reasonable discretion
shall execute a suretyship agreement in the form of the Suretyship Agreement and an environmental indemnity agreement in the form
of the Environmental Indemnity Agreement and said replacement sureties (the “Replacement Sureties”) shall have
a net worth of at least $30,000,000.00 (exclusive of the Property) and liquidity of $1,000,000.00 and shall covenant to retain
the same for the remainder of the term of the Loan as well as provide such financial reports as Lender may reasonably require to
verify the same; (vi) Lender has received at least sixty (60) days prior written notice (the “Assumption Notice”)
of the proposed transfer and, at the time such notice is given, Borrower pays to Lender’s asset or investment manager, a
processing fee in the amount of $10,000.00 in advance of Lender’s consideration of such proposed transfer; (vii) Borrower
shall pay or reimburse Lender for all of the out-of-pocket costs, fees and expenses incurred by Lender in respect of any such transfer,
including, without limitation, all legal, processing, accounting, title insurance, and appraisal fees and costs, whether or not
such transfer is actually consummated; (viii) at least thirty (30) days prior to the proposed transfer, Borrower shall
provide Lender with an Organizational Chart illustrating the ownership structure of the proposed transferee and Replacement Surety(ies),
setting forth the complete direct and indirect upstream ownership of the proposed transferee and Replacement Surety, percentage
interests held by each upstream entity or person and type of each such entity and specifically identify and highlight any party
that will hold twenty percent (20%) or more of the direct or indirect interests in the proposed transferee and the Replacement
Surety(ies); (ix) at least ten (10) business days prior to the proposed transfer, Lender shall receive (A) all organizational
documentation of the proposed transferee and the Controlling Persons of the proposed transferee, including without limitation,
certificates and articles of formation, partnership and operating agreements, bylaws, certificates of good standing and authorizing
resolutions and (B) all documents and agreements executed or to be executed in connection with the proposed transfer of the
Property to the proposed transferee (including, without limitation, any tenancy-in-common agreements and any management or similar
documents pursuant to which the tenancy-in-common is managed or controlled, if applicable), all of which must conform with the
requirements of the Loan Documents and be in form and substance reasonably acceptable to Lender; (x) after the consummation
of the proposed transfer, the proposed transferee shall continue to satisfy the Special Purpose Entity Requirements, as more particularly
set forth in the Loan Documents; (xi) prior to consummation of the proposed transfer, Lender shall have received UCC, bankruptcy,
judgment, tax lien, and litigation searches and such other due diligence materials and information as Lender may request on the
proposed transferee, each Replacement Surety, each Controlling Person of the proposed transferee and each Replacement Surety, and
each other person owning a direct or indirect interest in the proposed transferee and Replacement Surety and each other person
that will own a direct or indirect interest in Borrower and each Recourse Surety after the proposed transfer is consummated, as
reasonably designated and determined by Lender, all of which must also be reasonably acceptable to Lender in both form and substance;
(xii) if the proposed transferee is a land trust, Lender has received a first-lien collateral assignment of all beneficial
interest therein; (xiii) in connection with the consummation of the proposed transfer, the non-economic terms (e.g., those
terms other than interest rate, payment schedule, principal balance, and non-recourse nature) of the Loan Documents have been modified
as Lender may request in good faith with such modifications being limited to those changes deemed by Lender in its reasonable discretion,
to be reasonably necessary due to the specific transferee, or due to changes in law, rules, or regulations that have occurred since
the closing of the Loan; (xiv) at the consummation of the proposed transfer, the proposed transferee has assumed all of Borrower’s
obligations under the Loan Documents pursuant to a recordable assumption agreement in form and substance reasonably satisfactory
to Lender; (xv) the proposed transferee and Replacement Sureties, and the Controlling Person(s) of same, have, in the sole
judgment of Lender exercised in good faith, a satisfactory credit history and professional reputation and character; (xvi) if
Lender requests in its reasonable discretion, Borrower shall deliver to Lender a new or updated survey confirming that there are
no survey exceptions other than those set forth in the survey exceptions in such title insurance policy insuring the Mortgage;
(xvii) Lender has received such endorsements to its mortgagee’s title insurance policy at Borrower’s expense,
as Lender may reasonably request, including, without limitation, if available, an endorsement that re-dates the date of such title
insurance policy and states that the lien of the Mortgage remains a first and prior lien against the Property subject to no exceptions
other than those set forth in the existing policy or as approved by Lender; (xviii) at the consummation of the proposed transfer,
a written opinion of counsel for the proposed transferee and the Replacement Sureties, reasonably satisfactory to Lender, shall
be delivered to Lender, including, without limitation, that the execution of the documents in connection with the transfer have
been duly authorized, executed and delivered by all necessary parties (other than Lender), all Loan Documents, as amended by the
documents associated with the transfer, are enforceable against the transferee and the Replacement Sureties after the consummation
of the proposed transfer (subject to customary exceptions, limitations, assumptions for similar loans and properties in the applicable
state or commonwealth as determined by Lender), the Loan transaction is not usurious, the loan security documents are in sufficient
form for recordation and filing, as applicable, and are in sufficient form to create or retain a lien or security interest encumbering
the real property and/or personal property described thereon and to perfect the security interest in such personal property, and
addressing such other matters of law as Lender may reasonably require; (xix) (A) the proposed transferee, the Replacement
Surety, their respective Controlling Persons, and their respective constituent members that have a 10% or greater, direct or indirect,
ownership interest in the proposed transferee, the Replacement Surety, or their Controlling Persons: (I) are citizens of the United
States of America, a State of the United States of America or the District of Columbia, or, in the alternative, as applicable,
are an entity organized under the laws of the any of the foregoing with constituent members that are a citizen of one or more of
the foregoing, (II) have never been convicted, indicted, or otherwise charged with a criminal act that would constitute a felony
involving moral turpitude under the laws of the United States of America, including the laws of the various States and territories
thereof, (III) have not during the preceding ten (10) years been a party to a bankruptcy, insolvency or other similar proceeding
as a debtor, whether under the Bankruptcy Laws of the United States of America, or any State or other territory thereof, or any
other country or jurisdiction and have not had a receiver, trustee, or liquidator appointed with respect to its property or any
portion thereof, and (IV) have no outstanding and unpaid judgements that would be a breach or default under the Loan Documents,
and (B) the proposed transferee, the Replacement Surety, their Controlling Persons, and their respective constituent members: are
not then an OFAC Listed Person and are not in violation of or under investigation for possible violation of, nor previously violated,
any Anti-Money Laundering Laws and otherwise comply with the representations and warranties contained in Section 13 of the application
for the Loan. If Lender requests, the proposed transferee shall provide a certificate in form and substance satisfactory to Lender
evidencing compliance with clause (xix) and identifying the transferees with sufficient information to enable Lender to perform
searches confirming compliance. Upon Lender’s demand, Borrower agrees to deposit with Lender, Lender’s reasonable estimate
of such out-of-pocket costs, fees and expenses and Lender (the “Assumption Deposit”) and in such event, (x)
Lender shall apply the Assumption Deposit to the payment of such costs, fees, and expenses; (y) if the amount of such costs, fees,
and expenses exceeds the Assumption Deposit, then Borrower shall pay such excess amount to Lender, upon demand; and (z) if the
amount of the Assumption Deposit exceeds such costs, fees, and expenses, then Lender shall return such excess amount to Borrower.
Upon the satisfaction of the foregoing conditions and execution of assumption documents in form and substance reasonably satisfactory
to Lender, Lender shall release Borrower and Surety from liability under the Loan Documents other than any such liability that
arose on or prior to the effective date of the assumption or could be based on any event that occurred or any state of affairs
that existed prior to or as of the effective date of the assumption (including, without limitation, any liability arising under
the exceptions to the non-recourse provisions of the Loan Documents, and any liability arising under the Environmental Indemnity
Agreement).

 

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5.5 Further Encumbrance
of Chattels. Borrower will neither create nor permit any lien, security interest or encumbrance against the Chattels or Intangible
Personalty or any part thereof or interest therein, other than the liens and security interests created by the Loan Documents,
without the prior written consent of Lender, which may be withheld for any reason.

 

5.6 Assessments
Against Property. Borrower will not, without the prior written approval of Lender, which may be withheld for any reason, consent
to or allow the creation of any so-called special districts, special improvement districts, benefit assessment districts or similar
districts, or any other body or entity of any type, or allow to occur any other event, that would or might result in the imposition
of any additional taxes, assessments or other monetary obligations or burdens on the Property, and this provision shall serve as
RECORD NOTICE to any such district or districts or any governmental entity under whose authority such district or districts exist
or are being formed that, should Borrower or any other person or entity include all or any portion of the Property in such district
or districts, whether formed or in the process of formation, without first obtaining Lender’s express written consent, the
rights of Lender in the Property pursuant to this Mortgage or following any foreclosure of this Mortgage, and the rights of any
person or entity to whom Lender might transfer the Property following a foreclosure of this Mortgage, shall be senior and superior
to any taxes, charges, fees, assessments or other impositions of any kind or nature whatsoever, or liens (whether statutory, contractual
or otherwise) levied or imposed, or to be levied or imposed, upon the Property or any portion thereof as a result of inclusion
of the Property in such district or districts.

 

5.7 Transfer or
Removal of Chattels. Borrower will not sell, transfer or remove from the Property all or any part of the Chattels. Notwithstanding
the foregoing to the contrary, it shall not be a violation of the preceding sentence if Borrower sells, transfers, or removes any
Chattels from the Property in the ordinary course of operation and management of the Property as a prudent owner, operator and
manager of similar properties would own, operate, and manage the Property, (a) if the same are contemporaneously replaced
with similar items of equal or greater value and of similar utility, or (b) if such items are immaterial and obsolete, have
no material value, or are non-essential and non-material to the use, management, and operation of the Property.

 

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5.8 Change of Name,
Organizational I.D. No. or Location. Borrower will not change the name under which Borrower does business (or adopt or begin
doing business under any other name or assumed or trade name), change its organizational identification number, or change its location,
without first notifying Lender of Borrower’s intention to do so and delivering to Lender such organizational documents of
Borrower and executed modifications or supplements to this Mortgage (and to any financing statement which may be filed in connection
herewith) as Lender may require. For purposes of the foregoing, Borrower’s “location” shall mean (a) if
Borrower is a registered organization, Borrower’s state of registration, (b) if Borrower is an individual, the state
of Borrower’s principal residence, or (c) if Borrower is neither a registered organization nor an individual, the state
in which Borrower’s place of business (or, if Borrower has more than one place of business, Borrower’s chief executive
office) is located.

 

5.9 Improper Use
of Property or Chattels. Borrower will not use the Property or the Chattels for any purpose or in any manner which violates
any applicable law, ordinance, or other governmental requirement, the requirements or conditions of any insurance policy, or any
private covenant.

 

5.10 ERISA.
Borrower shall not engage in any transaction which would cause the Note (or the exercise by Lender of any of its rights under the
Loan Documents) to be a non-exempt, prohibited transaction under ERISA (including for this purpose the parallel provisions of Section 4975
of the Internal Revenue Code of 1986, as amended), or otherwise result in Lender being deemed in violation of any applicable provisions
of ERISA. Borrower shall indemnify, protect, defend, and hold Lender harmless from and against any and all losses, liabilities,
damages, claims, judgments, costs, and expenses (including, without limitation attorneys’ fees and costs incurred in the
investigation, defense, and settlement of claims and in obtaining any individual ERISA exemption or state administrative exception
that may be required, in Lender’s sole and absolute discretion) that Lender may incur, directly or indirectly, as the result
of the breach by Borrower of any warranty or representation set forth in Section 3.3(x) hereof or the breach by Borrower
of any covenant contained in this Section. This indemnity shall survive any termination, satisfaction or foreclosure of this Mortgage,
and shall not be subject to the limitation on personal liability described in the Note. Notwithstanding any non-recourse provisions
of the Note or any other such provision in any other Loan Document, Lender shall be entitled to bring a separate action, in addition
to any proceeding to enforce this Mortgage or the Note, against Borrower to enforce this indemnification obligation.

 

5.11 Use of Proceeds.
Borrower will not use any funds advanced by Lender under the Loan Documents for household or agricultural purposes, to purchase
margin stock, or for any purpose prohibited by law.

 

5.12 REA and Other
Major Approvals. Without Lender’s prior written consent, which may be granted or withheld in Lender’s reasonable
discretion, Borrower shall not enter into or modify any reciprocal easement agreement, declaration, covenant, condition or restriction,
ground lease, any operating agreement, or any other document recorded against the Property.

 

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Article 6

EVENTS OF DEFAULT

 

Each of the following
events will constitute an event of default (an “Event of Default”) under this Mortgage and under each of the
other Loan Documents:

 

6.1 Failure to Pay
Note. Borrower’s failure to make any regularly scheduled payment when due under the terms of the Note or any other Loan
Document; provided, however, that Borrower shall be permitted to make two (2) monthly payments due under the Note (other
than any amounts due on maturity thereof) within five (5) days following its due date in any consecutive twelve (12) month
period without such late payment constituting an Event of Default.

 

6.2 Due on Sale
or Encumbrance. The occurrence of any violation of any covenant contained in Section 5.4, Section 5.5
or Section 5.7 hereof.

 

6.3 Other Obligations.
The failure of Borrower or Surety to properly perform any obligation contained herein or in any of the other Loan Documents (other
than the obligation to make regularly scheduled payments under the Note or the other Loan Documents or any other obligation or
matter contemplated by this Article 6) and the continuance of such failure for a period of thirty (30) days following
written notice thereof from Lender to Borrower, and after such thirty (30) day period, the continuance of such failure for
an additional period of ten (10) days following a second written notice thereof from Lender to Borrower; provided, however,
that if such failure is not curable within such thirty (30) day period, then, so long as Borrower commences to cure such failure
within such thirty (30) day period and is continually and diligently attempting to cure to completion, such failure shall
not be an Event of Default unless such failure remains uncured for ninety (90) days after such written notice to Borrower.

 

6.4 Levy Against
Property. The levy against any of the Property, Chattels or Intangible Personalty, of any execution, attachment, sequestration
or other writ.

 

6.5 Liquidation.
The liquidation, termination or dissolution of Borrower, Surety, or Parent Company except in connection with a transfer or assumption
in accordance with Sections 5.4(d) or 5.4(e) above.

 

6.6 Appointment
of Receiver. The appointment of a trustee, liquidator, or receiver for the assets, or any part thereof, of Borrower, Surety,
or Parent Company, or the appointment of a trustee or receiver for any real or personal property, or the like, or any part thereof,
representing the security for the Secured Obligations.

 

6.7 Assignments.
The making by Borrower, Surety, or Parent Company of a transfer in fraud of creditors or an assignment for the benefit of creditors.

 

6.8 Order for Relief.
The entry in bankruptcy of an order for relief for or against Borrower, Surety, or Parent Company.

 

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6.9 Bankruptcy.
The filing of any petition (or answer admitting the material allegations of any petition), or other pleading, seeking entry of
an order for relief for or against Borrower, Surety, or Parent Company as a debtor or bankrupt or seeking an adjustment of any
of such parties’ debts, or any other relief under any state or federal bankruptcy, reorganization, debtor’s relief
or insolvency laws now or hereafter existing, including, without limitation, a petition or answer seeking reorganization or admitting
the material allegations of a petition filed against any such party in any bankruptcy or reorganization proceeding, or the act
of any of such parties in instituting or voluntarily being or becoming a party to any other judicial proceedings intended to effect
a discharge of the debts of any such parties, in whole or in part, or a postponement of the maturity or the collection thereof,
or a suspension of any of the rights or powers of a trustee or of any of the rights or powers granted to Lender herein, or in any
other document executed in connection herewith, in any such proceeding which is not dismissed within sixty (60) days of its
filing.

 

6.10 Misrepresentation.
If any representation or warranty made by Borrower or any Controlling Person in this Mortgage, any of the other Loan Documents,
the application for the Loan made by or on behalf of Borrower or any other instrument or document modifying, renewing, extending,
evidencing, securing or pertaining to the Note is false, misleading or erroneous in any material respect as of the date made.

 

6.11 Judgments.
The failure of Borrower or any Controlling Person to pay any money judgment in excess of $50,000.00 against any such party before
the expiration of thirty (30) days after such judgment becomes final and no longer appealable.

 

6.12 Admissions
Regarding Debts. The admission of Borrower or any Controlling Person in writing in any legal proceeding of any such party’s
inability to pay such party’s debts as they become due.

 

6.13 Assertion of
Priority. The assertion of any claim of priority over this Mortgage, by title, lien, or otherwise, including a “Third
Party Notice,” as defined in Section 9.19 below, unless Borrower within thirty (30) days after notice of
such assertion either causes the assertion to be withdrawn or provides Lender with such security as Lender may require to protect
Lender against all loss, damage, or expense, including attorneys’ fees, which Lender may incur in the event such assertion
is upheld.

 

6.14 Other Loan
Documents. The occurrence of any default by Borrower, after the lapse of any applicable grace or cure period (or if no specific
grace or cure period, then the period set forth in Section 6.3 above) , or the occurrence of any event or circumstance
defined as an Event of Default, under any of the Loan Documents other than this Mortgage.

 

6.15 Other Liens.
The occurrence of any default by Borrower, after the lapse of any applicable grace or cure period, or the occurrence of any event
or circumstance defined as an Event of Default, under any other consensual lien encumbering the Property, or any part thereof or
interest therein, or any document or instrument evidencing obligations secured thereby.

 

6.16 Other Indebtedness.
The occurrence of any default by Borrower, after the lapse of any applicable grace or cure period, or the occurrence of any event
or circumstance defined as an Event of Default, under any other indebtedness incurred or owing by Borrower, or any document or
instrument evidencing any obligation to pay such indebtedness.

 

6.17 Act 126 Notices.
The delivery or attempted delivery by Borrower to Lender of a “Limitation of Indebtedness Notice,” as defined in Section 9.19
below.

 

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Article 7

LENDER’S REMEDIES

 

Immediately upon or
any time after the occurrence and during the continuance of any Event of Default hereunder, Lender may exercise any remedy available
at law or in equity, including but not limited to those listed below, the confession of judgment provided for in Section 9.21
below, and those listed in the other Loan Documents, in such sequence or combination as Lender may determine in Lender’s
sole discretion:

 

7.1 Performance
of Defaulted Obligations. At any time during the existence of an Event of Default, Lender may make any payment or perform any
other obligation under the Loan Documents or under Leases which Borrower has failed to make or perform, and Borrower hereby irrevocably
appoints Lender as the true and lawful attorney-in-fact for Borrower to make any such payment and perform any such obligation in
the name of Borrower. All payments made and expenses (including attorneys’ fees) incurred by Lender in this connection, together
with interest thereon at the Default Rate from the date paid or incurred until repaid, will be part of the Secured Obligations
and will be immediately due and payable by Borrower to Lender. In lieu of advancing Lender’s own funds for such purposes,
Lender may use any funds of Borrower which may be in Lender’s possession, including but not limited to insurance or condemnation
proceeds and amounts deposited for taxes, insurance premiums, or other purposes.

 

7.2 Specific Performance
and Injunctive Relief. In the event of any breach by Borrower of any of the covenants, agreements, terms or conditions contained
in this Mortgage or the Loan Documents, which are not cured within any applicable grace, notice or cure period, Lender shall be
entitled to enjoin such breach or threatened breach and shall have the right to invoke any right and remedy allowed at law or in
equity or by statute or otherwise as though other remedies were not provided for in this Mortgage. Without limitation of the foregoing,
and notwithstanding the availability of any legal remedies, Lender shall be entitled to obtain specific performance, mandatory
or prohibitory injunctive relief, or other equitable relief requiring Borrower to cure or refrain from repeating any Default.

 

7.3 Acceleration
of Secured Obligations. Lender may, without notice or demand, declare all of the Secured Obligations immediately due and payable
in full.

 

7.4 Suit for Monetary
Relief. Subject to the non-recourse provisions of the Note, with or without accelerating the maturity of the Secured Obligations,
Lender may sue from time to time for any payment due under any of the Loan Documents, or for money damages resulting from Borrower’s
default under any of the Loan Documents.

 

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7.5 Possession of
Property. To the extent permitted by law, Lender, personally or by its agents and attorneys, may enter and take possession
of the Property without seeking or obtaining the appointment of a receiver, may employ a managing agent for the Property, and may
lease or rent all or any part of the Property, either in Lender’s name or in the name of Borrower, and may collect the rents,
issues, and profits of the Property. Lender may exclude Borrower, its agents and servants from the Property without liability for
trespass, damages, or otherwise, and Borrower agrees to surrender possession to Lender on demand. Any revenues collected by Lender
under this Section will be applied first toward payment of all expenses (including attorneys’ fees) incurred by Lender,
together with interest thereon at the Default Rate from the date incurred until repaid, and the balance, if any, will be applied
against the Secured Obligations in such order and manner as Lender may elect in its sole discretion. Should Lender collect all
earnings, revenues, rents, issues, profits and income from the Property, the monies so collected shall not be substituted for payment
of the Secured Obligations nor can they be used to cure the default, without prior written consent of Lender.

 

7.6 Enforcement
of Security Interests. Lender may exercise all rights of a secured party under the Code with respect to the Chattels and the
Intangible Personalty, including but not limited to taking possession of, holding, and selling the Chattels and enforcing or otherwise
realizing upon any accounts and general intangibles. Any requirement for reasonable notice of the time and place of any public
sale, or of the time after which any private sale or other disposition is to be made, will be satisfied by Lender’s giving
of such notice to Borrower at least five (5) days prior to the time of any public sale or the time after which any private
sale or other intended disposition is to be made. Borrower, upon demand by Lender, shall promptly assemble any equipment and fixtures
included in the Collateral and make them available to Lender at a place to be designated by Lender which shall be reasonably convenient
to Lender and Borrower.

 

7.7 Foreclosure
Against Property.

 

(a) Lender
may bring an action in any court of competent jurisdiction to foreclose this Mortgage, or take such other action at law or in equity
for the enforcement of this Mortgage and realization on the Property, Chattels, Intangible Personalty, or any other security herein
or elsewhere provided for, as the law may allow, and proceed therein to final judgment and execution for the entire unpaid balance
of the Secured Obligations, including the principal debt, interest at the rate specified in the Note, all other sums due by Borrower
in accordance with the provisions of the Note, all other sums due by Borrower in accordance with the provisions of this Mortgage
and the other Loan Documents, including all sums which may have been loaned by Lender to Borrower after the date of this Mortgage,
and all sums which may have been paid, incurred or advanced by or on behalf of Lender for taxes, water or sewer rents, charges
or claims, payments on prior liens, insurance or repairs to the Property, appraiser’s fees, outlays for documentary and expert
evidence, stenographer’s charges, publication costs, and costs (which may be estimated as to items to be expended after entry
of judgment) of procuring all such abstracts of title, title searches and examinations, title insurance policies, and similar data
and assurances with respect to title as Lender may deem reasonably necessary either to prosecute such suit or to evidence to bidders
at any Sale which may be had pursuant to such judgment the true condition of the title to or the value of the Property, all costs
of suit, together with interest at the Default Rate on any judgment obtained by Lender from and after the date of any sheriff’s
sale until actual payment is made by the sheriff of the full amount due Lender, and a reasonable attorney’s commission for
collection. Any real estate sold pursuant to any writ of execution issued on a judgment obtained by virtue of the Note or this
Mortgage, may be sold in one parcel, as an entirety, or in such parcels, and in such manner or order as Lender, in its sole discretion
may elect.

 

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(b) All fees,
costs and expenses of any kind incurred by Lender in connection with foreclosure of this Mortgage, including, without limitation,
the costs of any appraisals of the Property obtained by Lender, the cost of any title reports or abstracts, all costs of any receivership
for the Property advanced by Lender, and all attorneys’ and consultants’ fees and expenses incurred by Lender, shall
constitute a part of the Secured Obligations and may be included as part of the amount owing from Borrower to Lender at any Sale.

 

(c) The proceeds
of any Sale shall be applied first to the fees and expenses of the officer conducting the Sale, and then to the reduction or discharge
of the non-recourse obligations set forth in the Note in such order and manner as Lender may elect in its sole discretion; then
to the reduction or discharge of the remaining recourse Secured Obligations in such order and manner as Lender may elect in its
sole discretion.

 

(d) Nothing
in this Section dealing with foreclosure procedures or specifying particular actions to be taken by Lender shall be deemed
to contradict or add to the requirements and procedures now or hereafter specified by Pennsylvania law, and any such inconsistency
shall be resolved in favor of Pennsylvania law applicable at the time of foreclosure.

 

(e) To the
extent permitted by law, the liability of Borrower and/or Surety for the obligations described in Section 18 of the Note (referred
to herein as the “recourse” obligations) shall not be reduced, or otherwise affected, by any payments made on account
of the non-recourse portion of the Secured Obligations or reduced by any credit to such non-recourse obligations mandated or precipitated
by operation of law, including, without limitation, the Pennsylvania Deficiency Judgment Act, 42 Pa.C.S.A. §8103, or
any judicial or other interpretation thereof, so long as any non-recourse obligations remain outstanding and unpaid, and only after
all of the non-recourse obligations have been fully paid or credited by operation of law will the liability of Borrower and/or
Surety for the recourse obligations be reduced when and as paid or credited.

 

7.8 Appointment
of Receiver. To the extent permitted by law, Lender shall be entitled, as a matter of absolute right and without regard to
the value of any security for the Secured Obligations or the solvency of any person liable therefor, to the appointment of a receiver
for the Property upon ex-parte application to any court of competent jurisdiction. Borrower waives any right to any hearing or
notice of hearing prior to the appointment of a receiver. Such receiver and its agents shall be empowered to (a) take possession
of the Property and any businesses conducted by Borrower or any other person thereon and any business assets used in connection
therewith, (b) exclude Borrower and Borrower’s agents, servants, and employees from the Property, (c) collect the
rents, issues, profits, and income therefrom, (d) complete any construction which may be in progress, (e) do such maintenance
and make such repairs and alterations as the receiver deems necessary, (f) use all stores of materials, supplies, and maintenance
equipment on the Property and replace such items at the expense of the receivership estate, (g) pay all taxes and assessments
against the Property and the Chattels, all premiums for insurance thereon, all utility and other operating expenses, and all sums
due under any prior or subsequent encumbrance, and (h) generally do anything which Borrower could legally do if Borrower were
in possession of the Property. All expenses incurred by the receiver or its agents shall constitute a part of the Secured Obligations.
Any revenues collected by the receiver shall be applied first to the expenses of the receivership, including attorneys’ fees
incurred by the receiver and by Lender, together with interest thereon at the Default Rate from the date incurred until repaid,
and the balance shall be applied toward the Secured Obligations in such order or manner as Lender may in its sole discretion elect
or in such other manner as the court may direct. Unless sooner terminated with the express consent of Lender, any such receivership
will continue until the Secured Obligations have been discharged in full, or until title to the Property has passed after foreclosure
sale and all applicable periods of redemption have expired.

 

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7.9 Right to Make
Repairs, Improvements. Should any part of the Property come into the possession of Lender, whether before or after an Event
of Default, Lender may use, operate, and/or make repairs, alterations, additions and improvements to the Property for the purpose
of preserving it or its value. Borrower covenants to promptly reimburse and pay to Lender, at the place where the Note is payable,
or at such other place as may be designated by Lender in writing, the amount of all reasonable expenses (including the cost of
any insurance, taxes, or other charges) incurred by Lender in connection with its custody, preservation, use or operation of the
Property, together with interest thereon from the date incurred by Lender at the Default Rate, and all such expenses, costs, taxes,
interest, and other charges shall be a part of the Secured Obligations. It is agreed, however, that the risk of accidental loss
or damage to the Property is undertaken by Borrower and Lender shall have no liability whatsoever for decline in value of the Property,
for failure to obtain or maintain insurance, or for failure to determine whether any insurance ever in force is adequate as to
amount or as to the risks insured.

 

7.10 Surrender of
Insurance. Lender may surrender the insurance policies maintained pursuant to the terms hereof, or any part thereof, and receive
and apply the unearned premiums as a credit on the Secured Obligations and, in connection therewith, Borrower hereby appoints Lender
(or any officer of Lender), as the true and lawful agent and attorney-in-fact for Borrower (with full powers of substitution),
which power of attorney shall be deemed to be a power coupled with an interest and therefore irrevocable, to collect such premiums.

 

7.11 Prima Facie
Evidence. Borrower agrees that, in any assignments, deeds, bills of sale, notices of sale, or postings, given by Lender, any
and all statements of fact or other recitals therein made as to the identity of Lender, or as to the occurrence or existence of
any Event of Default, or as to the acceleration of the maturity of the Secured Obligations, or as to the request to sell, posting
of notice of sale, notice of sale, time, place, terms and manner of sale and receipt, distribution and application of the money
realized therefrom, and without being limited by the foregoing, as to any other act or thing having been duly done by Lender, shall
be taken by all courts of law and equity as prima facie evidence that such statements or recitals state facts and are without further
question to be so accepted, and Borrower does hereby ratify and confirm any and all acts that Lender may lawfully do by virtue
hereof.

 

7.12 Default Rate
After Event of Default. Notwithstanding the provisions of 42 Pa.C.S.A. §8101 and any other applicable law to the contrary,
the Default Rate shall apply to all sums evidenced by the Note after an Event of Default and also after entry of a judgment or
judgments against Borrower (whether by suit on the Note, in a mortgage foreclosure action or otherwise). Said judgment(s) shall
bear interest at the Default Rate until satisfied in full.

 

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7.13 Rights in Pursuit
of Remedies. Lender in pursuance of the foregoing remedies, or in addition thereto, (i) shall be entitled to resort to its
several securities for the payment of the sums secured hereby in such order and manner as Lender may think fit without impairing
Lender’s lien in, or rights to, any of such securities and without affecting the liability of any person, firm or corporation
for the sums secured hereby, except to the extent that the Secured Obligations shall have been reduced by the actual monetary consideration,
if any, received by Lender from the proceeds of such security; (ii) may, in Lender’s sole discretion, release for such consideration,
or none, as Lender may require, any portion of the Property without, as to the remainder of the security, in any way impairing
or affecting the lien of this Mortgage, or the priority thereof, or improving the position of any subordinate lienholder with respect
thereto, except to the extent that the Secured Obligations shall have been reduced by the actual monetary consideration, if any,
received by Lender for such release; and/or (iii) may accept the assignment or pledge of any other property in place thereof as
Lender may require without being accountable for so doing to any other lienor.

 

7.14 Continued Lien
of Mortgage. No recovery of any judgment by Lender and no levy of an execution under any judgment upon the Property or upon
any other property of Borrower shall affect in any manner or to any extent, the lien of this Mortgage upon the Property or any
part thereof, or any liens, rights, powers or remedies of Lender hereunder, but such liens, rights, powers and remedies of Lender
shall continue unimpaired as before.

 

7.15 Subordination
of Tenants’ Rights under Leases. In the event that Lender shall have the right to foreclose this Mortgage or to execute
upon the Property following judgment on the Note, Borrower authorizes Lender at its option to take any such action, subject to
the rights of any tenants of the Property if Lender elects that this Mortgage shall be subordinate to rights of tenants, and the
failure to make any such tenants parties defendant to any such foreclosure proceeding and to foreclose their rights will not be
asserted by Borrower as a defense to any proceeding instituted by Lender to collect the Secured Obligations or any deficiency remaining
unpaid after the foreclosure sale of the Property.

 

Article 8

ASSIGNMENT OF LEASES AND RENTS

 

8.1 Assignment of
Leases and Rents. Borrower hereby unconditionally and absolutely conveys, grants, transfers and assigns unto Lender all rents,
royalties, issues, profits and income (“Rents”) now or hereafter due or payable for the occupancy or use of
the Property, and all Leases, whether written or oral, with all security therefor, including all guaranties or sureties thereof,
now or hereafter affecting the Property; reserving unto Borrower, however, a revocable license to collect and retain such Rents
prior to the existence of any Event of Default hereunder. Such license shall terminate automatically without notice to Borrower
upon the occurrence and during the continuation of an Event of Default. Borrower represents that the Rents and the Leases have
not been heretofore sold, assigned, transferred or set over by any instrument now in force and will not at any time during the
life of this assignment be sold, assigned, transferred or set over by Borrower or by any person or persons whomsoever; and Borrower
has good right to sell, assign, transfer and set over the same and to grant to and confer upon Lender the rights, interest, powers
and authorities herein granted and conferred. Failure of Lender at any time or from time to time to enforce the assignment of Rents
and Leases under this Section shall not in any manner prevent its subsequent enforcement, and Lender is not obligated to collect
anything hereunder, but is accountable only for sums actually collected.

 

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8.2 Further Assignments.
Borrower shall give Lender at any time upon demand any further or additional forms of assignment or transfer of such Rents, Leases
and security as may be reasonably requested by Lender, and shall deliver to Lender executed copies of all such Leases and security.

 

8.3 Application
of Rents. Lender shall be entitled to deduct and retain a just and reasonable compensation from monies received hereunder for
its services or that of its agents in collecting such monies. Any monies received by Lender hereunder may be applied when received
from time to time in payment of any taxes, assessments or other liens affecting the Property regardless of the delinquency, such
application to be in such order as Lender may determine. The acceptance of this Mortgage by Lender or the exercise of any rights
by it hereunder shall not be, or be construed to be, an affirmation by it of any Lease nor an assumption of any liability under
any Lease.

 

8.4 Collection of
Rents. Upon or at any time after an Event of Default shall have occurred and be continuing, Lender may declare all sums secured
hereby immediately due and payable, and may, at its option, without notice, and whether or not the Secured Obligations shall have
been declared due and payable, either in person or by agent, with or without bringing any action or proceeding, or by a receiver
to be appointed by a court, (a) enter upon, take possession of, manage and operate the Property, or any part thereof (including
without limitation making necessary repairs, alterations and improvements to the Property); (b) make, cancel, enforce or modify
Leases; (c) obtain and evict tenants; (d) fix or modify Rents; (e) do any acts which Lender deems reasonably proper
to protect the security thereof; (f) either with or without taking possession of the Property, in its own name sue for or
otherwise collect and receive such Rents, including those past due and unpaid; and (g) send a notice to the tenants under
Leases directing such tenants to make payments under the Leases directly to Lender. In connection with the foregoing, Lender shall
be entitled and empowered to employ attorneys, and management, rental and other agents in and about the Property and to effect
the matters which Lender is empowered to do, and in the event Lender shall itself effect such matters, Lender shall be entitled
to charge and receive reasonable management, rental and other fees therefor as may be customary in the area in which the Property
is located; and the reasonable fees, charges, costs and expenses of Lender or such persons shall be additional Secured Obligations.
Lender may apply all funds collected as aforesaid, less costs and expenses of operation and collection, including reasonable attorneys’
and agents’ fees, charges, costs and expenses, as aforesaid, upon any Secured Obligations, and in such order as Lender may
determine. The entering upon and taking possession of the Property, the collection of such Rents and the application thereof as
aforesaid shall not cure or waive any default or waive, modify or affect notice of default under the Note or this Mortgage or invalidate
any act done pursuant to such notice.

 

8.5 Authority of
Lender. Any tenants or occupants of any part of the Property are hereby authorized to recognize the claims of Lender hereunder
without investigating the reason for any action taken by Lender, or the validity or the amount of secured obligations owing to
Lender, or the existence of any default in the Note or this Mortgage, or under or by reason of this assignment of Rents and Leases,
or the application to be made by Lender of any amounts to be paid to Lender. The sole signature of Lender shall be sufficient for
the exercise of any rights under this assignment and the sole receipt of Lender for any sums received shall be a full discharge
and release therefor to any such tenant or occupant of the Property. Checks for all or any part of the rentals collected under
this assignment of Rents and Leases shall be drawn to the exclusive order of Lender.

 

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8.6 Indemnification
of Lender. Nothing herein contained shall be deemed to obligate Lender to perform or discharge any obligation, duty or liability
of any lessor under any Lease of the Property, and Borrower shall and does hereby indemnify and hold Lender harmless from any and
all liability, loss or damage which Lender incurs under any Lease or by reason of the assignment; and any and all such liability,
loss or damage incurred by Lender, together with the costs and expenses, including reasonable attorneys’ fees, incurred by
Lender in defense of any claims or demands therefor (whether successful or not), shall be additional Secured Obligations, and Borrower
shall reimburse Lender therefor on demand.

 

8.7 Survival.
The provisions of this Article 8 shall survive the foreclosure of this Mortgage.

 

Article 9

MISCELLANEOUS PROVISIONS

 

9.1 Time of the
Essence. Time is of the essence with respect to all of Borrower’s obligations under the Loan Documents.

 

9.2 Joint and Several
Obligations. If Borrower is more than one person or entity, then (a) all persons or entities comprising Borrower are jointly
and severally liable for all of the Secured Obligations; (b) all representations, warranties, and covenants made by Borrower
shall be deemed representations, warranties, and covenants of each of the persons or entities comprising Borrower; (c) any
breach, Default or Event of Default by any of the persons or entities comprising Borrower hereunder shall be deemed to be a breach,
Default, or Event of Default of Borrower; (d) any reference herein contained to the knowledge or awareness of Borrower shall
mean the knowledge or awareness of any of the persons or entities comprising Borrower; and (e) any event creating personal
liability of any of the persons or entities comprising Borrower shall create personal liability for all such persons or entities.

 

9.3 Waiver of Homestead
and Other Exemptions. To the extent permitted by law, Borrower hereby waives all rights to any homestead or other exemption
to which Borrower would otherwise be entitled under any present or future constitutional, statutory, or other provision of applicable
state or federal law. Borrower hereby waives any right it may have to require Lender to marshal all or any portion of the security
for the Secured Obligations.

 

9.4 Non-Recourse;
Exceptions to Non-Recourse. Except as expressly set forth in the Note, the recourse of Lender with respect to the obligations
evidenced by the Note and the other Loan Documents shall be solely to the Property, Chattels and Intangible Personalty, and any
other collateral given as security for the Note.

 

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9.5 Rights and Remedies
Cumulative. Lender’s rights and remedies under each of the Loan Documents are cumulative of the rights and remedies available
to Lender under each of the other Loan Documents and those otherwise available to Lender at law or in equity. No act of Lender
shall be construed as an election to proceed under any particular provision of any Loan Document to the exclusion of any other
provision in the same or any other Loan Document, or as an election of remedies to the exclusion of any other remedy which may
then or thereafter be available to Lender.

 

9.6 No Implied Waivers.
Lender shall not be deemed to have waived any provision of any Loan Document unless such waiver is in writing and is signed by
Lender. Without limiting the generality of the preceding sentence, neither Lender’s acceptance of any payment with knowledge
of a Default by Borrower, nor any failure by Lender to exercise any remedy following a Default by Borrower shall be deemed a waiver
of such Default, and no waiver by Lender of any particular Default on the part of Borrower shall be deemed a waiver of any other
Default or of any similar Default in the future.

 

9.7 No Third-Party
Rights. No person shall be a third-party beneficiary of any provision of any of the Loan Documents. All provisions of the Loan
Documents favoring Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect
that Lender will not waive or consent to modification of any such provision in Lender’s sole discretion.

 

9.8 Preservation
of Liability and Priority. Without affecting the liability of Borrower or of any other person (except a person expressly released
in writing) for payment and performance of all of the Secured Obligations, and without affecting the rights of Lender with respect
to any security not expressly released in writing, and without impairing in any way the priority of this Mortgage over the interests
of any person acquired or first evidenced by recording subsequent to the recording hereof, Lender may, either before or after the
maturity of the Note, and without notice or consent: (a) release any person liable for payment or performance of all or any
part of the Secured Obligations; (b) make any agreement altering the terms of payment or performance of all or any of the
Secured Obligations; (c) exercise or refrain from exercising, or waive, any right or remedy which Lender may have under any
of the Loan Documents; (d) accept additional security of any kind for any of the Secured Obligations; (e) release or
otherwise deal with any real or personal property securing the Secured Obligations; or (f) apply the proceeds of any Sale
as set forth in Section 7.7 of this Mortgage. Any person acquiring or recording evidence of any interest of any nature
in the Property, the Chattels, or the Intangible Personalty shall be deemed, by acquiring such interest or recording any evidence
thereof, to have agreed and consented to any or all such actions by Lender.

 

9.9 Subrogation
of Lender. Lender shall be subrogated to the lien of any previous encumbrance discharged with funds advanced by Lender under
the Loan Documents, regardless of whether such previous encumbrance has been released of record.

 

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9.10 Notices.
Any notice required or permitted to be given by Borrower or Lender under this Mortgage shall be in writing and will be deemed given
(a) upon personal delivery, (b) on the first business day after receipted delivery to a courier service which guarantees
next-business-day delivery, or (c) on the third business day after mailing, by registered or certified United States mail,
postage prepaid, in any case to the appropriate party at its address set forth below:

 

If to Borrower:

 

Thorn Hill Postal Realty Holdings
LLC

75 Columbia Avenue

Cedarhurst, New York 11516

Attention: Carrie Herz, Esq.

 

With a copy to:

 

Goldberg Weprin Finkel Goldstein
LLP

1501 Broadway, 22nd
Floor

New York, New York 10036

Attention: Elizabeth Smith, Esq.

 

If to Lender:

 

The United States Life Insurance
Company in the City of New York

c/o AIG Investments

777 S. Figueroa Street, 16th Floor

Los Angeles, California 90017-5800

Attention: VP, Servicing –
Commercial Mortgage Lending

 

and to:

 

National Union Fire Insurance Company
of Pittsburgh, Pa.

c/o AIG Investments

777 S. Figueroa Street, 16th Floor

Los Angeles, California 90017-5800

Attention: VP, Servicing –
Commercial Mortgage Lending

 

Either party may change such party’s
address for notices or copies of notices by giving notice to the other party in accordance with this Section.

 

9.11 Defeasance.
Upon payment and performance in full of all of the Secured Obligations, Lender will execute and deliver to Borrower such documents
as may be required to release this Mortgage of record.

 

9.12 Illegality.
If any provision of this Mortgage is held to be illegal, invalid, or unenforceable under present or future laws effective during
the term of this Mortgage, the legality, validity, and enforceability of the remaining provisions of this Mortgage shall not be
affected thereby, and in lieu of each such illegal, invalid or unenforceable provision there shall be added automatically as a
part of this Mortgage a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and
be legal, valid, and enforceable. If the rights and liens created by this Mortgage shall be invalid or unenforceable as to any
part of the Secured Obligations, then the unsecured portion of the Secured Obligations shall be completely paid prior to the payment
of the remaining and secured portion of the Secured Obligations, and all payments made on the Secured Obligations shall be considered
to have been paid on and applied first to the complete payment of the unsecured portion of the Secured Obligations.

 

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9.13 Usury Savings
Clause. It is expressly stipulated and agreed to be the intent of Lender and Borrower at all times to comply with the applicable
law governing the highest lawful interest rate. If the applicable law is ever judicially interpreted so as to render usurious any
amount called for under the Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved or received
with respect to the Loan, or if acceleration of the maturity of the Note, any prepayment by Borrower, or any other circumstance
whatsoever, results in Borrower having paid any interest in excess of that permitted by applicable law, then it is the express
intent of Borrower and Lender that all excess amounts theretofore collected by Lender be credited on the principal balance of the
Note (or, at Lender’s option, paid over to Borrower), and the provisions of the Note and other Loan Documents immediately
be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution
of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise
called for hereunder and thereunder. The right to accelerate maturity of the Note does not include the right to accelerate any
interest which has not otherwise accrued on the date of such acceleration, and Lender does not intend to collect any unearned interest
in the event of acceleration. All sums paid or agreed to be paid to Lender for the use, forbearance or detention of the Secured
Obligations evidenced hereby or by the Note shall, to the extent permitted by applicable law, be amortized, prorated, allocated
and spread throughout the full term of such Secured Obligations until payment in full so that the rate or amount of interest on
account of such Secured Obligations does not exceed the maximum rate or amount of interest permitted under applicable law. The
term “applicable law” as used herein shall mean any federal or state law applicable to the Loan.

 

9.14 Obligations
Binding Upon Borrower’s Successors. This Mortgage is binding upon Borrower and Borrower’s successors and assigns,
and shall inure to the benefit of Lender, and its successors and assigns, and the provisions hereof shall likewise be covenants
running with the land. The duties, covenants, conditions, obligations, and warranties of Borrower in this Mortgage shall be joint
and several obligations of Borrower and Borrower’s successors and assigns.

 

9.15 Construction.
All pronouns and any variations of pronouns herein shall be deemed to refer to the masculine, feminine, or neuter, singular or
plural, as the identity of the parties may require. Whenever the terms herein are singular, the same shall be deemed to mean the
plural, as the identity of the parties or the context requires.

 

9.16 Attorneys’
Fees. Any reference in this Mortgage to attorneys’ or counsel’s fees paid or incurred by Lender shall be deemed
to include paralegals’ fees and legal assistants’ fees. Moreover, wherever provision is made herein for payment of
attorneys’ or counsel’s fees or expenses incurred by Lender, such provision shall include but not be limited to, such
fees or expenses incurred in any and all judicial, bankruptcy, reorganization, administrative, or other proceedings, including
appellate proceedings, whether such fees or expenses arise before proceedings are commenced, during such proceedings or after entry
of a final judgment.

 

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9.17 Waiver and
Agreement. BORROWER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW TO PREPAY THE NOTE, IN WHOLE OR IN PART,
WITHOUT PREPAYMENT CHARGE, UPON ACCELERATION OF THE MATURITY DATE OF THE NOTE, AND AGREES THAT, IF FOR ANY REASON A PREPAYMENT
OF ALL OR ANY PART OF THE NOTE IS MADE, WHETHER VOLUNTARILY OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THE NOTE BY LENDER
ON ACCOUNT OF THE OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY REASON, INCLUDING, WITHOUT LIMITATION, AS A RESULT OF ANY
PROHIBITED OR RESTRICTED TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION OF THE PROPERTY OR ANY PART THEREOF SECURING THE NOTE, THEN
BORROWER SHALL BE OBLIGATED TO PAY, CONCURRENTLY WITH SUCH PREPAYMENT, THE PREPAYMENT PREMIUM PROVIDED FOR IN THE NOTE (OR, IN
THE EVENT OF ACCELERATION WHEN THE NOTE IS CLOSED TO PREPAYMENT, AS PROVIDED IN THE DEFINITION OF “SECURED OBLIGATIONS”
SET FORTH IN ARTICLE 1 HEREOF) AND ANY AND ALL OTHER CHARGES AND FEES DUE UNDER THE LOAN DOCUMENTS. BORROWER HEREBY DECLARES
THAT LENDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THE NOTE CONSTITUTES ADEQUATE
CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY BORROWER, FOR THIS WAIVER AND AGREEMENT.

 

	 	/s/ JG Borrower

 

9.18 Waiver of Jury
Trial. LENDER AND BORROWER KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS MORTGAGE, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS MORTGAGE OR ANY LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER AND BORROWER TO ENTER INTO
THE LOAN.

 

	 	/s/ JG Borrower
	 	 
	 	/s/ MM Lender

 

9.19 Open-End Mortgage.
This Mortgage is an “Open End” Mortgage as defined in § 8143(f) of Title 42 of the Pennsylvania Consolidated
Statutes, and as such, is entitled to the benefits of Senate Bill 693, 1989 session of the General Assembly of Pennsylvania (the
“Act”) as codified at 42 Pa. C.S.A. § 8143 et seq. The parties to this Mortgage intend that, in addition to any
other debt or obligations secured hereby, this Mortgage shall secure unpaid balances of loan advances made after this Mortgage
is left for record with the Recorder’s Office of Butler County, Pennsylvania whether such advances are made pursuant to an
obligation of Lender or otherwise. The maximum amount of unpaid loan indebtedness (which shall consist of unpaid balances of loan
advances made either before or after, or both before and after, this Mortgage is left for record) which may be outstanding at any
time is $30,225,000.00, plus accrued and unpaid interest and other charges thereon. In addition to the obligations of Borrower
secured hereby, this Mortgage secures unpaid balances of advances made with respect to the Property for the payment of taxes, assessments,
maintenance charges, insurance premiums or costs incurred for the protection of the Property or the lien of this Mortgage, and
expenses, including, but not limited to, reasonable costs and attorneys’ fees incurred by Lender by reason of default by
Borrower under this Mortgage or any of the other Loan Documents, all of which advances referred to in this Section 9.19
shall bear interest at the Default Rate as set forth herein, even after the entry of judgment hereunder or under the Note, shall
be deemed obligatorily advanced under the Note, and shall be secured hereby and shall have lien priority as provided in 42 Pa.C.S.A.
§8144. To the maximum extent permitted under law, Borrower hereby unconditionally and irrevocably waives its right to submit
a notice to the Lender under 42 Pa.C.S.A. §8143(c) (“Limitation of Indebtedness Notice”). In the event
any person or entity shall submit a notice to Lender under 42 Pa.C.S.A. §8143(b) (“Third Party Notice”),
in addition to the other remedies available under the Loan Documents, Borrower shall have the lien or encumbrance which is the
subject of the Third Party Notice removed of record in accordance with Section 4.9 of this Mortgage. In addition to
the other remedies under the Loan Documents, advances made after receipt of a Limitation of Indebtedness Notice or a Third Party
Notice, whether or not made pursuant to 42 Pa.C.S.A. §8143 and/or §8144, shall be deemed to be obligatory advances made
under the Note, shall be secured hereby and shall relate back to the date of this Mortgage was left for recording with the Butler
County Recorder of Deeds.

 

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All notices as set forth
in Section 9.10, given by Borrower to Lender pursuant to 42 Pa. C.S.A. § 8143(c), shall be given to Lender personally
or by registered or certified mail at the address of Lender as set forth in Section 9.10 hereof and such notice must
be signed by all parties necessary to bind Borrower in accordance with applicable documents of formation of Borrower and all applicable
laws.

 

9.20 Waiver of Rights
to Notice or Judicial Hearing. BORROWER WAIVES EXEMPTIONS AND ANY AND ALL RIGHTS OF ANY NATURE AND FROM ANY SOURCE TO NOTICE,
JUDICIAL HEARING OR BOTH PRIOR TO SALE OF THE PROPERTY OR ANY PORTION THEREOF EXCEPT AS MAY BE EXPRESSLY REQUIRED BY THE STATUTES
OF THE COMMONWEALTH OF PENNSYLVANIA OR BY THIS MORTGAGE.

 

9.21 Warrant of
Attorney for Confession of Judgment.

 

(a) UPON
THE OCCURRENCE OF AN EVENT OF DEFAULT HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS, FOR THE PURPOSE OF SECURING POSSESSION
OF THE PROPERTY TO LENDER, BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY PROTHONOTARY, CLERK OF COURT OR ATTORNEY OF ANY COURT OF
RECORD IN THE COMMONWEALTH OF PENNSYLVANIA, AS ATTORNEY FOR BORROWER, AS WELL AS FOR ALL PERSONS CLAIMING UNDER, BY OR THROUGH
BORROWER, TO ENTER JUDGMENT IN ANY COMPETENT COURT IN EJECTMENT FOR THE POSSESSION OF THE PROPERTY TOGETHER WITH THE HEREDITAMENTS
AND APPURTENANCES THERETO AND ALL EQUIPMENT, PERSONAL PROPERTY AND FIXTURES NOW OR HEREAFTER INSTALLED UPON THE SAME, AGAINST BORROWER,
AND THEREIN TO CONFESS JUDGMENT FOR THE RECOVERY OF SUCH POSSESSION BY LENDER, FOR WHICH THIS MORTGAGE, OR A COPY THEREOF VERIFIED
BY AFFIDAVIT, SHALL BE SUFFICIENT WARRANT; WHEREUPON, IF LENDER SO DESIRES, A WRIT OF POSSESSION MAY BE ISSUED FORTHWITH ON SAID
JUDGMENT, WITHOUT ANY PRIOR WRIT OR PROCEEDING WHATSOEVER, BORROWER HEREBY RELEASING LENDER FROM ALL ERRORS AND DEFECTS WHATSOEVER
IN SAID PROCEEDINGS; AND IF FOR ANY REASON, AFTER SUCH ACTION HAS BEEN COMMENCED, THE SAME SHALL BE DISCONTINUED, MARKED SATISFIED
OF RECORD OR BE TERMINATED, OR POSSESSION OF THE PROPERTY SHALL REMAIN IN OR BE RESTORED TO BORROWER, LENDER SHALL HAVE THE RIGHT,
FOR THE SAME EVENT OF DEFAULT OR IN THE EVENT OF ANY SUBSEQUENT EVENT OF DEFAULT OR DEFAULTS, TO BRING ONE OR MORE FURTHER ACTIONS
IN EJECTMENT FOR POSSESSION OF THE PROPERTY. THE JUDGMENT CONFERRED HEREIN IS NON-RECOURSE TO BORROWER AND ITS PROPERTIES (OTHER
THAN THE PROPERTY), EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THE NOTE.

 

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(b) Lender
may bring an action in ejectment and confess judgment therein before or after the institution of proceedings to foreclose this
Mortgage or to enforce the Note, or after entry of judgment therein or on the Note, or after a Sheriff’s sale of the Property
in which Lender is the successful bidder, it being the understanding of the parties that the authorization to pursue such proceedings
for obtaining possession and confession of judgment therein is an essential part of the remedies for enforcement of this Mortgage,
the Note and the other Loan Documents, and shall survive any execution sale to Lender.

 

(c) WARNING—BY
SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND A COURT TRIAL. A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR
KNOWLEDGE AND THE POWER OF A COURT CAN BE USED TO TAKE YOUR PROPERTY FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST LENDER
WHETHER FOR FAILURE ON ITS PART TO COMPLY WITH THIS AGREEMENT OR ANY OTHER CAUSE.

 

(d) Borrower,
on behalf of itself, and on behalf of its successors and assigns, acknowledges and confirms that it understands that by signing
this Warrant of Attorney for Confession of Judgment, a judgment for possession of the Property may be entered against Borrower
without Borrower receiving prior notice of the entry of the judgment and without an opportunity to present to the Court any defenses
Borrower may have to the entry of the judgment, and Borrower voluntarily agrees to the inclusion of the above Confession of Judgment
provision in the Loan Documents, and agrees to be bound thereby.

 

	Witnesses:	 	THORN HILL POSTAL REALTY 
	 	 	HOLDINGS LLC, a Delaware limited 
	/s/ David Loss	 	liability company
	(Name) David Loss	 	 
		 	By: 	/s/ Jeremy Garber
	/s/ Raphael Harel	 	Name: 	Jeremy Garber
	(Name) Raphael Harel	 	Title:   	President

 

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9.22 Governing Laws.
The substantive laws of the Commonwealth shall govern the validity, construction, enforcement and interpretation of this Mortgage.

 

9.23 Entire Agreement.
The Loan Documents constitute the entire understanding and agreement between Borrower and Lender with respect to the Loan and supersede
all prior agreements, understandings or negotiations with respect thereto, whether written or oral.

 

9.24 Obligations
Absolute. All provisions under any Act, Statute, or Regulation of the Commonwealth of Pennsylvania now in effect or hereafter
passed to relieve Borrower in any manner from the obligations hereby assumed or requiring the foreclosure and sale of the Property
before the attachment of or execution against other property, real or personal, of Borrower, are expressly waived in favor of the
obligee on the Note or the holder of this Mortgage.

 

9.25 Economic Sanctions,
Anti-Money Laundering, Etc. Borrower represents, warrants and covenants to Lender that:

 

(a) None
of Borrower, Surety, or any officer or director of any of them, is or shall become a Prohibited Person or is or shall become directly
or indirectly owned or controlled by any Prohibited Person,

 

(b) At all
times throughout the Loan term, none of the funds of Borrower, Surety or any other party that are used to repay the Loan shall
be derived from (i) conducting business or transacting with any Prohibited Person, or (ii) activities involving the violation
of any Anti-Money Laundering Laws,

 

(c) None
of the proceeds of the Loan shall be used to facilitate any business, transactions, or other activity with any Prohibited Person
or activities involving the violation of any Anti-Money Laundering Laws, and

 

(d) Borrower
shall promptly deliver to Lender any certification or other evidence reasonably requested from time to time by Lender confirming
Borrower’s compliance with this Section. The representations, warranties and covenants set forth in this Section shall
be deemed repeated and reaffirmed by Borrower as of each date that Borrower makes a payment to Lender under the Note, this Mortgage
and the other Loan Documents or receives any payment from Lender. Borrower shall promptly notify Lender in writing should Borrower
become aware of any change in the information set forth in these representations, warranties and covenants.

 

(e) For the
purposes of this Section:

 

(i) “Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
person or entity, whether through the ownership of voting securities, by contract or otherwise.

 

(ii) “Governmental
Authority” means (1) the government of (A) the United States of America or any state or other political subdivision
thereof, or (B) any other jurisdiction in which Borrower, Surety or their direct or indirect constituents (as applicable)
conducts all or any part of its business, or which asserts jurisdiction over any properties of any of the foregoing, or (2) any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

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(iii) “Person”
means an individual, a corporation, an association, a joint stock company, a trust, a business trust, a partnership, a joint venture,
a limited liability company, a real estate investment trust, an unincorporated organization, department, or a government, foreign
country or regime (or any agency, agent, instrumentality or political subdivision thereof), or any other entity (whether incorporated
or unincorporated).

 

(iv) “Prohibited
Person” means:

 

		(1)	any Person that is identified on the list of Specially
Designated Nationals and Blocked Persons, the list of Foreign Sanctions Evaders, or the Sectoral Sanctions Identification List
(an “OFAC Listed Person”), each published by the United States Department of the Treasury’s Office of
Foreign Assets Control (“OFAC”),

 

		(2)	any agent, department, or instrumentality of, or any
Person otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (A) any OFAC Listed
Person or (B) any Person that is the target of any sanctions programs administered and/or enforced by OFAC,

 

		(3)	any Person that is otherwise blocked by or a target of
United States economic sanctions,

 

		(4)	any Person that (A) has been found in violation
of, charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering
predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act),
the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, “Anti-Money
Laundering Laws”) or any U.S. economic sanctions violations, (B) is under investigation by any Governmental Authority
for possible violation of Anti-Money Laundering Laws or any U.S. economic sanctions violations, (C) has been assessed civil
penalties under any Anti-Money Laundering Laws or any U.S. economic sanctions, or (D) has had any of its funds seized or
forfeited in an action under any Anti-Money Laundering Laws,

 

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		(5)	any Person that (A) is owned or controlled by the
government of any country or territory that is subject to comprehensive U.S. sanctions (the “Sanctioned Countries”)
(e.g. Cuba, Iran, Sudan, North Korea, Syria, Venezuela or the Crimea region of Russia or Ukraine), (B) is located in any
Sanctioned Countries, or (C) does business in or with any Sanctioned Countries.

 

Notwithstanding the
foregoing, with respect to any direct or indirect constituent of Borrower or Surety that is not a U.S. Person, such non-U.S. Person
shall not be required to comply with any of the provisions in this Section if doing so would constitute a violation of the
domiciliary law applicable to such non-U.S. Person; provided, however, that if such non-U.S. Person is not required to comply with
the provisions of this Section, Borrower shall deliver written notice to Lender, which written notice shall include, among other
things, (x) the identity of such non-U.S. Person, (y) the justification for such non-U.S. Person’s non-compliance,
and (z) such other written evidence reasonably required by Lender confirming the same.

 

9.26 Claims Against
Lender. Lender shall not be in default or breach under this Mortgage, or under any of the other Loan Documents, unless a written
notice specifically setting forth the claim of Borrower shall have been given to Lender within six (6) months after Borrower
first had knowledge of the occurrence of the event that Borrower alleges gave rise to such claim and Lender does not remedy or
cure the default or breach, if any there be, promptly thereafter. Borrower waives any claim, set-off or defense against Lender
arising by reason of any alleged default or breach by Lender as to which Borrower does not give such notice timely as aforesaid.
Borrower acknowledges that such waiver is or may be essential to Lender’s ability to enforce Lender’s remedies without
delay and that such waiver therefore constitutes a substantial part of the bargain between Lender and Borrower with respect to
the Loan.

 

[Balance of Page Intentionally Left
Blank]

 

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IN WITNESS WHEREOF,
and intending to be legally bound, Borrower has executed and delivered this Mortgage as of the date first mentioned above.

 

	Witnesses:	 	THORN HILL POSTAL REALTY 
	 	 	HOLDINGS LLC, a Delaware limited 
	/s/ David Loss	 	liability company
	(Name) David Loss	 	 
		 	By:	/s/ Jeremy Garber
	/s/ Raphael Harel	 	Name: 	Jeremy Garber
	(Name) Raphael Harel	 	Title:   	President

 

	STATE OF NEW YORK	)
	 	) ss.
	COUNTY OF NASSAU	)

 

On this, the 15th day
of December, 2020, before me, the undersigned officer, a Notary Public in and for the State and County aforesaid, personally appeared
Jeremy Garber, President of THORN HILL POSTAL REALTY HOLDINGS LLC, a Delaware limited liability company, known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the
purposes therein contained and received a true and correct copy of this instrument and of all other documents referred to therein.

 

IN WITNESS WHEREOF,
I hereunto set my hand and official seal.

 

	 	/s/ Carrie Herz
	 	Notary Public

 

Borrower Signature Page to Open-End Mortgage,
Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents

 

     

     

    

 

CERTIFICATE
OF RESIDENCE

 

I certify that the
address of the within-named Lender is c/o AIG Investments, 777 S. Figueroa Street, 16th Floor, Los Angeles,
California 90017-5800.

 

	 	/s/ Michael Medvin

 

The address of Lender for purposes of 42
Pa.C.S.A. §8143(d) is The United States Life Insurance Company in the City of New York, c/o AIG Investments,
777 S. Figueroa Street, 16th Floor, Los Angeles, California 90017-5800 and National Union Fire Insurance
Company of Pittsburgh, Pa., c/o AIG Investments, 777 S. Figueroa Street, 16th Floor, Los Angeles,
California 90017-5800.

 

Lender Certificate of Residence

 

     

     

    

 

EXHIBIT A

to

MORTGAGE

 

(Legal Description)

 

ALL THAT CERTAIN lot
or parcel of ground situate in Cranberry Township, Butler County, Pennsylvania and being Parcel 526 as laid out in Addition No.
10 to Plan No. 3 Thorn Hill Industrial Park as recorded in the Office of the Recorder of Deeds for Butler County, Pennsylvania
in Plan Book Volume 200, Pages 34 and 35 being described as follows:

 

BEGINNING at a point
on the Southerly line of Pennwood Place Cul-De-Sac being located from the intersection of the Southerly line of Pennwood Place
Cul-De-Sac with the Westerly line of Commonwealth Drive, all as laid out in Addition No. 10 to Plan No. 3 Thorn Hill Industrial
Park, South 61° 00’ 50” West, a distance of 600.00 feet;

 

THENCE from said point
of beginning along the Westerly line of Parcel 511 and 501, South 28° 59’ 10” East, a distance of 758.41 feet to a point
at the Northwest corner of Parcel 509;

 

THENCE along the Westerly
line of Parcel 509 and Parcel 508, South 26° 27’ 32” East, a distance of 663.06 feet to a point at the Northeast corner
of Parcel 548 as laid out on said Addition No. 10 to Plan No. 3 Thorn Hill Industrial Park;

 

THENCE along the Northerly
line of Parcel 548, South 63° 38’ 09” West, a distance of 594.72 feet to an angle point;

 

THENCE continuing along
the Northerly line of Parcel 548, North 86° 00’ 00” West, a distance of 75.00 feet to a point of compound curvature on
the Southerly line of Keystone Drive Cul-De-Sac;

 

THENCE along the Southerly
line of Keystone Drive Cul-De-Sac by a line curving to the left having a radius of 60.00 feet for an arc distance of 242.10 feet,
the chord being South 68° 24’ 30” West, a distance of 108.22 feet to a point of reverse curvature;

 

THENCE continuing along
Keystone Drive Cul-De-Sac, by a line curving to the right having a radius of 50.00 feet for an arc distance of 55.07 feet, the
chord being South 15° 38’ 02” West, a distance of 52.33 feet to a point of compound curvature;

 

THENCE continuing along
the same, by a line curving to the right having a radius of 465.00 feet for an arc distance of 103.11 feet, the chord being South
22° 16’ 15” West, a distance of 102.89 feet to a point of tangency;

 

THENCE continuing along
the Northerly line of Keystone Drive Cul-De-Sac, South 28° 37’ 23” West, a distance of 120.62 feet to a point being the
Southeast corner of Parcel 547 as laid out on said Addition No. 10 to Plan No. 3 Thorn Hill Industrial Park;

 

THENCE along the Easterly
line of Parcel 547, North 61° 22’ 37” West, a distance of 50.00 feet to an angle point;

 

    Exhibit A
 Page 1

     

    

 

THENCE continuing along
the Easterly line of Parcel 547, North 56° 31’ 11” West, a distance of 513.13 feet to a point on the Easterly line of
Parcel 535;

 

THENCE along the Easterly
line of Parcel 535 and Parcel 536, North 24° 11’ 43” West, a distance of 1408.03 feet to a point at the Southwest corner
of Parcel 523 as laid out on said Addition No. 10 to Plan No. 3 Thorn Hill Industrial Park;

 

THENCE along the Southerly
line of Parcel 523, South 79° 17’ 00” East, a distance of 642.70 feet to an angle point;

 

THENCE continuing along
the Southerly line of Parcel 523, North 84° 31’ 10” East, a distance of 100.00 feet to a point on the Southerly line of
Pennwood Place Cul-De-Sac;

 

THENCE along Pennwood
Place Cul-De-Sac by a line curving to the left having a radius of 60.00 feet for an arc distance of 216.29 feet, the chord being
North 71° 14’ 59” East, a distance of 116.80 feet to a point of reverse curvature;

 

THENCE continuing along
the same, by a line curving to the right having a radius of 50.00 feet for an arc distance of 56.71 feet, the chord being North
00° 28’ 26” East, a distance of 53.72 feet to a point of compound curvature;

 

THENCE continuing along
the same, by a line curving to the right having a radius of 365.00 feet for an arc distance of 178.66 feet, the chord being North
46° 59’ 28” East, a distance of 176.89 feet to a point of tangency;

 

THENCE continuing along
the Southerly line of Pennwood Place Cul-De-Sac, North 61° 00’ 50” East, a distance of 235.00 feet, the place of beginning.

 

CONTAINING an area of
1,733,686.71 Square Feet or 39.800 Acres.

 

BEING PARCEL NO. 130-4F110-14C20

 

BEING the same premises
which Regional Industrial Development Corporation of Southwestern Pennsylvania, a Pennsylvania nonprofit corporation, by Deed dated
03/21/1997 and recorded 03/21/1997 in Butler County at Record Book 2720 Page 262, granted and conveyed unto The Northwestern Mutual
Life Insurance Company, a Wisconsin corporation, in fee.Exhibit 10.2

PROMISSORY
NOTE (uslic)

 

	U.S. $20,915,700.00	December 18, 2020

 

FOR VALUE RECEIVED,
and at the times hereinafter specified, THORN HILL POSTAL REALTY HOLDINGS LLC, a
Delaware limited liability company (“Borrower”), whose address is 75 Columbia Avenue, Cedarhurst, New York
11516, hereby promises to pay to the order of THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, a New York corporation
(hereinafter referred to, together with each subsequent holder hereof, as “Lender”), at c/o AIG Investments,
777 S. Figueroa Street, 16th Floor, Los Angeles, California 90017-5800, or at such other address
as may be designated from time to time hereafter by any Lender, the principal sum of TWENTY MILLION NINE HUNDRED FIFTEEN THOUSAND
SEVEN HUNDRED AND NO/100THS DOLLARS ($20,915,700.00), together with interest on the principal balance outstanding from time to
time, as hereinafter provided, in lawful money of the United States of America.

 

Concurrently herewith,
Borrower is making (i) the Promissory Note of even date herewith payable to the order of Lender, in the original principal
amount of $3,838,575.00 and (ii) the Promissory Note of even date herewith payable to the order of National Union Fire Insurance
Company of Pittsburgh, Pa., a Pennsylvania corporation (“Other Lender”), in the original principal amount of
$5,470,725.00 (individually and collectively, the “Other Note”).

 

By its execution and
delivery of this promissory note (this “Note”), Borrower covenants and agrees as follows:

 

1. Interest Rate
and Payments.

 

(a) The balance of principal
outstanding from time to time under this Note shall bear interest at the rate of two and 80/100ths percent (2.80%) per annum
(the “Interest Rate”), based on a three hundred sixty (360) day year composed of twelve (12) months
of thirty (30) days each; provided, however, interest for the Stub Interest Period (defined below) and partial
months shall be calculated by multiplying the principal balance of this Note by the interest rate, dividing the product by three
hundred sixty (360), and multiplying that result by the actual number of days elapsed.

 

(b) Interest only shall
be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Lender, in advance, for the
period from and including the date of funding through and including December 31, 2020 (the “Stub Interest Period”).

 

(c) Commencing on February 1,
2021, and on the first day of each month thereafter through and including January 1, 2026, payments of interest only on the
outstanding principal balance of this Note shall be due and payable in arrears, in the amount of $48,803.30 each.

 

(d) Commencing on February 1,
2026, and on the first day of each month thereafter through and including the first day of the calendar month immediately preceding
the Maturity Date, combined payments of principal and interest shall be payable, in arrears, in the amount of $85,941.45 each (such
amount representing an amount sufficient to fully amortize the original principal amount of this Note over a three hundred sixty (360)
month period (the “Amortization Period”).

 

     

     

    

 

(e) The entire outstanding
principal balance of this Note, together with all accrued and unpaid interest and all other sums due hereunder, shall be due and
payable in full on January 1, 2031 (the “Maturity Date”).

 

2. Prepayment.

 

(a) Borrower shall have
no right to prepay all or any part of this Note before the date (the “Lockout Expiration Date”) that is forty-eight (48)
calendar months from and after the first day immediately following the Stub Interest Period.

 

(b) At any time on or
after the Lockout Expiration Date, Borrower shall have the right to prepay the full principal amount of this Note and all accrued
but unpaid interest hereon as of the date of prepayment, provided that (i) Borrower gives not less than thirty (30) days’
prior written notice to Lender of Borrower’s election to prepay this Note, (ii) Borrower pays a prepayment premium to
Lender equal to the greater of (A) one percent (1%) of the outstanding principal amount of this Note or (B) the
Present Value of this Note (hereinafter defined), less the amount of principal being prepaid, calculated as of the prepayment date,
and (iii) Borrower simultaneously pays the full principal amounts of the Other Note, together with all accrued but unpaid
interest thereon as of the date of prepayment, together with any prepayment premium payable with respect to the Other Note.

 

(c) Lender shall notify
Borrower of the amount and basis of determination of the prepayment premium. Lender shall not be obligated to accept any prepayment
of the principal balance of this Note unless such prepayment is accompanied by the applicable prepayment premium and all accrued
interest and other sums due under this Note. Borrower may not prepay the Loan on a Friday, or on any day preceding a public holiday,
or the equivalent for banks generally under the laws of the Commonwealth of Pennsylvania (the “Commonwealth”),
or on any day that is not a Business Day (hereinafter defined).

 

(d) Except for the application
of insurance proceeds or condemnation awards to the principal balance of this Note, as provided in the Security Instrument (hereinafter
defined), in no event shall Borrower be permitted to make any partial prepayments of this Note.

 

(e) If Lender accelerates
this Note for any reason, then in addition to Borrower’s obligation to pay the then outstanding principal balance of this
Note and all accrued but unpaid interest thereon, Borrower shall pay an additional amount equal to the prepayment premium that
would be due to Lender if Borrower were voluntarily prepaying this Note at the time that such acceleration occurred, or if under
the terms hereof no voluntary prepayment would be permissible on the date of such acceleration, Borrower shall pay a prepayment
premium calculated as set forth in the Security Instrument.

 

    2

     

    

 

(f) For the purposes
of the foregoing:

 

(i) The
“Present Value of this Note” with respect to any prepayment of this Note, as of any date, shall be determined
by discounting all scheduled payments of principal and interest remaining to the date immediately prior to the day which is ninety (90)
days prior to the maturity of this Note, attributed to the amount being prepaid, at the Discount Rate. If prepayment occurs on
a date other than a regularly scheduled payment date, the actual number of days remaining from the prepayment date to the next
regularly scheduled payment date will be used to discount within such period.

 

(ii) The
“Discount Rate” is the rate which, when compounded monthly, is equivalent to the Treasury Rate, when compounded
semi-annually.

 

(iii) The
“Treasury Rate” is the semi-annual yield on the Treasury Constant Maturity Series with maturity equal to the
remaining weighted average life of this Note, for the week prior to the prepayment date, as reported in Federal Reserve Statistical
Release H.15–Selected Interest Rates, conclusively determined by Lender on the prepayment date. The rate will be determined
by linear interpolation between the yields reported in Release H.15, if necessary. In the event Release H.15 is no longer
published, Lender shall select a comparable publication to determine the Treasury Rate.

 

(g) Lender shall not
be obligated actually to reinvest the amount prepaid in any treasury obligations as a condition precedent to receiving any prepayment
premium.

 

(h) Notwithstanding anything
to the contrary contained herein, (i) no prepayment premium shall be due in connection with the application of any insurance
proceeds or condemnation awards to the principal balance of this Note, as provided in the Security Instrument, provided that no
Event of Default has occurred and is continuing, and (ii) Borrower shall have the right to prepay the full principal amount
of this Note and all accrued but unpaid interest thereon as of the date of prepayment, without prepayment premium thereon at any
time during the ninety (90) calendar days prior to the Maturity Date.

 

3. Payments.
Whenever any payment to be made under this Note shall be stated to be due on a Saturday, Sunday or public holiday or the equivalent
for banks generally under the laws of the Commonwealth (any other day being a “Business Day”), such payment
shall be due on the next succeeding Business Day.

 

4. Default Rate.

 

(a) The entire balance
of principal, interest, and other sums due upon the maturity hereof, by acceleration or otherwise, shall bear interest from the
date due until paid at the greater of (i) twelve percent (12%) per annum, (ii) a per annum rate equal to five percent
(5%) over the prime rate (for corporate loans at large United States money center commercial banks) published in The Wall
Street Journal on the first business day of each month, and (iii) a per annum rate equal to five percent (5%) over
the Interest Rate (the “Default Rate”); provided, however, that such rate shall not exceed the maximum permitted
by applicable state or federal law. In the event The Wall Street Journal is no longer published or no longer publishes such
prime rate, Lender shall select a comparable reference.

 

    3

     

    

 

(b) If any payment under
this Note is not made when due, interest shall accrue on the entire balance of principal on the Loan at the Default Rate from the
date such payment was due until payment is actually made.

 

(c) Notwithstanding any
applicable law to the contrary and to the extent legally permissible, the Default Rate shall apply after the entry of a judgment
against Borrower, and the judgment shall bear interest at the Default Rate until paid in full.

 

5. Late Charges.
In addition to interest as set forth herein, Borrower shall pay Lender a late charge equal to four percent (4%) of any amounts
due under this Note in the event any such amount (other than the principal payment at maturity, whether by acceleration or otherwise)
is not paid when due; provided, however, that Borrower shall be permitted to make two (2) monthly payments due under this
Note (other than any amounts due on maturity hereof) within five (5) days following their respective due dates in any consecutive
twelve (12) month period without such late payment resulting in a late charge.

 

6. Application of
Payments. All payments hereunder shall be applied first to the payment of late charges, if any, then to the payment of prepayment
premiums, if any, then to the repayment of any sums advanced by Lender for the payment of any insurance premiums, taxes, assessments,
or other charges against the property securing this Note, if any, and any other costs and expenses incurred by Lender in accordance
with the Loan Documents (together with interest thereon at the Default Rate from the date of advance until repaid), then to the
payment of accrued and unpaid interest, and then to the reduction of principal. Notwithstanding the foregoing, for so long as any
Event of Default is continuing, Lender shall have the continuing exclusive right to apply any payments received by Lender from
or on behalf of Borrower as Lender may elect against the then due and owing obligations of Borrower under this Note in such order
of priority or in such allocation as Lender may deem advisable in its sole and absolute discretion.

 

7. Immediately Available
Funds. Payments under the Loan shall be payable in immediately available funds without setoff, counterclaim or deduction of
any kind, and shall be made by electronic funds transfer from a bank account established and maintained by Borrower for such purpose.

 

8. Security.
This Note is secured by an Open-End Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases
and Rents of even date herewith granted by Borrower for the benefit of the named Lender hereof (the “Security Instrument”),
encumbering certain real property and improvements thereon and as more particularly described in such Security Instrument (the
“Property”).

 

9. Certain Definitions.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Security Instrument.

 

    4

     

    

 

10. Event of Default.
Any failure to pay when due any sum hereunder shall constitute an “Event of Default” under this Note and under
the Security Instrument and each other Loan Document, and any Event of Default under any Loan Document shall constitute an Event
of Default hereunder and under each other Loan Document.

 

11. Acceleration.
Upon the occurrence of any Event of Default, the entire balance of principal, accrued interest, and other sums owing hereunder
shall, at the option of Lender, become at once due and payable without notice or demand.

 

12. Conditions Precedent.
Borrower hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened
precedent to the creation and issuance of this Note, and to constitute this Note the legal, valid and binding obligation of Borrower,
enforceable in accordance with the terms hereof, have been done and performed and happened in due and strict compliance with all
applicable laws.

 

13. Certain Waivers
and Consents. Borrower and all parties now or hereafter liable for the payment hereof, primarily or secondarily, directly or
indirectly, and whether as endorser, guarantor, surety, or otherwise, hereby severally (a) waive presentment, demand, protest,
notice of protest and/or dishonor, and all other demands or notices of any sort whatever with respect to this Note, (b) consent
to impairment or release of collateral, extensions of time for payment, and acceptance of partial payments before, at, or after
maturity, (c) waive any right to require Lender to proceed against any security for this Note before proceeding hereunder,
(d) waive diligence in the collection of this Note or in filing suit on this Note, and (e) agree to pay all costs and
expenses, including attorneys’ fees, which may be incurred in the collection of this Note or any part thereof or in preserving,
securing possession of, and realizing upon any security for this Note.

 

14. Usury Savings
Clause. The provisions of this Note and of all agreements between Borrower and Lender are, whether now existing or hereinafter
made, hereby expressly limited so that in no contingency or event whatever, whether by reason of acceleration of the maturity hereof,
prepayment, demand for payment or otherwise, shall the amount paid, or agreed to be paid, to Lender for the use, forbearance, or
detention of the principal hereof or interest hereon, which remains unpaid from time to time, exceed the maximum amount permissible
under applicable law, it particularly being the intention of the parties hereto to conform strictly to the laws of the Commonwealth
and Federal law, whichever is applicable. If from any circumstance whatever, the performance or fulfillment of any provision hereof
or of any other agreement between Borrower and Lender shall, at the time performance or fulfillment of such provision is due, involve
or purport to require any payment in excess of the limits prescribed by law, then the obligation to be performed or fulfilled is
hereby reduced to the limit of such validity, and if from any circumstance whatever Lender should ever receive as interest an amount
which would exceed the highest lawful rate, the amount which would be excessive interest shall be applied to the reduction of the
principal balance owing hereunder (or, at Lender’s option, be paid over to Borrower) and shall not be counted as interest.
To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by
amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest
at any time contracted for, charged, or received from Borrower in connection with this Note and all other agreements between Borrower
and Lender, so that the actual rate of interest on account of the indebtedness represented by this Note is uniform throughout the
term hereof.

 

    5

     

    

 

15. Non Recourse;
Exceptions to Non Recourse. Nothing contained in this Note or any of the other Loan Documents shall be deemed to impair or
limit Lender’s rights: in foreclosure proceedings or in any ancillary proceedings brought to facilitate Lender’s foreclosure
on the Property or any portion thereof or to exercise any specific rights or remedies afforded Lender under any other provisions
of the Loan Documents or by law or in equity, subject to the non-recourse provisions set forth in subsections 15(a) and 15(a)(i)
below: to recover under any guarantee given in connection with the Loan; or to pursue any personal liability of Borrower or Surety
under the Environmental Indemnity Agreement or Section 5.10 of the Security Instrument. Except as expressly set forth in this
Section, the recourse of Lender with respect to the obligations evidenced by this Note shall be solely to the Property, Chattels
and Intangible Personalty (as defined in the Security Instrument) and any other collateral given as security for the Loan:

 

(a) Notwithstanding anything
to the contrary contained in this Note or in any Loan Document, nothing shall be deemed in any way to impair, limit or prejudice
the rights of Lender to collect or recover from Borrower or Surety:

 

(i) damages,
costs or losses (including without limitation reasonable attorneys’ fees and costs) incurred or sustained by Lender as a
result of physical waste of the Property by Borrower;

 

(ii) the
amount of any insurance proceeds or condemnation awards attributable to the Property neither turned over to Lender nor applied
or used in compliance with the Loan Documents;

 

(iii) the
amount of any rents, profits, advances, rebates, prepaid rents, lease termination payments or other similar sums attributable to
the Property collected by or for Borrower (A) during the existence of an Event of Default (as defined in the Security Instrument)
or during a Triggering Event Condition (as defined in the Cash Collateral Agreement) and not properly applied to the reasonable
operating expenses of the Property, including payments due under this Note and other sums due under the Loan Documents, or (B)
to the extent not deposited in the Deposit Account (as defined in the Cash Collateral Agreement) or otherwise with Lender in reserve
as and when required pursuant to the Loan Documents or, upon any disbursement of the same to Borrower from the Deposit Account
or any such reserve, are not thereafter applied for the purposes for which the same were disbursed in accordance with the Loan
Documents, or (C) to the extent otherwise misappropriated by Borrower in violation of the provisions of the Loan Documents;

 

(iv) the
amount of (A) any rents or other amounts paid under Leases that are prepaid more than one (1) month in advance, and (B) any
security deposits collected by or for Borrower and not applied in accordance with applicable Leases, in both cases, to the extent
not turned over to (I) Lender upon foreclosure (whether judicial, non-judicial, or by power of sale) or a receivership sale,
or conveyance in lieu of foreclosure, or (II) a receiver or trustee for the Property after appointment;

 

    6

     

    

 

(v) the
amount of any accrued taxes, assessments, and/or utility charges affecting the Property (whether or not the same have been billed
to Borrower) that are either unpaid by Borrower or advanced by Lender under the Security Instrument, except to the extent that
the gross revenue from the Property (for the twelve (12) month period prior to such failure) is insufficient to pay such accrued
taxes and assessments affecting the Property, or to the extent that Lender has received funds in a reserve or impound that is expressly
set aside for payment of such taxes and assessments (except to the extent that Lender’s access to such funds is restricted
or constrained by applicable law, injunction or court order);

 

(vi) the
amount of any damages, costs or losses incurred or sustained by Lender (that would otherwise be covered by insurance) as a result
of Borrower’s failure to maintain the insurance required under the terms of any Loan Document and/or pay any deductible under
any such insurance, except to the extent that the gross revenue from the Property (for the twelve (12) month period prior
to such failure) is insufficient to pay the insurance premiums or deductible for such insurance (following the payment of the accrued
taxes, assessments and/or utility charges affecting the Property described in subsection 15(a)(v) above), or to the extent
that Lender has received funds in a reserve or impound that is expressly set aside for such insurance premiums (except to the extent
that Lender’s access to such funds is restricted or constrained by applicable law, injunction or court order);

 

(vii) the
amount of any losses, damages or costs (including, without limitation, reasonable attorneys’ fees and costs) incurred or
sustained by Lender as a result of any fraud or material misrepresentation by Borrower, Surety, or any of their respective affiliates
or any representative, officer, director, partner, manager, member, shareholder or trustee of Borrower, Surety, or their respective
affiliates in connection with the application for the Loan (the “Application”) or otherwise in connection with
the Property, the Loan Documents or the Application (including, without limitation, any ongoing or other reporting required thereunder
or any request for action or consent by Lender);

 

(viii) the
amount of any losses, damages or costs incurred or sustained by Lender as the result of any mechanic’s or materialmen’s
lien against or encumbering the Property that is not removed within the time period provided in the Loan Documents for such removal;
provided, however, that if such lien(s) result from maintenance or alterations to the improvements or the Property expressly permitted
under the Loan Documents or otherwise consented to in writing by Lender, then liability under this subsection 15(a)(viii)
shall be limited to the extent that the operating reserves for the Property and the gross revenue from the Property from the date
that such contractor, mechanic, or materialman is hired are insufficient to pay the same;

 

(ix) the
amount of any losses, damages, or costs incurred or sustained by Lender as a result of any execution or subsequent, amendment,
modification, assignment or termination of any Lease to any present or future Required Tenant without the prior written consent
of Lender or in violation of the provisions of the Loan Documents; and

 

    7

     

    

 

(x) the
amount of any losses, damages or costs incurred or sustained by lender as a result of Borrower’s breach or violation of the
Special Purpose Entity Requirements, or as a result of Borrower’s failure to, at all times, be a single purpose entity, except
for any such failure described in subsection 15(b)(vi) below, to which said subsection 15(b)(vi) will apply.

 

(b) Notwithstanding anything
to the contrary contained in this Note or in any Loan Document, the agreement set forth in the introductory paragraph of this Section
to limit the personal liability of Borrower shall become null and void and be of no further force and effect, and Borrower and
each Surety shall be personally liable for the repayment of the Loan and any other amounts due and payable by Borrower under the
Loan Documents, in the event:

 

(i) of any
breach or violation of Section 5.4, 5.5 or 5.7 of the Security Instrument (except for a mechanic’s or materialman’s
lien against the Property, which shall not constitute such a breach or violation under this Section , but instead shall be
governed by Section 15(a)(ix) above);

 

(ii) of
any forfeiture of all or any portion of the Property, Chattels or Intangible Personalty (as defined in the Security Instrument)
or any other collateral given as security for the Loan due to criminal activity pursuant to the operation or enforcement of any
applicable law or the decision of any governmental authority or agency;

 

(iii) of
any attempt (other than a good faith assertion, as an affirmative defense to foreclosure, (A) that Borrower has paid any and
all amounts then due under the Loan Documents, made on a sound factual and legal basis, based upon detailed third-party documented
evidence demonstrating that Borrower has actually paid all such amounts (i.e., bank records evidencing the payment) or (B) as
an affirmative defense to foreclosure based upon a breach or default of a loan covenant by Borrower other than a failure to pay,
that Borrower did not breach or default under said loan covenant or cured same within any applicable grace, notice or cure period,
advanced in good faith and made on a sound legal and factual basis) by Borrower, any Surety, or any other person directly or indirectly
responsible for the management of Borrower or liable for repayment of Borrower’s obligations under the Loan (whether as maker,
endorser, guarantor, surety, general partner or otherwise) to materially delay any foreclosure against the Property, Chattels and/or
Intangible Personalty or any other exercise by Lender of its remedies under the Loan Documents, which attempts shall include, without
limitation, any claim that any Loan Document is invalid or unenforceable to an extent that would preclude Lender’s foreclosure
or other exercise of remedies;

 

    8

     

    

 

(iv) that
(A) the Property or any portion thereof shall become an asset in (1) a voluntary bankruptcy or insolvency proceeding
or (2) an involuntary bankruptcy or insolvency proceeding which is not dismissed within ninety (90) days of filing (other
than an involuntary bankruptcy petition filed by or at the direction of Lender), or (B) Borrower consents to or otherwise
acquiesces in or joins in any involuntary bankruptcy petition filed against it (other than an involuntary bankruptcy petition filed
by or at the direction of Lender), or (C) Borrower or Surety solicits or colludes in the filing of any involuntary bankruptcy
petition against Borrower (other than an involuntary bankruptcy petition filed by or at the direction of Lender); provided, however,
that this subsection 15(b)(iv) shall not apply if such involuntary bankruptcy filing was initiated by a third-party creditor
independent of any collusive action, consent or participation by Borrower, Surety, any person directly or indirectly responsible
for the management of Borrower, and Borrower opposed the same in good faith; provided, however, that Borrower’s failure to
oppose any such petition shall not trigger recourse liability by reason of this subsection 15(b)(iv), if Borrower has no reasonable
good faith basis for opposing such petition;

 

(v) of the
appointment (other than by or at the direction of Lender) of a receiver, trustee or liquidator with respect to Borrower or the
Property or any part thereof; provided, however, that if such receiver at the request of party other than Borrower, Surety, any
person directly or indirectly liable for the obligations of Borrower, absent Borrower soliciting, consenting to, or colluding in
the appointment of such receiver, this subsection 15(b)(v) shall not apply, so long as Borrower opposes the same in good faith;
provided, however, that Borrower’s failure to oppose the same shall not trigger recourse liability, if Borrower has no reasonable
good faith basis for opposing the same;

 

(vi) that
Borrower’s failure to, at all times, be a single purpose entity results in Borrower being substantively consolidated with
any affiliate of Borrower in a bankruptcy or similar proceeding or that Borrower’s breach or violation of the Special Purpose
Entity Requirements results in Borrower being substantively consolidated with any affiliate of Borrower in a bankruptcy or similar
proceeding; or

 

(vii) that
the Security Instrument or any of the other Loan Documents is deemed a fraudulent conveyance or preference or is otherwise deemed
void pursuant to any principles limiting the rights of creditors, whether such claims, demands or assertions are made under the
United States Bankruptcy Code (as amended or replaced from time to time), including, without limitation, under Sections 544,
547 or 548 thereof, or under any applicable state fraudulent conveyance statutes or similar laws.

 

16. Severability.
If any provision hereof or of any other document securing or related to the indebtedness evidenced hereby is, for any reason and
to any extent, invalid or unenforceable, then neither the remainder of the document in which such provision is contained, nor the
application of the provision to other persons, entities, or circumstances, nor any other document referred to herein, shall be
affected thereby, but instead shall be enforceable to the maximum extent permitted by law.

 

    9

     

    

 

17. Transfer of
Note. Each provision of this Note shall be and remain in full force and effect notwithstanding any negotiation or transfer
hereof and any interest herein to any other Lender or participant.

 

18. Governing Law.
Regardless of the place of its execution, this Note shall be construed and enforced in accordance with the laws of the Commonwealth.

 

19. Jurisdiction
and Venue. Borrower consents to the jurisdiction and venue of the state courts located in Butler County, Pennsylvania, and
to the federal courts for the district in which such county is located.

 

20. Time of Essence.
Time is of the essence with respect to all of Borrower’s obligations under this Note.

 

21. Remedies Cumulative.
The remedies provided to Lender in this Note, the Security Instrument and the other Loan Documents are cumulative and concurrent
and may be exercised singly, successively or together against Borrower, the Property, and other security, or any guarantor of this
Note, at the sole and absolute discretion of the Lender.

 

22. No Waiver.
Lender shall not by any act or omission be deemed to waive any of its rights or remedies hereunder unless such waiver is in writing
and signed by the Lender and then only to the extent specifically set forth therein. A waiver of one event shall not be construed
as continuing or as a bar to or waiver of any right or remedy granted to Lender hereunder in connection with a subsequent event.

 

23. Joint and Several
Obligation. If Borrower is more than one person or entity, then (a) all persons or entities comprising Borrower are jointly
and severally liable for all of the Borrower’s obligations hereunder; (b) all representations, warranties, and covenants
made by Borrower shall be deemed representations, warranties, and covenants of each of the persons or entities comprising Borrower;
(c) any breach, Default or Event of Default by any of the persons or entities comprising Borrower hereunder shall be deemed
to be a breach, Default, or Event of Default of Borrower; and (d) any reference herein contained to the knowledge or awareness
of Borrower shall mean the knowledge or awareness of any of the persons or entities comprising Borrower.

 

24. WARRANT OF
ATTORNEY FOR CONFESSION OF JUDGMENT.

 

(a) BORROWER DOES
HEREBY AUTHORIZE AND EMPOWER THE PROTHONOTARY, CLERK OF COURT OR ANY ATTORNEY OF ANY COURT OF RECORD OF THE COMMONWEALTH OF PENNSYLVANIA
OR ELSEWHERE, AFTER AN EVENT OF DEFAULT (AS SUCH TERM IS DEFINED IN THIS NOTE) TO APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER
AND IN FAVOR OF LENDER, ITS SUCCESSORS OR ASSIGNS, AS OF ANY TERM, PAST, PRESENT OR FUTURE, WITH OR WITHOUT DECLARATION, FOR EACH
AND ALL OF THE FOLLOWING:

 

(i) THE UNPAID
PRINCIPAL SUM EVIDENCED BY THIS NOTE WITH ALL OF THE ACCRUED AND UNPAID INTEREST THEREON, WHETHER AT THE ORIGINAL INTEREST RATE,
THE DEFAULT RATE, OR BOTH, AS HEREIN PROVIDED;

 

    10

     

    

 

(ii) ALL OTHER
SUMS AS ARE DUE AND PAYABLE TO LENDER UNDER THE TERMS OF THIS NOTE OR UNDER THE TERMS OF ANY OF THE OTHER LOAN DOCUMENTS, EITHER
BY ACCELERATION OR OTHERWISE, INCLUDING WITHOUT LIMITATION, ALL PRE-DEFAULT OR POST-DEFAULT PREPAYMENT PREMIUMS PAYABLE UNDER THIS
NOTE;

 

(iii) THE
AGGREGATE OF ALL SUMS EXPENDED BY LENDER AT ANY TIME AND FROM TIME TO TIME, WHETHER PERMITTED UNDER THE TERMS OF THE LOAN DOCUMENTS,
PERMITTED BY LAW, OR PERMITTED BY STATUTE, (A) TO EXTINGUISH OR KEEP CURRENT, AS THE CASE MAY BE, ENCUMBRANCES AND LIENS ON
THE PROPERTY, (B) TO PRESERVE, PROTECT, DEFEND AND MAINTAIN THE PROPERTY, TO PAY REAL ESTATE TAXES, TO PAY INSURANCE PREMIUMS
OF ANY NATURE BEFITTING OR RELATING TO THE PROPERTY, TO PAY GROUND LEASE, CONDOMINIUM, COOPERATIVE, RECIPROCAL EASEMENT OBLIGATIONS,
RESTRICTIVE COVENANT MAINTENANCE OBLIGATIONS, AND OTHER SIMILAR FEES AND CHARGES, AND TO PAY ANY OTHER LIENABLE EXPENSES CHARGEABLE
AGAINST THE PROPERTY; (C) TO PRESERVE, PROTECT, DEFEND AND MAINTAIN THE LIEN PRIORITY OF THE SECURITY INSTRUMENT ON THE PROPERTY,
AND/OR (D) DUE TO AN EVENT OF DEFAULT UNDER THIS NOTE OR UNDER ANY OF THE OTHER LOAN DOCUMENTS; AND

 

(iv) THE COSTS
OF SUIT AND AN ATTORNEY'S FEE OF ONE PERCENT (1%) OF THE SUM OF ALL OF THE ITEMS (i), (ii), AND (iii) ABOVE FOR COLLECTION
(BUT NOT LESS THAN $10,000.00), AND ON WHICH JUDGMENT LENDER MAY ISSUE OR CAUSE TO BE ISSUED AN EXECUTION OR EXECUTIONS, WAIVING
APPRAISEMENT AS TO ANY PROPERTY LEVIED UPON BY VIRTUE OF ANY SUCH EXECUTION, ANY RIGHT TO A HEARING BEFORE EXECUTION ON ANY SUCH
JUDGMENT, AND ALL EXEMPTION FROM LEVY AND SALE OF ANY PROPERTY WHICH NOW OR HEREAFTER IS EXEMPT UNDER ANY ACT OF THE STATE WHEREIN
THE JUDGMENT IS ENTERED. NO SINGLE EXERCISE OF THIS WARRANT AND POWER TO CONFESS JUDGMENT SHALL BE DEEMED TO EXHAUST THIS POWER,
WHETHER OR NOT ANY SUCH EXERCISE SHALL BE STRICKEN, VACATED, REMOVED OR OTHERWISE HELD BY ANY COURT TO BE INVALID, VOIDABLE OR
VOID, BUT THIS POWER SHALL CONTINUE UNDIMINISHED AND MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS LENDER SHALL ELECT UNTIL THIS
NOTE AND ALL SUMS DUE HEREUNDER SHALL BE PAID IN FULL, AND BORROWER HAS PERFORMED ALL OF THE OTHER PROVISIONS HEREUNDER AND/OR
UNDER THE TERMS OF THE OTHER LOAN DOCUMENTS. BORROWER HEREBY AUTHORIZES LENDER TO REASSESS DAMAGES FROM TIME TO TIME AND AS OFTEN
AS LENDER DEEMS NECESSARY SO THAT ANY AND ALL JUDGMENTS CONFESSED HEREUNDER SHALL INCLUDE ALL SUMS LISTED UNDER SUBPARAGRAPHS (i)
THROUGH (iv) ABOVE AS THE SAME ARE INCURRED FROM TIME TO TIME, EVEN AFTER ENTRY OF JUDGMENT UNDER THIS WARRANTY OF ATTORNEY.

 

    11

     

    

 

(b) WARNING —
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND A COURT TRIAL. A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR
PRIOR KNOWLEDGE AND THE POWER OF A COURT CAN BE USED TO COLLECT FROM YOU AND/OR TAKE YOUR PROPERTY REGARDLESS OF ANY CLAIMS YOU
MAY HAVE AGAINST THE LENDER WHETHER FOR FAILURE ON ITS PART TO COMPLY WITH THE TERMS OF THIS NOTE OR ANY OTHER CAUSE.

 

(c) Borrower, for itself
and on behalf of its successors and assigns, acknowledges and confirms that it has been advised by counsel and understands that
by signing this Warrant of Attorney for Confession of Judgment, a judgment for any amounts which may become due under this Note
and the Loan Documents may be entered against Borrower, without receiving prior notice of the entry of the judgment and without
an opportunity to present to the Court any defenses Borrower may have to the entry of the judgment, and Borrower voluntarily agrees
to the inclusion of the above Confession of Judgment provision in the Loan Documents, and agrees to be bound thereby.

 

	 	THORN HILL POSTAL REALTY HOLDINGS LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jeremy Garber
	 	Name: 	Jeremy Garber
	 	Title:	President

 

(d) The remedies of Lender
provided herein and in the other Loan Documents and the warrant of attorney herein or therein contained, are cumulative and concurrent,
and may be pursued singly, successively and together, at the sole discretion of the Lender, and may be exercised as often as occasion
therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release
of the same.

 

(e) Borrower hereby releases
the Lender and its attorney or attorneys from all errors, defects and imperfections whatsoever of a procedural nature in entering
judgment by confession hereon as aforesaid or in issuing any process or instituting any proceedings relating thereto and hereby
waives all benefit that might accrue to the Borrower by virtue of any present or future laws exempting the Property, or any part
of the proceeds arising from any sale of the Property, from attachment, levy or sale under execution, or providing for any stay
of execution, exemption from civil process or extension of time. Borrower agrees that the Property may be sold to satisfy any judgment
entered on this Note or any of the other Loan Documents, in whole or in part and in any order desired by the Lender.

 

    12

     

    

 

(f) BORROWER ACKNOWLEDGES
THAT IT HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS NOTE AND THAT IT UNDERSTANDS THIS
PROVISION FOR CONFESSION OF JUDGMENT, AND BORROWER WAIVES ANY RIGHT TO NOTICE OR A HEARING IT MIGHT OTHERWISE HAVE BEFORE ENTRY
OF JUDGMENT.

 

25. WAIVER OF JURY
TRIAL. BORROWER AND LENDER KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS NOTE, THE SECURITY INSTRUMENT, OR ANY OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BORROWER
AND LENDER TO ENTER INTO THE LOAN.

 

	 	BORROWER	/s/ JG
	 	 	 
	 	LENDER	/s/ MM

 

26. WAIVER OF PREPAYMENT
RIGHT WITHOUT PREMIUM. BORROWER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW TO PREPAY THIS NOTE, IN
WHOLE OR IN PART, WITHOUT PREPAYMENT PREMIUM, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND AGREES THAT, IF FOR ANY
REASON A PREPAYMENT OF ALL OR ANY PART OF THIS NOTE IS MADE, WHETHER VOLUNTARILY OR FOLLOWING ANY ACCELERATION OF THE MATURITY
DATE OF THIS NOTE BY LENDER ON ACCOUNT OF THE OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY REASON, INCLUDING, WITHOUT LIMITATION,
AS A RESULT OF ANY PROHIBITED OR RESTRICTED TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION OF THE PROPERTY OR ANY PART THEREOF SECURING
THIS NOTE, THEN BORROWER SHALL BE OBLIGATED TO PAY, CONCURRENTLY WITH SUCH PREPAYMENT, THE PREPAYMENT PREMIUM PROVIDED FOR IN THIS
NOTE OR, IN THE EVENT OF PREPAYMENT FOLLOWING ACCELERATION OF THE MATURITY DATE HEREOF WHEN THIS NOTE IS CLOSED TO PREPAYMENT,
AS PROVIDED IN THE SECURITY INSTRUMENT. BORROWER HEREBY DECLARES THAT LENDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST
RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY BORROWER, FOR THIS
WAIVER AND AGREEMENT.

 

[Balance of Page Intentionally Left
Blank]

 

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IN WITNESS WHEREOF
and intending to be legally bound, Borrower has duly executed this Note as of the date first above written.

 

	 	BORROWER:
	 	 
	 	THORN HILL POSTAL REALTY HOLDINGS LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jeremy Garber
	 	Name: 	Jeremy Garber
	 	Title:	President

 

Signature Page – Promissory Note (USLIC)

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