Document:

Exhibit 10.20

 	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.21

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.22

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.23

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.24

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.25

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.

 

APPROVED FOR PUBLIC

RELEASE, DISTRIBUTION

UNLIMITEDExhibit 10.30

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.

 

COMPANY SHARED

 

	
    Kongsberg Maritime AS

    Deck Machinery and Motion Control Post office Box 1522

    N-6025 ÅLESUND

    NORWAY

    Tel.: +4781520070, Fax: +47 70 20 86 00

    www.kongsberg.com

    Enterprise no: NO 980371379 MVA
	

 

 

Commercial
Offer

160552_3

 

LARS
for AQ 2.0

Nauticus Robotics

 

 

     

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

Table of contents

 

	1.	DEFINITION	3
	 	 	 
	2.	SCOPE OF SUPPLY	3
	 	 	 
	3.	DELIVERY	3
	 	 	 
	4.	PRICE	4
	 	 	 
	5.	PAYMENT TERMS	4
	 	 	 
	6.	OPTIONS	5
	 	 	 
	7.	COMMISSIONING	5
	 	 	 
	8.	WARRANTY PERIOD	6
	 	 	 
	9.	CLASS SURVEY	6
	 	 	 
	10.	GENERAL TERMS	6
	 	 	 
	11.	CONFIDENTIALITY	6
	 	 	 
	12.	VALIDITY OF OFFER	6
	 	 	 
	13.	APPENDICES	7

 

    2

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

		1.	DEFINITION

 

SUPPLIER: KONGSBERG Maritime AS

 

PURCHASER: Nauticus Robotics (“Purchaser”)

 

ADDRESS: 17146 Feathercraft Lane, Suite 450, Webster, TX 77598

 

ATTENTION:
Steven Cowie

 

COPY: Todd Newell

 

DATE: 21.03.2022

 

REF. NO.: 160552_3

 

With reference to:

 

YOUR PROJECT NO.: LARS for AQ 2.0

OUR QUOTATION NO.: 160552_3

 

In response to your inquiry and our latest communication we have the
pleasure to submit the following commercial offer:

 

		2.	SCOPE
OF SUPPLY

 

Two (2) LARS for AQ 2.0

 

The equipment above will, from here on out, be
referred to as the “Equipment”.

 

The Equipment will be in accordance with the KONGSBERG “Technical
Specifications” attached at Appendix 1.

 

		3.	DELIVERY

 

The estimated delivery time is 10 months from signature of
Contract – see attached document “160552 LARS for AQ 2.0 – Tender Plan”.

 

The delivery terms are FCA KONGSBERG manufacturing site in Europe,
Incoterms 2010, KONGSBERG standard packing included. Partial delivery and trans-shipment is to be allowed at KONGSBERG’s sole discretion.

 

    3

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

		4.	PRICE

 

Total price for the Scope of Supply, ref clause 2:

 

 

The price(s) set out above is/are based on the delivery dates set out
in Paragraph 2 (Delivery). For later delivery, KONGSBERG reserves the right to increase the price by 0.4% per commenced month. If the
market price of a specific direct material increases more than this, KONGSBERG reserves, the right to increase the Contract price to cover
the increased documented cost.

 

GLOBAL SUPPLY CHAIN CONSTRAINTS

 

Due to global market supply chain disruption factors including supply
chain constraints on component availability, please note that the stipulated delivery/performance dates and quoted prices set out herein
are indicative and may be amended. Kongsberg Maritime will make all reasonable commercial efforts to maintain the indicated delivery/performance
dates and will keep the customer continuously informed to the best of its ability. Kongsberg Maritime do however not accept any liability
for delay due to the current supply chain constraints. Kongsberg Maritime reserves the right to adjust the quoted prices if and to the
extent that our calculations of the quoted prices would be directly impacted by the current supply chain constraints.

 

		5.	PAYMENT
TERMS

 

LC: Irrevocable Letter of credit (LC) in a format and from a bank acceptable
to KONGSBERG shall be opened at least ninety (90) days prior to the delivery time of the Equipment.

 

30% of the total contract value by telegraphic transfer upon contract
effectiveness.

 

70% of the total contract price of the goods shipped shall be paid
through the LC, upon submission of documents to be specified in the contract.

 

    4

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

If
the Purchaser fails to provide the Letter of Credit as set out above, this shall be deemed as breach of the payment obligations in accordance
with Clause 21 of Orgalime S2012.

 

	6.	OPTIONS

 

To
be offered upon request.

 

	7.	COMMISSIONING

 

Kongsberg
Maritime provides, at no extra cost, commissioning services of the equipment included in the Scope of Supply.

 

All commissioning
services provided by Kongsberg Maritime will be subject to “KM DMMC Commissioning TCs”, attached as Appendix 3
hereto.

 

	System	Commissioning
    and Harbour Acceptance Test	Sea
    trial
	

                                                                                LARS 1
	- 2
                                            Field Service Engineers for 5 days

    - Totally
    10 man days (10 hours/day)

    - 1
    trip

     

    Waiting/Idle
    time is not included and will be invoiced.

     

    Living
    and lodging expenses for the period are included in the Price.
	Not
    included
	
LARS
    2	- 2
                                            Field Service Engineers for 5 days

    - Totally
    10 man days (10 hours/day)

    - 1
    trip

     

    Waiting/Idle
    time is not included and will be invoiced.

     

    Living
    and lodging expenses for the period are included in the Price.
	Not
    included

 

Above
mentioned assistance is based on historical data and estimated to be sufficient under normal circumstances.

 

All
Service Work not a part of Scope of Supply will be subject to Terms and Conditions as specified in separate agreed purchase order or
variation order.

 

    5

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

	8.	WARRANTY
PERIOD

 

Orgalime
s2012 clause 27 first sentence shall be amended to read as follows:

 

The
warranty period shall commence upon delivery of the Equipment according to the agreed INCOTERM, or if customer fails to take delivery
according to contract when risk passes if this occurs first, and shall expire 18 months thereafter or 12 months after the shipyard’s
delivery of the Vessel to the ship owner, whichever occurs first.

 

	9.	CLASS
SURVEY

 

The
Equipment will be designed and certified in accordance with the requirements of “DNVGL-ST-0378 - Standard for offshore and
platform lifting appliances” applicable at the date of this quotation.

 

		10.	GENERAL
TERMS

 

This
quotation is subject to the terms and conditions stated in the Orgalime S2012 General conditions for the supply of mechanical, electrical
and electronic products including KONGSBERG amendments thereto, as attached at Appendix 2.

 

	11.	CONFIDENTIALITY

 

This
quotation is between the Purchaser and KONGSBERG and may be unique to the Purchaser. The issuance of this quotation is conditional upon
the Purchaser keeping the details of this quotation and its attachments confidential. If the Purchaser does not accept the quotation
the Purchaser shall not use the details of this quotation or KONGSBERG’s name in furtherance of its business, or the business of
anyone else, and shall delete and destruct any copies of it and its attachments, regardless of format.

 

	12.	VALIDITY
OF OFFER

 

This
offer is valid for one month. Final contract is subject to approval by the KONGSBERG Contract Committee.

 

    6

     

    

 

COMPANY SHARED

 

	KONGSBERG Maritime AS	LARS for AQ 2.0

 

	13.	APPENDICES

 

	Appendix 1:	Technical Documents:	 
	 	160552-100012-PS_03	(Technical
    Specification)
	 	DMN000293413_A	(General
    Arrangement)
	 	DMN000293531_B	(Power
    & Control Cabinets)
	 	 	 
	 	160552 LARS for AQ 2.0 – Tender Plan
	 	 	 
	Appendix
2:	Orgalime S2012 with KM amendments to Orgalime S2012
	 	 	 
	Appendix
3: 	KM DMMC Commissioning TCs

                                                           Appendix 4: KM Europe DMMC P_E rates

 

We
hope you will find our offer of interest and we are always at your service with further information if required.

 

Yours
faithfully,

 

For
KONGSBERG Maritime AS

ROBERT
ANDRE BREIVIK

Senior
Sales Manager – Subsea & SPV

 

Kongsberg
Maritime AS

Deck
Machinery & Motion Control

Mobile phone +47 97 56 92 21

robert.breivik@km.kongsberg.com

 

 

7Exhibit 10.31

 

	CERTAIN
    IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS
    AS PRIVATE OR CONFIDENTIAL.Exhibit 10.1

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT (this "Agreement")
dated June 13, 2022, is by and between MDR GREENBRIER, LLC, a Delaware limited liability company, MDR LANCER, LLC, a Delaware limited
liability company, and MDR SALISBURY, LLC, a Delaware limited liability company (jointly and severally, whether one or more in number,
in any combination, "Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

 

RECITALS

 

Borrower has requested
that Bank extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms
and conditions contained herein. For the avoidance of doubt, the defined term “Borrower” shall not mean Medalist Diversified
REIT, Inc., a Maryland corporation (hereinafter referred to as “Guarantor”).

 

NOW, THEREFORE, for valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:

 

ARTICLE I

CREDIT TERMS

 

SECTION 1.1.            TERM
LOAN.

 

(a)            Term
Loan. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make a loan to Borrower in the principal amount
of Eighteen Million Six Hundred Nine Thousand Five Hundred and No/100 Dollars ($18,609,500.00) ("Term Loan"), the proceeds of
which shall be used to refinance existing debt, acquire certain new property and provide net cash proceeds to Borrower. Borrower's obligation
to repay the Term Loan shall be evidenced by that certain Term Note of even date herewith (as the same may have been modified, amended
or restated from time to time, the "Term Note").

 

(b)            Repayment.
Principal and interest on the Term Loan shall be repaid in accordance with the provisions of the Term Note. Principal and interest on
the Term Note shall be repaid in accordance with the provisions of the Term Note.

 

(c)            Prepayment.
Borrower may prepay principal on the Term Loan solely in accordance with the provisions of the Term Note. Borrower may prepay principal
on the Term Loan solely in accordance with the provisions of the Term Note.

 

SECTION 1.2.            LINE
OF CREDIT.

 

(a)            Line
of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time
up through the maturity date set forth in the Note, not to exceed at any time the aggregate principal amount of One Million Five Hundred
Thousand Dollars ($1,500,000.00) ("Line of Credit", taken together collectively with the Term Loan, whether one or more in number,
the “Loan”), the proceeds of which shall be used for Borrower’s general working capital purposes. Borrower's obligation
to repay advances under the Line of Credit shall be evidenced by a promissory note of even date herewith (as the same may have been modified,
amended or restated from time to time, the "Line of Credit Note", taken together collectively with the Term Note, whether one
or more in number, the “Note”).

 

    -1-

     

    

 

(b)            Borrowing
and Repayment. Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding
borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided
however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available
thereunder, as set forth herein.

 

(c)            Notwithstanding
the foregoing, Borrower shall maintain a zero balance on advances under the Line of Credit for a period of at least thirty (30) consecutive
days during each fiscal year.

 

SECTION 1.2.            INTEREST/FEES.

 

(a)            Interest.
The outstanding principal balance of each credit subject hereto shall bear interest at the rate of interest set forth in each promissory
note or other instrument or document executed in connection therewith. The promissory notes or other instruments or documents executed
in connection with the credit(s) subject to this Agreement may calculate interest at a rate equal to the sum of an index rate of
interest plus a margin rate of interest. In the event any index rate of interest would be less than zero percent (0.0%), then the index
rate of interest shall be deemed to be zero percent (0.0%) and the applicable promissory note or other instrument or document shall bear
interest at a rate equal to the margin rate of interest.

 

(b)            Computation
and Payment. Interest shall be computed on the basis set forth in each promissory note or other instrument or document required hereby.
Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.

 

SECTION 1.3.            COLLECTION
OF PAYMENTS.  Except to the extent expressly specified otherwise in any Loan Document other than this Agreement, Borrower authorizes
Bank to collect all amounts due to Bank from Borrower under this Agreement or any other Loan Document (whether for principal, interest
or fees, or as reimbursement of drafts paid or other payments made by Bank under any credit subject to this Agreement) by debiting any
deposit account maintained by Borrower with Bank for the full amount thereof.  Should there be insufficient funds in Borrower's deposit
accounts with Bank to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

 

SECTION 1.4.            COLLATERAL.
Borrower has granted to Bank a first lien deed of trust encumbering the real property located at (i) 1244 Executive Boulevard, Chesapeake,
Virginia 23320, (ii) 1256 Highway 9 Bypass West, Lancaster, South Carolina 29720, and (iii) 2106 Statesville Boulevard, Salisbury,
North Carolina 28147 (individually and collectively, the “Real Property Collateral”). Further, Borrower has granted to Bank
a first priority security interest in such entities’ business assets. All of the foregoing shall be evidenced by and subject to
the terms of such security agreements, financing statements, deeds or mortgages, and other documents as Bank shall reasonably require,
all in form and substance satisfactory to Bank. Borrower shall pay to Bank immediately upon demand the full amount of all charges, costs
and expenses (to include fees paid to third parties and all allocated costs of Bank personnel), expended or incurred by Bank in connection
with any of the foregoing security, including without limitation, filing and recording fees and costs of appraisals, audits and title
insurance.

 

    -2-

     

    

 

SECTION 1.5.            Reappraisals
of real estate; Additional Collateral. Borrower agrees that, after the second anniversary of the date of this Agreement., Bank
shall have the option from time to time during the term of the Note at Borrower's cost, to require new appraisals of any Real Property
Collateral securing the Note, which appraisals shall be issued by an appraiser or appraisers acceptable to Bank, and which shall be in
form and substance and reflect values satisfactory to Bank, in its discretion; provided, however, that prior to an Event of Default, Bank
shall be not be entitled to exercise the rights contemplated by this Section 1.5 more frequently than once during the life of the
Note. If any such new appraisals obtained by Bank reflect a Loan to Value Ratio greater than 75%, then Borrower shall either:

 

(a)            within
30 calendar days following written demand from Bank, prepay the outstanding aggregate principal balance of the Term Note and Line of Credit
Note in an amount sufficient to meet said Loan to Value Ratio; or

 

(b)            pledge
such additional collateral to Bank, of a type and pursuant to documentation in form and substance satisfactory to Bank, as Bank shall
require to provide collateral support for the Term Note that, in Bank's determination, is substantially equivalent to said Loan to Value
Ratio.

 

For purposes hereof, the term “Loan
to Value Ratio” shall mean, cumulatively, as of any date of determination, the outstanding principal balance of the Term Note and
Line of Credit Note, including any undrawn amount available thereunder (as applicable), divided by the sum of the most recent appraised
value of the Real Property Collateral.

 

SECTION 1.6.            GUARANTIES.
The payment and performance of all indebtedness and other obligations of Borrower to Bank subject hereto shall be guaranteed by the Guarantor,
as evidenced by and subject to the terms of guaranties in form and substance satisfactory to Bank.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Borrower makes the following representations and
warranties to Bank, on the date hereof, on the date of Borrower’s execution hereof, and on the date of each subsequent request for
any extension of credit hereunder (including, without limitation, the issuance of any product under any subfeature contained herein, to
the extent applicable), which representations and warranties shall survive the execution of this Agreement and shall continue in full
force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank subject to this
Agreement.

 

SECTION 2.1.            LEGAL
STATUS. (a) Borrower is a limited liability company, duly organized and existing and in good standing under the laws of the State
of Delaware, and is qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions
in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a material
adverse effect on Borrower; and (b) no member of the Borrowing Group (as defined below) is a Sanctioned Target (as defined below)
of economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes or restrictions and anti-terrorism laws imposed,
administered or enforced from time to time by the United States of America, the United Nations Security Council, the European Union, the
United Kingdom, any other governmental authority with jurisdiction over Borrower or any member of the Borrowing Group (collectively, “Sanctions”).
As used herein, “Borrowing Group” means: (i) Borrower, (ii) any direct or indirect parent of Borrower, including
Guarantor, (iii) any affiliate or subsidiary of Borrower, and (iv) any officer, director or agent acting on behalf of any of
the parties referred to in items (i) through and including (iii) with respect to the obligations hereunder, this Agreement or
any of the other Loan Documents. “Sanctioned Target” means any target of Sanctions, including (i) persons on any list
of targets identified or designated pursuant to any Sanctions, (ii) persons, countries, or territories that are the target of any
territorial or country-based Sanctions program, (iii) persons that are a target of Sanctions due to their ownership or control by
any Sanctioned Target(s), or (iv) persons otherwise a target of Sanctions, including vessels and aircraft, that are designated under
any Sanctions program.

 

    -3-

     

    

 

SECTION 2.2.            AUTHORIZATION
AND VALIDITY. This Agreement and each promissory note, contract, instrument and other document required hereby or at any time hereafter
delivered to Bank in connection herewith (collectively, the "Loan Documents") have been duly authorized, and upon their execution
and delivery in accordance with the provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower
or the party which executes the same, enforceable in accordance with their respective terms.

 

SECTION 2.3.            NO
VIOLATION. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or
regulation, or contravene any provision of the organizational and governing documents of Borrower, or result in any breach of or default
under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower may be bound.

 

SECTION 2.4.            LITIGATION.
There are no pending, or to the best of Borrower's knowledge threatened, actions, claims, investigations, suits or proceedings by or before
any governmental authority, arbitrator, court or administrative agency which could have a material adverse effect on the financial condition
or operation of Borrower other than those disclosed by Borrower to Bank in writing prior to the date hereof.

 

SECTION 2.5.            CORRECTNESS
OF FINANCIAL STATEMENT AND OTHER INFORMATION. The annual financial statement of Borrower most recently delivered to Bank, and all interim
financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date
hereof, (a) are complete and correct and present fairly the financial condition of Borrower, (b) disclose all liabilities of
Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated,
fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied.
Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has
Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except in favor of
Bank or as otherwise permitted by Bank in writing. All information provided from time to time by Borrower or Guarantor to Bank for the
purpose of enabling Bank to fulfill its regulatory and compliance requirements, standards and processes was complete and correct at the
time such information was provided and, except as specifically identified to Bank in a subsequent writing, remains complete and correct
today.

 

SECTION 2.6.            INCOME
TAX RETURNS. Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

 

SECTION 2.7.            NO
SUBORDINATION. There is no agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound
that requires the subordination in right of payment of any of Borrower's obligations subject to this Agreement to any other obligation
of Borrower.

 

    -4-

     

    

 

SECTION 2.8.            PERMITS,
FRANCHISES. Borrower possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights
to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now
engaged in compliance with applicable law.

 

SECTION 2.9.            ERISA.
Borrower is in compliance in all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974,
as amended or recodified from time to time ("ERISA"); Borrower has not violated any provision of any defined employee pension
benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a "Plan"); no Reportable Event as defined
in ERISA has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements
under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance with
the Plan documents and under generally accepted accounting principles.

 

SECTION 2.10.            OTHER
OBLIGATIONS. Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material lease,
commitment, contract, instrument or obligation.

 

SECTION 2.11.            ENVIRONMENTAL
MATTERS. Except as disclosed by Borrower to Bank in writing prior to the date hereof, to the best of Borrower’s knowledge, Borrower
is in compliance in all material respects with all applicable federal or state environmental, hazardous waste, health and safety statutes,
and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower's operations and/or properties, including
without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization
Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same
may be amended, modified or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state
investigation evaluating whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or
hazardous waste or substance into the environment. Borrower has no material contingent liability in connection with any release of any
toxic or hazardous waste or substance into the environment.

 

SECTION 2.12            SANCTIONS,
ANTI-MONEY LAUNDERING AND ANTI-CORRUPTION LAWS. (a) each member of the Borrowing Group has instituted, maintains and complies with
policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws (each
as defined below), and Sanctions; and (b) to the best of Borrower’s knowledge, after due care and inquiry, no member of the
Borrowing Group is under investigation for an alleged violation of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws by
a governmental authority that enforces such laws. As used herein: “Anti-Corruption Laws” means: (i) the U.S. Foreign
Corrupt Practices Act of 1977, as amended; (ii) the U.K. Bribery Act 2010, as amended; and (iii) any other anti-bribery or anti-corruption
laws, regulations or ordinances in any jurisdiction in which the Borrower or any member of the Borrowing Group is located or doing business.
 “Anti-Money Laundering Laws” means applicable laws or regulations in any jurisdiction in which the Borrower or any member
of the Borrowing Group is located or doing business that relates to money laundering, any predicate crime to money laundering, or any
financial record keeping and reporting requirements related thereto.

 

    -5-

     

    

 

SECTION 2.13.            REAL
PROPERTY COLLATERAL. Except as disclosed by Borrower to Bank in writing prior to the date hereof, with respect to any Real Property Collateral
required hereby:

 

(a)            All
taxes, governmental assessments, insurance premiums, and water, sewer and municipal charges, and rents (if any) which previously became
due and owing in respect thereof have been paid as of the date hereof.

 

(b)            To
the best of Borrower’s knowledge, except as set forth in a commitment or policy of title insurance delivered to Bank prior to the
date hereof, there are no construction, mechanics' or similar liens or claims which have been filed for work, labor or material (and no
rights are outstanding that under law could give rise to any such lien) which affect all or any interest in any such Real Property Collateral
and which are or may be prior to or equal to the lien thereon in favor of Bank.

 

(c)            To
the best of Borrower’s knowledge, except as set forth in a survey, plat or commitment or policy of title insurance delivered to
Bank prior to the date hereof, none of the improvements which were included for purpose of determining the appraised value of any such
Real Property Collateral lies outside of the boundaries and/or building restriction lines thereof, and no improvements on adjoining properties
materially encroach upon any such Real Property Collateral.

 

(d)            There
is no pending, or to the best of Borrower's knowledge threatened, proceeding for the total or partial condemnation of all or any portion
of any such Real Property Collateral, and all such Real Property Collateral is in good repair and free and clear of any damage that would
materially and adversely affect the value thereof as security and/or the intended use thereof.

 

ARTICLE III

CONDITIONS

 

SECTION 3.1.            CONDITIONS
TO THE EFFECTIVENESS OF THIS AGREEMENT. The effective date of this Agreement shall be (a) the date that each of the following conditions
set forth in this Section 3.1 have been satisfied or waived, as determined by Bank, or (b) such alternative date to which Bank
and Borrower may mutually agree, in each case as evidenced by Bank’s system of record. Notwithstanding the occurrence of the effective
date of this Agreement, Bank shall not be obligated to extend credit under this Agreement or any other Loan Document until all conditions
to each extension of credit set forth in Section 3.2 have been fulfilled to Bank's satisfaction.

 

(a)            Approval
of Bank Counsel. All legal matters incidental to the effectiveness of this Agreement shall be satisfactory to Bank's counsel.

 

(b)            Documentation.
Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed by all parties:

 

		(i)	This Agreement and each promissory note or other instrument or document required hereby;

		(ii)	Term Note;

		(iii)	Revolving Line of Credit Note;

		(iv)	Continuing Guaranty Agreement;

		(v)	Credit Line Deed of Trust;

		(vi)	Mortgage and Assignment of Rents and Leases;

		(vii)	Deed of Trust and Assignment of Rents and Leases;

		(viii)	Security Agreement;

		(ix)	Assignment of Property and Related Documents;

		(x)	Appraisals

		(xi)	Title Insurance;

		(xii)	Tax Service Contract;

		(xiii)	Certificates of Insurance; and

		(xiv)	Such other documents as Bank may require in a Bank-prepared closing checklist and/or under any other Section of this Agreement.

 

    -6-

     

    

 

(c)            Satisfaction
of Regulatory and Compliance Requirements. In addition to any requirements set forth above, and notwithstanding Borrower’s execution
or delivery of this Agreement or any other Loan Document, all regulatory and compliance requirements, standards and processes shall be
completed to the satisfaction of Bank.

 

(d)            Appraisals.
Bank shall have obtained, at Borrower's cost, an appraisal of any Real Property Collateral required hereby, and all improvements thereon,
issued by an appraiser acceptable to Bank and in form, substance and reflecting values satisfactory to Bank, in its discretion.

 

(e)            Title
Insurance. Bank shall have received a title policy insuring Bank's lien on all Real Property Collateral required hereby to be of first
priority, as Bank may in its discretion require and subject only to such exceptions as Bank shall approve in its discretion, with all
costs thereof to be paid by Borrower. As used herein, “title policy” shall mean, at Bank’s election, a Loan Policy of
Title Insurance, or, with respect to any Real Property Collateral located in any jurisdiction in which such policies are not available,
an abstract of title together with a lawyer's title opinion and title guaranty thereon (or any comparable title protection acceptable
to Bank in its sole discretion), in each case with such endorsements as Bank may require, issued by a company and in form and substance
satisfactory to Bank, in such amount as Bank shall require.

 

(f)            Tax
Service Contract. Bank shall have procured, at Borrower's cost, such tax service contract as Bank shall require for any Real Property
Collateral required hereby, to remain in effect as long as such Real Property Collateral secures any obligations of Borrower to Bank as
required hereby.

 

SECTION 3.2.            CONDITIONS
OF EACH EXTENSION OF CREDIT. The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject
to the fulfillment to Bank's satisfaction of each of the following conditions:

 

(a)            Compliance.
The representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of the date of the
signing of this Agreement and on the date of each extension of credit by Bank pursuant hereto, with the same effect as though such representations
and warranties had been made on and as of each such date, and on each such date, no Event of Default as defined herein, and no condition,
event or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred
and be continuing or shall exist.

 

    -7-

     

    

 

(b)            Documentation.
Bank shall have received all additional documents which may be required in connection with such extension of credit, including, but not
limited to, an executed wire request form if requested by Bank.

 

(c)            Payment
of Fees. Bank shall have received payment in full of any fee required by any of the Loan Documents to be paid at the time such credit
extension is made.

 

(d)            Financial
Condition. There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower
or Guarantor hereunder, if any, nor any material decline, as determined by Bank, in the market value of any collateral required hereunder
or a substantial or material portion of the assets of Borrower or Guarantor.

 

ARTICLE IV

AFFIRMATIVE COVENANTS

 

Borrower covenants that so long as Bank remains
committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated)
of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject
hereto, Borrower shall, unless Bank otherwise consents in writing:

 

SECTION 4.1.            PUNCTUAL
PAYMENTS. Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the times and place
and in the manner specified therein, and immediately upon demand by Bank, the amount by which the outstanding principal balance of any
credit subject hereto at any time exceeds any limitation on borrowings applicable thereto.

 

SECTION 4.2.            ACCOUNTING
RECORDS. Maintain adequate books and records in accordance with generally accepted accounting principles consistently applied, and permit
any representative of Bank, at any reasonable time, to inspect, audit and examine such books and records, to make copies of the same,
and to inspect the properties of Borrower. If at any time any change in generally accepted accounting principles would affect the computation
of any covenant (including the computation of any financial covenant) and/or pricing grid set forth in this Agreement or any other Loan
Document, Borrower and Bank shall negotiate in good faith to amend such covenant and/or pricing grid to preserve the original intent in
light of such change; provided, that, until so amended, (i) such covenant and/or pricing grid shall continue to be computed in accordance
with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to Bank a written
reconciliation in form and substance reasonably satisfactory to Bank, between calculations of such covenant and/or pricing grid made before
and after giving effect to such change in generally accepted accounting principles.

 

SECTION 4.3.            FINANCIAL
STATEMENTS AND OTHER INFORMATION. Provide to Bank all of the following, in form and detail satisfactory to Bank:

 

(a)            not
later than 90 days after and as of the end of each fiscal year, a financial statement of Borrower, prepared by Borrower, including, without
limitation, a balance sheet, income and expense statement, with supporting schedules; and summary of leases, as applicable; all in reasonable
detail, prepared on a basis consistent with that of the preceding year; and

 

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(b)            not
later than 90 days after and as of the end of each fiscal year, either Guarantor’s Form 10-K or an unqualified audited financial
statement of Guarantor, prepared by a certified public accountant acceptable to Bank, to include balance sheet, income statement, statement
of cash flows, and source and application of funds statement; and

 

(c)            not
later than 60 days after and as of the end of each fiscal quarter, either Guarantor’s Form 10-Q or a financial statement of
Guarantor, prepared by Guarantor, to include balance sheet, income statement, statement of cash flows, and source and application of funds
statement; and

 

(d)            within
30 days after filing, but in no event later than each November 15, copies of Borrower's filed federal income tax returns for such
year, together with all schedules thereto, including, without limitation all K-1 statements, each of which shall be signed and certified
by Borrower to be true and complete copies of such returns; and

 

(e)            contemporaneously
with each annual and quarterly financial statement of Borrower or Guarantor required hereby, a certificate of the president or chief financial
officer, a general partner or a member of Borrower, as applicable, that said financial statements are accurate, that Borrower is in compliance
with all financial covenants in this Agreement (as evidenced by detailed calculations attached to such certificate), and that there exists
no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an
Event of Default; and

 

(f)            not
later than 60 days after and as of the end of each quarter of each fiscal year as well as the end of each fiscal year, a rent roll report
prepared by Borrower, in reasonable detail, prepared on a basis consistent with that of the preceding year; and

 

(g)            not
later than 60 days after and as of the end of each quarter of each fiscal year as well as the end of each fiscal year, a property schedule
report prepared by Guarantor, in reasonable detail, prepared on a basis consistent with that of the preceding year; and

 

(h)            as
soon as available but no less frequently than annually, copies of all renewed or updated lease agreements or lease amendment pertaining
to the Real Property Collateral.

 

(i)            from
time to time such other information as Bank may request for the purpose of enabling Bank to fulfill its regulatory and compliance requirements,
standards and processes.

 

SECTION 4.4.            COMPLIANCE.

 

(a)            Preserve
and maintain all licenses, permits, governmental approvals, rights, privileges and franchises necessary for the conduct of its business;
comply with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower's continued existence;
comply with the requirements of all laws, rules, regulations and orders of any jurisdiction in which the Borrower is located or doing
business, or otherwise is applicable to Borrower; and

 

(b)            comply
with, and cause each member of the Borrowing Group to comply with, all Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws.

 

    -9-

     

    

 

SECTION 4.5.            INSURANCE.
(a) Maintain and keep in force, for each business in which Borrower is engaged, insurance of the types and in amounts customarily
carried in similar lines of business, including but not limited to fire, extended coverage, commercial general liability, flood, and,
if required by governmental regulation or Bank, hurricane, windstorm, seismic property damage, workers' compensation, marine cargo insurance,
and specific hazards affecting any Real Property Collateral, including terrorism, with all such insurance carried in amounts satisfactory
to Bank and where required by Bank, with replacement cost, mortgagee loss payable and lender loss payable endorsements in favor of Bank,
and (b) deliver to Bank prior to the date hereof, and from time to time at Bank's request, schedules setting forth all insurance
then in effect, together with a lender’s loss payee endorsement for all such insurance naming Bank as a lender loss payee. Such
insurance may be obtained from an insurer or through an insurance agent of Borrower’s choice, provided that any insurer chosen by
Borrower is acceptable to Bank on such reasonable grounds as may be permitted under applicable law.

 

SECTION 4.6.            FACILITIES.
Keep all properties useful or necessary to Borrower's business in good repair and condition, and from time to time make necessary repairs,
renewals and replacements thereto so that such properties shall be fully and efficiently preserved and maintained.

 

SECTION 4.7.            TAXES
AND OTHER LIABILITIES. Pay and discharge when due any and all indebtedness, obligations, assessments and taxes, both real or personal,
including without limitation federal and state income taxes and state and local property taxes and assessments, except (a) such as
Borrower may in good faith contest or as to which a bona fide dispute may arise, and (b) for which Borrower has made provision, to
Bank's satisfaction, for eventual payment thereof in the event Borrower is obligated to make such payment.

 

SECTION 4.8.            LITIGATION.
Promptly give notice in writing to Bank of any litigation pending or threatened against Borrower.

 

SECTION 4.9.            FINANCIAL
CONDITION. Maintain Borrower's financial condition as follows using generally accepted accounting principles consistently applied and
used consistently with prior practices (except to the extent modified by the definitions herein):

 

(a)            maintain
the financial condition of the Real Property Collateral so that such real property has a Debt Service Coverage Ratio of not less than
1.50 to 1.00 on an annual basis, determined as of each fiscal year end, with “Debt Service Coverage Ratio” defined as the
aggregate of gross income received by Borrower from the Real Property Collateral, less all expenses (excluding depreciation and interest
expense) paid by Borrower during any fiscal year divided by the aggregate of all principal and interest required to be paid on the Term
Note during such fiscal year (subtracting any payments required to be made by Bank, or adding any payments made to Bank, as applicable,
under any interest rate swap agreement or similar interest rate hedging arrangement entered into with Bank relating to the Term Note during
such fiscal year).

 

(b)            maintain
a Global Debt Yield (as defined below) of not less than 9.5% on a semi-annual basis (calculated on a trailing twelve months basis). 
If at any time Bank determines that the Global Debt Yield is less than the percentage described herein as of each June 30 and December 31,
Borrower shall either:

 

    -10-

     

    

 

(i)           within
thirty (30) calendar days following written notice from Bank, prepay the outstanding principal balance of the Term Note, in an amount
sufficient to meet the minimum required Global Debt Yield, without any prepayment penalty or premium being due or payable notwithstanding
anything contained in the Term Note to the contrary; or

 

(ii)           pledge
such additional collateral to Bank, of a type and pursuant to documentation in form and substance satisfactory to Bank, as Bank shall
require to provide collateral support for the Term Note that, in Bank’s determination, is sufficient to satisfy said Global Debt
Yield.

 

Borrower further acknowledges and agrees that nothing
herein is intended to alter any terms or provisions of, or any of Bank’s rights or remedies in connection with, any interest rate
swap agreement between Borrower and Bank relating to the Term Note, if any, including, without limitation, any provision in any such swap
agreement that would obligate Borrower to pay an early termination fee to Bank if such a swap is terminated. “Global Debt Yield”
as used herein shall mean the combined Net Operating Income of the Real Property Collateral, on a combined basis, divided by the total
outstanding principal balance under the Term Note.  “Net Operating Income” as used herein for purposes of calculating
the Global Debt Yield shall mean the aggregate of gross income received by Borrower from the real property securing the Term Note less
all expenses (excluding depreciation, capital expenses and interest expense) paid by Borrower in connection with such real property during
any fiscal year.

 

(c)            maintain
a Guarantor Global Debt Yield (as defined below) of not less than 9.5% on a semi-annual basis (calculated on a trailing twelve months
basis) tested as of each June 30 and December 31.  “Guarantor Global Debt Yield” as used herein shall mean
the combined Net Operating Income of the Guarantor, on an aggregate basis, divided by the total outstanding principal balance under all
indebtedness of Guarantor.

 

(d)            maintain
or cause to be maintained Unencumbered Liquid Assets held on deposit in one or more accounts held exclusively with Bank (each, a “Liquid
Asset Account”) by Guarantor, by any Borrower or by any subsidiary of Guarantor that has (i) opened an account with Bank in
the future, and (ii) executed a pledge for Bank’s benefit in substance similar to pledge and grant of a security interest set
forth in this paragraph (each, a “Qualified ULA Subsidiary”), with an aggregate fair market value not at any time less than
One Million Five Hundred Thousand Dollars ($1,500,000.00) tested quarterly based on the financial reports required by Section 4.3
hereof.   As used herein, “Unencumbered Liquid Assets” shall mean cash, cash equivalents and/or publicly traded/quoted
marketable securities acceptable to Bank in its sole discretion, free of any lien or other encumbrance.  Retirement account assets
may not be included in the determination of the amount of Unencumbered Liquid Assets. By execution and acknowledgement below, Guarantor
and each Borrower hereby grants and pledges a continuing security interest in and to its respective Liquid Asset Account as security for
the Loan, accompanied by all rights and remedies conferred by the Uniform Commercial Code in effect in the Commonwealth of Virginia as
of the date hereof; provided, however, that Bank shall not exercise any right or remedy available to it in connection with any Liquid
Asset Account unless or until an uncured Event of Default shall have occurred and be continuing.

 

SECTION 4.10.            NOTICE
TO BANK. Promptly (but in no event more than five (5) days after the occurrence of each such event or matter and in no event more
than one (1) business day after the occurrence of each such event or matter described below with respect to Sanctions, Anti-Money
Laundering Laws, and Anti-Corruption Laws) give written notice to Bank in reasonable detail of: (a) the occurrence of any Event of
Default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default;
(b) any change in the name or the organizational structure of Borrower, including, by illustration, merger, conversion or division;
(c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding deficiency
with respect to any Plan; (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or
any uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting Borrower's
property in excess of an aggregate of $250,000.00; or (e) any breach of any covenant contained herein related to Sanctions, Anti-Money
Laundering Laws, and Anti-Corruption Laws or the Borrower’s inability to make the representations and warranties contained herein
related to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws on any date, or the failure of any representations and warranties
contained herein related to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws to be true and correct in all respects on
or as of any date.

 

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ARTICLE V

NEGATIVE COVENANTS

 

Borrower further covenants that so long as Bank
remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated)
of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject
hereto, Borrower will not without Bank's prior written consent:

 

SECTION 5.1.            USE
OF FUNDS. SOURCES OF REPAYMENT AND COLLATERAL.

 

(a)            Use,
or permit any member of the Borrowing Group to use, any of the proceeds of any credit extended hereunder except for the purposes stated
in Article I hereof, or directly or indirectly use any such proceeds to fund, finance or facilitate any activities, business or transactions:
(i) that are prohibited by Sanctions; (ii) that would be prohibited by Sanctions if conducted by Bank or any of Bank’s
affiliates; or (iii) that would be prohibited by any Anti-Money Laundering Laws or Anti-Corruption Laws.

 

(b)            Fund
any repayment of the obligations hereunder or under any other Loan Document with proceeds, or provide any property as collateral for any
such obligations, or permit any third party to provide any property as collateral for any such obligations, that is directly or indirectly
derived from any transaction or activity that is prohibited by any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws, or that
could otherwise cause Bank or any of Bank’s affiliates to be in violation of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption
Laws.

 

SECTION 5.2.            OTHER
INDEBTEDNESS. Create, incur, assume or permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether
secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower
to Bank, and (b) any other liabilities of Borrower existing as of, and disclosed to Bank prior to, the date hereof.

 

SECTION 5.3.            MERGER,
CONSOLIDATION, TRANSFER OF ASSETS. (a) Merge into or consolidate with any other entity; (b) make any substantial change in the
nature of Borrower's business as conducted as of the date hereof; (c) acquire all or substantially all of the assets of any other
entity; (d) sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower's assets except in
the ordinary course of its business; nor (e) accomplish any of the above by virtue of a division or similar transaction.

 

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SECTION 5.4.            GUARANTIES.
Guarantee or become liable in any way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection
in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security
for, any liabilities or obligations of any other person or entity, except any of the foregoing in favor of Bank.

 

SECTION 5.5.            LOANS,
ADVANCES, INVESTMENTS. Make any loans or advances to or investments in any person or entity, including any of the foregoing accomplished
by a division or similar transaction, except (a) ordinary course of business travel and expense advances, (b) any of the foregoing
existing as of, and disclosed to Bank prior to, the date hereof, and (c) additional loans or advances.

 

SECTION 5.6.            DIVIDENDS,
DISTRIBUTIONS.  Declare or pay any dividend or distribution either in cash or any other property on Borrower's stock,
membership interest, partnership interest or other ownership interest now or hereafter outstanding, nor redeem, retire, repurchase
or otherwise acquire any class or type of ownership interest now or hereafter outstanding; provided however, that Borrower may pay
cash dividends or distributions to its shareholders, members or partners, as applicable, at any time so long as no Event of Default shall
have occurred either prior to, or after giving effect to, any such dividend or distribution.

 

SECTION 5.7.            PLEDGE
OF ASSETS. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of Borrower's assets now
owned or hereafter acquired, except any of the foregoing in favor of Bank or which is existing as of, and disclosed to Bank in writing
prior to, the date hereof.

 

ARTICLE VI

EVENTS OF DEFAULT

 

SECTION 6.1.            The
occurrence of any of the following shall constitute an "Event of Default" under this Agreement:

 

(a)            Borrower
shall fail to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents within ten (10) days
after the due date thereof.

 

(b)            Any
financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other
party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any material respect when furnished
or made.

 

(c)            Any
default in the performance of or compliance with: (1) any collateral value requirement set forth herein or in any other Loan Document;
(2) any negative covenant set forth in Article V hereof; (3) any affirmative covenant set forth in Article IV hereof
requiring the delivery of financial statements and other information to Bank; or (4) any obligation, agreement or other provision
contained herein or in any other Loan Document related to Sanctions, Anti-Money Laundering Laws, or Anti-Corruption Laws.

 

(d)            Any
default in the performance of or compliance with any obligation, agreement or other provision contained herein or in any other Loan Document
and, with respect to such default(s) that by their nature can be cured, as reasonably determined by Bank, such default shall continue
for a period of twenty (20) days from its occurrence; provided that the foregoing cure period shall only be available once during each
12 month period for each such obligation, agreement or provision.

 

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(e)            Any
default in the payment or performance of any obligation, or any defined event of default, under the terms of any contract, instrument
or document (other than any of the Loan Documents) pursuant to which Borrower has incurred any debt or other liability to any person or
entity, including Bank.

 

(f)            Borrower
or Guarantor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee, custodian or liquidator
of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for
the benefit of creditors; Borrower or Guarantor shall file a voluntary petition in bankruptcy, or seeking reorganization, in order to
effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code,
as amended or recodified from time to time ("Bankruptcy Code"), or under any state or federal law granting relief to debtors,
whether now or hereafter in effect; or Borrower or Guarantor shall file an answer admitting the jurisdiction of the court and the material
allegations of any involuntary petition; or Borrower or Guarantor shall be adjudicated a bankrupt, or an order for relief shall be entered
against Borrower or Guarantor by any court of competent jurisdiction under the Bankruptcy Code or any other applicable state or federal
law relating to bankruptcy, reorganization or other relief for debtors.

 

(g)            The
filing of a notice of judgment lien against Borrower; or the recording of any abstract or transcript of judgment against Borrower in any
county or recording district in which Borrower has an interest in real property; or the service of a notice of levy and/or of a writ of
attachment or execution, or other like process, against the assets of Borrower; or the entry of a judgment against Borrower; or any involuntary
petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization
or other relief for debtors is filed or commenced against Borrower or Guarantor.

 

(h)            Intentionally
deleted.

 

(i)            Intentionally
deleted.

 

(j)            The
dissolution, division, or liquidation of Borrower or Guarantor; or Borrower or Guarantor, or any of its directors, stockholders, partners
or members, shall take action seeking to effect the dissolution, division, or liquidation of Borrower or Guarantor.

 

(k)            The
withdrawal, resignation or expulsion of any one or more of the general partners in Borrower or any change in control of Borrower or any
entity or combination of entities that directly or indirectly control Borrower, with “control” defined as ownership of an
aggregate of twenty-five percent (25%) or more of the common stock, members' equity or other ownership interest (other than a limited
partnership interest).

 

(l)            The
sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary or by operation of law, without Bank's prior
written consent, of all or any part of or interest in any Real Property Collateral required hereby.

 

(m)            The
terminations of the lease agreements between Borrower and Food Lion, Floco Foods (d/b/a KJ’s Market) and/or Big Lots during the
term of any Loan; provided, however, that this clause (m) shall not constitute an Event of Default hereunder if (i) Borrower
shall have notified Bank of any verbal or written notice (whether issued by Borrower or received from a tenant) of any pending, threatened
or actual termination of any such lease agreement immediately upon its receipt of knowledge of the same, (ii) Borrower shall have
obtained a replacement tenant for such terminated or to-be-terminated lease agreement upon terms satisfactory to Bank in its sole discretion,
which terms shall include, without limitation, the replacement tenant’s assumption of rental payments no later than one hundred
eighty (180) days after the effective date of the prior tenant’s lease termination, and (iii) the replacement tenant shall
have executed a replacement lease, together with any estoppels and/or subordination, non-disturbance and attornment agreements reasonably
requested by Bank.

 

    -14-

     

    

 

SECTION 6.2.            REMEDIES.
Upon the occurrence of any Event of Default: (a) all principal, unpaid interest outstanding and other indebtedness of Borrower under
each of the Loan Documents, any term thereof to the contrary notwithstanding, shall at Bank's option and without notice (except as expressly
provided in any mortgage or deed of trust pursuant to which Borrower has provided Bank a lien on any Real Property Collateral) become
immediately due and payable without presentment, demand, protest or any notices of any kind, including without limitation, notice of nonperformance,
notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration, all of which are hereby expressly
waived by Borrower; (b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately
cease and terminate; and (c) Bank shall have all rights, powers and remedies available under each of the Loan Documents, or accorded
by law, including without limitation the right to resort to any or all security for any credit subject hereto and to exercise any or all
of the rights of a beneficiary or secured party pursuant to applicable law. All rights, powers and remedies of Bank may be exercised at
any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in
addition to any other rights, powers or remedies provided by law or equity.

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.1.            NO
WAIVER. No delay, failure or discontinuance of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect
or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude,
waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit,
consent or approval of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective
only to the extent set forth in such writing.

 

SECTION 7.2.            NOTICES.
All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this Agreement
must be in writing delivered to each party at the following address:

 

		BANK:	Wells Fargo Bank, National Association

1021 East Cary Street, 4th Floor

Richmond, VA 23219

Attention: Steven Smith

 

		BORROWER:	MDR Greenbrier, LLC

Three James Center

1051 E. Cary Street, Suite 601

Richmond, VA 23219

 

    -15-

     

    

 

MDR Lancer, LLC

Three James Center

1051 E. Cary Street, Suite 601

Richmond, VA 23219

 

MDR Salisbury, LLC

Three James Center

1051 E. Cary Street, Suite 601

Richmond, VA 23219

 

or to such other address as any party may designate by written notice
to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery,
upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail,
first class and postage prepaid; and (c) if sent by telecopy, upon receipt.

 

SECTION 7.3.            COSTS,
EXPENSES AND ATTORNEYS' FEES. Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs
and expenses, including, to the extent permitted by applicable law, reasonable attorneys' fees (to include outside counsel fees and all
allocated costs of Bank's in-house counsel to the extent permissible), expended or incurred by Bank in connection with (a) the negotiation
and preparation of this Agreement and the other Loan Documents, Bank's continued administration hereof and thereof, and the preparation
of any amendments and waivers hereto and thereto, (b) the enforcement of Bank's rights and/or the collection of any amounts which
become due to Bank under any of the Loan Documents, whether or not suit is brought, and (c) the prosecution or defense of any action
in any way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at
the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with
any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other
person) relating to Borrower or any other person or entity. Whenever in this Agreement and the other Loan Documents Borrower is obligated
to pay for the attorneys' fees of Bank, or the phrase "reasonable attorneys' fees" or a similar phrase is used, it shall be
Borrower's obligation to pay the attorneys' fees actually incurred or allocated, at standard hourly rates, without regard to any statutory
interpretation, which shall not apply, Borrower hereby waiving the application of any such statute. Notwithstanding anything in this Agreement
to the contrary, reasonable attorneys' fees shall not exceed the amount permitted by law.

 

SECTION 7.4.            SUCCESSORS,
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives,
successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interests or rights hereunder without
Bank's prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part
of, or any interest in, Bank's rights and benefits under each of the Loan Documents. In connection therewith, Bank may disclose all documents
and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, any guarantor
hereunder or the business of such guarantor, if any, or any collateral required hereunder.

 

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SECTION 7.5.            ENTIRE
AGREEMENT; AMENDMENT. To the full extent permitted by law, this Agreement and the other Loan Documents constitute the entire agreement
between Borrower and Bank with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions
and correspondence concerning the subject matter hereof. This Agreement may be amended or modified only in writing signed by each party
hereto.

 

SECTION 7.6.            NO
THIRD PARTY BENEFICIARIES. This Agreement is made and entered into for the sole protection and benefit of the parties hereto and their
respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or
indirect cause of action or claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party.

 

SECTION 7.7.            TIME.
Time is of the essence of each and every provision of this Agreement and each other of the Loan Documents.

 

SECTION 7.8.            SEVERABILITY
OF PROVISIONS. If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions
of this Agreement.

 

SECTION 7.9.            COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original,
and all of which when taken together shall constitute one and the same Agreement.

 

SECTION 7.10.            GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia (such State, Commonwealth
or District is referred to herein as the “State”), but giving effect to federal laws applicable to national banks, without
reference to the conflicts of law or choice of law principles thereof.

 

SECTION 7.11.            BUSINESS
PURPOSE. Borrower represents and warrants that each credit subject hereto is made for (a) a business, commercial, investment, agricultural
or other similar purpose, (b) the purpose of acquiring or carrying on a business, professional or commercial activity, or (c) the
purpose of acquiring any real or personal property as an investment and not primarily for a personal, family or household use.

 

SECTION 7.12.            RIGHT
OF SETOFF; DEPOSIT ACCOUNTS. Upon and after the occurrence of an Event of Default, (a) Borrower hereby authorizes Bank, at any time
and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Bank shall have declared any credit
subject hereto to be due and payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment
of, Borrower's obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or
unliquidated), any and all amounts owing by Bank to Borrower (whether payable in U.S. dollars or any other currency, whether matured or
unmatured, and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced),
and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities
and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in its sole
discretion, may elect. Bank may exercise this remedy regardless of the adequacy of any collateral for the obligations of Borrower to Bank
and whether or not the Bank is otherwise fully secured. Borrower hereby grants to Bank a security interest in all deposits and accounts
maintained with Bank to secure the payment of all obligations and liabilities of Borrower to Bank under the Loan Documents.

 

    -17-

     

    

 

SECTION 7.13.            ARBITRATION.

 

(a)            Arbitration.
The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between or
among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise
in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution,
collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination;
or (ii) requests for additional credit provided, however, that nothing herein shall preclude or limit the Bank's right to confess
judgment pursuant to a warrant of attorney provision set forth in any Loan Document; and provided, further, that no party shall have the
right to demand binding arbitration of any claim, dispute or controversy seeking to (i) strike-off or open a judgment obtained by
confession pursuant to a warrant of attorney contained in any Loan Document, or (ii) challenge the waiver of a right to prior notice
and a hearing before judgment is entered, or after judgment is entered, but before execution upon the judgment. In the event of a court
ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for arbitration and paying the
appropriate filing fee within 30 days of the abatement order or the time specified by the court. Failure to timely file the demand for
arbitration as ordered by the court will result in that party’s right to demand arbitration being automatically terminated.

 

(b)            Governing
Rules. Any arbitration proceeding will (i) proceed in a location in the Virginia selected by the American Arbitration Association
(“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting
choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator
as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim
or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall
be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution
procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”).
If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Any party
who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such
other party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a bank
of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.

 

(c)            No
Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i) foreclose
against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such
as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the
appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver
of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from the
exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

 

    -18-

     

    

 

(d)            Arbitrator
Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided
by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in
which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed
in Virginia or a neutral retired judge of the state or federal judiciary of Virginia, in either case with a minimum of ten years’
experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether
or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding
the arbitrator will decide (by documents only or with a hearing at the arbitrator's discretion) any pre-hearing motions which are similar
to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance
with the substantive law of Virginia and may grant any remedy or relief that a court of such state could order or grant within the scope
hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery
of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge
could pursuant to the Federal Rules of Civil Procedure, the corresponding rules of civil practice and procedure applicable in
Virginia or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction.
The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute
a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests
such action for judicial relief.

 

(e)            Discovery.
In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters
directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for
an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing
that the request for discovery is essential for the party's presentation and that no alternative means for obtaining information is available.

 

(f)            Class Proceedings
and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, except
parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or
to act in any arbitration in the interest of the general public or in a private attorney general capacity.

 

(g)            Payment
of Arbitration Costs and Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding.

 

(h)            Miscellaneous.
To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration
proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose
the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business
or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a dispute,
the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control. This arbitration
provision shall survive termination, amendment or expiration of any of the Loan Documents or any relationship between the parties.

 

    -19-

     

    

 

(i)            Small
Claims Court. Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute
within that court’s jurisdiction. Further, this arbitration provision shall apply only to disputes in which either party seeks to
recover an amount of money (excluding attorneys’ fees and costs) that exceeds the jurisdictional limit of the Small Claims Court.

 

[SIGNATURE PAGES FOLLOW]

 

    -20-

     

    

 

CREDIT AGREEMENT

 

[SIGNATURE PAGE]

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, have caused this Agreement to be executed as of the effective date set forth above.

 

BORROWER:

 

	MDR GREENBRIER, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	 	 	 
	By:	/s/ William R. Elliott	(SEAL)
	Name:	William R. Elliott	 
	Title:	Authorized Signatory	 
	 	 	 
	 	 	 
	MDR LANCER, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	 	 	 
	By:	/s/ William R. Elliott	(SEAL)
	Name:	William R. Elliott	 
	Title:	Authorized Signatory	 
	 	 	 
	 	 	 
	MDR SALISBURY, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	 	 	 
	By:	/s/ William R. Elliott	(SEAL)
	Name:	William R. Elliott	 
	Title:	Authorized Signatory	 

 

	 	Seen and agreed:	 
	 	 	 	 
	 	GUARANTOR:	 
	 	 	 	 
	 	MEDALIST DIVERSIFIED REIT, INC.,	 
	 	a Maryland corporation,	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ William
    R. Elliott	(SEAL)
	 	Name:	William
    R. Elliott	 
	 	Title:	President	 

 

    -21-

     

    

 

CREDIT AGREEMENT

 

[SIGNATURE PAGE]

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, have caused this Agreement to be executed as of the effective date set forth above.

 

 

BANK:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

	By:	/s/ Suzanne Gardner	(SEAL)
	Name:	Suzanne Gardner	 
	Title:	SVP	 

 

    -22-

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