Document:

Exhibit
10.2

 

ADMINISTRATIVE
SERVICES AGREEMENT

 

Dated
as of April __, 2021

 

This
Administrative Services Agreement (this “Agreement”), dated as of the date first set forth above (the
“Effective Date”) is entered into by and between iCap Vault Management, LLC, a Delaware limited liability
company (the “Manager”) and iCap Vault 1, LLC, a Delaware limited liability company (the “Issuer”).
Each party hereto may be referred to herein individually as a “Party” and the parties may be
referred to collectively as the “Parties.”

 

R
E C I T A L S :

 

Whereas,
as of the Effective Date, the Issuer will offer up to $500,000,000 aggregate principal amount of Variable Denomination Floating
Rate Demand Notes as further defined and described in that certain Post-Effective Amendment No. 1 to Form S-11 filed by the Issuer
with the Securities and Exchange Commission (the “SEC”) on April 29, 2021 (the SEC filing and description
of the Issuer’s offering are referenced hereafter as the “Offering”); and

 

Whereas,
the Offering allows the Issuer to retain a manager, from time to time, for services relating to the Issuer’s investments,
properties or operations; and

 

Whereas,
the Issuer desires that the Manager provide the Issuer and the Issuer’s Affiliates (as that term is defined below) with
routine operational, administrative, management, advisory, consulting and other services with respect to their respective operations
(“Entity-Level Services”), and the Manager desires to render such Entity-Level Services to the Issuer
and the Issuer’s Affiliates, on the terms and conditions set forth in this Agreement;

 

Whereas,
the Issuer desires that the Manager provide transactional, extraordinary and non-routine services (“Non-Routine Services”)
and the Manager desires to render such Non-Routine Services, as needed, on the terms and conditions set forth in this Agreement;

 

Now,
therefore, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.
Services.

 

(a)
Provision of Services by the Manager. The Manager shall directly, or indirectly through one or more Affiliates or third
parties as described in Section 1(b), engage and maintain personnel for the purpose of providing the following services (collectively,
the “Services”) to the Issuer or to one or more Affiliates of Issuer:

 

(i)
Entity-Level Services for the Issuer, including:

 

	 	(A)	Property
    management services;
	 	 	 
	 	(B)	corporate
    services;
	 	 	 
	 	(C)	statutory
    services;
	 	 	 
	 	(D)	investor
    relations and customer care services;
	 	 	 
	 	(E)	technology
    management and support services;
	 	 	 
	 	(F)	fund
    administration services;

 

    	 

     

    

 

	 	(G)	transaction
    support services, including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling
    relevant information, conducting financial and market analyses, and coordinating closing procedures;
	 	 	 
	 	(H)	loan
    origination, management and servicing; and
	 	 	 
	 	(I)	within
    any one or more of the services listed in this Section 1(a)(i), providing services in respect of asset and/or investment
    administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation
    and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, legal and
    compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing,
    consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting
    and other similar operational matters; and

 

(ii)
Non-Routine Services, including:

 

	 	(A)	administrative
    services in connection with liquidation or winding up of the Issuer;
	 	 	 
	 	(B)	managing
    litigation, judicial proceedings or arbitration, including the defense and or settlement of any claims (regardless of whether
    or not the Issuer is named as a defendant or party in any such claim);
	 	 	 
	 	(C)	engaging
    attorneys, accountants and other professionals to advise on complex commercial transactions;
	 	 	 
	 	(D)	other
    non-routine or extraordinary services; and
	 	 	 
	 	(E)	additional
    services as contemplated in Section 1(f).

 

(b)
Provision of Services by Third Parties. The Manager shall, to the extent it determines that it would be advisable in connection
with or incidental to the activities contemplated hereby, arrange for and coordinate the services of other professionals, experts
and consultants to provide any or all of the Services, in which case, the costs and expenses of such third parties for providing
such services shall be borne by the Manager other than as set forth in Section 3; it being understood that the Manager shall not
charge to the Issuer any fees in addition thereto with respect to such outsourced Entity-Level Services described in Section 1(a)(i),
but the Manager shall be entitled to reimbursement for third party costs incurred in connection with Non-Routine Services described
in Section 1(a)(ii) as set forth in Section 3(b).

 

(c)
Independent Contractor; Authority. Notwithstanding the Services provided by the Manager pursuant to this Agreement,
the Manager shall be deemed to be an independent contractor with respect to the Services.

 

(d)
Obligations of Manager Not Exclusive. The obligations of the Manager to the Issuer and the Issuer’s Affiliates are
not exclusive. The Manager may, in its discretion, directly, or indirectly through its Affiliates, render the same or similar
services as rendered to the Issuer or the Issuer’s Affiliates, to any Person or Persons whose business may be in direct
or indirect competition with the Issuer or any Affiliates of the Issuer, including other Affiliates of the Manager.

 

(e)
Definitions. For purposes hereof:

 

(i)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with, such Person and, for the purposes
of this definition, the term “controls,” “is controlled by” or “under common control with”
means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

    	 

     

    

 

(ii)
“Person” means an individual, a corporation, and a company, a voluntary association, a partnership,
a joint venture, a limited liability company, a trust, an estate, an unincorporated organization, a Governmental Authority or
other entity.

 

(iii)
“Governmental Authority” means the government of any nation, state, territory, city, locality or other
political subdivision thereof, any entity or body exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including any court, quasi-governmental authority, self-regulatory organization, commission, tribunal,
agency or any political or other subdivision, department, board, bureau, or branch or official of any of the foregoing.

 

(f)
Additional Services. Nothing herein shall prevent the Manager from providing additional services not otherwise set forth
herein, and any such additional Services shall be deemed to be included in Section 1(a)(ii).

 

2.
Other Related Activities.

 

(a)
The Manager and Affiliates thereof shall have the right to offer perks to owners of the notes referenced in the Offering, subject
to compliance with applicable laws, and the costs of which will be paid by the Manager.

 

(b)
The Manager shall bear any incremental third-party costs associated with such activities related to the activities set forth in
this Section 2 and in the event that any revenues are generated from such other activities, the Manager may retain such revenues.

 

3.
Compensation and Expenses.

 

(a)
In consideration for the services described in Section 1(a)(i), the Issuer shall pay market rates ranging between $30 and $250
per hour, according to the services performed. Market rates shall be paid for the services described in Section 1(a)(ii) as approved
in writing and in advance by the Issuer.

 

(b)
All services shall be billed to Issuer or one of its Affiliates, as appropriate, pursuant to normal and customary billing and
invoicing practices with respect to the type of services performed.

 

(c)
For avoidance of doubt, any fees paid to the Manager or its Affiliates for any such services referenced hereunder will not reduce
the Issuer’s management fee with respect to the Offering.

 

4.
Indemnification.

 

(a)
Indemnification of Protected Persons. To the fullest extent permitted by law, the Issuer and its Affiliates shall jointly
and severally indemnify, hold harmless, protect and defend the Manager, the Manager’s Affiliates, any officer, manager,
board member, employee or any direct or indirect partner, member or shareholder of the Manager, any Person who serves at the request
of the Manager on behalf of the Issuer or any of Issuer’s Affiliates as an officer, director, partner, member, manager,
board member, shareholder or employee of any other Person, and any Person who was, at the time of the act or omission in question,
such a Person (each, a “Protected Person”) against any losses, claims, damages or liabilities, including
legal fees, costs and expenses incurred in investigating or defending against any such losses, claims, damages or liabilities
or in enforcing the Protected Person’s right to indemnification under this Agreement (collectively, “Liabilities”),
to which any Protected Person may become subject (i) by reason of any act or omission or alleged act or omission (even if negligent)
arising out of or in connection with the activities of a Party; or (ii) by reason of the fact that it is or was acting in connection
with the activities of such Party in any capacity or that it is or was serving at the request of any Party as a partner, member,
shareholder, director, officer, employee or agent of any Person, unless, in each case, such Liability results from such Protected
Person’s own actual fraud, gross negligence, willful misconduct, bad faith, breach of fiduciary duty, reckless disregard
of duty or any material breach of this Agreement or conduct that is subject of a criminal proceeding (where such Protected Person
has reasonable cause to believe that such conduct was unlawful). The termination of any proceeding by settlement, judgment, order,
conviction, or upon a plea of nolo contendere or its equivalent shall not, by itself, create a presumption that such Protected
Person’s conduct constituted actual fraud, gross negligence, willful misconduct, bad faith, breach of fiduciary duty, reckless
disregard of duty or any material breach of this Agreement or the commission of a crime, except a judgment, order or conviction
that expressly provides that such Protected Person’s conduct constituted actual fraud, gross negligence, willful misconduct,
bad faith, breach of fiduciary duty, reckless disregard of duty or any material breach of this Agreement or the commission of
a crime.

 

    	 

     

    

 

(b)
Reimbursement of Expenses. The Issuer shall promptly reimburse (and/or advance to the extent reasonably required) each
Protected Person for reasonable legal or other expenses (as incurred) of such Protected Person in connection with investigating,
preparing to defend or defending any claim, lawsuit or other proceeding relating to any Liabilities for which the Protected Person
may be indemnified pursuant to this Section 4; provided, that such Protected Person executes a written undertaking to repay the
Issuer, as applicable, for such reimbursed or advanced expenses if it is finally judicially determined that such Protected Person
is not entitled to the indemnification provided by this Section 4. In any action, suit or proceeding against Protected Persons,
such Protected Persons shall jointly employ, at the expense of the Issuer, counsel of the Protected Persons’ choice, which
counsel shall be reasonably satisfactory to the Issuer, in such action, suit or proceeding; provided that if retention of joint
counsel by such Protected Persons would create a conflict of interest, each Protected Person whose participation in such joint
representation would cause such a conflict shall have the right to employ, at the expense of the Issuer, separate counsel of the
respective Protected Person’s choice, which counsel shall be reasonably satisfactory to the Issuer in such action, suit
or proceeding; provided, however, that if any indemnitor shall acknowledge in writing its liability to the Protected Person for
any action, suit or proceeding brought by a third party in connection with which any Protected Person is seeking indemnification,
then such indemnitor shall be entitled to select the counsel to defend such action, suit or proceeding, subject to the approval
of the Protected Person, which approval shall not be unreasonably withheld.

 

(c)
Survival of Protection. The provisions of this Section 4 shall continue to afford protection to each Protected Person regardless
of whether such Protected Person remains in the position or capacity pursuant to which such Protected Person became entitled to
indemnification under this Section 4 and regardless of any subsequent amendment to this Agreement; provided, that no such amendment
shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to
the date of such amendment.

 

(d)
Recovery. Each Protected Person shall use its reasonable efforts to pursue other third-party sources of indemnification
in respect of any Liabilities for which it or any Protected Person may require indemnification in accordance with this Section
4. If any Protected Person recovers any amounts in respect of any Liabilities from insurance coverage or any third-party source,
then such Protected Person shall, to the extent that such recovery is duplicative, reimburse the Issuer for any amounts previously
paid to it by the Issuer in respect of such Liabilities.

 

(e)
Survival. The rights of indemnification provided in this Section 4 will be in addition to any rights to which a Protected
Person might otherwise be entitled by contract or as a matter of law, and shall extend to each of such Protected Person’s
heirs, successors and assigns. The provisions of this Section 4 shall survive the termination of this Agreement.

 

(f)
Exceptions to Indemnification. Notwithstanding anything to the contrary contained herein, the Issuer’s obligations
under Section 4(a) (Indemnification of Protected Persons) and Section 4(b) (Reimbursement of Expenses) shall not
apply to any actions, suits or proceedings in which one or more officers, directors, partners, members or employees of the Manager
are making claims against the Manager or one or more other officers, directors, partners, members or employees of the Manager.

 

5.
Assignment. Any assignment of this Agreement by a Party shall require the approval of the other Party.

 

6.
Term and Termination.

 

(a)
This Agreement shall terminate upon the first to occur of (i) the dissolution of the Issuer; (ii) upon notice of termination from
the Manager that the Manager desires to withdraw as the Manager of the Issuer with respect to the Offering, which the Manager
may give at any time in the event that the Manager determines that it desires to cease providing services of the type as set forth
herein to any Person, and provided that the Manager does so cease providing such services thereunder and (iii) on the joint agreement
of the Parties.

 

(b)
In addition to the termination provisions as set forth in Section 6(a), the Issuer may terminate this Agreement at any time upon
any of the following:

 

(i)
the commission by the Manager or any of its executive officers of fraud, gross negligence or willful misconduct;

 

    	 

     

    

 

(ii)
the conviction of the Manager of a felony;

 

(iii)
a material breach by the Manager of the terms of this Agreement which breach is not cured within 30 days after receipt by the
Manager of a notice of such breach from any member of the Issuer (provided that if such breach is not capable of cure within 30
days, and Manager is diligently taking steps to cure the breach, then no such event shall be deemed to have occurred unless and
until the Manager fails to cure such breach within 60 days after receiving notice thereof);

 

(iv)
a material violation by the Manager or any of its executive officers of any applicable law that has a material adverse effect
on the business of the Issuer; or

 

(v)
the bankruptcy or insolvency of the Manager.

 

(c)
The Parties shall, on the date of such termination or if it does not have the available funds on such date, as soon as practicable
after it does have the available funds, pay any accrued but costs subject to reimbursement by such Parties through to such date.

 

7.
Notices.

 

(a)
All notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be given
by personal delivery, mailed by internationally recognized courier service or airmail, or sent by email with return receipt requested
to the following addresses of the Parties or to such other address as such Party may have specified for notice:

 

	 	(i)	If
    to the Manager:

 

iCap
Vault Management, LLC

3535
Factoria Blvd. SE, Suite 500

Bellevue,
WA 98006

 

Email:
chris.vault@icapvault.com

 

	 	(ii)	If
    to the Issuer:

 

iCap
Vault 1, LLC

3535
Factoria Blvd. SE, Suite 500

Bellevue,
WA 98006

 

Email:
investor@icapequity.com

 

(b)
Any notice shall be deemed received, unless earlier received, (i) if sent by courier service, on the second Business Day after
delivery to the courier service, (ii) if sent by certified or registered airmail, return receipt requested, when actually received,
(iii) if sent by standard airmail, five Business Days after posting in the mail, and (iv) if sent by email transmission or delivered
by hand, on the date of receipt as evidenced by a return receipt in the case of email transmission.

 

8.
Arbitration.

 

(a)
Either Party may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a Claim be final
and binding arbitration pursuant to this Section 8 (this “Arbitration Provision”). The arbitration shall
be conducted in King County, Washington. There shall be a sole arbitrator who shall be an attorney or retired judge with no less
than ten years of experience in resolving commercial disputes in the finance industry. As used in this Arbitration Provision,
“Claim” shall include any past, present, or future claim, dispute, or controversy involving the Parties
or any Protected Person relating to or arising out of this Agreement, including (except to the extent provided otherwise in the
last sentence of Section 8(e) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement.
Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution,
statute, common law, or principles of equity; or otherwise. Claims include (without limitation) matters arising as initial claims,
counter-claims, cross-claims, third-party claims, or otherwise. The scope of this Arbitration Provision is to be given the broadest
possible interpretation that is enforceable.

 

    	 

     

    

 

(b)
The party initiating arbitration shall do so with the American Arbitration Association (the “AAA”) or
JAMS. The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with,
the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision
or any countervailing law. In the case of a conflict between the rules and policies of the Manager and this Arbitration Provision,
this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have
the rules and policies of the administrator apply.

 

(c)
Absent a ruling to the contrary from the arbitrator, the Parties shall split the administrative costs of the arbitration, including
filing costs and all administrative fees. Each Party shall bear the expense of its own attorney’s fees, except as otherwise
provided by law.

 

(d)
Within 30 days of a final award by the arbitrator, a party may appeal the award for reconsideration by a three-arbitrator panel
selected according to the rules of the arbitration administrator. In the event of such an appeal, an opposing party may cross-appeal
within 30 days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed.
Costs and conduct of any appeal shall be governed by this Arbitration Provision and the arbitration administrator’s rules,
in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and
any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the “FAA”),
and may be entered as a judgment in any court of competent jurisdiction.

 

(e)
Each party agrees not to invoke its right to arbitrate an individual Claim that a party may bring in Small Claims Court or an
equivalent court, if any, so long as the Claim is pending only in that court. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF
OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN
ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT.

 

(f)
Unless otherwise provided in this Agreement or consented to in writing by all parties to the arbitration, no party to the arbitration
may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in
the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to
the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect
to the claims in arbitration, and shall not (i) determine the rights, obligations, or interests of anyone other than a named party,
or resolve any Claim of anyone other than a named party, or (ii) make an award for the benefit of, or against, anyone other than
a named party. No party or arbitrator shall have the power or authority to waive, modify, or fail to enforce this Section 8(f),
and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any
challenge to the validity of this Section 8(f) shall be determined exclusively by a court and not by the party or any arbitrator.

 

(g)
This Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable
under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator
may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this
Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court.
The arbitrator shall take steps to reasonably protect confidential information.

 

    	 

     

    

 

(h)
This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and
the relationship of the Parties; and (ii) the bankruptcy or insolvency of any Party or other party. If any portion of this Arbitration
Provision other than sub-section (e) is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision
shall nevertheless remain valid and in force. If arbitration is brought on a class, representative, or collective basis, and the
limitations on such proceedings in Section 8(e) are finally adjudicated pursuant to the last sentence of Section 8(e) to be unenforceable,
then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims
or make awards beyond those authorized in this Arbitration Provision.

 

9.
Miscellaneous.

 

(a)
Amendment. This Agreement may not be modified or amended in any manner other than by an instrument in writing signed by
the Parties or their respective successors or permitted assigns.

 

(b)
Waivers. No provision of this Agreement shall be deemed to have been waived unless such waiver is in writing and signed by or
on behalf of the Party granting the waiver.

 

(c)
Entire Agreement. Other than as specifically set forth herein, this Agreement constitutes the entire agreement between
the Parties with respect to the subject matter hereof and supersedes any prior agreement or understanding between them with respect
to such subject matter.

 

(d)
Severability. In case any provision in this Agreement shall be deemed to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

 

(e)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Delaware, without regard to the
conflicts of laws principles thereof. To the extent of any disagreement or matter relating to this Agreement, including, without
limitation, the enforceability of the arbitration provisions of this Agreement or the enforcement of any arbitration award, such
disagreement or matter shall be exclusively submitted to the federal or state courts located in King County, Washington.

 

(f)
Limitation on Damages. IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL
OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING SHALL BE INTERPRETED AND HAVE EFFECT TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, RULE OR REGULATION.

 

(g)
WAIVER OF JURY TRIAL. THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE,
BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY
AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A COURT UPON ELECTION OF ARBITRATION BY ANY PARTY. THE PARTIES HERETO
WAIVE A TRIAL BY JURY IN ANY LITIGATION RELATING TO THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATED THERETO.

 

(h)
Successors and Assigns. Except as herein otherwise specifically provided, this Agreement shall be binding upon and inure
to the benefit of the Parties and their successors and permitted assigns.

 

(i)
Third Party Beneficiaries. Each Protected Person is an intended third-party beneficiary of this Agreement and shall have
the right to enforce its rights under this Agreement as if it were a direct Party. Other than as set forth herein, this Agreement
is between the Parties and there are no other third-party beneficiaries hereto, and no other party shall have the right to enforce
this Agreement.

 

(j)
Headings. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit
or extend the scope or intent of this Agreement or any provision hereof.

 

(k)
Interpretation. Wherever from the context it appears appropriate, each term stated in either the singular or the plural
shall include the singular and the plural, and pronouns stated in the masculine, the feminine or neuter gender shall include the
masculine, the feminine and the neuter.

 

(l)
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all
of which together shall constitute one instrument.

 

[remainder
of page left intentionally blank]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have entered into this Agreement as of the Effective Date.

 

	 	 For
     iCap Vault Management, LLC, a Delaware limited liability
    company
	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 For
     iCap Vault 1, LLC, a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit
10.3

PROMISSORY
NOTE

 

	 $3,500,000 	Seattle,
                                         Washington

    April
    15, 2021

 

FOR
VALUE RECEIVED, COLPITTS SUNSET, LLC, a Washington limited liability company (“Borrower”), promises to pay, in lawful
money of the United States of America, to the order of Vault Holding, LLC, a Delaware limited liability company (“Lender”),
at 3535 Factoria Boulevard SE, Suite 500, Bellevue, Washington 98006, or such other place as Lender may designate in writing from
time to time, the principal sum of Three Million Five Hundred Thousand and no/100 Dollars ($3,500,000.00) the principal sum of
Three Million Five Hundred Thousand and no/100 Dollars ($3,500,000.00), with interest on the unpaid principal balance as provided
herein.

 

1.           
INTEREST AND PAYMENTS. The unpaid principal balance of this Note, together with all additions thereto and any other sums
owing under this Note shall bear interest at a rate equal to ten percent (10%) per annum. All computations of interest under this
Note shall be made on the basis of a year of 360 days comprised of twelve 30-day months The entire principal balance of this Note
and all unpaid accrued interest thereon, if any, shall be due and payable in full on or before April 1, 2023 (the “Maturity
Date”); provided, however, Borrower may extend the Maturity Date for up to two (2) additional consecutive terms of three
(3) months each by delivering written notice of such extension on or before the Maturity Date then in effect.

 

	2.	PREPAYMENT.

 

At
Borrower’s option, this Note may be prepaid in whole or in part, without penalty. Any partial prepayment shall not extend,
postpone or change the due date of the payment required by Paragraph 1 above or change the amounts thereof.

 

	3.	LATE
                                         CHARGE.

 

If
any payment hereunder is not made within five (5) days of the due date, Borrower shall pay to Lender on demand a late charge equal
to five percent (6%) of the amount of the payment to defray the expenses of Lender incident to the delay.

 

	4.	SECURITY.

 

This
Note is secured by a Second Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Deed
of Trust”) of even date made by Borrower and covering real and personal property located in the City of Renton, King County,
State of Washington. The Deed of Trust contains provisions requiring Lender’s prior written consent to a transfer or further
encumbrance of such property.

 

    	1

    	 

    

 

	5.	EVENTS
                                         OF DEFAULT.

 

The
occurrence of any one or more of the following shall be an Event of Default under this Note:

 

		(a)	The
                                         failure to make any payment under this Note or the Deed of Trust when due.
	 	 	 
		(b)	The
                                         occurrence of any other default under the Deed of Trust.

 

	6.	REMEDIES;
                                         DEFAULT INTEREST.

 

Upon
any Event of Default, Lender may declare the entire principal balance and all accrued interest immediately due and payable. Whether
or not Lender exercises such option to accelerate, and so long as the Event of Default continues, the entire principal balance,
all accrued interest, and all other amounts payable under the Note and the Deed of Trust shall bear interest from the date of
such Event of Default at the lesser of (i) twelve percent per annum, or (ii) the maximum per annum rate permissible under applicable
law. Such default interest shall be payable on demand. Lender’s failure to exercise any right or remedy shall not be a waiver
of the right to exercise the same. The foregoing remedies shall be in addition to all other rights and remedies of Lender under
the Note and Deed of Trust or at law or in equity.

 

	7.	COLLECTION
                                         EXPENSES.

 

Borrower
shall reimburse Lender on demand for all reasonable legal fees and other costs and expenses incurred in collecting or enforcing
this Note or the Deed of Trust, in protecting or realizing on any collateral, or in otherwise protecting or enforcing Lender’s
rights under this Note or the Deed of Trust. Such fees, costs and expenses shall include those incurred with or without suit and
in any appeal, any petition for review, any arbitration or mediation, any action contesting or seeking to restrain, enjoin, stay
or postpone the exercise of any remedy of Lender, any post-judgment collection proceedings, any probate proceedings, any state
or federal bankruptcy or insolvency or receivership proceedings, and in connection with all negotiations, documentation, and other
actions relating to any workout, compromise, settlement or satisfaction of any of the indebtedness evidenced by this Note or any
obligations of Borrower under the Deed of Trust. All such costs, expenses and fees shall bear interest from the date of disbursement
at the Default Rate and payment of the same shall be secured by the Deed of Trust.

 

	8.	WAIVERS.

 

Borrower
waives all notices required by law, including without limitation presentment and demand for payment, protest, and notice of demand,
protest, dishonor and nonpayment.

 

	9.	ASSIGNMENT
                                         OF NOTE BY LENDER.

 

The
term “Lender” shall include any subsequent holder of or participant in this Note and the Deed of Trust. Lender may
assign the Note and the Deed of Trust in whole or in part. Lender may make available to any proposed assignee or participant all
credit and financial data with respect to Borrower as may be in the possession of Lender. Borrower agrees to provide any additional
information that any proposed assignee or participant may reasonably request.

 

    	2

    	 

    

 

	10.	COMPLIANCE
                                         WITH LAWS.

 

It
is the intent of Borrower and Lender to comply at all times with the usury and other applicable United States federal laws or
laws of the State of Washington (to the extent not preempted by federal law, if any) now or hereafter governing the interest payable
on this Note or the Deed of Trust, to the extent any of the same are applicable hereto. If the laws of the State of Washington
or the United States are revised, repealed, or judicially interpreted so as to render usurious any amount called for under this
Note or the Deed of Trust, or any other instrument contracted for, charged, taken, reserved, or received with respect to the indebtedness
secured or evidenced hereby, or the maturity of this Note is accelerated as herein provided, or if any prepayment by Borrower
results in Borrower’s having paid any interest in excess of that permitted by law, then it is Borrower’s and Lender’s
intent that, notwithstanding any provision to the contrary contained in this Note or in the Deed of Trust (a) all excess amounts
theretofore collected by Lender be credited to the principal balance of this Note (or, if this Note has been paid in full, refunded
to Borrower), and (b) the provisions of this Note immediately be deemed reformed, and the amount thereafter collectible hereunder
and thereunder reduced, without necessity of the execution of any new document, so as to comply with the then applicable law.

 

	11.	MISCELLANEOUS.

 

(a)
This Note shall be construed, enforced and otherwise governed by the laws of the State of Washington.

 

(b)
Any notice to Borrower under this Note shall be given in the manner specified in the Deed of Trust and shall be effective as
provided therein.

 

(c)
Time is of the essence of this Note and of the payments and performances hereunder and under the Deed of Trust.

 

(d)
Each person executing this Note as Borrower shall be jointly and severally liable for all obligations of Borrower
hereunder

 

[signature
page follows]

 

    	3

    	 

    

 

BORROWER
ACKNOWLEDGES AND AGREES THAT LENDER DOES NOT HAVE TO FORECLOSE THE DEED OF TRUST OR ANY OTHER LIENS ON ANY COLLATERAL BEFORE DEMANDING
FULL PAYMENT FROM BORROWER UNDER THIS NOTE.

 

ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING PAYMENT OFA DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW.

 

BORROWER:

 

COLPITTS
SUNSET, LLC, a Washington limited liability company

 

	By:	iCap
    Pacific NW Management, LLC,	 
	 	a
Washington limited liability company,	 

 

its Manager

 

	By:	/s/
    Chris Christensen	 
	Name:	Chris
    Christensen	 
	Title:	Manager	 

 

    	4

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