Document:

Assignment, Assumption, and Amendment of Promissory Note

 Exhibit 10.9 
 ASSIGNMENT, ASSUMPTION AND AMENDMENT OF PROMISSORY NOTE 
 THIS ASSIGNMENT, ASSUMPTION AND
AMENDMENT OF PROMISSORY NOTE (this “Assignment”) dated December 30, 2011, is made and executed by and among 84 FINANCIAL L.P., whose address is 12627 San Jose Boulevard, Suite 305, Jacksonville, Florida 32223 (referred to
herein as “Assignor”), SHEPHERD’S FINANCE, LLC, whose address is 3508 Washington Road, McMurray, PA 15317 (referred to herein as “Assignee”), and INVESTOR’S MARK ACQUISITIONS, LLC, whose address is 124 Windermere Ct.,
McMurray, PA 15317 (referred to herein as “Lender”). 
 RECITALS. 

A.            Pursuant to the terms of that certain Subordinated Promissory Note
executed by Assignor in favor of Lender dated December 29, 2010 (the “Note”), Lender made a loan to Assignor in the amount of $1,500,000.00. 
 B.            Assignor desires to assign to Assignee all of Assignor’s right, title and interest in the Note and Assignee desires to assume
the same, subject to the terms, provisions and modifications contained herein. 
 NOW THEREFORE,   in consideration of
the above recitals which are incorporated herein and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged by Assignor, Assignee and Lender, the parties hereto hereby agree as follows. 

1.            Assignment.  Assignor hereby assigns to Assignee all of
Assignor’s right, title and interest in and to the Note. Assignor hereby delegates to Assignee all of Assignor’s obligations under the Note arising or accruing on or after the date hereof, and Assignee hereby assumes such obligations under
the Note arising or accruing after the date hereof. 

2.            Modifications to the Note.  Notwithstanding any
provision in the Note to the contrary, the Note is hereby modified as follows: 

A.            Credit Agreement.  The
following provision is hereby added to the Note: “The terms and provisions hereof are subject to the terms and provisions of that certain Credit Agreement dated December 30, 2011, by and among Lender, Grantor, Benjamin Marcus Homes,
L.L.C. (“Benjamin Marcus”) and Mark L. Hoskins.” 

B.            Borrower.  The term
“Borrower” shall mean Shepherd’s Finance, LLC. 

C.            Governing Law.  The
last sentence of the Note is hereby deleted and replaced with the following: “All rights and obligations under this Note shall be governed by the laws of the Commonwealth of Pennsylvania.” 

D.            Renewal Option.  The
renewal option granted in the Note is hereby deleted, and such renewal option is of no further force and effect. 
 E.            Maturity Date.  The maturity date for the Note shall be the date that the BMH Note and the New IMA Note, as such terms are
defined in the Credit Agreement, are satisfied in full. 

 3.            Full Force and
Effect.  The Note, as modified by this Assignment, is hereby ratified and confirmed by the parties hereto and shall remain in full force and effect. 
 4.            Binding Effect.  This Assignment shall be binding upon and inure to the benefit of the parties hereto and their successors
and assigns. 
 5.            Counterparts.  This Assignment
may be executed by the parties on separate counterparts or separate signature pages, all of which, taken together, shall constitute one and the same instrument. 
 6.            Further Assurances.  Assignor and Lender agree to execute any further documents, and to take any further actions reasonably
requested by Assignee to effectuate the agreements between the parties reflected herein. 

7.            Release of Assignor.  In consideration of the benefits
provided herein, and intending to be legally bound, Assignee and Lender hereby irrevocably and unconditionally release and forever discharge Assignor of and from any and all rights, obligations, promises, agreements, debts, losses, controversies,
claims, causes of action, liabilities, damages, and expenses, including without limitation attorneys’ fees and costs, of any nature whatsoever, whether known or unknown, asserted or unasserted, which they ever had, now have, or hereafter may
have against Assignor arising under the Note. 

 IN WITNESS WHEREOF, THE PARTIES HERETO HAVE CAUSED THIS ASSIGNMENT TO BE EXECUTED ON THE DATE FIRST
SET FORTH ABOVE. 
 ASSIGNOR: 
 84 FINANCIAL
L.P. 
 By: /s/ Thomas P. Spatola 

Name: Thomas P. Spatola 
 Title: President

 {Notarized} 
 ASSIGNEE: 

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

Title: CEO 
 {Notarized} 

LENDER: 
 INVESTOR’S MARK ACQUISITIONS, L.L.C.

 By: /s/ Mark L. Hoskins        (Seal) 

MARK L. HOSKINS, Manager of INVESTOR’S MARK 

ACQUISITIONS, L.L.C. 
 {Notarized}Promissory Note

 Exhibit 10.10 
 PROMISSORY NOTE 
  

							
	 Borrower:
	  	 SHEPHERD’S FINANCE, LLC
 3508
WASHINGTON ROAD
 MCMURRAY, PA 15317
	  	Lender:	  	 2007 DANIEL M. WALLACH LEGACY TRUST
 3508
WASHINGTON ROAD
 MCMURRAY, PA 15317

  

					
	 Principal Amount: $250,000.00
	  	Interest Rate: see below	  	Date of Note: December 30, 2011

 PROMISE TO PAY. SHEPHERD’S FINANCE, LLC (“Borrower”) promises to pay to 2007 DANIEL M. WALLACH
LEGACY TRUST (“Lender”), or order, in lawful money of the United States of America, the principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00), together with interest on the unpaid principal balance from
December 30, 2011, calculated as described in the “INTEREST CALCULATION METHOD” paragraph, until paid in full. The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT” section.

 PAYMENT. Borrower shall pay unpaid principal and accrued interest on this loan upon demand of Lender. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs; then to any late charges; then to any accrued unpaid interest; and then to principal. Borrower will pay Lender at Lender’s address shown above or at
such other place as Lender may designate in writing. 
 MAXIMUM INTEREST RATE. The interest rate on this Note shall not exceed
(except for any higher default rate shown below) the maximum rate allowed by applicable law. 
 INTEREST CALCULATION METHOD. The
interest rate on this Note shall equal the “Lender’s Cost of Funds,” which shall mean the weighted average price paid by Lender on or in connection with all of its borrowed funds. Such weighted average price shall include interest
rates, loan fees, legal fees and any and all other costs paid by Lender on its borrowed funds. 
 PREPAYMENT. Borrower shall have
the right, at its option, to prepay the principal, interest and other amounts due under this Note, in whole or in part at any time without premium or penalty. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of
Borrower’s obligation to continue to make payments. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If
Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts,
including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be
mailed or delivered to: 2007 Daniel M. Wallach Legacy Trust, 3508 Washington Road, McMurray, Pennsylvania 15317. 
 LATE CHARGE. If
a payment of any installment of interest or principal is more than ten (10) days late, following demand for payment by Lender, in addition to making a payment on the installment due, Borrower shall pay to Lender a late charge in an amount equal
to the greater of (i) Twenty-Five and 00/100 Dollars ($25.00) or (ii) five percent (5.0%) of any such overdue installment. 

INTEREST AFTER DEFAULT. After the principal amount of this Note, accrued interest hereon, or any fees or any other sums payable hereunder
shall become due and remain unpaid (whether upon demand by Lender, upon the occurrence of an Event of Default, by acceleration or otherwise), the amount thereof shall thereafter until paid in full bear interest at a rate which shall be two percent
(2.0%) per annum (based on a year of 365/366 days, calculated for actual number of days elapsed) above the then-current rate applicable to this Note. However, in no event will the interest rate exceed the maximum interest rate limitations under
applicable law. 
 DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this
Note: 
 Payment Default. Borrower fails to make any payment when due under this Note, and such default shall
continue ten (10) consecutive days. 
 Other Defaults. Borrower defaults in the performance or observance of
any term, obligation, covenant, condition, agreement or duty contained in this Note or any of the related documents or defaults in the performance or observance of any term, obligation, covenant, condition, agreement or duty contained in any other
agreement between Lender and Borrower. 
 False Statements. Any warranty, representation or statement made or
furnished to Lender by Borrower or on Borrower’s behalf under this Note or any of the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time
thereafter. 
 Dissolution or Insolvency. The dissolution of Borrower or any guarantor (regardless of whether
election to continue is made), or any other termination of Borrower’s or any guarantor’s existence as a going business, the insolvency of Borrower or any guarantor, the appointment of a receiver for any part of Borrower’s or any
guarantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or any guarantor. 

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding,
self-help, repossession or any other method, by any creditor of Borrower or an affiliate of Borrower which is or which shall become obligated to Lender in connection with the loan or otherwise (an “Obligated Affiliate”), or by any
governmental agency against any property securing the loan. This includes a garnishment of any of Borrower’s or an Obligated Affiliate’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower or an Obligated Affiliate as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower or an Obligated Affiliate gives Lender written notice
of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

 Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor of any of the
indebtedness or any guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. 

Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of
payment or performance of this Note is impaired. 
 COLLATERAL. The obligations of Borrower under this Note are secured by the
Collateral, as such term is further described in the Commercial Pledge Agreement by and among Borrower, Lender and Daniel M. Wallach and Joyce S. Wallach dated the date of this Note. 

 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance
under this Note and all accrued unpaid interest immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. 

ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower shall pay or
cause to be paid and save Lender harmless against liability for the payment of all reasonable out-of-pocket expenses incurred by Lender from time to time arising in connection with Lender’s enforcement or preservation of its rights under this
Note. This includes Lender’s reasonable attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to
modify or vacate any automatic stay or injunction), and appeals. Lender may also recover from Borrower all court, alternative dispute resolution or other collection costs (including, without limitation, fees and charges of collection agencies)
actually incurred by Lender. 
 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not
preempted by federal law, the laws of the Commonwealth of Pennsylvania without regard to its conflicts of law provisions. This Note has been accepted by Lender in the Commonwealth of Pennsylvania. 

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of the
Commonwealth of Pennsylvania, in the county in which Lender’s following address is located: 3508 WASHINGTON ROAD, MCMURRAY, PA 15317. 

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender
(whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts. 

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives,
successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 
 GENERAL PROVISIONS. If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses
this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker,
guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or Collateral; or impair, fail
to realize upon or perfect Lender’s security interest in the Collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the
consent of or notice to anyone other than the party with whom the modification is made. 
 [SIGNATURES APPEAR ON NEXT PAGE]

 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER
AGREES TO THE TERMS OF THE NOTE. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 

THIS NOTE IS DELIVERED UNDER SEAL AND IT IS INTENDED THAT THIS NOTE IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING
TO LAW. 
 BORROWER: 

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

Title: Chief Executive Officer 

(Seal)

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