Document:

Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”)
is made and entered into as of the Effective Date (as defined below) between the undersigned Seller (as defined below) and the undersigned
Buyer (as defined below).

 

		1.	Summary of Terms and Defined Terms.
                                            The following summary of terms and defined terms are hereby incorporated into this Agreement:

 

	SUMMARY OF TERMS
                    AND DEFINED TERMS

     

	A.  Seller
    and Seller’s Notice Information:	Billie
                           Jean Faust (“Seller”)

    [personal information redacted]

	 	 
	B. Buyer and Buyer’s
        Notice Information:

     
	MHP Pursuits LLC, a North
        Carolina limited liability company (“Buyer”)

    136 Main Street

    Pineville, North Carolina 28134

    Attention: Adam Martin

    Telephone: (980) 273-1702 x239

    Email: adam@mhproperties.com

     

	C. Property Name and
        Address: 

     
	Sunnyland Mobile Home Park

    c/o 4 Coastal Drive

    Byron, GA

     

	D.  General
    Description:  	Mobile Home Park with 73 developed
        home sites located on approximately 18.57 acres and an adjacent parcel containing 15.09 acres as described in Deed Book 395,
        Page 822 and Deed Book 539, Page 214, Peach Co., GA Records (incorporated herein by reference) and as further depicted on Exhibit
        “A” attached hereto (collectively the “Land”) and 36 Park-Owned Homes (as defined below) and
        as described on Exhibit “C” attached hereto and incorporated herein); and all mobile home leases related to
        the Park-Owned Homes listed in Exhibit “C” and/or leases related to mobile home lot rentals only (the latter being
        listed in Exhibit “E” attached hereto and incorporated herein by reference) (collectively the “Leases”)
        NOTE: All leases are in the name of Sunnyland Community, LLC, a Georgia limited liability company owned by Seller which is Seller’s
        authorized leasing agent..NOTE: The under of mobile homes and lots and/or the number of lots leased may vary between the date
        hereof and Closing and the above quantities shall be adjusted accordingly.

     

	E. Property ID Number(s):

     
	064C 023, (18.57 acres
        Mobile Home Park-broken down further by Peach County Tax Assessor’s office to include individual lots as well); and 064C
        024 (15.09 acres)

     

	F. Purchase Price:

     
	$2,200,000 (the “Purchase
        Price”)

     

	G. Closing Date: 

     
	Within 30 days from completion
        of Due Diligence Period or such earlier date as may be agreed upon by the parties in writing (the “Closing Date) but
        no later than 90 days from the Effective Date hereof. The Closing shall take place at the Title Company’s office in
        the State of Georgia and both parties may close via mail if the closing agent allows.

     

	H.
    Title Company; Holder of Earnest Money	Stewart Title Guaranty
        Company (“Title Company”)

    5935 Carnegie Boulevard, Suite
    301

    Charlotte, North Carolina 28209

     

	I.  Effective
    Date of this Agreement:  	November 3, 2021

     

	J. Earnest Money: 

     
	$22,000 (the “Earnest
        Money”) to be held in escrow by John R. Grimes, Esq. [personal information redacted] (“Holder”)

     

	K.  Due Diligence
    Period: 	60 days from Effective Date hereof.
        (the “Due Diligence Period”).

     

	L.  Buyer’s
    Broker:	Simba Consulting LLC has been retained by buyer and will be
        compensated based on separate contract.

     

	M.  Seller’s
    Broker:	None (“Seller’s
    Broker”) 

 

     

     

    

 

		2.	Purchase and Sale.
                                            Buyer agrees to purchase and Seller agrees to sell the Property (as defined in Section
                                            2 below) upon the terms and conditions set forth in this Agreement.

 

		3.	Property.
                                            Upon and subject to the terms and conditions set forth in this Agreement, Seller
                                            shall sell to Buyer, and Buyer shall purchase from Seller, the following property (collectively,
                                            the “Property”) “as is” without expressed or implied warranties
                                            other than as set forth herein:

 

		A.	Real
                                            Estate: The Land, including all improvements, legally described above and depicted on Exhibit
                                            A;

 

		B.	Personal
                                            Property: The non-real estate assets described and identified on Schedule D;

 

		C.	Seller’s
                                            interest, as landlord, in and to all leases or other rental or occupancy agreements for the
                                            Property (together with any modifications, extensions or renewals thereof, the “Leases”)
                                            and Seller’s interest in any related security deposits, security interests and prepaid
                                            rents under the Leases On the Closing Date, Seller shall assign and deliver to Buyer, through
                                            a credit to the Purchase Price, all refundable security deposits and other deposits owing
                                            to tenants under the Leases, to the extent not previously applied in accordance with the
                                            applicable Lease(s).

 

		4.	Purchase
                                            Price and Method of Payment. The Purchase Price shall be paid in U.S. Dollars at
                                            Closing in cash or its equivalent which shall only include the wire transfer of immediately
                                            available funds, or a cashier’s check issued for the closing by a federally insured
                                            bank, savings bank, savings and loan association or credit union where the funds are immediately
                                            available.

 

		5.	Due
                                            Diligence. During the Due Diligence Period, Buyer may conduct, at Buyer’s sole
                                            expense, whatever due diligence, inspections, examinations, surveys and testing, if any,
                                            Buyer deems appropriate to evaluate the suitability of Property for Buyer’s intended
                                            use. Buyer shall have the right to terminate this Agreement by delivering notice to Seller
                                            at or before 11:59 p.m. Eastern time on the last day of the Due Diligence Period, if information
                                            discovered is contrary to standard underwriting guidelines.

 

		6.	Earnest
                                            Money. Buyer shall deposit the Earnest Money with Holder within three (3) business
                                            days after the Effective Date hereof to be held in escrow and to be applied to the Purchase
                                            Price at Closing, or refunded to Buyer if Buyer terminates this Agreement in accordance with
                                            the terms hereof. If Buyer defaults in its obligation to close and pay the Purchase Price,
                                            Seller shall be entitled to receive the Earnest Money as liquidated damages.

 

		7.	Obligations
                                            at Closing:

 

		A.	Seller’s
                                            Obligations at Closing. At Closing, Seller shall deliver to Buyer (or to the Title Company
                                            acting as the closing escrow agent) executed originals of the following documents (“Seller’s
                                            Closing Documents”):

 

		1.	Special
                                            Warranty Deed (or equivalent limited warranty deed) conveying title to the Property subject
                                            only to the Permitted Exceptions (as defined below);

 

		2.	Bill
                                            of Sale and General Assignment transferring Seller’s right, title and interest in the
                                            mobile homes listed in Exhibit “C” and/or the Personal Property listed in Exhibit
                                            “D” attached hereto and incorporated herein, and any and all of the Seller’s
                                            the Intangible Property rights related to Land and/or the Leases together with all of the
                                            business files related thereto and any Warranties and the Licenses related to the foregoing,
                                            if any, o Buyer, which shall include a warranty that Seller has not transferred, assigned
                                            or pledged such items to any other party (except in connection with any loan that will be
                                            paid in full by Seller at or prior to Closing);

 

		3.	An
                                            Assignment and Assumption Agreement of the Leases identified above whereby Seller assigns
                                            all of its right, title and interest in the Leases and any Contracts related to the servicing
                                            or maintenance of the Land or mobile homes sold that Buyer elects to assume, and Buyer accepts
                                            and assumes Seller’s obligations under the Leases and any such Lease land/or Contracts
                                            from and after the Closing Date (together with all originals of the Leases and such Contracts
                                            that are within Seller’s possession);

 

		4.	Closing
                                            Statement reflecting the Purchase Price and the prorations and adjustments provided herein;

 

		5.	All
                                            certificates of title and other documents for the transfer of title to the Park-Owned Homes
                                            as more particularly set forth in Section 19 hereof;

 

		6.	All
                                            other documents that Seller must execute to cause the Title Company to issue to Buyer (and
                                            Buyer’s lender, as applicable) a title insurance policy with all standard exceptions
                                            deleted and subject only to the Permitted Exceptions (including, without limitation, an owner’s
                                            affidavit from Seller in the form customarily used in commercial real estate transactions);
                                            and

 

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		7.	(N/A).

 

		B.	Buyer’s
                                            Obligations at Closing. At Closing, Buyer shall deliver to Seller (or to the Title Company
                                            acting as the closing escrow agent) the balance of the Purchase Price subject to the adjustments
                                            and prorations set forth in this Agreement, together with counterpart executed originals
                                            of any Seller’s Closing Documents that may require Buyer’s signature, as applicable.

 

		8.	Costs.

 

Seller’s Costs: Seller
shall pay (i) all transfer taxes with respect to the Property; (ii) the cost of recording the deed for the Property and any title curative
document, including any satisfaction or release of any mortgage, deed of trust or other lien and any financing statement termination;
(iii) the fees and expenses of Seller’s counsel and consultants;

 

B.Buyer’s Costs:
Buyer shall pay (i) the fees and expenses of Buyer’s counsel and consultants; (ii) any costs in connection with Buyer’s inspection,
title examination and survey of Property and any costs associated with obtaining financing for the acquisition of Property (including
any mortgage tax and the cost of recording Buyer’s loan documents); (iii) the base premium for Buyer’s owner’s policy
of title insurance, any costs of owner’s or lender’s title insurance for Buyer or its lender; and (iv) escrow fees or closing
disbursement fees charged by the Title Company.

 

		9.	Closing
                                            Prorations and Credits.

 

		A.	Seller
                                            and Buyer agree that all property taxes (on a calendar year basis), Leases rentals, and utilities
                                            or any other assumed liabilities shall be prorated as of the date of Closing.

 

		B.	All
                                            Lease rentals payable for the month of Closing (including any such rents that are unpaid
                                            as of the Closing Date) shall be prorated as of the Closing Date and Buyer shall receive
                                            a credit against the Purchase Price for Buyer’s prorated share of such rents. ; provided,
                                            if Buyer subsequently receives any such rents that were unpaid as of the Closing Date and
                                            were prorated for the month of Closing, Buyer shall deliver such rents to Seller. All rents
                                            that are thirty (30) days or more delinquent shall not be prorated, and Seller shall retain
                                            the right to collect same. . All payments or prepayments of rents or other income or compensation
                                            attributable to the Property for the period subsequent to Closing collected or received or
                                            retained by Seller will be delivered to Buyer or credited against the Purchase Price. All
                                            rents collected by Buyer subsequent to Closing shall be applied first to any unpaid rents
                                            due and owing for the month of the Closing and shall be accounted for by the Buyer to Seller
                                            and the Seller’s prorata share paid to Seller.

 

		C.	Effective
                                            as of the Closing Date, Buyer will assume all liabilities of Seller for security deposits
                                            under the Leases, and such security deposits shall be a credit against the Purchase Price.

 

		D.	Buyer’s
                                            and Seller’s obligations under this Section 9 to make any adjustments to prorations
                                            or to deliver any rents or income to each other, as applicable, shall survive the Closing.

 

		10.	Title.
                                            Seller agrees to convey fee simple marketable and insurable title to the Property by a limited
                                            warranty deed without exception for mechanics’ liens, free and clear of all liens,
                                            encumbrances and defects of title other than: (a) zoning ordinances affecting the Property,
                                            (b) Leases and (c) matters of record existing at the Contract Date that are not objected
                                            to by Buyer prior to the end of the Due Diligence Period (collectively the “Permitted
                                            Exceptions”); provided that Seller shall be required to satisfy, at or prior to Closing,
                                            any encumbrances that may be satisfied by the payment of a fixed sum of money, such as deeds
                                            of trust, mortgages or statutory liens. Seller shall not enter into or record any instrument
                                            that affects the Property (or any personal property listed on Exhibit A) after the Contract
                                            Date without the prior written consent of Buyer, which consent shall not be unreasonably
                                            withheld, conditioned or delayed.

 

		A.	Title
                                            Examination. After the Contract Date, Buyer shall, at Buyer’s expense, cause a
                                            title examination to be made of the Property before the end of the Due Diligence Period.
                                            In the event that such title examination shall show that Seller’s title is not fee
                                            simple marketable and insurable, subject only to Permitted Exceptions, then Buyer shall promptly
                                            notify Seller in writing of all such title defects and exceptions, in no case later than
                                            the end of the Due Diligence Period, and Seller shall have ten (10) days to cure said noticed
                                            defects. If Seller does not cure the defects or objections within said ten (10) day period,
                                            then Buyer may terminate this Agreement and receive a return of Earnest Money (notwithstanding
                                            that the Due Diligence Period may have expired) or close subject to such uncured title objections
                                            and items “a” and “b” listed above (i.e., the Permitted Exceptions”).
                                            If Buyer is to purchase title insurance, the insuring company must be licensed to do business
                                            in the state in which the Property is located. Title to the Property must be insurable at
                                            regular rates, subject only to standard exceptions and Permitted Exceptions.

 

		11.	Representations and Warranties.

 

		A.	Seller’s
                                            Representations and Warranties: Seller represents and warrants to Buyer as follows:

 

		1.	Seller
                                            has full authority to sign this Agreement and all documents to be executed by Seller as contemplated
                                            by this Agreement. The individual(s) executing this Agreement and all such documents contemplated
                                            by this Agreement on behalf of Seller are duly elected or appointed and validly authorized
                                            to execute and deliver the same.

 

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		2.	This Agreement constitutes
                                            a legal, valid and binding obligation of Seller and, together with each of the documents
                                            to be executed by Seller as contemplated by this Agreement, is enforceable against Seller
                                            in accordance with its terms.

 

		3.	To
                                            Seller’s knowledge, Seller owns good and marketable fee simple title to the Property
                                            that is insurable, subject only to the Permitted Exceptions.

 

		4.	Except
                                            for pending eviction actions, Seller has not received notice of any legal actions, suits
                                            or other legal or administrative proceedings pending or threatened against Seller or the
                                            Property, and Seller is not aware of any facts which might result in any such action, suit
                                            or other proceeding.

 

		5.	To
                                            Seller’s knowledge, the Property does not contain any hazardous wastes, hazardous substances,
                                            hazardous materials, toxic substances, hazardous air pollutants or toxic pollutants as those
                                            terms are used in the Resource Conservation and Recovery Act, the Comprehensive Environmental
                                            Response, Compensation and Liability Act, the Hazardous Materials Transportation Act, the
                                            Toxic Substances Control Act, the Clean Air Act and the Clean Water Act, and in any amendments
                                            thereto, or in any regulations promulgated pursuant thereto, or in any applicable state or
                                            local law, regulation or ordinance.

 

		6.	Seller
                                            has no knowledge of (i) any condemnation or zoning change affecting or contemplated with
                                            respect to the Property; (ii) any changes contemplated in any applicable laws, ordinances
                                            or restrictions affecting the use of the Property as a mobile home park; or (iii) any liens
                                            or assessments (governmental or private), either pending or confirmed, with respect to sidewalk,
                                            paving, water, sewer, drainage or other improvements on or adjoining the Property or with
                                            respect to any property owners’ association, declaration or easement agreement (other
                                            than the lien of ad valorem property taxes that are not yet due and payable).

 

		7.	To
                                            Seller’s knowledge, Seller and the Property have complied and are currently in compliance
                                            with all applicable laws, ordinances, regulations, statutes, rules, restrictions and inspection
                                            requirements pertaining to or affecting the Property.

 

		8.	The
                                            Due Diligence Materials delivered by Seller to Buyer in accordance with this Agreement are
                                            full, complete and accurate copies of all Due Diligence Materials within Seller’s possession.

 

		B.	Buyer’s
                                            Representations and Warranties: Buyer represents and warrants to Seller as follows:

 

		1.	Buyer
                                            has full authority to sign this Agreement and all documents to be executed by Buyer as contemplated
                                            by this Agreement. The individual(s) executing this Agreement and all such documents contemplated
                                            by this Agreement on behalf of Buyer are duly elected or appointed and validly authorized
                                            to execute and deliver the same.

 

		2.	This
                                            Agreement constitutes a legal, valid and binding obligation of Buyer and, together with each
                                            of the documents to be executed by Buyer as contemplated by this Agreement, is enforceable
                                            against Buyer in accordance with its terms.

 

		C.	Survival
                                            Period. All representations, warranties, covenants and agreements made by the parties
                                            hereto shall survive the Closing and delivery of the deed. Seller shall, at or within three
                                            (3) months after the Closing, and without further consideration, execute, acknowledge and
                                            deliver to Buyer such other documents and instruments, and take such other action as Buyer
                                            may reasonably request or as may be necessary to more effectively transfer to Buyer the Property
                                            described herein in accordance with this Agreement.

 

		12.	Brokerage.
                                            Buyer and Seller represent and warrant to each other that there are no brokers involved
                                            in this transaction except for the Buyer’s Broker (if any) and the Seller’s Broker
                                            (if any) listed in Section 1 of this Agreement. Buyer shall defend, indemnify, and hold Seller
                                            harmless from any and all claims asserted by any other broker or sales agent as a result
                                            of Buyer’s actions in connection with this Agreement. Seller shall defend, indemnify,
                                            and hold Buyer harmless from and against any and all claims asserted by any other broker
                                            or sales agent as a result of Seller’s actions in connection with this Agreement. These
                                            indemnities shall survive the Closing or the termination of this Agreement.

 

		13.	Assignment.
                                            Buyer may not transfer or assign any or all of its rights and obligations under
                                            this Agreement without the Seller’s prior written permission which will not be unreasonably
                                            withheld.

 

		14.	Notices.
                                            Unless otherwise provided herein, all notices and other communications which may be or are
                                            required to be given or made by any party to the other in connection herewith shall be in
                                            writing and shall be deemed to have been properly given and received on the date delivered
                                            in person or deposited in the United States mail, registered or certified, return receipt
                                            requested, or email to the addresses set out in Section A above or at such other addresses
                                            as specified by written notice delivered in accordance herewith.

 

		15.	Same
                                            Condition. If the Property is damaged by a casualty prior to Closing causing it not
                                            to be in substantially the same condition at Closing as of the date of the offer, reasonable
                                            wear and tear excepted, then the Buyer may (i) terminate this Agreement and receive a return
                                            of the Earnest Money or (ii) proceed to Closing whereupon Buyer shall be entitled to receive,
                                            in addition to the Property, any of the Seller’s insurance proceeds payable on account
                                            of the damage or destruction applicable to the Property. Buyer’s election shall be
                                            made within ten (10) business days of notice of the casualty by Seller to Buyer (which shall
                                            include information regarding insurance payments due). If Buyer elects not to terminate within
                                            said ten (10) day period, Buyer will deemed to have elected ii above. The Closing Date shall
                                            be extended by ten (10) days in the event of such casualty.

 

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		16.	Default.

 

		A.	Seller’s Pre-Closing Remedy for
                                            Buyer Default. If Buyer defaults in its obligation to close and pay the Purchase Price
                                            in accordance with this Agreement, Seller shall be entitled, as her sole and exclusive remedy,
                                            to terminate this Agreement and retain the Earnest Money as liquidated damages, in which
                                            event the parties shall have no further rights or obligations under this Agreement.

 

		B.	Buyer’s Pre-Closing Remedies for
                                            Seller Default. If Seller breaches any representation or warranty under this Agreement
                                            or fails to perform any of its obligations under this Agreement, Buyer shall be entitled,
                                            as its sole and exclusive remedy prior to Closing, either (a) to terminate this Agreement
                                            and receive a refund of the Earnest Money Deposit, and Seller shall reimburse Buyer an amount
                                            equal to the out-of-pocket costs incurred by Buyer in connection with the transaction contemplated
                                            by this Agreement not to exceed $5,000.00, which reimbursement obligation of Seller shall
                                            survive the termination of this Agreement, or (b) to enforce specific performance of Seller’s
                                            obligations under this Agreement.

 

		17.	Other Provisions.

 

		A.	Entire Agreement and Modification:
                                            This Agreement constitutes the sole and entire agreement between the parties hereto, supersedes
                                            all of their prior written and verbal agreements and shall be binding upon the parties and
                                            their successors, heirs and permitted assigns. This Agreement may not be amended or modified
                                            except upon the written agreement of Buyer and Seller.

 

		B.	Governing Law and Interpretation:
                                            This Agreement may be signed in multiple counterparts each of which shall be deemed to be
                                            an original. No provision herein, by virtue of the party who drafted it, shall be interpreted
                                            less favorably against one party than another. All references to time shall mean Eastern
                                            Time. The governing law shall be those of the state in which the Property is located.

 

		C.	Duty to Cooperate: Seller and
                                            Buyer agree to do all things reasonably necessary and in good faith before and after Closing
                                            (including executing and delivering such additional documents as required by law or as reasonably
                                            requested by the other party) to fulfill the terms of this Agreement and carry out the intent
                                            and purpose of the parties as set forth in this Agreement.

 

		D.	Electronic Signatures: For all
                                            purposes herein, an electronic or facsimile signature shall be deemed the same as an original
                                            signature; provided, however, that each party agrees to promptly re-execute a conformed copy
                                            of this Agreement with original signatures if requested to do so by the other party.

 

		18.	Title
                                            to Park-Owned Homes. Seller will use best efforts to obtain certificates of title
                                            to all Park-Owned Homes prior to Closing. Seller will convey ownership to Buyer of all Park-Owned
                                            Homes by delivery of the certificates of title or a bill of sale or both, together with any
                                            DMV forms, powers of attorney or other documentation that may be reasonably necessary to
                                            transfer title to such Park-Owned Homes.

 

		19.	Exhibits
                                            and Addenda. All exhibits and/or addenda attached hereto, listed below, or referenced
                                            herein are made a part of this Agreement. If any such exhibit or addendum conflicts with
                                            any preceding paragraph, said exhibit or addendum shall control:

 

Exhibit “A” Description
of Property

Exhibit “B” Due
Diligence Materials and Special Provisions

Exhibit “C” List
of Park-Owned Homes

 

		20.	The parties agree to cooperate with one another in a Sec. 1031
if elected by either party.

 

[SIGNATURES INCLUDED
ON FOLLOWING PAGE]

 

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IN WITNESS WHEREOF, Buyer and Seller have executed
this Agreement as of the Effective Date.

 

	BUYER:	 
	 	 
	MHP PURSUITS LLC,
	 
	a North Carolina limited
                                            liability company
	 
	 	 
	By:	/s/
    Adam Martin	 
	Name:	Adam Martin	 
	Title:	CIO	 
	Date:	October 28, 2021	 

 

	SELLER:	 
	 	 
	BILLIE JEAN FAUST	 
	 	 	 
	By:	/s/
    Billie Jean Faust	 
	Name:	Billie Jean Faust	 
	Title:	 	 
	Date:	November 3, 2021	 

 

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EXHIBIT A

 

DESCRIPTION OF PROPERTY

 

 

 

 

 

    A-1

     

    

 

 

EXHIBIT B

 

DUE
DILIGENCE MATERIALS & SPECIAL PROVISIONS

 

The
following shall be incorporated into this Agreement.

 

		1.	Within
                                            ten (10) business days after the Effective Date, Seller shall deliver to Buyer copies of
                                            the following items to the extent within Seller’s possession (collectively, the “Due
                                            Diligence Materials”):

 

		●	Operating
                                            PL for preceding 24 months 
	 	 	 

		●	Copies
                                            of billings/invoices regarding Water, Sewer, Trash, Gas, Electric, Property Tax, Ins, Repair
                                            & Maintenance Bills for the last 12 months
	 	 	 

		●	City,
                                            County and State Permits and Licenses
	 	 	 

		●	Signed
                                            lease agreements and signed rules & regulations for each tenant
	 	 	 

		●	A
                                            list of all Park-Owned Homes including Year, Make, Model, Size, Serial Number, VIN and Lot
                                            #
	 	 	 

		●	Copies
                                            of Certificates of title for Park-Owned Homes (if applicable)
	 	 	 

		●	Copy
                                            of current insurance policy and binder showing premiums and coverages
	 	 	 

		●	Current
                                            rent roll including home site number, name of resident, move-in date, monthly rent, current
                                            balance due (if any) additional charges, prepaid rents (if beyond Closing Date), delinquencies
                                            (if more than 3 late rental payments over last 12 months), security deposits
	 	 	 

		●	List
                                            of employees/vendors with compensation
	 	 	 

		●	2
                                            years of operating bank statements, 
	 	 	 

		●	At
                                            Buyer’s request, any additional information in Seller’s possession which would
                                            reasonably be helpful to the Buyer in the inspection of the Property.
	 	 	 

		●	List
                                            of any major reoccurring park problems (infrastructure, tenant, operational, etc.) over last
                                            12 months

 

		2.	Five
                                            days prior to Closing, , Seller shall provide to Buyer a current rent roll and list of all
                                            delinquent Tenants.

 

		3.	The
                                            Purchase Price shall be allocated on the Closing Statement as follows: sixty percent (60%)
                                            to the Real Property and forty percent (40%) to Personal Property/Goodwill.

 

Without
the prior written consent of the other party, neither Seller nor Purchaser will disclose to any person or entity, other than their legal
counsel, a proposed lender, prospective investors, prospective tenants, necessary governmental authorities and/or other agents
with a reasonable need to know the fact that of this Agreement and that it has been entered into or any of the terms, conditions or other
facts with respect thereto, including the status thereof and/or the Due Diligence Materials provided to Purchaser. such information,
either.

 

    B-1

     

    

 

 

		4.	

EXHIBIT C 

 

LIST OF PARK-OWNED HOMES

 

 

 

    C-1

     

    

 

 

EXHIBIT D

 

LIST OF PERSONAL PROPERTY

 

		1.	Office equipment (office computer and
                                            hard drives)
	 	 	 

		2.	Hand tools
	 	 	 

		3.	Lawn maintenance equipment (i.e., lawn
                                            mower, 5 gallon gas containers)
	 	 	 

		4.	Supplies as of date of Closing (which
                                            Seller will maintain at current levels)

 

    D-1

     

    

 

 

EXHIBIT E

 

 

 

 

E-1Exhibit
10.2

 

ASSIGNMENT
OF PURCHASE AND SALE AGREEMENT

 

THIS
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT (this “Assignment”) dated January 27 , 2022, is made by and among MHP
PURSUITS LLC, a North Carolina limited liability company (the “Assignor”), SUNNYLAND MHP LLC, a Georgia limited
liability company, (the “Land Assignee”), and GVEST SUNNYLAND HOMES LLC, a Delaware limited liability company (the
“Homes Assignee”), and provides as follows:

 

RECITALS

 

A.
Pursuant to that certain Purchase and Sale Agreement dated as of November 3, 2021 (“Purchase Agreement”), by and between
Assignor and Billie Jean Faust (the “Seller”), Assignor agreed to purchase from Seller certain real property and personal
property owned by Seller and located in Byron, Georgia, which property is more particularly described in the Purchase Agreement, a copy
of which is attached hereto as Exhibit A, and by this reference made a part hereof.

 

B.
Assignor desires to assign to Land Assignee, and Land Assignee desires to assume from Assignor, all of Assignor’s rights and obligations
pursuant to the Purchase Agreement related to the Property, excluding the personal property consisting of the Homes (as defined below)
which shall be assumed by Homes Assignee.

 

C.
Assignor desires to assign to Homes Assignee, and Homes Assignee desires to assume from Assignor, all of Assignor’s rights and
obligations pursuant to the Purchase Agreement related to the Homes.

 

AGREEMENT

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, Assignor, Land
Assignee, and Homes Assignee agree as follows:

 

1.
Capitalized Terms. Capitalized terms used herein, unless otherwise defined in this Assignment, shall have the same meanings as
those given in the Purchase Agreement.

 

2.
Assignment. Assignor hereby transfers, assigns and conveys to Land Assignee all of Assignor’s right, title and interest in, to
and under the Purchase Agreement related to the Property, except to the extent related to the Homes, and delegates to Land Assignee all
of its duties and obligations and liabilities in, to and under the Purchase Agreement except to the extent related to the Homes. Assignor
hereby transfers, assigns and conveys to Homes Assignee all of Assignor’s right, title and interest in, to and under the Purchase Agreement
related to the manufactured homes owned by Seller and located at Sunnyland Mobile Home Park, 4 Coastal Drive, Byron, Georgia 31008, (the
“Homes”) and delegates to Homes Assignee all of its duties and obligations and liabilities in, to and under the Purchase
Agreement related to the Homes.

 

    

     

    

 

3.
Assumption and Acceptance. Land Assignee and Homes Assignee each hereby accept their respective assignment as aforesaid, and assume
and agree to perform the duties, obligations and liabilities of Assignor under the Purchase Agreement as set forth therein to the extent
assumed by Land Assignee and Homes Assignee respectively pursuant to this Assignment.

 

4.
Entire Agreement. This Assignment embodies the entire agreement of Assignor, Land Assignee and Homes Assignee with respect to
the subject matter of this Assignment and it supersedes any prior agreements, whether written or oral, with respect to the subject matter
of this Assignment. This Assignment may be modified only by a written instrument duly executed by Assignor, Land Assignee and Homes Assignee.

 

5.
Binding Effect. The terms and provisions of this Assignment will inure to the benefit of, and will be binding upon, the heirs,
executors, personal representatives, successors and assigns of Assignor, Land Assignee and Homes Assignee.

 

REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK 

SIGNATURE PAGE TO FOLLOW

 

    2

     

    

 

SIGNATURE
PAGE TO ASSIGNMENT OF ASSET PURCHASE AGREEMENT

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, Assignor, Land Assignee and Homes Assignee have executed this Assignment
as of the day and year first above written.

 

	 	ASSIGNOR
	 	 
	 	MHP
    Pursuits LLC,
	 	a
    North Carolina limited liability company
	 	 
	 	By:	/s/Adam
    Martin
	 	Name: 
    	Adam
    Martin
	 	Title:
    	CIO
	 	 
	 	LAND
    ASSIGNEE
	 	 
	 	SUNNYLAND
    MHP LLC,
	 	a
    Georgia limited liability company
	 	 
	 	By:	Manufactured
    Housing Properties inc.

    a
    Nevada Corporation

	 	 	 
	 		By:	/s/
    Michael Z. Anise
	 		Name: 	Michael
    Z. Anise
	 		Title:	President
	 	 	 	 
	 	HOMES
  ASSIGNEE
	 	 
	 	GVEST
                                            SUNNYLAND HOMES LLC,

                                            

a
Delaware limited liability company

	 	 	 
	 	By:

	/s/
  Raymond M. Gee
	 	Name:	Raymond
  M. Gee
	 	Title:	Manager

 

    3

     

    

 

EXHIBIT
A PURCHASE AGREEMENT

 

(See
attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    4

     

    

 

PURCHASE
AND SALE AGREEMENT

 

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of the Effective Date (as defined below)
between the undersigned Seller (as defined below) and the undersigned Buyer (as defined below).

 

	1.	Summary
                                            of Terms and Defined Terms. The following summary of terms and defined terms are
                                            hereby incorporated into this Agreement:

 

	SUMMARY
    OF TERMS AND DEFINED TERMS
	A.
    Seller and Seller’s Notice Information:	Billie
    Jean Faust (“Seller”) 

    [personal information

    redacted]
	B.
    Buyer and Buyer’s Notice Information:	MHP
    Pursuits LLC, a North Carolina limited liability company (“Buyer”) 136 Main Street

    Pineville,
    North Carolina 28134

    Attention: Adam Martin

    Telephone: (980) 273-1702 x239 

    Email: adam@mhproperties.com

	C.
    Property Name and Address:	Sunnyland
    Mobile Home Park

    c/o 4 Coastal Drive

    Byron,
    GA

	D.
    General Description:	Mobile
    Home Park with 73 developed home sites located on approximately

    18.57
    acres and an adjacent parcel containing 15.09 acres as described in Deed Book 395, Page 822 and Deed Book 539, Page 214, Peach Co.,
    GA Records (incorporated herein by reference) and as further depicted on Exhibit “A” attached hereto (collectively the
    “Land”) and 36 Park-Owned Homes (as defined below) and as described on Exhibit “C” attached hereto and
    incorporated herein); and all mobile home leases related to the Park- Owned Homes listed in Exhibit “C” and/or leases related
    to mobile home lot rentals only (the latter being listed in Exhibit “E” attached hereto and incorporated herein by reference)
    (collectively the “Leases”) NOTE: All leases are in the name of Sunnyland Community, LLC, a Georgia limited liability company
    owned by Seller which is Seller’s authorized leasing agent..NOTE: The under of mobile homes and lots and/or the number of lots leased
    may vary between the date hereof and Closing and the above quantities shall be adjusted accordingly.

	E.
    Property ID Number(s):	064C
    023, (18.57 acres Mobile Home Park-broken down further by Peach County Tax Assessor’s office to include individual lots as well);
    and 064C 024 (15.09 acres)
	F.
    Purchase Price:	$2,200,000
    (the “Purchase Price”)
	G.
    Closing Date:	Within
    30 days from completion of Due Diligence Period or such earlier date as may be agreed upon by the parties in writing (the “Closing
    Date) but no later than 90 days from the Effective Date hereof. The Closing shall

	take
    place at the Title Company’s office in the State of Georgia and both parties may close via mail if the closing agent allows.
	H.
    Title Company; Holder of Earnest Money	Stewart
    Title Guaranty Company (“Title Company”)

     5935 Carnegie Boulevard, Suite 301

    Charlotte,
    North Carolina 28209

	I.
    Effective Date of this Agreement:	 November
    3, 2021
	J.
    Earnest Money:	$22,000
    (the “Earnest Money”) to be held in escrow by John R. Grimes, Esq. [personal information redacted] (“Holder”)
	K.
    Due Diligence Period:	60
    days from Effective Date hereof. (the “Due Diligence Period”).
	L.
    Buyer’s Broker:	Simba
    Consulting LLC has been retained by buyer and will be compensated based on separate contract.
	M.
  Seller’s Broker:	None
  “Seller’s Broker”

 

    5

     

    

 

	2.	Purchase
                                            and Sale. Buyer agrees to purchase and Seller agrees to sell the Property (as defined
                                            in Section 2 below) upon the terms and conditions set forth in this Agreement.

 

	3.	Property.
                                            Upon and subject to the terms and conditions set forth in this Agreement, Seller shall
                                            sell to Buyer, and Buyer shall purchase from Seller, the following property (collectively,
                                            the “Property”) “as is” without expressed or implied warranties
                                            other than as set forth herein:

 

		A.	Real
                                            Estate: The Land, including all improvements, legally described above and depicted on Exhibit
                                            A;

 

		B.	Personal
                                            Property: The non-real estate assets described and identified on Schedule D;

 

		C.	Seller’s
                                            interest, as landlord, in and to all leases or other rental or occupancy agreements for the
                                            Property (together with any modifications, extensions or renewals thereof, the “Leases”)
                                            and Seller’s interest in any related security deposits, security interests and prepaid rents
                                            under the Leases On the Closing Date, Seller shall assign and deliver to Buyer, through a
                                            credit to the Purchase Price, all refundable security deposits and other deposits owing to
                                            tenants under the Leases, to the extent not previously applied in accordance with the applicable
                                            Lease(s).

 

	4.	Purchase
                                            Price and Method of Payment. The Purchase Price shall be paid in U.S. Dollars at
                                            Closing in cash or its equivalent which shall only include the wire transfer of immediately
                                            available funds, or a cashier’s check issued for the closing by a federally insured bank,
                                            savings bank, savings and loan association or credit union where the funds are immediately
                                            available.

 

	5.	Due
                                            Diligence. During the Due Diligence Period, Buyer may conduct, at Buyer’s sole expense,
                                            whatever due diligence, inspections, examinations, surveys and testing, if any, Buyer deems
                                            appropriate to evaluate the suitability of Property for Buyer’s intended use. Buyer shall
                                            have the right to terminate this Agreement by delivering notice to Seller at or before 11
                                            :59 p.m. Eastern time on the last day of the Due Diligence Period, if information discovered
                                            is contrary to standard underwriting guidelines.

 

	6.	Earnest
                                            Money. Buyer shall deposit the Earnest Money with Holder within three (3) business
                                            days after the Effective Date hereof to be held in escrow and to be applied to the Purchase
                                            Price at Closing, or refunded to Buyer if Buyer terminates this Agreement in accordance with
                                            the terms hereof. If Buyer defaults in its obligation to close and pay the Purchase Price,
                                            Seller shall be entitled to receive the Earnest Money as liquidated damages.

 

	7.	Obligations
                                            at Closing:

 

		A.	Seller’s
                                            Obligations at Closing. At Closing, Seller shall deliver to Buyer (or to the Title Company
                                            acting as the closing escrow agent) executed originals of the following documents (“Seller’s
                                            Closing Documents”):

 

		1.	Special
                                            Warranty Deed (or equivalent limited warranty deed) conveying title to the Property subject
                                            only to the Permitted Exceptions (as defined below);

 

		2.	Bill
                                            of Sale and General Assignment transferring Seller’s right, title and interest in the mobile
                                            homes listed in Exhibit “C” and/or the Personal Property listed in Exhibit “D”
                                            attached hereto and incorporated herein, and any and all of the Seller’s the Intangible Property
                                            rights related to Land and/or the Leases together with all of the business files related
                                            thereto and any Warranties and the Licenses related to the foregoing, if any, o Buyer, which
                                            shall include a warranty that Seller has not transferred, assigned or pledged such items
                                            to any other party (except in connection with any loan that will be paid in full by Seller
                                            at or prior to Closing);

 

		3.	An
                                            Assignment and Assumption Agreement of the Leases identified above whereby Seller assigns
                                            all of its right, title and interest in the Leases and any Contracts related to the servicing
                                            or maintenance of the Land or mobile homes sold that Buyer elects to assume, and Buyer accepts
                                            and assumes Seller’s obligations under the Leases and any such Lease land/or Contracts from
                                            and after the Closing Date (together with all originals of the Leases and such Contracts
                                            that are within Seller’s possession);

 

		4.	Closing
                                            Statement reflecting the Purchase Price and the prorations and adjustments provided herein;

 

		5.	All
                                            certificates of title and other documents for the transfer of title to the Park-Owned Homes
                                            as more particularly set forth in Section 19 hereof;

 

		6.	All
                                            other documents that Seller must execute to cause the Title Company to issue to Buyer (and
                                            Buyer’s lender, as applicable) a title insurance policy with all standard exceptions deleted
                                            and subject only to the Permitted Exceptions (including, without limitation, an owner’s affidavit
                                            from Seller in the form customarily used in commercial real estate transactions); and

 

		7.	(N/A).

 

		B.	Buyer’s
                                            Obligations at Closing. At Closing, Buyer shall deliver to Seller (or to the Title Company
                                            acting as the closing escrow agent) the balance of the Purchase Price subject to the adjustments
                                            and prorations set forth in this Agreement, together with counterpart executed originals
                                            of any Seller’s Closing Documents that may require Buyer’s signature, as applicable.

 

    6

     

    

 

	8.	Costs.

 

Seller’s
Costs: Seller shall pay (i) all transfer taxes with respect to the Property; (ii) the cost of recording the deed for the Property
and any title curative document, including any satisfaction or release of any mortgage, deed of trust or other lien and any financing
statement termination; (iii) the fees and expenses of Seller’s counsel and consultants;

 

B.Buyer’s
Costs: Buyer shall pay (i) the fees and expenses of Buyer’s counsel and consultants; (ii) any costs in connection with Buyer’s inspection,
title examination and survey of Property and any costs associated with obtaining financing for the acquisition of Property (including
any mortgage tax and the cost of recording Buyer’s loan documents); (iii) the base premium for Buyer’s owner’s policy of title insurance,
any costs of owner’s or lender’s title insurance for Buyer or its lender; and (iv) escrow fees or closing disbursement fees charged by
the Title Company.

 

	9.	Closing
                                            Prorations and Credits.

 

		A.	Seller
                                            and Buyer agree that all property taxes (on a calendar year basis), Leases rentals, and utilities
                                            or any other assumed liabilities shall be prorated as of the date of Closing.

 

		B.	All
                                            Lease rentals payable for the month of Closing (including any such rents that are unpaid
                                            as of the Closing Date) shall be prorated as of the Closing Date and Buyer shall receive
                                            a credit against the Purchase Price for Buyer’s prorated share of such rents. ; provided,
                                            if Buyer subsequently receives any such rents that were unpaid as of the Closing Date and
                                            were prorated for the month of Closing, Buyer shall deliver such rents to Seller. All rents
                                            that are thirty (30) days or more delinquent shall not be prorated, and Seller shall retain
                                            the right to collect same. . All payments or prepayments of rents or other income or compensation
                                            attributable to the Property for the period subsequent to Closing collected or received or
                                            retained by Seller will be delivered to Buyer or credited against the Purchase Price. All
                                            rents collected by Buyer subsequent to Closing shall be applied first to any unpaid rents
                                            due and owing for the month of the Closing and shall be accounted for by the Buyer to Seller
                                            and the Seller’s prorata share paid to Seller.

 

		C.	Effective
                                            as of the Closing Date, Buyer will assume all liabilities of Seller for security deposits
                                            under the Leases, and such security deposits shall be a credit against the Purchase Price.

 

		D.	Buyer’s
                                            and Seller’s obligations under this Section 9 to make any adjustments to prorations or to
                                            deliver any rents or income to each other, as applicable, shall survive the Closing.

 

	10.	Title.
                                            Seller agrees to convey fee simple marketable and insurable title to the Property by
                                            a limited warranty deed without exception for mechanics’ liens, free and clear of all liens,
                                            encumbrances and defects of title other than: (a) zoning ordinances affecting the Property,
                                            (b) Leases and (c) matters of record existing at the Contract Date that are not objected
                                            to by Buyer prior to the end of the Due Diligence Period (collectively the “Permitted
                                            Exceptions”); provided that Seller shall be required to satisfy, at or prior to Closing,
                                            any encumbrances that may be satisfied by the payment of a fixed sum of money, such as deeds
                                            of trust, mortgages or statutory liens. Seller shall not enter into or record any instrument
                                            that affects the Property (or any personal property listed on Exhibit A) after the
                                            Contract Date without the prior written consent of Buyer, which consent shall not be unreasonably
                                            withheld, conditioned or delayed.

 

		A.	Title
                                            Examination. After the Contract Date, Buyer shall, at Buyer’s expense, cause a title
                                            examination to be made of the Property before the end of the Due Diligence Period. In the
                                            event that such title examination shall show that Seller’s title is not fee simple marketable
                                            and insurable, subject only to Permitted Exceptions, then Buyer shall promptly notify Seller
                                            in writing of all such title defects and exceptions, in no case later than the end of the
                                            Due Diligence Period, and Seller shall have ten (10) days to cure said noticed defects. If
                                            Seller does not cure the defects or objections within said ten (10) day period, then Buyer
                                            may terminate this Agreement and receive a return of Earnest Money (notwithstanding that
                                            the Due Diligence Period may have expired) or close subject to such uncured title objections
                                            and items “a” and “b” listed above (i.e., the Permitted Exceptions”).
                                            If Buyer is to purchase title insurance, the insuring company must be licensed to do business
                                            in the state in which the Property is located. Title to the Property must be insurable at
                                            regular rates, subject only to standard exceptions and Permitted Exceptions.

 

	11.	Representations
                                            and Warranties.

 

		A.	Seller’s
                                            Representations and Warranties: Seller represents and warrants to Buyer as follows:

 

		1.	Seller
                                            has full authority to sign this Agreement and all documents to be executed by Seller as contemplated
                                            by this Agreement. The individual(s) executing this Agreement and all such documents contemplated
                                            by this Agreement on behalf of Seller are duly elected or appointed and validly authorized
                                            to execute and deliver the same.

 

		2.	This
                                            Agreement constitutes a legal, valid and binding obligation of Seller and, together with
                                            each of the documents to be executed by Seller as contemplated by this Agreement, is enforceable
                                            against Seller in accordance with its terms.

 

		3.	To
                                            Seller’s knowledge, Seller owns good and marketable fee simple title to the Property that
                                            is insurable, subject only to the Permitted Exceptions.

 

		4.	Except
                                            for pending eviction actions, Seller has not received notice of any legal actions, suits
                                            or other legal or administrative proceedings pending or threatened against Seller or the
                                            Property, and Seller is not aware of any facts which might result in any such action, suit
                                            or other proceeding.

 

    7

     

    

 

		5.	To
                                            Seller’s knowledge, the Property does not contain any hazardous wastes, hazardous substances,
                                            hazardous materials, toxic substances, hazardous air pollutants or toxic pollutants as those
                                            terms are used in the Resource Conservation and Recovery Act, the Comprehensive Environmental
                                            Response, Compensation and Liability Act, the Hazardous Materials Transportation Act, the
                                            Toxic Substances Control Act, the Clean Air Act and the Clean Water Act, and in any amendments
                                            thereto, or in any regulations promulgated pursuant thereto, or in any applicable state or
                                            local law, regulation or ordinance.

 

		6.	Seller
                                            has no knowledge of (i) any condemnation or zoning change affecting or contemplated with
                                            respect to the Property; (ii) any changes contemplated in any applicable laws, ordinances
                                            or restrictions affecting the use of the Property as a mobile home park; or (iii) any liens
                                            or assessments (governmental or private), either pending or confirmed, with respect to sidewalk,
                                            paving, water, sewer, drainage or other improvements on or adjoining the Property or with
                                            respect to any property owners’ association, declaration or easement agreement (other than
                                            the lien of ad valorem property taxes that are not yet due and payable).

 

		7.	To
                                            Seller’s knowledge, Seller and the Property have complied and are currently in compliance
                                            with all applicable laws, ordinances, regulations, statutes, rules, restrictions and inspection
                                            requirements pertaining to or affecting the Property.

 

		8.	The
                                            Due Diligence Materials delivered by Seller to Buyer in accordance with this Agreement are
                                            full, complete and accurate copies of all Due Diligence Materials within Seller’s possession.

 

		B.	Buyer’s
                                            Representations and Warranties: Buyer represents and warrants to Seller as follows:

 

		1.	Buyer
                                            has full authority to sign this Agreement and all documents to be executed by Buyer as contemplated
                                            by this Agreement. The individual(s) executing this Agreement and all such documents contemplated
                                            by this Agreement on behalf of Buyer are duly elected or appointed and validly authorized
                                            to execute and deliver the same.

 

		2.	This
                                            Agreement constitutes a legal, valid and binding obligation of Buyer and, together with each
                                            of the documents to be executed by Buyer as contemplated by this Agreement, is enforceable
                                            against Buyer in accordance with its terms.

 

		C.	Survival.
                                            Period. All representations, warranties, covenants and agreements made by the parties
                                            hereto shall survive the Closing and delivery of the deed. Seller shall, at or within three
                                            (3) months after the Closing, and without further consideration, execute, acknowledge and
                                            deliver to Buyer such other documents and instruments, and take such other action as Buyer
                                            may reasonably request or as may be necessary to more effectively transfer to Buyer the Property
                                            described herein in accordance with this Agreement.

 

	12.	Brokerage.
                                            Buyer and Seller represent and warrant to each other that there are no brokers involved
                                            in this transaction except for the Buyer’s Broker (if any) and the Seller’s Broker (if any)
                                            listed in Section 1 of this Agreement. Buyer shall defend, indemnify, and hold Seller harmless
                                            from any and all claims asserted by any other broker or sales agent as a result of Buyer’s
                                            actions in connection with this Agreement. Seller shall defend, indemnify, and hold Buyer
                                            harmless from and against any and all claims asserted by any other broker or sales agent
                                            as a result of Seller’s actions in connection with this Agreement. These indemnities shall
                                            survive the Closing or the termination of this Agreement.

 

	13.	Assignment.
                                            Buyer may not transfer or assign any or all of its rights and obligations under this
                                            Agreement without the Seller’s prior written permission which will not be unreasonably withheld.

 

	14.	Notices.
                                            Unless otherwise provided herein, all notices and other communications which may be or
                                            are required to be given or made by any party to the other in connection herewith shall be
                                            in writing and shall be deemed to have been properly given and received on the date delivered
                                            in person or deposited in the United States mail, registered or certified, return receipt
                                            requested, or email to the addresses set out in Section A above or at such other addresses
                                            as specified by written notice delivered in accordance herewith.

 

	15.	Same
                                            Condition. If the Property is damaged by a casualty prior to Closing causing it not
                                            to be in substantially the same condition at Closing as of the date of the offer, reasonable
                                            wear and tear excepted, then the Buyer may (i) terminate this Agreement and receive a return
                                            of the Earnest Money or (ii) proceed to Closing whereupon Buyer shall be entitled to receive,
                                            in addition to the Property, any of the Seller’s insurance proceeds payable on account of
                                            the damage or destruction applicable to the Property. Buyer’s election shall be made within
                                            ten (10) business days of notice of the casualty by Seller to Buyer (which shall include
                                            information regarding insurance payments due). If Buyer elects not to terminate within said
                                            ten (10) day period, Buyer will deemed to have elected ii above. The Closing Date shall be
                                            extended by ten (10) days in the event of such casualty.

 

	16.	Default.

 

		A.	Seller’s
                                            Pre-Closing Remedy for Buyer Default. If Buyer defaults in its obligation to close and
                                            pay the Purchase Price in accordance with this Agreement, Seller shall be entitled, as her
                                            sole and exclusive remedy, to terminate this Agreement and retain the Earnest Money as liquidated
                                            damages, in which event the parties shall have no further rights or obligations under this
                                            Agreement.

 

		B.	Buyer’s
                                            Pre-Closing Remedies for Seller Default. If Seller breaches any representation or warranty
                                            under this Agreement or fails to perform any of its obligations under this Agreement, Buyer
                                            shall be entitled, as its sole and exclusive remedy prior to Closing, either (a) to terminate
                                            this Agreement and receive a refund of the Earnest Money Deposit, and Seller shall reimburse
                                            Buyer an amount equal to the out-of-pocket costs incurred by Buyer in connection with the
                                            transaction contemplated by this Agreement not to exceed $5,000.00, which reimbursement obligation
                                            of Seller shall survive the termination of this Agreement, or (b) to enforce specific performance
                                            of Seller’s obligations under this Agreement.

 

    8

     

    

 

	17.	Other
                                            Provisions.

 

		A.	Entire
                                            Agreement and Modification: This Agreement constitutes the sole and entire agreement
                                            between the parties hereto, supersedes all of their prior written and verbal agreements and
                                            shall be binding upon the parties and their successors, heirs and permitted assigns. This
                                            Agreement may not be amended or modified except upon the written agreement of Buyer and Seller.

 

		B.	Governing
                                            Law and Interpretation: This Agreement may be signed in multiple counterparts each of
                                            which shall be deemed to be an original. No provision herein, by virtue of the party who
                                            drafted it, shall be interpreted less favorably against one party than another. All references
                                            to time shall mean Eastern Time. The governing law shall be those of the state in which the
                                            Property is located.

 

		C.	Duty
                                            to Cooperate: Seller and Buyer agree to do all things reasonably necessary and in good
                                            faith before and after Closing (including executing and delivering such additional documents
                                            as required by law or as reasonably requested by the other party) to fulfill the terms of
                                            this Agreement and carry out the intent and purpose of the parties as set forth in this Agreement.

 

		D.	Electronic
                                            Signatures: For all purposes herein, an electronic or facsimile signature shall be deemed
                                            the same as an original signature; provided, however, that each party agrees to promptly
                                            re-execute a conformed copy of this Agreement with original signatures if requested to do
                                            so by the other party.

 

	18.	Title
                                            to Park-Owned Homes. Seller will use best efforts to obtain certificates of title
                                            to all Park-Owned Homes prior to Closing. Seller will convey ownership to Buyer of all Park-Owned
                                            Homes by delivery of the certificates of title or a bill of sale or both, together with any
                                            OMV forms, powers of attorney or other documentation that may be reasonably necessary to
                                            transfer title to such Park-Owned Homes.

 

	19.	Exhibits
                                            and Addenda. All exhibits and/or addenda attached hereto, listed below, or referenced
                                            herein are made a part of this Agreement. If any such exhibit or addendum conflicts with
                                            any preceding paragraph, said exhibit or addendum shall control:

 

	 	Exhibit
  “A”	Description
  of Property
	 	Exhibit
  “B”	Due
  Diligence Materials and Special Provisions
	 	Exhibit
  “C”	List
  of Park-Owned Homes

 

	20.	The
                                            parties agree to cooperate with one another in a Sec. 1031 if elected by either party.

 

[SIGNATURES
INCLUDED ON FOLLOWING PAGE]

 

    9

     

    

 

IN
WITNESS WHEREOF, Buyer and Seller have executed this Agreement as of the Effective Date.

 

	BUYER:
	 
	MHP
    PURSUITS LLC,
	a
    North Carolina limited liability company
	 	 	 
	By:	/s/
    Adam Martin	 
	Name: 	Adam
    Martin	 
	Title:	CIO	 
	Date:	October
    28, 2021	 
	 	 	 
	SELLER:
	 
	BILLIE
    JEAN FAUST
	 	 	 
	By:	/s/
    Billie Jean Faust	 
	Name:	Billie
    Jean Faust	 
	Title:	 	 
	Date:	November
    3, 2021	 

 

    10

     

    

 

EXHIBIT
A

 

DESCRIPTION
OF PROPERTY

 

 

 

	P.-mlto	064C0l’	 	OMw	OA.‘iW(ll11£.fNJST
  BILLIET-”,>.jf,1,UST 20Cl1.!Sl’ClU:10fUVE BRAS:L’TON.G”:!0517

  J97SUDA.”‘IRD
	CWSCcdl
  A.,	C>.lllla”JI	 	AJMsMdYM	\IJ’u!
  U.’.11700
	1-drwDhtrta	c 150,	 	 	 

 

 

 

    11

     

    

 

EXHIBIT
B

 

DUE
DILIGENCE MATERIALS & SPECIAL PROVISIONS

 

The
following shall be incorporated into this Agreement.

 

		1.	Within
                                            ten (10) business days after the Effective Date, Seller shall deliver to Buyer copies of
                                            the following items to the extent within Seller’s possession (collectively, the “Due
                                            Diligence Materials”):

 

Operating
PL for preceding 24 months

Copies
of billings/invoices regarding Water, Sewer, Trash, Gas, Electric, Property Tax, Ins, Repair & Maintenance Bills for the last 12
months

City,
County and State Permits and Licenses

Signed
lease agreements and signed rules & regulations for each tenant

A
list of all Park-Owned Homes including Year, Make, Model, Size, Serial Number, VIN and Lot# Copies of Certificates of title for Park-Owned
Homes (if applicable)

Copy
of current insurance policy and binder showing premiums and coverages

 

		●	Current
                                            rent roll including home site number, name of resident, move-in date, monthly rent, current
                                            balance due (if any)

 

additional
charges, prepaid rents (if beyond Closing Date), delinquencies (if more than 3 late rental payments over last 12 months), security deposits

List
of employees/vendors with compensation 2 years of operating bank statements,

At
Buyer’s request, any additional information in Seller’s possession which would reasonably be helpful to the Buyer in the inspection of
the Property.

 

		●	List
                                            of any major reoccurring park problems (infrastructure, tenant, operational, etc.) over last
                                            12 months

 

		2.	Five
                                            days prior to Closing, , Seller shall provide to Buyer a current rent roll and list of all
                                            delinquent Tenants.

 

		3.	The
                                            Purchase Price shall be allocated on the Closing Statement as follows: sixty percent (60%)
                                            to the Real Property and forty percent (40%) to Personal Property/Goodwill.

 

Without
the prior written consent of the other party, neither Seller nor Purchaser will disclose to any person or entity, other than their legal
counsel, a proposed lender, prospective investors, prospective tenants, necessary governmental authorities and/or other agents with a
reasonable need to know the fact that of this Agreement and that it has been entered into or any of the terms, conditions or other facts
with respect thereto, including the status thereof and/or the Due Diligence Materials provided to Purchaser. such information, either.

 

    12

     

    

 

EXHIBIT
C 

 

LIST
OF PARK-OWNED HOMES

 

 

 

    13

     

    

 

EXHIBIT
D

 

LIST
OF PERSONAL PROPERTY

 

		1.	Office
                                            equipment (office computer and hard drives)

		2.	Hand
                                            tools

		3.	Lawn
                                            maintenance equipment (i.e., lawn mower, 5 gallon gas containers)

		4.	Supplies
                                            as of date of Closing (which Seller will maintain at current levels)

 

 

 

 

 

    14

     

    

 

	EXHIBIT
    E
	 	Address	 
	1	47
    Bermuda Drive	 
	2	60
    Bermuda Drive	 
	3	98
    Bermuda Drive	 
	4	112
    Bermuda DrivE	 
	5	185
    Bermuda DrivE	 
	6	198
    Bermuda DrivE	 
	7	210
    Bermuda DrivE	 
	8	222
    Bermuda DrivE	 
	9	11
    Centipede Lane,	
	10	28
    Centipede Lane,	
	11	37
    Coastal Drive	 
	12	49
    Coastal Drive	 
	13	73
    Coastal Drive	 
	14	87
    Coastal Drive	 
	15	88
    Coastal Drive	 
	16	115
    Coastal Drive	 
	17	124
    Coastal Drive	 
	18	269
    Coastal Drive	 
	19	296
    Coastal Drive	 
	20	305
    Coastal Drive	 
	21	394
    Sudan Drive	 
	22	412
    Sudan Road	 
	23	462
    Sudan Road	 

 

 

 

12

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