Document:

Exhibit 10.7

 

East Boston Savings Bank

 

AMENDED
AND RESTATED Commercial Real Estate Promissory Note

 

	$	16,936,900.72	 	 	Boston, Massachusetts
	 	 	 	 	As of February 27, 2020

 

This Amended and
Restated Commercial Real Estate Promissory Note (this “Note”) amends, restates and replaces in its entirety, but does
not extinguish the obligations evidenced by, the $13,135,000.00 Commercial Promissory Note dated May 27, 2015 (the “2015
Note”) and/or the $2,500,000.00 Commercial Promissory Note dated May 31, 2019 (the “2019 Note”), each made by
the Borrower (as defined below) payable to the order of the Bank (as defined below), but which obligations are now restated and
evidenced herein without duplication.

 

FOR
VALUE RECEIVED, GANO HOLDINGS, LLC (hereinafter, the “undersigned” or the “Borrower”),
a Rhode Island limited liability company having a mailing address c/o The Procaccianti Group, 1140 Reservoir Avenue, Cranston,
Rhode Island 02920-6032, Attn: James A. Procaccianti, President and CEO, promises to pay to the order of

 

EAST BOSTON SAVINGS BANK

(hereinafter, with any subsequent holder,
the “Bank”)

 

at
an office of the Bank, the sum of SIXTEEN MILLION, NINE HUNDRED THIRTY-SIX THOUSAND, NINE HUNDRED AND 72/100 DOLLARS ($16,936,900.72),
with interest from and after February 14, 2020 on the unpaid principal balance of the within Commercial Real Estate Promissory
Note (hereinafter, the “Note”), or so much thereof as has been advanced and remains unrepaid hereunder, at the
fixed, annual rate (the “Fixed Rate”) of FOUR and 25/100 percent (4.25%), provided that during the continuance
of an Event of Default hereunder, interest shall accrue at the aggregate of the Fixed Rate plus five percent (5.0%) [500 basis
points] per annum. All interest shall be payable in arrears and calculated on the basis of a 360 day year and the actual number
of days elapsed.

 

Principal and interest
on this Note shall be repaid as follows:

 

(a)              Commencing
on March 15, 2020, and continuing on the 15th day of each month thereafter (each such day, a “Payment Day”)
for the next 35 months, Borrower shall pay the Bank a monthly payment in the amount of the accrued and unpaid interest.

 

(b)              Commencing
March 15, 2023, and on the 15th day of each month thereafter prior to the Maturity Date, Borrower will pay Lender monthly
a payment in the amount determined by Lender in good faith as the monthly payment sufficient to fully amortize the principal balance
of the loan evidenced by this Note (“Loan”) that is outstanding on

 

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February 15, 2023 in substantially equal
payments of principal and interest assuming a thirty-year amortization period commencing on February 15, 2023.

 

(c)              The
entire outstanding principal balance hereof and all accrued and unpaid interest and other charges due hereon shall be due and
payable on May 15, 2025 (the “Maturity Date”).

 

Borrower shall pay,
upon billing therefor, a “Late Charge” equal to five percent (5%) of the amount of any scheduled monthly installment
(but excluding any amounts due at maturity) not paid within ten (10) days after the due date thereof.

 

This Note or any portion
thereof may be prepaid in full or in part at any time upon fifteen (15) days’ prior written notice to the holder of this
Note.

 

This Note or any portion
thereof may be prepaid in full or in part at any time upon fifteen (15) days’ prior written notice to the holder of this
Note, subject to the payment of, in addition to sums otherwise payable, a prepayment fee (subject to the exceptions provided below)
equal to two (2.00%) percent of the sums prepaid if prepaid on or before May 31, 2020; one-half of one percent (.50%) percent of
the sums prepaid if prepaid after May 31, 2020 and on or before May 31, 2022; and zero (0%) percent of the sums prepaid if prepaid
after May 31, 2022.

 

Notwithstanding the
foregoing, if during the 6 months next after the date hereof there is no Event of Default then continuing beyond applicable notice
and cure periods, to the extent the Borrower elects to prepay any amounts under this Note, with respect any such prepayments of
sums in excess of the principal balance that was outstanding on February 14, 2020, there shall be no prepayment premium payable
on such excess amount as is prepaid. As used herein, the term “Loan Year” shall mean each successive twelve
(12) month period during the term of this Note, with the first Loan Year beginning on the date hereof and each successive Loan
Year beginning at the end of the prior Loan Year.

 

Any partial prepayment
of principal shall first be applied to any installment of principal then due and then shall be applied to the principal due in
the reverse order of maturity, and no such partial prepayment shall relieve Borrower of the obligation to pay each subsequent installment
of principal when due. No amounts repaid hereunder may be reborrowed.

 

Any payments received
by the Bank on account of this Note prior to an Event of Default (defined below) shall be applied to reduce the Liabilities (as
defined in the undersigned’s Open-End Mortgage, Security Agreement and Assignment to Secure Present and Future Loans Under
Chapter 25 of Title 34 of the General Laws of the State of Rhode Island originally delivered from Lender to Borrower together with
the 2015 Note, later modified in 2019 to additionally secure the 2019 Note (collectively, “Prior Loan”) and
now further amended in connection herewith (as so further amended, the “Mortgage”) by application first, to
any costs, expenses, or charges then owed the Bank by the Borrower, second, to accrued and unpaid interest, and third, to the unpaid
principal balance hereof. Any payments so received after an Event of Default then continuing beyond applicable notice and cure
periods shall also be applied to reduce the Liabilities, but by application to costs, expenses, charges, interest, principal and
other changes owing under the Loan Documents in such order and amounts as the Bank may determine. The Borrower hereby

 

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authorizes
the Bank to charge any deposit account which the Borrower may maintain with the Bank for any payment required hereunder.

 

The Borrower represents
to the Bank that the proceeds of this Note will be used for commercial purposes.

 

The Bank, at its option,
may declare the entire unpaid principal balance of this Note and accrued unpaid interest thereon to be immediately due and payable
without demand, notice or protest (which are hereby waived), during the continuation of any one or more of the following events
( each an “Event of Default”):

 

(a)
the failure by the undersigned to pay any amount due under this Note at the Maturity Date, or the failure of the undersigned to
pay any installment of interest or principal hereunder within ten (10) days after the same is due; (b) the failure by the undersigned
to pay within ten (10) days after written notice is given by the Bank of such failure of any of the undersigned’s other monetary
liabilities, obligations, and indebtedness to the Bank arising under the Loan Documents (as defined in the Mortgage); (c) the failure
by the undersigned to promptly, punctually, and faithfully perform, discharge, or comply with any of the undersigned’s nonmonetary
liabilities, obligations, indebtedness or covenants arising under the Loan Documents to the Bank within thirty (30) days after
written notice is given by the Bank of such failure; provided; however, to the extent such failure is not reasonably capable of
cure in such time period, but Borrower commences cure within the first fifteen (15) days of such thirty (30) day period, then Borrower
will be provided with additional time to cure not in excess of an addition ninety (90) days, provided that it is diligently pursuing
a cure of such matter (the Note, liabilities, obligations, indebtedness, and covenants described in (b) and (c) are referred to
herein as the “Liabilities”); (d) the determination by the Bank in good faith that any representation or warranty
heretofore, now, or hereafter made by the undersigned to the Bank, in any document, instrument, agreement, or paper was not true
or accurate in any material respect when given; (e) the occurrence of any event of default under any other Loan Documents not cured
within any applicable grace or cure periods (notwithstanding that the Bank may not have exercised its rights upon default under
any such Loan Documents); (f) any act by, against, or relating to the undersigned, or its property or assets, which act constitutes
the application for, consent to, or sufferance of the appointment of a receiver, trustee, or other person, pursuant to court action
or otherwise, over all, or any significant part of the undersigned’s property and which, if resulting from acts of others,
is not dismissed within ninety days of filing; (g) the granting of any trust mortgage or execution of a general assignment for
the benefit of the creditors of the undersigned; (h) or the occurrence of any other voluntary or involuntary liquidation of the
undersigned; adjudication of bankruptcy or insolvency relative to the undersigned; (i) the entry of an order for relief or similar
order with respect to the undersigned in any proceeding pursuant to the Bankruptcy Reform Act of 1978 (commonly referred to as
the Bankruptcy Code) or any other federal bankruptcy law; (j) the filing of any complaint, application, or petition by or against
the undersigned initiating any matter in which the undersigned is or may be granted any relief from the debts of the undersigned
pursuant to the Bankruptcy Code or to any other insolvency statute or procedure (provided that the filing of any such complaint,
application or petition against the undersigned shall not constitute an Event of Default hereunder until the earlier of the expiry
of ninety (90) days after filing without dismissal thereof or the entry of an Order for Relief against

 

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the undersigned); (k) Borrower’s
calling of or participation in a meeting of creditors of the undersigned; (l) the offering by, or entering into by, the undersigned
of any composition, extension or any other arrangement seeking general relief or extension for the debts of the undersigned, or
the initiation of or participation in any other judicial or non-judicial proceeding or agreement by, against, or including the
undersigned which seeks or intends to accomplish a reorganization or arrangement with creditors; (m) the entry of any final judgment
without appeal pending, in excess of $100,000.00 by a court of competent jurisdiction against the undersigned, which judgment remains
unsatisfied or is not discharged or dissolved by a bond (or by cash collateral acceptable to the Bank) for a period of sixty (60)
days after the Borrower has actual knowledge of same; (k) the termination of existence, dissolution (other than administrative
dissolution provided reinstatement is undertaken promptly after Borrower has knowledge of such dissolution) winding up, or liquidation
of the undersigned; or (l) an Event of Default occurs under any of the Loan Documents (as “Loan Documents” is
defined in the Mortgage as it is amended in connection herewith).

 

Any and all deposits
or other sums at any time credited by, or due to the undersigned from, the Bank or any of its banking or lending affiliates or
any bank acting as a participant under any loan arrangement between the Bank and the undersigned, and any cash, securities, instruments,
or other property of the undersigned in the possession of the Bank, or any of its banking or lending affiliates, or any bank acting
as a participant under any loan arrangement between the Bank and the undersigned, whether for safekeeping, or otherwise, or in
transit to or from the Bank or any of its banking or lending affiliates or any such participant, or in the possession of any third
party acting on the Bank’s behalf (regardless of the reason the Bank had received same or whether the Bank has conditionally
released the same) shall at all times constitute security for any and all Liabilities, and may be applied or set off against such
Liabilities at any time during the continuation of an Event of Default and whether or not other collateral is available to the
Bank (provided, however, deposits or other sums held in trust or escrow for the benefit of a third party shall not be subject to
such security or setoff and, in all events but subject to the requirements in the Mortgage that Borrower maintain an operating
account with respect to the Mortgaged Premises (as defined in the Mortgage), any and all deposits or other sums may be withdrawn
and utilized by the Borrower without restriction unless and until an Event of Default under the Loan Documents has occurred and
is then continuing.

 

No delay or omission
by the Bank in exercising or enforcing any of the Bank’s powers, rights, privileges, remedies, or discretions hereunder shall
operate as a waiver thereof on that occasion nor on any other occasion. No waiver of any default hereunder shall operate as a waiver
of any other default hereunder, nor as a continuing waiver.

 

The
undersigned shall indemnify, defend, and hold the Bank harmless against any claim brought or threatened against the Bank unless
arising from Bank’s gross negligence, willful misconduct or bad faith (excluding consequential or indirect damages) by the
undersigned, by any endorser or guarantor, or (if brought against the Bank on account of or arising from a Borrower default with
respect to the Loan (as defined in the Mortgage) or fraud or material misrepresentation made in connection with the Loan as evidenced
by the Loan Documents) by any other person (as well as from attorneys reasonable fees and expenses in connection therewith)
on account of the Bank’s relationship with the undersigned or any endorser or guarantor hereof (each of which may

 

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be defended,
compromised, settled, or pursued by the Bank with counsel of the Bank’s selection, but at the expense of the undersigned),
and if brought by any person other than Borrower or any endorser or guarantor, provided the Bank gives the Borrower prompt written
notice thereof and the opportunity to itself address and defend such claim with counsel of its choosing reasonably acceptable to
the Bank.

 

The
undersigned will pay on demand during the continuation of an Event of Default, all attorneys’ reasonable fees, reasonable
out-of-pocket expenses incurred by the Bank’s attorneys and all reasonable out-of-pocket costs incurred by the Bank (excluding
consequential or indirect costs and damages), including, without limitation, reasonable costs and expenses associated with
travel on behalf of the Bank, which costs and expenses are directly or indirectly related to the preservation, protection, collection
or enforcement of any of the Bank’s rights against the undersigned or any endorser or guarantor of the Liabilities and against
any collateral given the Bank to secure this Note or any other Liabilities of the undersigned or such endorser and guarantor to
the Bank (whether or not suit is instituted by or against the Bank).

 

The undersigned, and
each endorser and guarantor of this Note, respectively waives presentment, demand, notice, and protest, and also waives any delay
on the part of the holder hereof. Each assents to any extension or other indulgence (including, without limitation, the release
or substitution of collateral) permitted the undersigned or any endorser or guarantor by the Bank with respect to this Note and/or
any collateral given to secure this Note or any extension or other indulgence, as described above, with respect to any other liability
or any collateral given to secure any other liability of the undersigned or any endorser or guarantor to the Bank.

 

The Bank may at any
time pledge all or any portion of its rights under this Note and any document executed in connection herewith to any of the twelve
(12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341.

 

The Bank shall have
the unrestricted right at any time or from time to time, and without Borrower’s consent, to assign all or any portion of
its rights and obligations hereunder to one or more banks or other financial institutions (each, an “Assignee”),
and Borrower agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to
this Note and to any other documents, instruments and agreements executed in connection herewith as the Bank shall deem necessary
to effect the foregoing (but without any material adverse change to, or increase in, any liabilities or obligations of the Borrower
or material diminution of any of the rights of the Borrower under the Loan Documents and at no material cost to the Borrower).
Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by the
Bank in connection with such assignment, and the payment by Assignee of the purchase price agreed to by the Bank, and such Assignee,
such Assignee shall be a party to this Note and shall have all of the rights and obligations of the Bank hereunder (and under any
and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights
and obligations have been assigned by the Bank pursuant to the assignment documentation between the Bank and such Assignee, and
the Bank shall be released from its obligations hereunder and thereunder to a corresponding extent from and after the date of such
assignment, the Bank remaining liable for

 

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any liabilities of Bank that may have occurred during the period that the Bank held this
Note. The Bank may furnish any information concerning Borrower in its possession from time to time to prospective Assignees, provided
that the Bank shall require any such prospective Assignees to agree in writing to maintain the confidentiality of such information.

 

The Bank shall have
the unrestricted right at any time and from time to time, and without the consent of or notice to Borrower to grant to one or more
banks or other financial institutions (each, a “Participant”) participating interests in any or all of the loans
held by the Bank hereunder. In the event of any such grant by the Bank of a participating interest to a Participant, whether or
not upon notice to Borrower, the Bank shall remain responsible for the performance of its obligations hereunder and Borrower shall
continue to deal solely and directly with the Bank in connection with the Bank’s rights and obligations hereunder. The Bank
may furnish any information concerning Borrower in its possession from time to time to prospective Participants, provided that
the Bank shall require any such prospective Participant to agree in writing to maintain the confidentiality of such information.

 

This Note shall be
binding upon the undersigned and each endorser and guarantor hereof and upon their respective heirs, successors, assigns, and representatives,
and shall inure to the benefit of the Bank and its successors, endorsees, and assigns.

 

The undersigned and
the Bank by the acceptance of this Note, make the following waiver knowingly, voluntarily, and intentionally, and the Borrower
understands that the Bank, in the establishment and maintenance of the Bank’s relationship with the Borrower contemplated
by the within Note, is relying thereon. THE UNDERSIGNED AND THE BANK, TO THE EXTENT ENTITLED THERETO, WAIVE ANY PRESENT
OR FUTURE RIGHT OF THE BANK OR THE UNDERSIGNED, OR OF ANY GUARANTOR OR ENDORSER OF THE UNDERSIGNED OR OF ANY OTHER PERSON LIABLE
TO THE BANK ON ACCOUNT OF OR IN RESPECT TO THE LIABILITIES, TO A TRIAL BY JURY IN ANY CASE OR CONTROVERSY IN WHICH THE BANK IS
OR BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR AGAINST THE BANK OR IN WHICH THE BANK IS JOINED AS A PARTY
LITIGANT), WHICH CASE OR CONTROVERSY ARISES OUT OF, OR IS IN RESPECT TO, ANY RELATIONSHIP AMONGST OR BETWEEN THE UNDERSIGNED, ANY
SUCH PERSON, AND THE BANK.

 

[REMAINDER OF PAGE
LEFT INTENTIONALLY BLANK]

 

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This Note is delivered
to the Bank at one of its offices in Massachusetts, shall be governed by the laws of the Commonwealth of Massachusetts, and shall
take effect as a sealed instrument. The Bank, the undersigned and each endorser and guarantor of this Note each submits to the
jurisdiction of the courts of the Commonwealth of Massachusetts and/or, with respect to the undersigned and each endorser and guarantor
of this Note, the courts of the State of Rhode Island for all purposes with respect to this Note, any collateral given to secure
their respective liabilities, obligations and indebtedness to the Bank, and their respective relationships with the Bank.

 

 

	WITNESS:	 	BORROWER (or the “undersigned”):
	 	 	 	 	 
	 	Gano Holdings, LLC, a Rhode Island limited

liability company
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ James A. Procaccianti
	 	 	 	James A. Procaccianti
	 	 	 	Authorized Signatory

 

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STATE OF RHODE ISLAND

 

Providence, ss.

 

On this
26th day of February 2020, before me, the undersigned notary public, personally appeared James A. Procaccianti,
proved to me through satisfactory evidence of identification, which was being personally known to me to be the person whose
name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated
purpose.

 

	 	 	/s/ Natasha V. Ruane
		 	 NOTARY PUBLIC
	[Affix Notarial
    Seal]	 	 

 

    	 	-8-Exhibit 10.8

 

COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT

IN RESPECT OF CONTRACTS, LICENSES AND
PERMITS

(BORROWER’S CONTRACT ASSIGNMENT)

 

Effective Date as of February 27,
2020

 

1.            PARTIES.
GANO HOLDINGS, LLC, a Rhode Island limited liability company, having its chief executive office and principal place of business
at c/o Procaccianti Companies, 1140 Reservoir Avenue, Cranston, Rhode Island 02920 (hereinafter called “Borrower”)
hereby assigns, transfers, sets over, pledges and, if applicable, delivers, to EAST BOSTON SAVINGS BANK, a Massachusetts banking
corporation, having a place of business at 67 Prospect Street, Peabody, Massachusetts (hereinafter called “Bank”),
and hereby grants to Bank a continuing security interest in all of the Assigned Contracts and Permits (as defined herein) to secure
the Obligations (as defined herein).

 

2.            LOAN
AGREEMENT; DEFINED TERMS. This Collateral Assignment and Security Agreement In Respect of Contracts, Licenses and Permits (“Collateral
Assignment” or “Agreement”) is given pursuant to the terms, provisions and conditions of that certain
Omnibus Amendment, Assignment, Assumption, Release and Reaffirmation Agreement dated as of even date herewith by and among Borrower,
the parties defined therein as the “Procaccianti Parties” and Bank (as the same may be amended from time to time, the
 “Omnibus Agreement”), pursuant to which Omnibus Agreement the Bank has agreed to modify the Prior Loan (as “Prior
Loan” is defined in the Omnibus Agreement). CAPITALIZED TERMS NOT OTHERWISE SPECIFICALLY DEFINED HEREIN SHALL HAVE THE MEANINGS
ASCRIBED TO THEM BY THE OMNIBUS AGREEMENT.

 

3.            ASSIGNED
CONTRACTS AND PERMITS. The term “Assigned Contracts and Permits” shall mean all of Borrower’s right,
title and interest in and to all contracts, licenses, permits, approvals, agreements and warranties, whether now owned or hereafter
acquired, and all proceeds and products thereof, and all accounts, contract rights and general intangibles related thereto, which
are in any manner related to any or all of the following: (a) the land located at 220 India Street, Providence, Rhode Island,
and which is more particularly described on Exhibit A attached hereto (the “Land”); and (b) all
Improvements now or hereafter located on the Land and all Improvements to be constructed on the Land (the Land and all such Improvements
being hereinafter together called the “Property”).

 

The Assigned Contracts
and Permits include, but are not limited to, those described on Schedule A which is annexed hereto and made a part hereof.

 

4.            OBLIGATIONS.
The term “Obligations” shall mean the payment and performance of all obligations in favor of the Bank arising
hereunder and/or under the other Loan Documents.

 

    

     

    

 

5.            COVENANTS,
WARRANTIES AND REPRESENTATIONS. Borrower covenants with Bank that, and warrants and represents to Bank that:

 

5.1            Borrower
is and shall be the holder of the Assigned Contracts and Permits free and clear of all pledges, liens, security interests and other
encumbrances of every nature whatsoever except in favor of Bank;

 

5.2            Borrower
has the full right, power and authority to assign, and to grant the pledge of and security interest in, the Assigned Contracts
and Permits as herein provided;

 

5.3            The
execution, delivery and performance of this Collateral Assignment by Borrower does not and will not result in the violation of
any mortgage, indenture, contract, instrument, agreement, judgment, decree, order, statute, rule or regulation to which Borrower
is subject or by which it or any of its property is bound;

 

5.4            Borrower
shall not make any other assignment of, or permit any pledge, lien, security interest or encumbrance to exist with respect to,
the Assigned Contracts and Permits except in favor of Bank, and Borrower shall not otherwise transfer, assign, sell or exchange
its interest in the Assigned Contracts and Permits;

 

5.5            To
the extent requested by Bank, a true and complete copy of each Assigned Contract and Permit which now exists and which is evidenced
by a written agreement or document has been delivered to Bank and, to the extent required pursuant to the terms of the Loan Agreement
or if otherwise requested by Bank, a true and complete copy of each Assigned Contract and Permit which becomes effective or is
issued in the future shall be promptly delivered to Bank;

 

5.6            Each
Assigned Contract and Permit presently in existence is in full force and effect, is valid and enforceable against Borrower (and
to the best of Borrower’s knowledge, against all other parties thereto) in accordance with its terms (subject to bankruptcy,
insolvency and similar laws of general application affecting the rights and remedies of creditors and, with respect to the availability
of remedies of specific enforcement, subject to the discretion of the court before which proceedings therefor may be brought);
has not been modified in any material respect except as has been disclosed to Bank in writing; and, to the best of Borrower’s
knowledge, no default exists thereunder on the part of any party thereto. Each Assigned Contract and Permit which comes into existence
after the date hereof shall be valid and enforceable against Borrower (and to the best of Borrower’s knowledge, against all
other parties thereto) in accordance with its terms (subject to bankruptcy, insolvency and similar laws of general application
affecting the rights and remedies of creditors and, with respect to the availability of remedies of specific enforcement, subject
to the discretion of the court before which proceedings therefor may be brought);

 

5.7            No
Assigned Contract and Permit shall be amended, modified or changed in any material respect, have any of its material terms waived
by Borrower, or be canceled or terminated, without Bank's prior written consent in each instance, such consent not to be unreasonably
withheld, so long as no Event of Default is continuing;

 

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5.8            Borrower
shall pay and perform all of its obligations under or with respect to each Assigned Contract and Permit and not permit any default
by it to exist with respect thereto. Borrower shall exercise all commercially reasonable efforts necessary to enforce or secure
performance by any other party to each Assigned Contract and Permit; and

 

5.9            In
the case of any contract, license, permit, approval, agreement or warranty relating to the Property which cannot be assigned by
Borrower to Bank without the consent of a third party and which consent has not yet been obtained, upon Bank’s written request,
Borrower shall make all commercially reasonable efforts to obtain such consent.

 

6.            RIGHTS
OF BORROWER PRIOR TO DEFAULT. So long as there exists no Event of Default, Borrower shall have and may exercise all rights
as the owner or holder of the Assigned Contracts and Permits which are lawful and are not inconsistent with the provisions of the
Loan Documents. Upon the occurrence and during the continuance of any Event of Default, at Bank’s option and upon written
notice to Borrower, the right described in the preceding sentence shall cease and terminate, and in such event Bank is hereby expressly
and irrevocably authorized, but not required, on its own behalf and on behalf of the Lenders, to exercise every right, option,
power or authority inuring to Borrower under any one or more of the Assigned Contracts and Permits as fully as Borrower could itself.

 

7.            IRREVOCABLE
DIRECTION. Borrower hereby irrevocably directs the contracting party to, or grantor or licensor of, any such Assigned Contract
and Permit, to the extent not prohibited by either such Assigned Contract and Permit or applicable law, or to the extent permitted
under any recognition or other agreement executed by such grantor or licensor, upon demand and after notice from Bank of the occurrence
of an Event of Default under any of the Loan Documents, to recognize and accept Bank as the holder of such Assigned Contract and
Permit for any and all purposes as fully as it would recognize and accept Borrower and the performance of Borrower thereunder.
Borrower does hereby constitute and appoint Bank, while this Collateral Assignment remains in force and effect, irrevocably, and
with full power of substitution and revocation, its true and lawful attorney for and in its name, place and stead, after the occurrence
and during the continuance of such an Event of Default, to demand and enforce compliance with all the terms and conditions of the
Assigned Contracts and Permits and all benefits accrued thereunder, whether at law, in equity or otherwise.

 

8.            UCC
RIGHTS AND REMEDIES. Further, and without limitation of the foregoing rights and remedies, upon the occurrence and during the
continuance of any Event of Default, Bank shall have the rights and remedies of a secured party under the Uniform Commercial Code,
as enacted in the Commonwealth of Massachusetts and in the State where the Property is located, with respect to the Assigned Contracts
and Permits, in addition to the rights and remedies otherwise provided for herein or by law or in equity or in any other Loan Document.
The Bank shall give Borrower ten (10) days' prior written notice of the time and place of any public sale of any such Assigned
Contract and Permit or the time after which any private sale or any other intended disposition is to be made. After deducting all
expenses incurred in connection with the enforcement of its rights hereunder, Bank shall cause the proceeds of the Assigned Contracts
and Permits to be applied to the Obligations in such order as Bank may determine and Borrower shall remain liable for any deficiency.

 

    3

     

    

 

9.            INDEMNIFICATION.
Borrower hereby agrees to indemnify and to defend and hold Bank and each Lender harmless against and from all liability, loss,
damage and expense, including reasonable attorneys' fees, which any of them may or shall incur by reason of this Agreement, or
by reason of any commercially reasonable action taken in good faith by Bank hereunder or with respect to the Assigned Contracts
and Permits, and against and from any and all claims and demands whatsoever which may be asserted against Bank or any Lender by
reason of any alleged obligation or undertaking on its part to perform or discharge any of the terms, covenants and conditions
contained in any of the Assigned Contracts and Permits. Notwithstanding the foregoing, Borrower shall have no obligation to indemnify
Bank or any Lender against any liability, loss, damage or expense which is directly caused by such indemnified parties' own gross
negligence or willful misconduct. BORROWER SHALL INDEMNIFY BANK AND EACH LENDER REGARDLESS OF WHETHER THE ACT, OMISSION, FACTS,
CIRCUMSTANCES OR CONDITIONS GIVING RISE TO SUCH INDEMNIFICATION WERE CAUSED IN WHOLE OR IN PART BY BANK’S OR ANY LENDER’S
SIMPLE (BUT NOT GROSS) NEGLIGENCE. Should Bank or any Lender incur any such liability, loss, damage or expense, the amount
thereof, together with interest thereon at the Default Rate of interest under the Note, shall be payable by Borrower to Bank immediately
upon demand, or at the option of Bank, Bank may reimburse itself therefor out of any receipts, rents, income or profits of the
Property collected by Bank before the application of such receipts, rents, income or profits to any other Obligations.

 

10.          BANK
AND LENDERS NOT OBLIGATED. Nothing contained herein or elsewhere shall operate to obligate, or be construed to obligate, Bank
to perform any of the terms, covenants or conditions contained in any of the Assigned Contracts and Permits or otherwise to impose
any obligation upon Bank with respect to the Assigned Contracts and Permits prior to written notice by Bank to Borrower of Bank's
election to assume Borrower's obligations under one or more of the Assigned Contracts and Permits. Prior to such written notice
from Bank of such election, this Agreement shall not operate to place upon Bank any responsibility for the operation, control,
care, management or repair of the Property or for the payment, performance or observance of any obligation, requirement or condition
under any such Assigned Contract and Permit, or under any agreement in respect to any such Assigned Contract and Permit, and the
execution of this Agreement by Borrower shall constitute conclusive evidence that all responsibility for the operation, control,
care, management and repair of the Property as well as the payment, performance or observance of any obligation, requirement or
condition under the Assigned Contracts and Permits is and shall be that of Borrower, prior to written notice from Bank of such
election. Even if Bank does exercise its rights, it shall be liable to the other contracting parties only during the period that
it is exercising the rights of Borrower under the Assigned Contracts and Permits, and at all times Borrower retains the obligation
to reimburse Bank promptly upon demand or otherwise pay when due all obligations incurred in connection with the Assigned Contracts
and Permits.

 

11.          FURTHER
ASSURANCES; UCC FILINGS. Borrower agrees to execute and deliver to Bank, at any time or times during which this Agreement
shall be in effect, such further instruments as Bank in good faith may deem necessary to make effective this Agreement, the
security interest created hereby and the covenants of Borrower herein contained. To evidence such

 

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security interest,
Bank is expressly authorized to file (without the signature of Borrower) Uniform Commercial Code financing statements and
continuation statements or other amendments in a form reasonably satisfactory to Bank, pursuant to the provisions of the
Uniform Commercial Code as enacted in the Commonwealth of Massachusetts, and/or the state of formation of the Borrower, as
debtor, as applicable. Borrower shall pay all costs for the preparation and filing thereof.

 

12.            NO
WAIVER; CUMULATIVE RIGHTS. Failure of Bank to avail itself of any of the terms, covenants, and conditions of this Agreement
for any period of time, or at any time or times, shall not be construed or deemed to be a waiver of any of its rights hereunder.
The rights and remedies of Bank under this Collateral Assignment are cumulative and are not in lieu of, but are in addition to,
any other rights and remedies which Bank and/or Lenders shall have under or by virtue of the Obligations and the Loan Documents.
The rights and remedies of Bank hereunder may be exercised from time to time and as often as such exercise is deemed expedient
by Bank.

 

13.            BANK;
RIGHT TO ASSIGN. Borrower agrees that upon any sale or transfer of the Loan Documents, or upon any Person acquiring the Property
or any interest therein, Bank may deliver to the purchaser or transferee the Assigned Contracts and Permits and may assign to such
purchaser or transferee the rights of Bank hereunder, who shall thereupon become vested with all powers and rights given to Bank
in respect thereto, and Bank shall be forever relieved and fully discharged from any liability or responsibility thereafter accruing
in connection therewith. In no event shall Bank be liable with respect to, or on account of, the Assigned Contracts and Permits,
except for the safekeeping of any instruments actually delivered to Bank pursuant hereto, and Bank shall specifically have no obligation
to enforce any rights against any contractor, or grantor or issuer.

 

14.            TERMINATION
AND REASSIGNMENT. Upon full payment and performance of the Obligations, this Collateral Assignment shall become and be void
and of no effect and, in that event, upon the request of Borrower and at its cost, Bank covenants to execute and deliver to Borrower
instruments effective to evidence the termination of this Collateral Assignment and the reassignment (without recourse) to Borrower
of the Assigned Contracts and Permits and the rights, title, interest, power and authority assigned herein; provided, however,
that any affidavit, certificate or other written statement of any officer of Bank stating that any part of the Obligations remains
unpaid shall be and constitute conclusive evidence of the then validity, effectiveness and continuing force of this Agreement and
any Person receiving any such affidavit, certificate or statement may, and is hereby authorized to rely thereon.

 

15.            COPIES
OF DEFAULT NOTICES. Borrower agrees to provide Bank promptly, but in any event within five (5) Business Days after receipt
or knowledge thereof by Borrower, with copies of any and all notices received by Borrower which allege, either directly or indirectly,
that Borrower is in default of, or deficient in the performance of the terms of any obligation of Borrower under, any Assigned
Contract and Permit which is material to the ownership and operation of the Property, or that any fact or circumstance exists which
could reasonably lead to the termination, suspension, revocation or loss of any Assigned Contract and Permit which is material
to the ownership and operation of the Property.

 

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16.            NOTICES.
Any notices given pursuant to this Agreement shall be sufficient only if given in the manner provided for in the Mortgage.

 

17.            SUCCESSORS
AND ASSIGNS. All of the agreements, obligations, undertakings, representations and warranties herein made by Borrower shall
inure to the benefit of Bank and Lenders and Bank's and Lenders' respective successors and assigns and shall bind Borrower and
its successors and assigns.

 

18.            CAPTIONS
AND HEADINGS. Captions and headings in this Agreement are intended solely for the convenience of the parties and shall not
be considered in the determination of the meaning of any provision hereof.

 

19.            COUNTERPARTS.
This Collateral Assignment may be executed in several counterparts, each of which when executed and delivered is an original, but
all of which together shall constitute one instrument. In making proof of this Agreement, it shall not be necessary to produce
or account for more than one such counterpart which is executed by the party against whom enforcement of this Collateral Assignment
is sought.

 

20.            GOVERNING
LAW. This Collateral Assignment shall be enforced and construed in accordance with the substantive law of the Commonwealth
of Massachusetts without resort to that state’s conflict of laws rules.

 

21.            SEVERABILITY.
If any provision of this Collateral Assignment is held to be invalid, illegal or unenforceable in any respect, this Collateral
Assignment shall be construed without such provision and the validity, legality and enforceability of the remaining provisions
of this Collateral Assignment shall not be affected thereby.

 

22.            OTHER
SECURITY AGREEMENTS. This Collateral Assignment shall not be deemed to affect, limit, modify or otherwise have any impact on,
or be affected, limited, modified or otherwise impacted by, any other security agreement or similar instrument (including, but
not limited to, any Security Document) given by Borrower or any other debtor in connection with the Loan or the Loan Documents.
Notwithstanding anything to the contrary herein contained, this Collateral Assignment shall be deemed supplemental to, and not
in derogation of, any such security agreement or similar instrument (including, but not limited to, any Security Document) now
or hereafter executed by Borrower or any other debtor in favor of Bank.

 

[Rest of page intentionally left blank;
signatures on following page(s).]

 

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IN WITNESS WHEREOF,
Borrower has caused this Collateral Assignment to be duly executed and delivered, as a sealed instrument, as of the date first
above written.

 

	 	BORROWER:
	 	 
	 	GANO HOLDINGS, LLC,
	 	a Rhode Island limited liability company
	 	 
	 	By:	/s/ James A. Procaccianti
	 	Name: 	James A. Procaccianti
	 	Title: 	Authorized Representative

 

    

     

    

 

SCHEDULE A

 

Contracts, Licenses and Permits

 

		1.	Hotel Management Agreement with ______________, dated __________________ (the “Tenant
Collateral Assignment”).

 

		2.	Franchise Agreement with ______________, dated _____________, as collaterally assigned by Tenant
to Borrower pursuant to the Tenant Collateral Assignment.

 

		3.	Other, including, without limitation, the following:

 

		a.	

		b.	

		c.	

 

    

     

    

 

EXHIBIT A

 

Legal Description of Land

 

PARCEL ONE (Fee Estate)

 

That certain tract or parcel of land, together with all buildings
and improvements thereon located westerly of India Street and Tockwotton Street, in the City of Providence, County of Providence
and State of Rhode Island, being bounded and described as follows:

 

Beginning at a point in the terminus of India Street, said point,
being the most southwesterly corner of the herein described parcel;

 

Thence running in a northwesterly direction, by and with land
now or formerly of the State of Rhode Island, a distance of 199.16 feet to a corner, said corner being the most southwesterly corner
of the herein described parcel;

 

Thence turning an interior angle of 106° 04’ 16”
and running in a northerly direction, by and with the aforementioned State of Rhode Island land, a distance of 148.27 feet to a
corner, said corner being the most northwesterly corner of the herein described parcel;

 

Thence turning an interior angle of 126° 47’ 47”
and running in a northeasterly direction, by and with the southerly State Freeway Line of Route 195, a distance of 31.22 feet to
a point;

 

Thence turning an interior angle of 139° 01’ 22”
and running in an easterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 91.64 feet
to a point;

 

Thence turning an interior angle of 348° 01’ 18”
and running in a northeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 44.34 feet
to a point;

 

Thence turning an interior angle of 22° 46’ 24”
and running in a northeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 64.59 feet
to a point;

 

Thence turning an interior angle of 157° 13’ 36”
and running in a southeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 111.70
feet to corner, said corner being the most northeasterly corner of the herein described parcel;

 

Thence turning an interior angle of 90° 00’ 00”
and running in a southwesterly direction, by and with the terminus of Tockwotton Street, a distance of 25.00 feet to a corner,
said corner being the southwesterly corner of Tockwotton Street;

 

Thence turning an interior angle of 179° 38’ 45”
and continuing in a southwesterly direction by and with land now or formerly of Brown University, a distance of 161.01 feet to
a corner, said corner being the most southwesterly corner of said Brown University land;

 

    

     

    

 

Thence turning an interior angle of 180° 26’ 00”
and continuing in a southwesterly direction, by and with the previously mentioned terminus of India Street, a distance of 25.08
feet to the point and place of beginning;

 

The last course making an angle of 90° 00’ 00”
with the first herein described course.

 

PARCEL TWO (Leasehold Estate)

 

That certain tract or parcel of land, together with all buildings
and improvements thereon, located westerly of India and Tockwotton Streets, in the City of Providence, County of Providence, State
of Rhode Island, being bounded and described as follows:

 

Beginning at a point in the westerly terminus of India Street,
said point being the most southeasterly corner of land now or formerly of Gano Holdings, LLC;

 

Thence running in a southerly direction, by and with the aforementioned
westerly terminus of India Street, a distance of 26.27 feet to a corner, said corner being the most southerly end of westerly terminus
of India Street, said corner also being the most southeasterly corner of the herein described parcel;

 

Thence turning an interior angle of 91° 03’ 58”
and running in a westerly direction, by and with the northerly Highway Line of I-195, a distance of 146.26 feet to a point;

 

Thence turning an interior angle of 174° 13’ 07”
and continuing in a westerly direction, by and with the aforementioned northerly Highway Line of I-195, a distance of 39.55 feet
to a point;

 

Thence turning an interior angle of 165° 24’ 18”
and running in a northwesterly direction, by and with the aforementioned northerly Highway Line of I-195, a distance of 28.27 feet
to a point;

 

Thence turning an interior angle of 162° 37’ 37”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 10.76
feet to a point;

 

Thence turning an interior angle of 153° 59’ 11”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 10.76
feet to a point;

 

Thence turning an interior angle of 169° 22’ 07”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 124.00
feet to a corner, said corner being the most westerly corner of the herein described parcel;

 

Thence turning an interior angle of 120° 51’ 49”
and running in a northeasterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 30.19 feet
to a corner, said corner being the most northwesterly corner of and now or formerly of Gano Holdings, LLC, said corner also being
the most northerly corner of the herein described parcel;

 

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Thence turning an interior angle of 58° 58’ 09”
and running in a southeasterly direction, by and with the aforementioned Gano Holdings, LLC land a distance of 148.27 feet to a
corner, said corner being the most southwesterly corner of land now or formerly of Gano Holdings, LLC;

 

Thence turning an interior angle of 283° 55’ 44”
and running in an easterly direction, by and with the aforementioned Gano Holdings, LLC land, a distance of 199.16 feet to the
point and place of beginning.

 

The last course making an angle of 90° 00’ 00”
with the first herein described course.

 

    3

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