Document:

Exhibit 10.2

 

NOTICE REGARDING

 

COMMERCIAL PURCHASE AND SALE AGREEMENT

 

THIS NOTICE REGARDING COMMERCIAL
PURCHASE AND SALE AGREEMENT (this “Notice”) from MHP Pursuits LLC, a North Carolina limited liability company (“Buyer”),
to CHR VIII-PCP MHC Charlotte Dixie, L.L.C., CHR VIII-PCP MHC Charlotte Meadowbrook, L.L.C., CHR VIII-PCP MHC Charlotte Driftwood, L.L.C.
(“Seller”) as of this 19th day of November 2021.

 

Seller and Buyer entered into
that certain Purchase and Sale Agreement (the “Agreement”) dated October 19, 2021, for the purchase and sale of certain
property known as Dixie, Driftwood, and Meadowbrook (the “Properties”), such Properties being more particularly described
in the Agreement. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Agreement.

 

1. Termination.
This Notice shall constitute Buyer’s exercise of its right to terminate the Agreement prior to the expiration of the Due Diligence
Period in accordance with Section 1.1.12 of the Agreement.

 

2. Counterparts.
This Notice may be executed in several counterparts, all of which are identical and all of which counterparts together shall constitute
one and the same document. This Notice may be executed by facsimile or electronic mail signature.

 

	BUYER:	 
	 	 
	MHP Pursuits LLC,	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Adam A. Martin	 
	Name:  	Adam A. Martin	 
	Title:	Chief Investment OfficerExhibit 10.3

 

REINSTATEMENT AND FIRST AMENDMENT TO PURCHASE
AND SALE AGREEMENT

 

This
REINSTATEMENT AND FIRST amendment to PURCHASE AND SALE AGREEMENT (“Amendment”), dated as of December 7, 2021,
is made by and among CHR VIII-PCP MHC Charlotte Dixie, L.L.C., a Delaware limited liability company (“Dixie Property Owner”),
CHR VIII-PCP MHC Charlotte Dixie Owner, L.L.C., a Delaware limited liability company (“Dixie Mobile Home Owner”), CHR
VIII-PCP MHC Charlotte Driftwood, L.L.C., a Delaware limited liability company (“Driftwood Property Owner”), CHR VIII-PCP
MHC Charlotte Driftwood Owner, L.L.C.,

a Delaware limited liability company (“Driftwood Mobile Home Owner”), CHR VIII-PCP MHC Charlotte Meadowbrook, L.L.C.,
a Delaware limited liability company (“Meadowbrook Property Owner”), and CHR VIII-PCP MHC Charlotte Meadowbrook Owner,
L.L.C., a Delaware limited liability company (“Meadowbrook Mobile Home Owner” and collectively with Dixie Property
Owner, Dixie Mobile Home Owner, Driftwood Property Owner, Driftwood Mobile Home Owner, Meadowbrook Property Owner and Meadowbrook Mobile
Home Owner, “Seller”), and MHP PURSUITS LLC, a North Carolina limited liability company (“Purchaser”),
with reference to the following facts:

 

A. Dixie
Property Owner, Driftwood Property Owner and Meadowbrook Property Owner (collectively, “Original Seller”) and Purchaser
entered into that certain Purchase and Sale Agreement dated as of October 19, 2021 (the “Agreement”) for the purchase
and sale of certain real property identified in the Agreement as the Dixie Real Property, the Meadowbrook Real Property and the Driftwood
Real Property, as more particularly described in the Agreement. Except as otherwise expressly defined in this Amendment, all initially
capitalized terms used in this Amendment have the same meanings as in the Agreement.

 

B. Certain
mobile homes located on the Dixie Land (as described in Exhibit E-1), the Driftwood Land (as described in Exhibit E-2) and
the Meadowbrook Land (as described in Exhibit E-3) and listed on Exhibit A attached hereto (collectively, the “Park
Owned Homes”) are currently owned by Dixie Mobile Home Owner, Driftwood Mobile Home Owner and Meadowbrook Mobile Home Owner,
respectively (collectively, the “POH Entities”).

 

C. Pursuant
to Section 4.4 of the Agreement, Purchaser delivered to Seller a Due Diligence Termination Notice prior to the expiration of the Inspection
Period and, accordingly, the Agreement was deemed terminated.

 

D. Seller
and Purchaser now desire to reinstate and amend the Agreement as more particularly set forth below.

 

THEREFORE, for valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to reinstate and amend the Agreement as follows:

 

1. Reinstatement;
Ratification. The Agreement is hereby reinstated as of the date hereof, and as expressly amended hereby, is and shall remain in full
force and effect, unmodified, in accordance with its terms.

 

2. Seller
Entity; Park Owned Homes; Real Property. For purposes of transferring title to the Park Owned Homes to Purchaser at Closing, (a) the
term “Seller” under the Agreement is hereby amended to collectively mean, and all references thereto in the Agreement shall
collectively refer to, the Original Seller and the POH Entities and (b) the term “Property” shall include the POH Entities’
right, title and interest in and to the Park Owned Homes.

 

    

     

    

 

3. Approval
of Property; Waiver of Termination Right. Purchaser hereby confirms that, notwithstanding anything to the contrary contained in the
Agreement, (i) the Title and Survey Review Period and the Inspection Period have each expired, (ii) Purchaser has received all Property
Documents required to be delivered by Seller to Buyer under the Agreement, (iii) Purchaser has had the opportunity to inspect such Property
Documents and the Property (including the condition of title) and hereby confirms its acceptance of the same and (iv) except for Purchaser’s
rights under Section 6.2.1 (Material Damage), 6.3 (Condemnation), 7.2 (Conditions to Close) and 10.2 (Purchaser’s Remedies), Purchaser
has no further rights under the Agreement to terminate the Agreement. Purchaser has elected to assume all of the Service Contracts.

 

4. Purchase
Price; Earnest Money; Payment of Purchase Price.

 

(a) Purchase
Price. The Purchase Price set forth in Section 1.1.3 of the Agreement is hereby amended to be Two Million Five Hundred Thousand and
00/100 Dollars ($2,500,000.00). Notwithstanding the foregoing, the remainder of Section 1.1.3 of the Agreement shall remain unmodified
except as otherwise modified herein and in full force and effect. The Purchase Price shall be paid as follows:

 

(i) Earnest
Money. Notwithstanding anything to the contrary contained in the Agreement, including without limitation Article 3 of the Agreement,
on or before 2:00 p.m. (CA Time) on December 10, 2021 (the “Earnest Money Delivery Date”), Purchaser shall deliver
to Escrow Agent by wire transfer the sum of Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the “Earnest Money”),
which Earnest Money shall be immediately released to Seller and non-refundable to Purchaser under all circumstances except in the event
Closing fails to occur due to a Seller default. If Purchaser fails to deliver the Earnest Money to Escrow Agent on or before the Earnest
Money Delivery Date, Purchaser shall be deemed in breach of the Agreement and in addition to all other remedies available to Seller, Seller
shall have the right, in Seller’s sole and absolute discretion, to immediately terminate the Agreement by delivering notice thereof
to Purchaser, in which event, any portion of the Earnest Money that has previously been delivered by Purchaser to Escrow Agent shall be
immediately delivered to Seller and thereafter the parties hereto shall have no further rights or obligations hereunder, except for rights
and obligations which, by their terms, survive termination hereof.

 

(ii) Payment
of Purchase Price. Provided this Agreement has not been terminated pursuant to Section 4(b), above, and notwithstanding anything to
the contrary contained in the Agreement, as amended herein, on or before 2:00 p.m. (CA time) on the Closing Date (defined below), Purchaser
shall deliver to Escrow Agent the sum of Eight Hundred Thousand and 00/100 Dollars ($800,000.00)(the “Additional Cash Down Payment”),
which Additional Cash Down Payment shall be immediately released to Seller (subject to any adjustments or prorations set forth in the
Agreement). The Earnest Money and the Additional Cash Down Payment shall be applied as a credit to the Purchase Price at Closing.

 

(iii) PCP
Financing Portion of Purchase Price. The remainder of the Purchase Price shall be provided through the proceeds of a Promissory Note
(defined below) as follows (the “PCP Financing”): together with Purchaser’s Closing deliveries to Escrow Agent
pursuant to Section 7.4 of the Agreement, Purchaser shall deliver to Escrow Agent duly executed originals of the following documents:
(a) a Secured Promissory Note (the “Promissory Note”) in the original principal amount of One Million Five Hundred
Thousand and 00/100 Dollars ($1,500,000.00) made to the order and in favor of Pacific Current Partners, LLC, a California limited liability
company (“PCP”) in the form of Exhibit B attached hereto, (b) a [Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing] in the form of Exhibit C attached hereto (the “Meadowbrook Mortgage”), which Meadowbrook
Mortgage shall be recorded at Closing as a lien against the Meadowbrook Real Property to secure Purchaser’s obligations under the
Promissory Note and (c) a [Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing] in the form of Exhibit
D attached hereto (the “Dixie/Driftwood Deed of Trust”), which Dixie/Driftwood Deed of Trust shall be recorded
at Closing as a lien against each of the Dixie Real Property and the Driftwood Real Property to secure Purchaser’s obligations under
the Promissory Note. At Closing, PCP shall deliver the funds evidenced by the Promissory Note to the Escrow Agent, which shall be disbursed
to Seller as a portion of the Purchase Price. If PCP elects, in PCP’s sole and absolute discretion, to obtain a lender’s policy
in connection with the Seller Financing, Purchaser shall pay the cost of the customary and reasonable lender premium (including endorsements)
therefor at Closing.

 

    2

     

    

 

(iv) Purchase
Price Allocation. The Purchase Price shall be allocated among the Property owned by each Seller as set forth in Schedule 1.1.3
attached hereto (the “Allocation Schedule”), which Allocation Schedule replaces and supersedes in its entirety Schedule
1.1.3 attached to the Agreement.

 

5. Closing
Date. The Closing Date set forth in Section 1.1.13 is hereby amended for all purposes under the Agreement to be December 16, 2021.

 

6. Survival
of Representations and Warranties.

 

(a) Representations
and Warranties. Notwithstanding anything to the contrary contained in the Agreement, including Section 9.3, the representations and
warranties of Seller set forth in Section 9.1 shall not survive the Closing and shall instead be deemed merged into and waived by the
instruments of Closing.

 

(b) Cap
on Liability. The second to last sentence of Section 9.3 is hereby amended to delete the number “$110,000.00” and replace
the same with “$50,000.00.”

 

7. Counterparts;
Copies. This Amendment may be executed and delivered in any number of counterparts, each of which when
so executed and delivered shall be deemed to be an original, and all of which shall constitute one and the same instrument. Electronic
signatures complying with the U.S. Federal ESIGN Act of 2000 (e.g., www.docusign.com) and PDF, photocopy and facsimile copies of signatures
may be used in place and stead of original signatures with the same force and effect as originals..

 

8. Conflicts.
If any conflict between this Amendment and the Agreement should arise, the terms of this Amendment shall control.

 

9. Continuing
Effect; Time of Essence. There are no other amendments or modifications to the Agreement other than this Amendment. Except as expressly
amended by this Amendment, the Agreement shall remain in full force and effect and is hereby ratified and reaffirmed. Time is of the essence
of this Amendment and each and every provision hereof.

 

10. Authority.
The individual(s) executing this Amendment on behalf of each party hereto hereby represent and warrant that he or she has the capacity,
with full power and authority, to bind such party to the terms and provisions of this Amendment.

 

[SIGNATURE PAGE FOLLOWS]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Amendment as of the date first written above.

 

SELLER:

 

DIXIE

 

CHR VIII-PCP MHC Charlotte
DIXIE, L.L.C.,

a Delaware limited liability company

 

	By:	CH Realty VIII-Pacific Current MHC Charlotte JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,	 
	 	 	its Manager	 

 

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title:	Manager	 

 

    S-1

     

    

 

CHR VIII-PCP MHC Charlotte
DIXIE owner, L.L.C.,

 

a Delaware limited liability company

 

	By:	CH Realty VIII-Pacific Current MHC Charlotte Owner JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,
	 	 	its Manager	 

 

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title:	Manager	 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    S-2

     

    

 

DRIFTWOOD

 

CHR VIII-PCP MHC Charlotte
DRIFTWOOD, L.L.C.,

a Delaware limited liability company

 

	By:	CH Realty VIII-Pacific Current MHC Charlotte JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	 Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,	 
	 	 	its Manager	 

 

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title: 	Manager	 

 

CHR VIII-PCP MHC Charlotte
DRIFTWOOD owner, L.L.C.,

a Delaware limited liability company

 

	By:	CH Realty VIII-Pacific Current MHC Charlotte Owner JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,	 
	 	 	its Manager	 

  

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title:	Manager	 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    S-4

     

    

 

MEADOWBROOK

 

CHR VIII-PCP MHC Charlotte
MEADOWBROOK, L.L.C.,

 

a Delaware limited liability company

 

	By:  	CH Realty VIII-Pacific Current MHC Charlotte JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:  	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,	 
	 	 	its Manager	 

 

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title:	 Manager	 

 

CHR VIII-PCP MHC Charlotte
MEADOWBROOK owner, L.L.C.,

a Delaware limited liability company

 

	By:  	CH Realty VIII-Pacific Current MHC Charlotte Owner JV, L.L.C., 	 
	 	a Delaware limited liability company,	 
	 	its Managing Member	 

 

	 	By:	Charlotte MHC LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Manager	 

 

	 	By:	Pacific Current Partners, LLC,	 
	 	 	a California limited liability company,	 
	 	 	its Manager	 

 

	 	By:	/s/ Spencer Engler-Coldren	 
	 	Name: 	Spencer Engler-Coldren	 
	 	Title:	Manager	 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    S-5

     

    

 

	PURCHASER:	 
	 	 
	MHP PURSUITS LLC,	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Adam Martin 	 
	Name: 	Adam Martin	 
	Title:	CIO	 

 

    S-6

     

    

 

EXHIBIT A

 

LIST OF PARK OWNED HOMES

 

 

EXHIBIT A

 

    

     

    

 

 

EXHIBIT B

  

FORM OF PROMISSORY NOTE

 

[filed separately as Exhibit 10.5]

 

EXHIBIT B

 

    

     

    

 

EXHIBIT C

 

FORM OF MEADOWBROOK MORTGAGE

 

[filed separately as Exhibit 10.8]

 

EXHIBIT C

 

    

     

    

 

EXHIBIT D

  

FORM OF DIXIE/DRIFTWOOD DEED OF TRUST

 

[filed separately as Exhibit 10.6 and Exhibit
10.7]

 

EXHIBIT D

 

    

     

    

 

EXHIBIT E-1

 

 

 

DIXIE LAND

 

 

 

 

EXHIBIT E-1

 

    

     

    

 

EXHIBIT E-2

  

DRIFTWOOD LAND

 

 

 

EXHIBIT E-2

  

    

     

    

 

EXHIBIT E-3

 

 

 

MEADOWBROOK LAND

 

 

 

EXHIBIT E-3

 

    

     

    

 

 

 

EXHIBIT E-4

 

    7

     

    

 

SCHEDULE 1.1.3

  

PURCHASE PRICE ALLOCATION

  

	Dixie Property (not including Park Owned Homes)	 	$	999,999.00	 
	
Dixie
Park Owned Homes 
	 	$	1.00	 
	
Driftwood
Property (not including Park Owned Homes) 
	 	$	999,999.00	 
	
Driftwood
Park Owned Homes 
	 	$	1.00	 
	
Meadowbrook
Property (not including Park Owned Homes) 
	 	$	499,999.00	 
	
Meadowbrook
Park Owned Homes  
	 	$	1.00	 

 

 

EXHIBIT E-5

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