Document:

Exhibit
10.11

 

SECURITY
AGREEMENT AND ASSIGNMENT OF RENTS

 

This
SECURITY AGREEMENT AND ASSIGNMENT OF RENTS (this “Agreement”) is entered into effective as of November 14, 2022 by GVEST
WAKE FOREST 2 HOMES LLC, a North Carolina limited liability company, whose address for notice is 136 Main Street, Pineville, NC 28134,
Attention: Raymond M. Gee (the “Debtor”), for the benefit of VANDERBILT MORTGAGE AND FINANCE, INC., a Tennessee
corporation, whose address for notice is 500 Alcoa Trail, Maryville, Tennessee 37804, Attn: Commercial Lending Division (the “Lender”).

 

RECITALS

 

A.
MACRAL PROPERTIES, LLC, a North Carolina limited liability company, and RON-RAN ENTERPRISES, LLC, a North Carolina limited liability
company, each whose address for notice is 136 Main Street, Pineville, NC 28134, Attention: Raymond M. Gee (individually and collectively,
“Borrower”), are indebted to Lender pursuant to a loan (“Loan”) evidenced, governed, and/or secured
by the following (collectively, the “Loan Documents”): (i) that certain Promissory Note dated of even date hereof
from Borrower to Lender in the principal amount of $3,600,000.00 (“Note”); (ii) that certain Loan Agreement dated
of even date hereof by and between Borrower and Lender (“Loan Agreement”); (iii) that Deed of Trust, Assignment of
Leases and Rents, Security Agreement and Fixture Filing dated as of the date hereof made by Borrower for the benefit of Lender (the “Security
Instrument”); and (v) those Loan Documents (as defined in the Loan Agreement), all as the same may from time to time be amended, restated,
modified, consolidated, renewed or replaced.

 

B.
Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Debtor secures the Obligations (as defined
herein) in favor of Lender.

 

NOW,
THEREFORE, in consideration of the foregoing Recitals, and to induce the Lender to extend the Loan to the Borrower under the Loan Documents,
the Debtor agrees with the Lender as follows:

 

Article
1

RULES OF CONSTRUCTION AND DEFINITIONS

 

Section
1.1 Rules of Construction.
This Agreement is subject to the rules of construction set forth in the Loan Agreement.

 

Section
1.2 Definitions.
As used in this Agreement, capitalized terms that are not otherwise defined herein have the meanings defined for them in the Loan Agreement
and the following terms are defined as follows:

 

(a)
Unless otherwise defined herein, terms used in this Agreement that are defined in Article 9 of the Tennessee Uniform Commercial Code
(the “UCC”) have the meanings defined for them therein.

 

(b)
Accounts means any and all rights of the Debtor to the payment of money, whether or not evidenced by an instrument or chattel
paper (tangible or electronic) or letter of credit and whether or not earned by performance, including a right to payment for goods sold,
leased, or licensed or for services rendered by the Debtor, a right to any amount payable under a Contract or a monetary obligation and
all “accounts” as defined in Article 9 of the UCC.

 

(c)
Debtor’s Home means the Manufactured Homes set forth on Exhibit A attached hereto; and “Debtor’s Homes”
means more than one Debtor’s Home.

 

     

     

    

 

(d)
Contracts means all Leases, licenses, requisitions, purchase orders, documents, instruments, letters of credit and chattel paper
(tangible or electronic) of the Debtor, including any of the same that relate to any Equipment, Fixtures, Inventory, General Intangibles,
Debtor’s Homes, or other property described in the granting clauses set out in Section 2.1, or secure any Accounts, or in connection
with which Accounts exist or may be created.

 

(e)
Documents of Title means any certificates of manufactured home ownership, certificates of mobile home title, certificates of title,
manufacturer’s statement of origin, manufacturer’s certificate of origin or similar ownership documents related to Manufactured Homes.

 

(f)
Equipment means all of the Debtor’s equipment, machinery, furniture, furnishings, vehicles, tools, spare parts, materials, supplies,
store fixtures, leasehold improvements, all other goods (including embedded software to the extent provided for in Article 9 of
the UCC) of every kind and nature (other than Inventory and Fixtures) and all “equipment” as defined in Article 9 of the UCC,
including, but not limited to, appliances, ranges, stoves, refrigerators, ovens, microwave ovens, dishwashers, garbage disposers, washers,
dryers, water heaters, fire extinguishing equipment, plumbing systems, used or useful in connection with the operation, management and
ownership of the Property, the Debtor’s Homes, and Debtor’s business upon the Premises.

 

(g)
Event of Default is defined in Section 5.1. An Event of Default “exists” if the same has occurred and is continuing.

 

(h)
Fixtures means all goods of the Debtor that become so related to particular real estate that an interest in them arises under
real estate law, including any such goods affixed to the Premises, and to all Debtor’s Homes, to the extent they are treated as fixtures
under the laws of North Carolina.

 

(i)
General Intangibles means all choses in action, things in action, causes of action and other assignable intangible property of
the Debtor of every kind and nature, including corporate, partnership, limited liability company and other business books and records,
good will, inventions, designs, patents, patent applications, trademarks, trade names, trade secrets, service marks, logos, copyrights,
copyright applications, registrations, software, licenses, payment intangibles, permits, governmental permits relating to the operation
of Debtor’s business on the Premises, subsidies, franchises, tax refund claims, insurance policies and rights thereunder (including any
refunds and returned premiums) and any collateral, guaranty, letter of credit or other security held by or granted to the Debtor to secure
payment of Accounts and Contracts, and all “general intangibles” as defined in Article 9 of the UCC.

 

(j)
Inventory means all goods, merchandise, and other personal property held by the Debtor for sale or lease or license or furnished
or to be furnished by the Debtor under contracts of service or otherwise, raw materials, parts, finished goods, work-in-process, scrap
inventory and supplies and materials used or consumed, or to be used or consumed, or useful in connection with the operation, management
and ownership of the Property, the Debtor’s Homes and Debtor’s business upon the Premises, and wherever the same may be located, including
all such property that may now or hereafter be located on the Premises, and all “inventory” as defined in Article 9 of the
UCC.

 

(k)
Leases means all leases and subleases, written or oral, and all agreements for use or occupancy of any portion of the Debtor’s
personal property, the Community, Debtor’s Homes, with respect to which the Debtor is the lessor or sublessor, any and all extensions
and renewals of said leases and agreements and any and all further leases or agreements, now existing or hereafter made, including subleases
thereunder, upon or covering the use or occupancy of all or any part of the Debtor’s personal property, the Community, Debtor’s Homes,
whether entered into before or after the filing by or against the Debtor of any petition for relief under the federal Bankruptcy Code.

 

    2

     

    

 

(l)
Obligations has that meaning ascribed thereto in the Loan Agreement.

 

(m)
Permitted Encumbrances means:

 

(1)
The Lien of ad valorem taxes for taxes that are not yet due and payable at the time under consideration;

 

(2)
The Liens granted to the Lender under this Agreement; and

 

(3)
Other Liens of the Lender.

 

(n)
Property is defined in Section 2.1.

 

(o)
Rents means the continuing right to collect and receive all of the rents, income, receipts, revenues, issues and profits now due
or which may become due or to which the Debtor may now or shall hereafter (including during the period of redemption, if any) become
entitled or may demand or claim, whether paid or accruing before or after the filing of any petition by or against the Debtor for relief
under the federal Bankruptcy Code, arising or issuing from or out of the Leases or Debtor’s Homes, including minimum rents, additional
rents, percentage rents, common area maintenance charges, parking charges, utility charges, tax and insurance premium contributions,
and liquidated damages following default, the premium payable by any lessee upon the exercise of any cancellation privilege provided
for in any of the Leases, and all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability
caused by destruction or damage to the Premises, Community, or Debtor’s Homes, together with any and all rights and claims that the Debtor
may now or hereafter have against any such lessee under the Leases or against any subtenants or occupants of the Premises, Community,
and Debtor’s Homes.

 

(p)
Tangible Property means all Equipment, Fixtures, Inventory, Debtor’s Homes and other tangible personal property of the Debtor,
including, but not limited to, such property used or useful now or in the future related to the operation, management or ownership of
the Debtor’s business upon the Premises.

 

Article
2

SECURITY AGREEMENT AND ASSIGNMENT OF RENTS

 

Section
2.1 Granting Clauses.
As security for the Obligations, the Debtor hereby grants to the Lender security title to and a continuing security interest in, and
assigns, transfers, conveys, pledges and sets over to the Lender all of the Debtor’s right, title and interest in, to and under the following
property arising from, related to, or in connection with the Debtor Homes, whether now owned or hereafter acquired by the Debtor, and
whether now existing or hereafter incurred, created, arising or entered into (collectively, the “Property”); for clarification,
the Property shall not include any of the Debtor’s right, title and interest in, to and under any property arising from, related to,
or in connection with, in whole or in part, any other manufactured housing community other than the Community:

 

(a)
all Equipment, Fixtures, Inventory and other Tangible Property of the Debtor, and any and all accessions and additions thereto, any substitutions
and replacements therefor, and all attachments and improvements placed upon or used in connection therewith, or any part thereof;

 

(b)
all Leases;

 

(c)
all Rents;

 

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(d)
all of Debtor’s Homes, and all Documents of Title related to Debtor’s Homes;

 

(e)
all Accounts, Contracts and General Intangibles of the Debtor;

 

(f)
all of the Debtor’s rights as an unpaid vendor or lienor, including stoppage in transit, replevin, detinue and reclamation;

 

(g)
all rights, interest, dividends, proceeds, products, rents, royalties, issues and profits of any of the property described in the foregoing
granting clauses, whether the product of sale, lease, license, exchange or other disposition of the Property, paid or accruing before
or after the filing of any petition by or against the Debtor under the federal Bankruptcy Code, and all instruments delivered to the
Lender in substitution for or in addition to any such property;

 

(h)
all supporting obligations; and

 

(i)
all books, documents, files, ledgers and records (whether on computer or otherwise) covering or otherwise related to any of the property
described in the foregoing granting clauses.

 

No
submission by the Debtor to the Lender of a schedule or other particular identification of Property shall be necessary to vest in the
Lender the Liens contemplated by this Agreement in each and every item of Property of the Debtor now existing or hereafter acquired,
incurred, created, arising or entered into, but rather such Liens shall vest in the Lender immediately upon the acquisition, creation,
incurring or arising of, or entering into, any such item of Property without the necessity for any other or further action by the Debtor
or by the Lender. The Debtor shall take such steps and observe such formalities as the Lender may request from time to time to create
and maintain in favor of the Lender the Liens contemplated by this Agreement in all of the Property, whether now owned or hereafter acquired
by the Debtor, and whether now existing or hereafter incurred, created, arising or entered into.

 

Section
2.2 Absolute Assignment.
Debtor absolutely and unconditionally assigns and transfers to Lender all Leases and Rents. The assignment of Rents and Lease herein
is absolute, unconditional and immediately effective. This assignment does not collaterally transfer the Rents and Leases to Lender and
does not only grant Lender a lien on the Rents and Leases; instead, this assignment absolutely vests title to the same in Lender and
constitutes Lender as the owner of the Rents and Leases. So long as there exists no Event of Default, Debtor shall have and is hereby
granted a revocable license by Lender to receive and collect all of the payments due under the Rents and Leases. Upon the occurrence
of an Event of Default and after expiration of the applicable grace or cure period without the Event of Default being cured, the license
shall, ipso facto, automatically terminate without the necessity that Lender gives Debtor any nature of notice or institute against Debtor
any nature of legal proceedings or take any other action.

 

Article
3

REPRESENTATIONS AND WARRANTIES

 

Section
3.1 General Representations and Warranties.
The Debtor represents and warrants to the Lender as follows:

 

(a)
Debtor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, is qualified
to transact business in each state where it operates, and has made all filings and is in good standing in every jurisdiction in which
the nature of its business requires the qualification.

 

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(b)
The Debtor is the owner of the Property and has a good right to grant to the Lender the Liens contemplated by this Agreement; the Property
is free and clear of all Liens other than Permitted Encumbrances; and the Debtor hereby warrants and will forever defend the title to
the Property unto the Lender, its successors and assigns, against the claims of all persons whomsoever, whether lawful or unlawful, except
those claiming under Permitted Encumbrances.

 

(c)
The location (including addresses, if applicable) of (1)  the Debtor’s primary places of business, (2) the Debtor’s chief executive
office, (3) the Debtor’s state of incorporation or registration (if the Debtor was created by such state filing), (4) the office where
the Debtor keeps the Debtor’s records concerning Accounts, and (5) the site where the Debtor keeps any Tangible Property, are correctly
and completely set forth on Exhibit B. The Debtor’s legal name is as set forth in the first paragraph to this Agreement.

 

(d)
To the Debtor’s current actual knowledge, the Property and the use of Debtor’s Homes on the Premises comply with all Governmental Requirements
applicable to Manufactured Homes and ownership and management of Manufactured Homes, including, but not limited to, any statutes, rules
and regulations pertaining to the construction, installation and maintenance of Manufactured Homes, including all rules, regulations
and standards promulgated by South Carolina governing entities, including but not limited to the Manufactured Home Park Tenancy Act,
S.C. Code Ann. § 27-47-10, et seq., laws concerning licensing of mobile homes, S.C.
Code Ann. § 31-17-310, et seq., laws concerning protection of title to and interests in manufactured homes, S.C.
Code Ann. § 56-19-210, 265, and 500, et seq., and rules and regulations promulgated by the South Carolina Manufactured Housing
Board as authorzied pursuant to S.C. Code Ann. § 40-29-5 – 380, including, but
not limited to S.C. Code Ann. Regs. 79-1
– 44, equal opportunity, anti-discrimination, fair housing, environmental protection, zoning, density and land use (“legal,
non-conforming” status with respect to uses or structures will be considered to comply with zoning and land use requirements for
the purposes of this representation).

 

(e)
Debtor has complied with all Governmental Requirements applicable to (1) each Home Owner’s application to rent a Debtor’s Home, (2) the
advertising, soliciting, leasing and making of each Lease, (3) the ownership and operation of the Property, including but not limited
to the Federal Trade Commission Act and all rules and regulations promulgated thereunder; 24 C.F.R. Part 201 concerning manufactured
home location standards; the Equal Credit Opportunity Act and all rules and regulations promulgated thereunder; the Fair Credit Reporting
Act and all rules and regulations promulgated thereunder; the Fair Housing Act and all rules and regulations promulgated thereunder;
the Real Estate Settlement Procedures Act, and all other applicable Federal, state, and local laws, regulations, rules, and ordinances,
as any of the foregoing from time to time may be amended.

 

Article
4

COVENANTS AND AGREEMENTS

 

Section
4.1 General.
The Debtor covenants and agrees with the Lender as follows:

 

(a)
Without the Lender’s prior written consent, the Debtor shall not (1) add to or change any of the locations set forth in Exhibit B;
(2) remove any Tangible Property from the locations specified therefor in Exhibit B; (3) alter or change its legal name;
(4) change the state of its incorporation or registration (if the Debtor was created by such state filing); (5) alter or change its legal
form or status (corporate, partnership or otherwise); or (6) merge, in one transaction or a series of related transaction, into or consolidate
with any other entity.

 

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(b)
The Debtor shall notify the Lender in writing of any proposed addition to or change in any of the matters described in Section 4.1(a)
at least 60 days prior to the date of the proposed change and shall furnish the Lender with any information requested by the Lender in
considering the proposed change.

 

(c)
The Debtor shall cause Borrower to remain the owner of the Premises. The Debtor shall promptly deliver to the Lender a written waiver
or subordination (in form and substance satisfactory to the Lender) of any Lien with respect to the Property that the owner might have.

 

(d)
The Debtor shall not allow any of the Property to become affixed to any real estate. If at any time any of the Tangible Property should,
notwithstanding the foregoing, be affixed to any real estate, the security interest of the Lender under this Agreement shall nevertheless
attach to and include such Tangible Property. The Debtor shall promptly furnish to the Lender a description of any such real estate and
the names of the record owners thereof, hereby authorizes the Lender to file such additional financing statements and other documents
as the Lender may require, obtain from the owners of such real estate and the holders of any Liens thereon such Lien waivers, subordination
agreements and other documents as the Lender may request, and shall take such other actions as the Lender may deem necessary or desirable
to preserve and perfect the Lender’s security interest in such Tangible Property as a first priority perfected security interest.

 

(e)
The Debtor will not, without the prior written consent of the Lender, (1) sell, license, transfer, convey or otherwise dispose of
any of the Debtor Homes, (2) pledge or grant any security interest in any of the Property to any person, except for Permitted Encumbrances,
(3) permit any Lien to attach to any of the Property or any levy to be made thereon or any financing statement to be on file with
respect to any of the Property, except those related to Permitted Encumbrances, or (4) permit any default or violation to occur
under any agreement, covenant or restriction included in Permitted Encumbrances.

 

(f)
The Debtor authorizes the Lender to perfect, preserve, continue, amend and maintain the Lender’s interest in the Property by whatever
actions the Lender in its sole discretion deems appropriate under the UCC or applicable law. The Debtor shall assist and cooperate with
the Lender in taking such actions and shall pay all costs and expenses incurred by the Lender in order to perfect, preserve, continue,
amend and maintain a first priority security interest in the Property. Such actions may include (1) the filing by the Lender of financing
statements describing the Property and any amendments thereto; (2) the Lender’s taking possession of the Property, including, but not
limited to, taking possession of, and Debtor signing over any Documents of Title related to the Debtor’s Homes; (3) obtaining an
acknowledgment from a person in possession of any of the Property that such person is holding the Property for the benefit of the Lender;
or (4) the Lender’s placing a legend on chattel paper (tangible or electronic) or any Lease that gives notice of the Lender’s security
interest in such chattel paper or Lease (tangible or electronic).

 

(g)
Reserved.

 

(h)
The Lender may correct any patent errors in this Agreement or any financing statements or other documents executed in connection herewith.

 

(i)
The Debtor shall inform the Lender in writing of any material adverse change in any of the representations and warranties of the Debtor
under this Agreement, promptly after the Debtor shall learn of such change.

 

(j)
The Debtor shall furnish to the Lender from time to time statements and schedules further identifying and describing the Property and
such other reports in connection with the Property as the Lender may reasonably request, all in reasonable detail.

 

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(k)
The Debtor shall promptly deliver or cause to be delivered to the Lender the Documents of Title issued for and in connection with any
Debtor’s Home now or hereafter included in the Property and shall join with the Lender in executing any documents and taking any actions
necessary or desirable in the Lender’s opinion to perfect the Lender’s Liens and security interests in such Debtor’s Homes. As soon as
possible, but in no event later than ten (10) business days after the date hereof, Debtor shall (a) file with the appropriate
state agency completed and executed applications for certificates of title for Debtor’s Homes (“Applications”), and
(b) pay the required filing fee. The Applications shall list the Debtor as the owner of the Debtor’s Homes, Lender as the first
lienholder, and no other lienholders. The Applications shall provide that the original Documents of Title shall be mailed directly to
Lender upon issuance. Lender must receive Documents of Title for the Homes within sixty (60) days from the Closing Date; provided, however,
Debtor shall not be in default hereunder if Debtor timely, accurately, and completely filed all Applications and the delay in receiving
the Documents of Title is due solely to the failure of the applicable governmental entity to perform.

 

(l)
The Debtor shall keep and maintain at the Debtor’s own cost and expense complete records of the Property, including a record of all payments
received and all credits granted with respect to the Property and all other dealings with the Property. Upon request of the Lender, the
Debtor shall make proper entries in such records disclosing the assignment of the Property to the Lender and shall segregate and mark
such records with the Lender’s name in a manner satisfactory to the Lender. If an Event of Default exists, the Debtor shall deliver such
records to the Lender on demand.

 

(m)
The Debtor shall not file a release, amendment, partial release, or termination statement with respect to any of the Property without
the Lender’s prior written consent.

 

(n)
The Debtor shall observe and perform all of the Debtor’s obligations under the Leases.

 

(o)
The Debtor shall enforce or secure in the name of the Lender the performance of each obligation to be performed by any lessee under the
Leases.

 

(p)
All Leases shall be on forms that are customary for the rental of Manufactured Homes in the same geographical location, and contain terms
that: (1) are for initial terms of at least 12 months and not more than 2 years (unless otherwise approved in writing by Lender), (2)
list Debtor as the landlord and owner therein, (3) require payment of rents and other amounts payable by Home Owners be payable to Debtor,
and (4) are otherwise in compliance with all Governmental Requirements applicable to the leasing of Manufactured Homes.

 

(q)
The Property and the use of the Debtor’s Homes on the Premises shall comply with all Governmental Requirements applicable to Manufactured
Homes and ownership and management of Manufactured Homes, including but not limited to any statutes, rules and regulations pertaining
to the construction, installation and maintenance of Manufactured Homes, including all rules, regulations and standards promulgated by
South Carolina governing entities, including but not limited to the Manufactured Home Park Tenancy Act, S.C.
Code Ann. § 27-47-10, et seq., laws concerning licensing of mobile homes, S.C. Code
Ann. § 31-17-310, et seq., laws concerning protection of title to and interests in manufactured homes, S.C.
Code Ann. § 56-19-210, 265, and 500, et seq., and rules and regulations promulgated by the South Carolina Manufactured Housing
Board as authorzied pursuant to S.C. Code Ann. § 40-29-5 – 380, including, but
not limited to S.C. Code Ann. Regs. 79-1
– 44,, equal opportunity, anti-discrimination, fair housing, environmental protection, zoning, density and land use (“legal,
non-conforming” status with respect to uses or structures will be considered to comply with zoning and land use requirements for
the purposes of this representation).

 

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(r)
The Debtor shall comply with all Governmental Requirements applicable to (1) each Home Owner’s application to rent a Debtor’s Home, (2)
the advertising, soliciting, leasing and making of each Lease, (3) the ownership and operation of the Property, including but not limited
to the Federal Trade Commission Act and all rules and regulations promulgated thereunder; 24 C.F.R. Part 201 concerning manufactured
home location standards; the Equal Credit Opportunity Act and all rules and regulations promulgated thereunder; the Fair Credit Reporting
Act and all rules and regulations promulgated thereunder; the Fair Housing Act and all rules and regulations promulgated thereunder;
the Real Estate Settlement Procedures Act, and all other applicable Federal, state, and local laws, regulations, rules, and ordinances,
as any of the foregoing from time to time may be amended.

 

Section
4.2 Taxes and Assessments.
The Debtor shall pay when due all taxes, assessments and other charges levied or assessed against any of the Property, and all other
claims that are or may become Liens against any of the Property, except any that are Permitted Encumbrances or where such taxes, assessments
and other charges are promptly and diligently contested in good faith by Debtor by appropriate proceedings, and where Debtor has established
adequate reserves therefore in accordance with GAAP; and should default be made in the payment of same, the Lender, at its option, may
pay them.

 

Section
4.3 Insurance and Risk of Loss.

 

(a)
The Debtor shall keep the Tangible Property insured in such amounts, with such companies and against such risks as may be satisfactory
to the Lender. All such policies shall name the Lender as an additional loss payee and shall contain an agreement by the insurer that
they shall not be cancelled without at least 30 days prior written notice to the Lender. The Debtor shall cause duplicate originals of
such insurance policies to be deposited with the Lender. If requested by the Lender, the Debtor shall, at least 10 days prior to the
due date, furnish to the Lender evidence of the payment of the premiums due on such policies.

 

(b)
The Debtor hereby assigns to the Lender each policy of insurance covering any of the Property, including all rights to receive the proceeds
and returned premiums of such insurance. With respect to all such insurance policies, the Lender is hereby authorized, but not required,
on behalf of the Debtor, to collect for, adjust and compromise any losses and to apply, at its option, the loss proceeds (less expenses
of collection) to the Obligations, in any order and whether due or not, or to the repair, replacement or restoration of the Property,
or to remit the same to the Debtor; but any such application or remittance shall not cure or waive any default by the Debtor and shall
not operate to abate, satisfy or release any of the Obligations. If any insurance proceeds are received by the Debtor, the Debtor shall
promptly apply such proceeds to the repair, replacement or restoration of the Property unless the Debtor receives contrary directions
from the Lender.

 

(c)
In the event that any Debtor’s Home is destroyed or suffers substantial damage that is not repaired within a period of thirty (30) days,
Debtor shall pay to Lender an amount equal to that portion of the unpaid balance of the Obligations allocated to the applicable Debtor’s
Home as shown on Lender’s records, absent manifest error, provided, that such prepayment amount shall be reduced by the amount of any
insurance proceeds received by the Lender.

 

(d)
In case of a sale pursuant to the default provisions hereof, or any conveyance of all or any part of the Property in extinguishment of
the Obligations, title to all such insurance policies and the proceeds thereof and unearned premiums with respect thereto shall pass
to and vest in the purchaser of the Property.

 

(e)
The risk of loss or damage to the Property is on the Debtor whether or not the Property is held by or controlled by the Lender.

 

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Section
4.4 Care of Tangible Property; Notice of Loss,
etc. The Debtor shall: (a) at all times maintain
the Tangible Property in as good condition as it is now in, reasonable wear and tear alone excepted; (b) not use the Tangible Property,
or permit it to be used, in violation of any Governmental Requirement; and (c) notify the Lender immediately in writing of any event
causing material loss or depreciation in value of any of the Property and of the amount thereof (other than ordinary wear and tear).

 

Section
4.5 Filing Fees and Taxes.
The Debtor agrees, to the extent permitted by law, to pay all recording and filing fees, revenue stamps, taxes and other expenses and
charges payable in connection with the execution and delivery of the Loan Documents, and the recording, filing, satisfaction, continuation
and release thereof.

 

Section
4.6 Use of Tangible Property.
The Debtor agrees (a) to comply with the terms of any lease covering the premises on which any Tangible Property is located and
all Governmental Requirements concerning such premises or the conduct of business thereon; (b) not to conceal or abandon the Tangible
Property; and (c) not to lease or hire any of the Tangible Property to any person or permit the same to be leased or used for hire
except as provided for in this Agreement or pursuant to Permitted Encumbrances.

 

Section
4.7 Contracts.

 

(a)
The Debtor shall perform all of the Debtor’s obligations under each Contract in accordance with its terms and shall not commit or permit
any default on the part of the Debtor thereunder. The Debtor shall not (1) cancel or terminate any material Contract or consent
to or accept any cancellation or termination thereof; (2) modify any material Contract or give any consent, waiver or approval thereunder;
(3) waive any default under any material Contract; or (4) take any other action in connection with any material Contract that
would impair the value of the interests of the Debtor thereunder or the interests of the Lender under this Agreement.

 

(b)
The Debtor shall notify the Lender promptly in writing of any matters affecting the value, enforceability or collectability of any of
the Contracts, including material defaults, delays in performance, disputes, offsets, defenses, counterclaims, returns and rejections
and all reclaimed or repossessed property.

 

Section
4.8 Application of Payments and Collections.
The Debtor irrevocably waives the right to direct the application of any payments and collections at any time or times hereafter received
by the Lender from or on behalf of the Debtor, and the Debtor irrevocably agrees that the Lender shall have the continuing exclusive
right to apply and reapply any and all such payments and collections received at any time or times hereafter by the Lender or its agent
against the Obligations, in such order and in such proportions as the Lender may deem advisable, whether due or not, and notwithstanding
any entry by the Lender upon its books and records.

 

Section
4.9 Reserved.

 

Section
4.10 Visitation.
The Debtor shall permit representatives of the Lender from time to time (a) to visit and inspect the Property, all records related
thereto, the premises upon which any Property is located, and any of the other offices and properties of the Debtor; (b) to inspect and
examine the Property and to inspect, audit, check and make abstracts from the books, records, orders, receipts, correspondence and other
data relating to the Property or to any transactions between the Debtor and the Lender; (c) to discuss the affairs, finances and
accounts of the Debtor with and be advised as to the same by the officers thereof, if a corporation, or if not by other responsible persons;
and (d) to verify the amount, quantity, value and condition of, or any other matter relating to, the Property, all at such times
and intervals as the Lender may desire. The Debtor will authorize and instruct any accountants acting for the Debtor to give the Lender
any appropriate information the Lender may reasonably request regarding the financial affairs of the Debtor and to furnish the Lender
with copies of any relevant documents in their possession related thereto.

 

    9

     

    

 

Section
4.11 Further Assurances.
At the Debtor’s cost and expense, upon request of the Lender, the Debtor shall duly execute and deliver, or cause to be duly executed
and delivered, to the Lender such further instruments and do and cause to be done such further acts as may be reasonably necessary or
proper in the opinion of the Lender or its counsel to perfect, preserve and protect the validity and priority of the Liens of the Lender
in the Property and to carry out more effectively the provisions and purposes of this Agreement. The Debtor hereby appoints and empowers
the Lender, or any employee of the Lender which Lender may designate for the purpose, as Debtor’s attorney-in-fact, to execute and/or
endorse (and file, as appropriate) on its behalf any documents, agreements, papers, checks, financing statements, Documents of Title,
and other documents which, in the Lender’s sole judgment, are necessary to be executed and/or filed in order to (a) perfect or preserve
the perfection and priority of the Lender’s security interests granted hereby or by any of the other Loan Documents and (b) collect or
realize upon the Property or otherwise exercise its rights and remedies under any of the Loan Documents or applicable law.

 

Section
4.12 Use and Operation.
Whenever any of the Property is in the possession or control of the Lender, whether for perfection, enforcement or otherwise, the Debtor
agrees to the Lender’s unrestricted use and operation of the Property. The Debtor waives any rights it may have to require the Lender
to keep all nonfungible Property segregated or separately identifiable and agrees that the Lender may commingle any and all of the Property
(fungible or otherwise) with its own without any liability to the Debtor for so doing.

 

Section
4.13 Financial Statements; Reports.

 

(a)
As soon as available, and in any event within one hundred eighty (180) days after the close of Debtor’s fiscal year, Debtor shall furnish
Lender with (i) company prepared unaudited financial statements of Debtor, setting forth the balance sheet and the statement of income
and cash flow of Debtor for such year, in each case in comparative form to the figures for the previous fiscal year all in reasonable
detail and prepared in accordance with sound and consistently applied accounting principles and certified as true and correct in all
material respects by the manager of Debtor, all as acceptable to Lender in form and substance, and (ii) a current rent roll and delinquency
report of all Leases of the Debtor’s Homes, all in reasonable detail and certified as true and correct in all material respects by the
manager of Debtor, all as acceptable to Lender in form and substance. As soon as available, and in any event within thirty (30) days
of when such were due to be filed (or within thirty (30) days after the last date of any extension period, if applicable), Debtor shall
furnish Lender with a copy of all tax returns (including all schedules and statements) of Debtor. Borrower shall also furnish to Lender
such additional financial information as may be reasonably requested by Lender from time to time.

 

(b)
As soon as available, and in any event within thirty (30) days after the end of each calendar quarter, Debtor shall furnish Lender the
following: (i) company prepared unaudited financial statements of Debtor, setting forth the balance sheet and the statement of income
and cash flow of Debtor for such calendar quarter, in each case in comparative form to the figures for the previous calendar quarter
all in reasonable detail and prepared in accordance with sound and consistently applied accounting principles and certified as true and
correct in all material respects by the manager of Debtor, all as acceptable to Lender in form and substance; and (ii) a rent roll of
all Leases of the Debtor’s Homes, and such other information as Lender may reasonably require all certified as true and correct in all
material respects by the manager of Borrower, all as acceptable to Lender in form and substance.

 

    10

     

    

 

Article
5

EVENTS OF DEFAULT

 

Section
5.1 Events of Default.
The occurrence of any of the following events shall constitute an event of default (an “Event of Default”) under this
Agreement (whatever the reason for such event and whether or not it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any Governmental Requirement):

 

(a)
an “Event of Default” shall occur under the Loan Agreement; or

 

(b)
any representation or warranty made in this Agreement or in any of the other Loan Documents shall prove to be false or misleading in
any material respect as of the time made; or

 

(c)
any report, certificate, financial statement or other instrument furnished in connection with the Loan, this Agreement or any of the
other Loan Documents, shall prove to be false or misleading in any material respect as of the time made; or

 

(d)
default shall be made in the due observance or performance of any covenant, condition or agreement on the part of the Debtor to be observed
or performed pursuant to the terms of this Agreement (other than any covenant, condition or agreement, default in the observance or performance
of which is elsewhere in this Section 5.1 specifically dealt with) and such default shall continue unremedied until the date that is
15 days after written notice by the Lender to the Debtor; provided that if such default is of a kind which cannot reasonably be cured
within such thirty-day period, the Debtor shall have a reasonable period of time (not to exceed 30 days from the receipt said notice)
within which to cure such default, provided that it begins to cure the default promptly after its receipt of such written notice, and
proceeds in good faith, and with due diligence, to cure such default; or

 

(e)
any default or event of default, as therein defined, shall occur under any of the other Loan Documents (after giving effect to any applicable
notice, grace or cure period specified therein).

 

Article
6

REMEDIES

 

Section
6.1 Certain Rights of Lender After Default.
If an Event of Default exists that does not already result in the automatic acceleration of the Obligations under another Loan Document,
the Lender shall have, in addition to any other rights under this Agreement or the UCC or under applicable law, the right, without notice
to the Debtor (or with notice to the Debtor if notice is required and cannot be waived under applicable law), to take any or all of the
following actions at the same or different times:

 

(a)
The Lender may exercise any rights, powers and remedies of the Debtor in connection with any Contract or otherwise in respect of the
Property, including any rights of the Debtor to demand or otherwise require payment of any amount under, or performance of any provision
of, any Contract, and to modify, amend, terminate, replace, settle or compromise any Contract or any sum payable thereunder.

 

(b)
The Lender may (1) notify account debtors that Accounts and Contracts have been assigned to the Lender, demand and receive information
from account debtors with respect to Accounts and Contracts, forward invoices to account debtors directing them to make payments to the
Lender, collect all Accounts and Contracts in the Lender’s or the Debtor’s name and take control of any cash or non-cash proceeds of
Property; (2) enforce payment of any Accounts and Contracts, prosecute any action or proceeding with respect to Accounts and Contracts,
extend the time of payment of Accounts and Contracts, make allowances and adjustments with respect to Accounts and Contracts and issue
credits against Accounts and Contracts, all in the name of the Lender or the Debtor; (3) settle, compromise, extend, renew, release,
terminate or discharge, in whole or in part, any Account or Contract or deal with the same as the Lender may deem advisable; and (4) require
the Debtor to open all mail only in the presence of a representative of the Lender, who may take therefrom any remittance on any of the
Property.

 

    11

     

    

 

(c)
The Lender may (1) enter upon the Premises or any other place where any Property is located, and through self-help and without judicial
process, without first obtaining a final judgment or giving the Debtor notice and opportunity for a hearing and without any obligation
to pay rent, (A) remove the Property therefrom to the premises of the Lender or its agent for such time as the Lender may desire to collect
or liquidate the Property or (B) take possession of any or all of the Property, exclude the Debtor therefrom, and hold, use, administer,
manage and operate the same to the extent that the Debtor could do so, without any liability to the Lender resulting therefrom; and the
Lender may collect, receive and receipt for all proceeds accruing from such operation and management, and exercise every power, right
and privilege of the Debtor with respect to the Property; (2) render any Property unusable; (3) require the Debtor to assemble the
Tangible Property and make it available to the Lender at the Debtor’s premises or any other place selected by the Lender, and to make
available to the Lender all of the Debtor’s premises and facilities for the purpose of the Lender’s taking possession of, removing or
putting the Tangible Property in salable form; and (4) use, and permit the Lender or any purchaser of any of the Property from the
Lender to use, without charge, the Debtor’s labels, General Intangibles and advertising matter or any property of a similar nature, as
it pertains to or is included in the Property, in advertising, preparing for sale and selling any Property; and the Debtor’s rights under
all licenses, franchise agreements and other General Intangibles shall inure to the Lender’s benefit.

 

(d)
The Lender at its option, shall have the right, power and authority without the need to take possession of the Debtor’s Homes or to obtain
the appointment of a receiver, to exercise and enforce any or all of the following rights and remedies with respect to Rents and Leases:

 

(1)
to terminate the license granted to the Debtor to collect the Rents under Sections 2.1 and 2.2, to notify the tenants under the Leases
or any other parties in possession of any of the Debtor’s Homes to pay all Rents directly to the Lender and, without taking possession,
in the Lender’s own name to demand, collect, receive, sue for, attach and levy the Rents, to give proper receipts, releases and acquittances
therefor; and

 

(2)
to take whatever legal proceedings may appear necessary or desirable to enforce any obligation of the Debtor under this Agreement.

 

(e)
The Lender, without demand of performance or other demand, advertisement or notice of any kind (except any notice required by law of
a proposed disposition of a Property, which may be given in the manner specified in Section 7.1) to or upon the Debtor or any other person
(all of which demands, advertisements and notices are hereby expressly waived, to the extent permitted by law), may forthwith collect,
receive, appropriate, repossess and realize upon all or any part of the Property, and may forthwith sell, lease, license, assign, give
options to purchase, or sell or otherwise dispose of and deliver all or any part of the Property (or contract to do so), in one or more
parcels at public or private sale or sales, at any exchange, broker’s board or at any of the Lender’s offices or while situated on the
Debtor’s premises or elsewhere at such prices as the Lender may deem best, for cash or on credit or for future delivery without assumption
of any credit risk. To the extent permitted by law, the Property shall be sold free of any right of redemption, which right of redemption
the Debtor hereby releases. To the extent permitted by applicable law, the Debtor waives all claims, damages, and demands against the
Lender arising out of the repossession, retention or sale of the Property.

 

(f)
Lender may terminate the revocable license granted to Debtor, and Lender shall immediately have all rights, powers and authority granted
to Debtor under any Lease (including the right, power and authority to modify the terms of any such Lease, or extend or terminate any
such Lease) and, without notice, Lender shall be entitled to all Rents as they become due and payable, including Rents then due and unpaid.
During the continuance of an Event of Default, Debtor authorizes Lender to collect, sue for and compromise Rents and directs each tenant
of the Property to pay all Rents to, or as directed by, Lender, and Debtor shall, upon Debtor’s receipt of any Rents from any sources,
pay the total amount of such receipts to Lender. Although the foregoing rights of Lender are self-effecting, at any time during the continuance
of an Event of Default, Lender may make demand for all Rents, and Lender may give, and Debtor hereby irrevocably authorizes Lender to
give, notice to all tenants of the Property instructing them to pay all Rents to Lender. No tenant shall be obligated to inquire further
as to the occurrence or continuance of an Event of Default, and no tenant shall be obligated to pay to Debtor any amounts that are actually
paid to Lender in response to such a notice. Any such notice by Lender shall be delivered to each tenant personally, by mail or by delivering
such demand to each rental unit.

 

    12

     

    

 

Section
6.2 Repossession of the Property; Care and Custody
of the Property; etc.

 

(a)
The Debtor shall give the Lender written notice in the manner set forth in Section 7.1 within 24 hours of the date of repossession if
the Debtor alleges that any other property of the Debtor was left on or in the repossessed Property at the time of repossession; and
such notice shall be an express condition precedent to any action for loss or damages in connection therewith. After receiving any such
notice the Lender will have a reasonable time to notify the Debtor as to where the Debtor can collect such property.

 

(b)
The Debtor irrevocably invites the Lender and its agents to enter upon any premises on which any of the Property is now or hereafter
located for all purposes related to the Property, including repossession thereof, and consents to any such entry and repossession. Any
such entry by the Lender or its agents shall not be a trespass upon such premises, and any such repossession shall not constitute conversion
of any Property. The Debtor agrees to indemnify and hold the Lender harmless against, and hereby releases the Lender from, any actions,
claims, costs, liabilities or expenses arising directly or indirectly from any entry upon such premises and any repossession of any Property.

 

(c)
If the Lender shall repossess any Property at a time when no Event of Default exists and the repossessed Property is thereafter returned
to the Debtor, the damages therefor, if any, shall not exceed the fair rental value of the repossessed Property for the time it was in
the Lender’s possession.

 

(d)
The Lender shall be deemed to have exercised reasonable care in the custody and preservation of any Property in its possession if it
takes such reasonable actions for that purpose as the Debtor shall request in writing, but the Lender shall have sole power to determine
whether such actions are reasonable. Any omission to do any act not requested by the Debtor shall not be deemed a failure to exercise
reasonable care.

 

Section
6.3 Application of Proceeds.
Unless prohibited by applicable law, the Lender shall have the continuing exclusive right to apply and reapply the proceeds, including
cash and noncash proceeds (sales on credit or notes and otherwise) resulting from the exercise of any of the rights, powers and remedies
of the Lender under this Agreement, against the Obligations, in such order and in such proportions as the Lender may deem advisable.
All expenses incurred, including all costs and expenses incurred in securing the possession of Property, moving, storing, repairing or
finishing the manufacture of Property, and preparing the same for sale, shall become part of the Obligations secured hereby. The Guarantors
shall remain liable to the Lender for any deficiency.

 

Section
6.4 Attorney-in-Fact After Default.
The Debtor hereby constitutes and appoints the Lender, or any other person whom the Lender may designate, as the Debtor’s attorney-in-fact,
at the Debtor’s cost and expense, to exercise at any time when an Event of Default exists, the following powers, all of which, being
coupled with an interest, shall be irrevocable until the Lender’s Liens hereunder have been terminated in accordance with Section 7.17:
(a) to sell or assign any of the Property upon such terms, for such amounts and at such times as the Lender deems advisable and
to execute any bills of sale or assignments in the name of the Debtor in relation thereto; (b) to take control, in any manner, of
any item of payment on, or proceeds of the Property; (c) to use the information recorded on or contained in any data processing
equipment and computer hardware and software relating to the Property to which the Debtor has access; (d) to settle, adjust, compromise,
extend, renew, discharge, terminate or release the Property in whole or in part; (e) settle, adjust or compromise any legal proceedings
brought to collect the Property; (f) to prepare, file and sign the Debtor’s name on any proof of claim in bankruptcy or similar
document against any Account debtor; (g) to prepare, file and sign the Debtor’s name on any notice of Lien, assignment or satisfaction
or termination of Lien or similar document in connection with the Property; (h) to sign, authenticate or endorse the name of the
Debtor upon any chattel paper (tangible or electronic), document, instrument, invoice or similar document or agreement relating to the
Property; (i) to use the Debtor’s stationery and to sign the name of the Debtor to verifications of the Accounts and Contracts and
notices thereof to Account debtors; (j) to notify postal authorities to change the Debtor’s mailing address to an address designated
by the Lender for receipt of payments on Accounts and Contracts; (k) to receive all cash dividends otherwise payable to the Debtor; (l)
exercise all of the Debtor’s other rights, powers and remedies with respect to the Property; and (m) to do all acts and things necessary,
in the Lender’s sole judgment, to carry out the purposes of this Agreement or to fulfill the Debtor’s obligations hereunder.

 

    13

     

    

 

Section
6.5 No Obligation to Pursue Others. The
Debtor agrees that the Lender has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable
for them and the Lender may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all
without affecting the Lender’s rights against the Debtor. The Debtor waives any right it may have to require the Lender to pursue any
other person for any of the Obligations, and that each of the Obligations may be enforced against the Debtor without the necessity of
joining any other Person, any other holders of Liens in any Property or any other Person, as a party.

 

Section
6.6 Compliance with Other Laws.
The Lender may comply with any applicable state or federal law requirements in connection with a disposition of the Property and such
compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Property.

 

Section
6.7 Warranties of Title.
The Lender may in its sole discretion disclaim any warranties of title or the like in the sale or other disposition of the Property.
Such disclaimer will not be considered adversely to affect the commercial reasonableness of any sale of the Property.

 

Section
6.8 Default Rate.
If an Event of Default exists, the Obligations shall bear interest at the Default Rate, until the earlier of (a) such time as all
of the Obligations are paid in full or (b) no such Event of Default exists.

 

Section
6.9 Remedies Cumulative.
The rights, powers and remedies of the Lender under this Agreement are cumulative and not exclusive of any other rights, powers or remedies
now or hereafter existing at law or in equity.

 

Article
7

MISCELLANEOUS

 

Section
7.1 Notices.

 

(a)
Any request, demand, authorization, direction, notice, consent or other document provided or permitted by this Agreement shall be given
in the manner, and shall be effective at the time, provided in the Loan Agreement, to the address of Debtor and Lender first set forth
above.

 

(b)
Five Business Days written notice to the Debtor as provided above shall constitute reasonable notification to the Debtor when notification
is required by law; provided, however, that nothing contained in the foregoing shall be construed as requiring ten Business Days’ notice
if, under applicable law and the circumstances then existing, a shorter period of time would constitute reasonable notice.

 

Section
7.2 Expenses.
The Debtor shall promptly on demand pay all costs and expenses, including the reasonable and actual fees and disbursements of counsel
to the Lender, incurred by the Lender in connection with (a) the negotiation, preparation and review of this Agreement (whether or not
the transactions contemplated by this Agreement shall be consummated), (b) the enforcement of this Agreement, (c) the custody
and preservation of the Property, (d) the protection or perfection of the Lender’s rights and interests under this Agreement in
the Property, (e) the exercise by or on behalf of the Lender of any of its rights, powers or remedies under this Agreement and (f) the
prosecution or defense of any action or proceeding by or against the Lender, the Debtor, any Guarantor, any Account debtor, or any one
or more of them, concerning any matter related to this Agreement, any of the Property, or any of the Obligations. All such amounts shall
bear interest from the date demand is made at the Default Rate and shall be included in the Obligations secured hereby. The Debtor’s
obligations under this Section 7.2 shall survive the payment in full of the Obligations and the termination of this Agreement.

 

    14

     

    

 

Section
7.3 Successors and Assigns.
Whenever in this Agreement any party hereto is referred to, such reference shall be deemed to include the successors and assigns of such
party or any other person who becomes bound by this Agreement as a debtor, except that the Debtor may not assign or transfer this Agreement
without the prior written consent of the Lender; and all covenants and agreements of the Debtor contained in this Agreement shall bind
the Debtor’s successors and assigns or any other person who becomes bound by this Agreement as a debtor and shall inure to the benefit
of the successors and assigns of the Lender.

 

Section
7.4 Joint and Several Liability.
If the Debtor is comprised of more than one person, all of the Debtor’s representations, warranties, covenants and agreements under this
Agreement shall be joint and several and shall be binding on and enforceable against either, any or all of the persons comprising the
Debtor. If any one or more of the persons comprising the Debtor is in default, the Lender my exercise its remedies on default against
all of the person or entities that together comprise the Debtor.

 

Section
7.5 Independent Obligations.
The Debtor agrees that each of the obligations of the Debtor to the Lender under this Agreement may be enforced against the Debtor without
the necessity of joining any other obligor, any other holders of Liens in any Property or any other Person, as a party.

 

Section
7.6 Governing Law.
This Agreement shall be construed in accordance with and governed by the internal laws of the State of Tennessee (without regard to conflict
of law principles) except as required by mandatory provisions of law and except to the extent that the validity, perfection and enforcement
of the Liens on the Property are governed by the laws of any jurisdiction other than the State of Tennessee.

 

Section
7.7 Date of Agreement.
The date of this Agreement is intended as a date for the convenient identification of this Agreement and is not intended to indicate
that this Agreement was executed and delivered on that date.

 

Section
7.8 Separability Clause.
If any provision of the Loan Documents shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section
7.9 Counterparts.
This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original, but all such counterparts
shall together constitute but one and the same agreement.

 

Section
7.10 No Oral Agreements.
This Agreement is the final expression of the agreement between the parties hereto, and this Agreement may not be contradicted by evidence
of any prior oral agreement between such parties. All previous oral agreements between the parties hereto have been incorporated into
this Agreement and the other Loan Documents, and there is no unwritten oral agreement between the parties hereto in existence.

 

Section
7.11 Waiver and Election.
The exercise by the Lender of any option given under this Agreement shall not constitute a waiver of the right to exercise any other
option. No failure or delay on the part of the Lender in exercising any right, power or remedy under this Agreement shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any further exercise thereof or
the exercise of any other right, power or remedy. No modification, termination or waiver of any provisions of the Loan Documents, nor
consent to any departure by the Debtor therefrom, shall be effective unless in writing and signed by an authorized officer of the Lender,
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No notice
to or demand on the Debtor in any case shall entitle the Debtor to any other or further notice or demand in similar or other circumstances.

 

    15

     

    

 

Section
7.12 No Obligations of Lender; Indemnification.
The Lender does not by virtue of this Agreement or any of the transactions contemplated by the Loan Documents assume any duties, liabilities
or obligations with respect to any of the Property unless expressly assumed by the Lender under a separate agreement in writing, and
this Agreement shall not be deemed to confer on the Lender any duties or obligations that would make the Lender directly or derivatively
liable for any person’s negligent, reckless or willful conduct. The Debtor agrees to indemnify and hold the Lender harmless against and
with respect to any damage, claim, action, loss, cost, expense, liability, penalty or interest (including reasonable and actual attorney’s
fees) and all costs and expenses of all actions, suits, proceedings, demands, assessments, claims and judgments directly or indirectly
resulting from, occurring in connection with, or arising out of: (a) any inaccurate representation made by the Debtor or any Person
in this Agreement or any other Loan Document; (b) any breach of any of the warranties or obligations of the Debtor or any Person
under this Agreement or any other Loan Document; and (c) the Property, or the Liens of the Lender thereon. The provisions of this
Section 7.12 shall survive the payment of the Obligations in full and the termination, satisfaction, release (in whole or in part) and
foreclosure of this Agreement.

 

Section
7.13 Advances by the Lender.
If the Debtor shall fail to comply with any of the provisions of this Agreement, the Lender may (but shall not be required to) make advances
to perform the same, and where necessary enter any premises where any Property is located for the purpose of performing the Debtor’s
obligations under any such provision. The Debtor agrees to repay all such sums advanced upon demand, with interest from the date such
advances are made at the Default Rate, and all sums so advanced with interest shall be a part of the Obligations. The making of any such
advances shall not be construed as a waiver by the Lender of any Event of Default resulting from the Debtor’s failure to pay such amounts.

 

Section
7.14 Rights, Liens and Obligations Absolute.
All rights of the Lender hereunder, all Liens granted to the Lender hereunder, and all obligations of the Debtor hereunder, shall be
absolute and unconditional and shall not be affected by (a) any lack of validity or enforceability as to any other person of any
of the Loan Documents, (b) any change in the time, manner or place of payment of, or any other term of the Obligations, (c) any
amendment or waiver of any of the provisions of the Loan Documents as to any other person, and (d) any exchange, release or non-perfection
of any other collateral or any release, termination or waiver of any guaranty, for any of the Obligations.

 

Section
7.15 Debtor Liable on Contracts.
Notwithstanding anything in this Agreement to the contrary (a) the Debtor shall remain liable under the Contracts to perform all
of the Debtor’s duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise
by the Lender of any rights hereunder shall not release the Debtor from any of the Debtor’s obligations under the Contracts, and (c) the
Lender shall not have any obligation or liability under the Contracts by reason of this Agreement or the receipt by the Lender of any
payment hereunder, nor shall the Lender be obligated to perform any of the obligations of the Debtor under the Contracts, to take any
action to collect, file and enforce any claim for payment assigned to the Lender hereunder, or to make any inquiry as to the nature or
sufficiency of any payment received by it or the adequacy of any performance by any party.

 

Section
7.16 Security Instrument.
If any of the Property is also subject to a valid and enforceable Lien under the Security Instrument and the terms of the Security Instrument
are inconsistent with the terms of this Agreement, then, at the option of the Lender, the terms of the Security Instrument shall be controlling
with respect to Property that relates to the real property described in the Security Instrument, and the terms of this Agreement shall
be controlling in the case of all other Property.

 

    16

     

    

 

Section
7.17 Termination.
This Agreement and the Lender’s Liens in the Property hereunder will not be terminated until one of the Lender’s officers signs a written
termination agreement. Except as otherwise expressly provided for in this Agreement, no termination of this Agreement shall in any way
affect or impair the representations, warranties, agreements or other obligations of the Debtor or the rights, powers and remedies of
the Lender under this Agreement with respect to any transaction or event occurring prior to such termination, all of which shall survive
such termination. Even if all of the Obligations outstanding at any one time should be paid in full, this Agreement will continue to
secure any Obligations that might later be owed the Lender until such written termination agreement has been executed by the Lender.
Except as otherwise provided herein or in the Loan Agreement, in no event shall the Lender be obligated to terminate its Liens under
this Agreement or return or release any of the Property to the Debtor (a) until the payment in full of all Obligations then outstanding,
(b) if the Lender is obligated to extend credit to the Debtor, (c) if any contingent obligation of the Debtor to the Lender
remains outstanding, or (d) until the expiration of any period for avoiding or setting aside any payment to the Lender under bankruptcy
or insolvency laws.

 

Section
7.18 Reinstatement.
This Agreement, the obligations of the Debtor hereunder, and the Liens, rights, powers and remedies of the Lender hereunder, shall continue
to be effective, or be automatically reinstated, as the case may be, if at any time any amount applied to the payment of any of the Obligations
is rescinded or must otherwise be restored or returned to the Debtor, any Guarantor, or any other person (or paid to the creditors of
any of them, or to any custodian, receiver, trustee or other officer with similar powers with respect to any of them, or with respect
to any part of their property) upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Debtor, any Guarantor,
or any such person, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with respect to any
of them, or with respect to any part of their property, or otherwise, all as though such payment had not been made.

 

Section
7.19 Submission to Jurisdiction.
The Debtor irrevocably (a) acknowledges that this Agreement will be accepted by the Lender and performed by the Debtor in the State
of Tennessee; (b) submits to the exclusive jurisdiction of the United States District Court for the Eastern District of Tennessee, Knoxville
Division and, outside the subject matter jurisdiction of such court, to the state courts of Blount County, Tennessee (collectively, the
“Courts”) over any suit, action or proceeding arising out of or relating to this Agreement to determine any issues arising
out of or relating to this Agreement or any of the other Loan Documents (individually, an “Agreement Action”); (c) waives,
to the fullest extent permitted by law, any objection or defense that the Debtor may now or hereafter have based on improper venue, lack
of personal jurisdiction, inconvenience of forum or any similar matter in any Agreement Action brought in any of the Courts; (d) agrees
that final judgment in any Agreement Action brought in any of the Courts shall be conclusive and binding upon the Debtor and may be enforced
in any other court to the jurisdiction of which the Debtor is subject, by a suit upon such judgment; and (e) AGREES THAT THE PROVISIONS
OF THIS SECTION, EVEN IF FOUND NOT TO BE STRICTLY ENFORCEABLE BY ANY COURT, SHALL CONSTITUTE “FAIR WARNING” TO THE DEBTOR THAT
THE EXECUTION OF THIS AGREEMENT MAY SUBJECT THE DEBTOR TO THE JURISDICTION OF THE COURTS WITH RESPECT TO ANY AGREEMENT ACTIONS, AND THAT
IT IS FORESEEABLE BY THE DEBTOR THAT THE DEBTOR MAY BE SUBJECTED TO THE JURISDICTION OF SUCH COURTS AND MAY BE SUED IN THE STATE OF TENNESSEE
IN ANY AGREEMENT ACTIONS. Nothing in this Section 7.19 shall limit or restrict the Lender’s right to serve process or bring Agreement
Actions in manners and in courts otherwise than as herein provided.

 

Section
7.20 Waiver of Jury Trial. THIS
AGREEMENT INCORPORATES BY REFERENCE THE REQUIREMENTS FOR WAIVER OF JURY TRIAL SET FORTH IN THE LOAN AGREEMENT.

 

[Signature
page follows]

 

    17

     

    

 

IN
WITNESS WHEREOF, the undersigned Debtor has caused this Security Agreement and Assignment of Rents dated as first set forth above
to be executed by its duly authorized representative.

 

	 	DEBTOR:
	 	 	 
	 	GVEST WAKE FOREST 2 HOMES LLC
	 	 	 
	 	By: 	GVEST Finance, LLC, a North
    Carolina limited
	 		liability company, its sole Member
	 	 	 
	 	By: 	/s/ Raymond
    M. Gee
	 	 	Raymond M. Gee, Manager

 

STATE OF
Texas)

COUNTY OF
Bell)

 

Before
me, the undersigned, a Notary Public of said County and State, personally appeared Raymond M. Gee with whom I am personally acquainted
(or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the Manager of GVEST Finance,
LLC, a North Carolina limited liability company, the sole Member of GVEST WAKE FOREST 2 HOMES LLC, a North Carolina limited liability
company, the within named bargainor, and that he in such capacity, being authorized so to do, executed the foregoing instrument for the
purposes therein contained, by signing the name of the bargainor in such capacity.

 

Witness
my hand and seal, this 10 day of November      , 2022.

 

	 	/s/
    Rashid Rauf
	 	Notary Public

 

My Commission
Expires: September 27, 2025

 

    18

     

    

 

EXHIBIT
A

 

DEBTOR’S
HOMES

 

(redacted)

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT
B

 

(Locations)

 

	A.	Locations:

 

1.
Address(es) of the Debtor’s primary place of business and chief executive office:

 

136
Main Street, Pineville, NC 28134

 

2.
Address(es) where Debtor keeps the Debtor’s records concerning Accounts:

 

136
Main Street, Pineville, NC 28134

 

3.
Address(es) of property owned by the Debtor on which any Tangible Property is or will be located:

 

None.

 

4.
Address(es) of property not owned by the Debtor on which any Tangible Property is or will be located:

 

(i)
the Country Road Manufactured Home Community, 665 Mt. Olivet Church Rd., Franklinton, NC 27525, and

(ii)
the Cooley’s Manufactured Home Community, 8005 Zebulon Rd., Youngsville, NC 27596

 

	B.	State
                                            of Formation:

 

1.
State of incorporation or registration (if the Debtor was created by such state filing):

 

North
CarolinaExhibit 10.12

 

ASSIGNMENT OF OWNERSHIP INTERESTS

 

This ASSIGNMENT OF OWNERSHIP
INTERESTS (the “Assignment”) is entered into effective as of November 14, 2022 by WAKE FOREST 2 MHP LLC, a North
Carolina limited liability company, with an address for notice of 136 Main Street, Pineville, North Carolina 28134, Attn: Raymond M. Gee
(individually and collectively, “Grantor”), in favor of VANDERBILT MORTGAGE AND FINANCE, INC., a Tennessee corporation,
whose address for notice is 500 Alcoa Trail, Maryville, Tennessee 37804 (“Lender”).

 

RECITALS

 

A. MACRAL
PROPERTIES, LLC, a North Carolina limited liability company, and RON-RAN ENTERPRISES, LLC, a North Carolina limited liability company
(individually and collectively, “Borrower”), is indebted to Lender pursuant to a loan (“Loan”) evidenced,
governed, and/or secured by the following (collectively, the “Loan Documents”): (i) that certain Promissory Note (“Note”)
dated of even date herewith from Borrower to Lender in the principal amount of $3,600,000.00; (ii) that certain Loan Agreement (“Loan
Agreement”) dated of even date herewith by and between Borrower and Lender; and (iii) those Loan Documents (as defined in the
Loan Agreement), all as the same may from time to time be amended, restated, modified, consolidated, renewed or replaced. Capitalized
terms used herein, but not otherwise defined herein, shall have those meanings ascribed thereto in the Loan Agreement.

 

B. Grantor
is the sole Member of MACRAL PROPERTIES, LLC and RON-RAN ENTERPRISES, LLC.

 

C. Lender
would not extend the credit evidenced by the Note without Grantor pledging as collateral its ownership interests in Borrower in order
to secure the prompt and complete performance of all of the obligations and payment of all of the indebtedness under the Note and other
Loan Documents (all such obligations and indebtedness are hereinafter referred to collectively as the “Liabilities”).

 

NOW, THEREFORE, in consideration
of the covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1. Defined
Terms. As used in this Assignment, the following terms shall have the following meanings:

 

(a) “Code”
shall mean the Uniform Commercial Code as the same may from time to time be in effect in the State of Tennessee.

 

(b) “Governing
Agreement” or “Governing Agreements” shall refer to, depending on Borrower’s form of organization, (i)  Borrower’s
bylaws, operating agreement, partnership agreement, or like document, in each case, together with any and all other voting agreements
or other documents evidencing any agreement between the holders of the ownership interests of Borrower and Borrower’s interests therein,
and any amendments or modifications to any of the foregoing, and (ii) Borrower’s charter, articles of organization, certificate of
limited partnership, statement of partnership authority, or like document evidencing the formation and/or the holders of the ownership
interests of Borrower, and any amendments or modifications to any of the foregoing, all in accordance with the terms of this Assignment.

 

(c) “Proceeds”
shall mean “proceeds,” as such term is defined in the Code and shall include, but not be limited to: (i) any and all
payments (in any form whatsoever) made or due and payable to Grantor from time to time in connection with any condemnation, seizure or
forfeiture of all or any part of the Pledged Interests (as hereinafter defined) by any governmental body, authority, bureau or agency
(or any person acting under color of governmental authority); (ii) any and all amounts paid or payable to Grantor for or in connection
with any sale or other disposition of a Grantor’s interest in Borrower; and (iii) any and all other amounts from time to time paid
or payable under or in connection with any of the Pledged Interests.

 

     

     

    

 

2. Grant
of Security Interest. As security for the prompt and complete payment and performance when due of the Liabilities, Grantor hereby
grants to Lender a security interest in and pledges to Lender all of the following (each of which is referred to individually as a “Pledged
Interest” and collectively as the “Pledged Interests”):

 

(a) all
of Grantor’s right, title and interest as an owner in Borrower to receive distributions at any time or from time to time of cash and other
property, real, personal or mixed, from Borrower upon complete or partial liquidation or otherwise;

 

(b) all
of Grantor’s right, title and interest, if any, in Borrower’s property;

 

(c) all
of Grantor’s right, title and interest, if any, to participate in the management and voting of Borrower;

 

(d) all
of Grantor’s right, title and interest in and to: (i) all rights, privileges, authority and power of Grantor as owner or holder of
the items specified in (a), (b) and (c) above, including, but not limited to, all contract rights related thereto; (ii) all options
and other agreements for the purchase or acquisition of any interests in Borrower; and (iii) any document or certificate representing
or evidencing Grantor’s rights and interests in Borrower; and

 

(e) to
the extent not otherwise included, all proceeds and products of any of the foregoing.

 

3. Representations
and Warranties. Grantor represents and warrants that:

 

(a) Grantor
is the sole Member of Borrower and is the sole owner of such Grantor’s Pledged Interest, free and clear of any and all liens and claims
whatsoever except for the security interest granted to Lender pursuant to this Assignment. No other person has control of any of Pledged
Interest.

 

(b) Except
as set forth in the Loan Agreement, no security agreement, financing statement, assignment, equivalent security or lien instrument or
continuation statement covering all or any part of the Pledged Interests is on file or of record in any public office or in the records
of Borrower, as applicable, except financing statements with respect to the Pledged Interests filed by Lender pursuant to this Assignment.

 

(c) Upon
the filing of all appropriate financing statements under the Code, all steps necessary to create and perfect the security interest(s)
created by this Assignment as a valid and continuing first lien on and first perfected security interest in the Pledged Interests in favor
of Lender, prior to all other liens, security interests and other claims of any sort whatsoever against such Pledged Interests, will have
been taken.

 

(d) Grantor
has not changed its name, or used, adopted or discontinued the use of any fictitious name.

 

(e) Grantor
has all power, statutory and otherwise, to execute and deliver this Assignment, to perform Grantor’s obligations hereunder and to subject
its Pledged Interests to the security interest created hereby, all of which has been duly authorized by all necessary action.

 

    2

     

    

 

(f) No
amendments or supplements have been made to any Governing Agreement of Borrower since it was originally entered into which would have
a material and adverse effect on Grantor’s ability to perform its obligations under this Assignment; each Governing Agreement of Borrower
remains in effect; and no party to a Governing Agreement of Borrower is presently in default thereunder.

 

(g) Grantor
has the right to transfer all or any part of the Pledged Interests free of any lien or encumbrance.

 

(h) No
authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
for (i) Grantor’s granting of a security interest in its Pledged Interests pursuant to this Assignment, (ii) the execution,
delivery or performance of this Assignment by Grantor, (iii) the perfection of the security interest granted hereby (other than financing
statements with respect to the Pledged Interests filed by Lender pursuant to this Assignment), or (iv) the exercise by Lender of
the rights provided for in this Assignment or the remedies in respect of the Pledged Interests pursuant to this Assignment (except as
may be required in connection with such disposition by laws affecting the offering and sale of securities generally).

 

(i) Upon
the transfer of the Pledged Interests, or any portion thereof, to any party pursuant to Section 10 below, Borrower shall continue in existence.

 

(j) As
of the date hereof, there are no certificates, instruments or other documents evidencing any of Grantor’s Pledged Interest other than
the Governing Agreements of Borrower.

 

4. Covenants.
Grantor covenants and agrees that from and after the date of this Assignment and until the Liabilities are fully satisfied:

 

(a) Further
Documentation; Pledge of Instruments. At any time and from time to time, upon the written request of Lender, and at the sole expense
of Grantor, Grantor will promptly and duly execute and deliver any and all such further instruments and documents and take such further
actions as Lender may reasonably deem necessary to obtain the full benefits of this Assignment and of the rights and powers herein granted,
including, without limitation, the execution and filing of any financing or continuation statements under the Code with respect to the
security interest granted hereby and, if otherwise required hereunder, transferring Pledged Interests to the possession of Lender (if
a security interest in such Pledged Interests can be perfected by possession) or taking any action to obtain exclusive control of any
Pledged Interests owned by Grantor in a manner acceptable to Lender (including a written confirmation of Lender’s “control”
over such Pledged Interests as such term is defined in Article 9 of the Code or any other then-applicable provision of the Code). Grantor
also hereby authorizes Lender to file any such financing or continuation statements without the signature of Grantor to the extent permitted
by the Code or other applicable law. If any amount payable under or in connection with any of the Pledged Interests shall be or become
evidenced by any promissory note, certificate or other instrument (other than an instrument which constitutes chattel paper under the
Code), such note or instrument shall be immediately pledged hereunder and a security interest therein granted to Lender and shall be duly
endorsed in a manner satisfactory to Lender and delivered to Lender. If at any time Grantor’s right or interest in any of the Pledged
Interests becomes an interest in real property, Grantor immediately shall execute, acknowledge and deliver to Lender such further documents
as Lender reasonably deems necessary or advisable to create a first priority perfected mortgage lien in favor of Lender in such real property
interest.

 

(b) Priority
of Liens. Grantor will defend the right, title and interest hereunder of Lender as a first priority security interest in the Pledged
Interests against the claims and demands of all persons whomsoever.

 

    3

     

    

 

(c) Notices.
Grantor will advise Lender promptly, in reasonable detail: (i) of any lien, security interest, encumbrance or claim made or asserted
in writing against any of the Pledged Interests; (ii) of any distribution of cash or other property by Borrower in complete or partial
liquidation of the Pledged Interests; and (iii) of the occurrence of any other event which would have a material adverse effect on
the aggregate value of the Pledged Interests or the security interest created hereunder, including the priority thereof.

 

(d) Continuous
Perfection. Grantor will not file or authorize the filing on Grantor’s behalf of any financing statement naming Grantor as debtor
covering all or any portion of the Pledged Interests, except financing statements naming Lender as secured party.

 

(e) Name;
Place of Formation; Continuous Existence. Without Lender’s prior written consent, Grantor shall not change (i) its name; (ii) its
business or legal structure; (iii) its state of formation; (iv) its principal place of business or chief executive office if
it has more than one place of business. In addition, Grantor shall not discontinue its usual business, or commence to dissolve, wind-up
or liquidate itself.

 

(f) Transfer
of Assets. Grantor will not directly or indirectly sell, pledge, mortgage, assign, transfer, or otherwise dispose of or create or
suffer to be created any lien, security interest or encumbrance on any of the Pledged Interests.

 

(g) Performance
of Obligations. Grantor will perform all of Grantor’s material obligations under the Governing Agreements prior to the time that any
interest or penalty would attach against Grantor or any of the Pledged Interests as a result of Grantor’s failure to perform any of such
obligations, and Grantor will do all things necessary to maintain the good standing of Borrower under the laws of the jurisdiction of
organization for such entities.

 

(h) Governing
Agreements. Grantor will not: (i) suffer or permit any amendment or modification of any Governing Agreement which would have
a material adverse effect on Grantor’s ability to perform its obligations under this Assignment without the prior written consent of Lender;
or (ii) withdraw as an owner of Borrower; or (iii) waive, release, or compromise any material rights or claims Grantor may have against
any other party which arise under any Governing Agreement. Grantor will not vote under any Governing Agreement to cause Borrower to dissolve,
liquidate, merge or consolidate with any other entity or take any other action under a Governing Agreement that would materially adversely
affect the security interest created by this Assignment, including without limitation the value or priority thereof, or to cause Borrower
to elect to have Grantor’s ownership interests conferred under the Governing Agreement be governed under Article 8 of the Code. Grantor
will not permit, suffer or otherwise consent to the modification or redemption of existing interests in Borrower or the issuance of any
new or additional interests, or options to acquire interests, in Borrower.

 

(i) Entity
Records. Grantor shall cause Borrower to make a notation on its books and records indicating the security interest granted hereby.

 

(j) Uncertificated
Securities. If at any time any Pledged Interest constitutes a “security” as defined in Article 8 of the Code, Grantor shall,
or shall permit Lender to, promptly take all action necessary or appropriate to cause Lender to have sole and exclusive “control”
over the Pledged Interests, as such term is defined in Article 9 of the Code (or any other then-applicable provision of the Code).

 

    4

     

    

 

5. Grantor’s
Powers.

 

(a) So
long as an uncured “Event of Default” (as hereinafter defined) shall not then exist, Grantor shall be the sole party entitled
(i) to exercise any and all voting rights and powers of Borrower, and (ii) to receive any and all distributions, in each case
arising from or relating to Grantor’s Pledged Interest; provided, however, that Grantor shall not exercise such rights or powers, or consent
to any action of Borrower that would be in contravention of the provisions of, or constitute an Event of Default under, this Assignment
or any of the other Loan Documents.

 

(b) Upon
the occurrence and during the continuance of an Event of Default, unless Lender designates in writing to Grantor to the contrary, all
rights of Grantor provided in Section 5(a) hereof shall cease, and all voting rights and powers that Grantor has in Borrower and all distributions
and rights to distributions included in the Pledged Interests or otherwise described in Section 5(a) shall become vested in Lender, and
Lender shall have the sole and exclusive right and authority to exercise such rights and powers thereafter. Grantor agrees that Borrower
and any third party may rely conclusively upon any notice from Lender that an Event of Default exists and therefore Lender has the right
and authority to exercise all rights and powers of Grantor. Grantor irrevocably waives any claim or cause of action against any party
who deals directly with Lender following receipt of such notice from Lender.

 

6. Lender’s
Appointment as Attorney-in-Fact.

 

(a) Grantor
hereby irrevocably constitutes and appoints Lender and each officer or agent of Lender with full power of substitution, as Grantor’s true
and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Grantor and in the name of Grantor or
in such attorney-in-fact’s own name, from time to time in the discretion of each such attorney-in-fact following the occurrence and during
the continuance of an Event of Default, for the purpose of carrying out the terms of this Assignment, to take any and all appropriate
action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Assignment
and, without limiting the generality of the foregoing, hereby gives each such attorney-in-fact the power and right, from and after an
Event of Default, without notice to or assent by Grantor, to do the following on behalf of Grantor:

 

(i) to
collect and otherwise take possession of and title to any and all distributions of cash or other property due or distributable at any
time after the date hereof to Grantor as an owner from Borrower, whether in complete or partial liquidation or otherwise, to prosecute
or defend any action or proceeding in any court of law or equity, to convert any non-cash distributions to cash, and to apply any such
cash distributions, interest or proceeds of conversion in the manner specified in Section 10(d) of this Assignment;

 

(ii) to
ask, demand, collect, receive and give acceptances and receipts for any and all moneys due and to become due under any of Grantor’s Pledged
Interests and, in the name of Grantor or such attorney-in-fact’s own name or otherwise, to take possession of and endorse and collect
any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any of Grantor’s Pledged Interests;

 

(iii) to
pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Pledged Interests;
and

 

    5

     

    

 

(iv) (A) to
direct any party liable for any payment under any of Grantor’s Pledged Interests to make payment of any and all moneys due and to become
due thereunder directly to Lender or as such attorney-in-fact shall direct; (B) to receive payment of and receipt for any and all
moneys, claims and other amounts due and to become due at any time in respect of or arising out of any Pledged Interests; (C) to
commence, prosecute or settle any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect
the Pledged Interests or any portion thereof and to enforce any other right in respect of any of Grantor’s Pledged Interests; (D) to
defend or settle any suit, action or proceeding brought against Grantor with respect to any Pledged Interests; and (E) generally
to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of Grantor’s Pledged Interests as fully and completely
as though such attorney-in-fact were the absolute owner thereof for all purposes, and to do, at the option of such attorney-in-fact at
Grantor’s expense, at any time, or from time to time, all acts and things which such attorney-in-fact reasonably deems necessary to protect,
preserve or realize upon the Pledged Interests and the security interest of Lender therein, in order to effect the intent of this Assignment,
all as fully and effectively as Grantor might do.

 

(b) Grantor
hereby ratifies, to the extent permitted by law, all that said attorney shall lawfully do or cause to be done by virtue hereof. This power
of attorney is a power coupled with an interest and shall be irrevocable.

 

(c) Grantor
also authorizes and grants a power of attorney to Lender and each officer or agent of Lender at any time and from time to time upon the
occurrence and during the continuance of any Event of Default, to execute, in connection with the sale provided for in Section 10 of this
Assignment, any endorsements, assignments or other instruments of conveyance or transfer with respect to any of the Pledged Interests.
Such power of attorney is deemed irrevocable and is coupled with a legal interest.

 

7. Distributions.
Following and during the existence of an Event of Default, Grantor hereby grants Lender full irrevocable power and authority to receive
and hold at any such time cash and non-cash distributions by Borrower on account of any of Grantor’s Pledged Interests (together with
all interest, if any, earned thereon), which may be held free and clear of the liens created hereby, and to convert any such non-cash
distributions to cash, and to apply any such cash distributions, interest or proceeds of conversion in the manner specified in Section
10(d) of this Assignment.

 

8. Performance
by Lender of Grantor’s Obligations. If Grantor fails to perform or comply with any of Grantor’s agreements contained herein (after
the expiration of the applicable notice and cure period provided in the Loan Agreement) and Lender as provided for by the terms of this
Assignment shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, the expenses of Lender incurred
in connection with such performance or compliance, together with interest thereon at the rate following a default specified in the Note
in effect from time to time shall be payable by Grantor to Lender on demand and shall constitute Liabilities secured hereby.

 

9. Default.
Any of the following shall constitute an “Event of Default” hereunder:

 

(a) A
failure by Grantor to pay any payment when due and owing under this Assignment and such failure is not remedied within ten (10) calendar
days after written notice thereof is given to Grantor.

 

(b) A
failure by Grantor to observe or perform any non-monetary obligation, covenant, condition, or agreement hereof to be performed by Grantor
(subject to the same notice and cure periods provided for in the Loan Documents with respect to non-monetary defaults).

 

(c) Any
representation or warranty made by Grantor in this Assignment is not true and correct in any material respect as of the date made.

 

    6

     

    

 

(d) Lender
shall receive, at any time following the date hereof, an official report indicating that Lender’s security interest in the Pledged Interests
is not prior to all other security interests reflected in such report (subject to applicable notice and cure periods).

 

(e) The
occurrence of any “Event of Default” under any Loan Document (subject to applicable notice and cure periods).

 

10. Remedies
and Rights Upon Event of Default.

 

(a) Upon
the occurrence and during the continuance of any Event of Default, Lender or Lender’s designee may, at Lender’s option, elect to become
a substituted member in Borrower with respect to the Pledged Interests and Grantor shall execute or cause to be executed all documents
necessary to evidence Lender so becoming a substituted member. If any Event of Default shall occur and be continuing, Lender or Lender’s
designee may exercise in addition to all other rights and remedies granted to them in this Assignment and in any other instrument or agreement
securing, evidencing or relating to the Liabilities, all rights and remedies of a secured party under the Code. Without limiting the generality
of the foregoing, Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement
or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Grantor or any other
person (all and each of which demands, advertisements and/or notices are hereby expressly waived), may collect, receive, appropriate and
realize upon the Pledged Interests, or any part thereof, and/or may sell, assign, give option or options to purchase, or sell or otherwise
dispose of and deliver said Pledged Interests (or contract to do so), or any part thereof, at public or private sale or sales, at any
exchange or broker’s board or at any of Lender’s offices or elsewhere at such prices as it may deem best, for cash or on credit or for
future delivery without the assumption of any credit risk. Grantor expressly acknowledges that private sales may be less favorable to
a seller than public sales but that private sales shall nevertheless be deemed commercially reasonable and otherwise permitted hereunder.
Lender or Lender’s designee shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such
private sale or sales, to purchase the whole or any part of said Pledged Interests so sold, free of any right or equity of redemption,
which equity of redemption Grantor hereby waives and releases. At the request of Lender, Grantor agrees to deliver to Lender or any purchaser
or purchasers of the Pledged Interests any agreements, instruments and other documents evidencing or relating to the Pledged Interests.
Lender shall apply the net proceeds of any such collection, enforcement, sale or other disposition of, or realization upon all or any
part of the Pledged Interests as provided in Section 10(d) of this Assignment. Only after so applying such net proceeds and after the
payment by Lender of any other amount required by any provision of law, including Section 9-615(a)(3) of the Code (or any other then-applicable
provision of the Code), need Lender account for the surplus, if any, to the applicable Grantor. To the extent permitted by applicable
law, Grantor waives all claims, damages, and demands against Lender arising out of the disposition, repossession or retention of the Pledged
Interests. Grantor agrees that to the extent notice of sale shall be required by law, a reasonable authenticated notification of disposition
shall be notification given at least ten (10) business days prior to any such sale, provided, however, that no notification need be given
to either Grantor if Grantor authenticated after default a statement renouncing or modifying any right to notification of sale or other
intended disposition (such notification shall be deemed given when mailed or delivered on an overnight basis, postage prepaid, addressed
to Grantor at Grantor’s address referred to in Section 12 hereof) of the time and place of any public sale or of the time after which
a private sale may take place and that such notice is reasonable notification of such matters.

 

(b) Grantor
also agrees to pay all reasonable costs of Lender, including reasonable attorneys’ fees and expenses, incurred with respect to the collection,
enforcement, retaking, holding, preparing for disposition, processing and disposing of the Pledged Interests, collection of any of the
Liabilities or the enforcement of any of Lender’s rights hereunder.

 

(c) Grantor
hereby waives presentment, demand, or protest (to the extent permitted by applicable law) of any kind in connection with this Assignment
or any Pledged Interest. Except for notices expressly provided for herein, Grantor hereby waives notice (to the extent permitted by applicable
law) of any kind in connection with this Assignment.

 

    7

     

    

 

(d) The
proceeds of any sale, disposition or other realization upon all or any part of the Pledged Interests shall be distributed by Lender in
the following order of priorities:

 

(i) first,
to Lender in an amount sufficient to pay in full the reasonable expenses of Lender in connection with such sale, disposition or other
realization, including all reasonable expenses, liabilities and advances incurred or made by Lender in connection therewith, including
reasonable attorneys’ fees and expenses;

 

(ii) second,
to Lender until the other Liabilities are paid in full; and

 

(iii) finally,
upon payment in full of all of the Liabilities, to Grantor, or such party’s representative or as a court of competent jurisdiction may
direct.

 

Grantor agrees to indemnify
and hold harmless Lender, its directors, officers, employees, agents and parent, and subsidiary corporations, and each of them, from and
against any and all liabilities, obligations, claims, damages, or expenses incurred by any of them arising out of or by reason of entering
into this Assignment or the consummation of the pledge and grant of security interest contemplated by this Assignment (excluding any and
all liabilities, obligations, claims, damages and expenses caused by Lender’s gross negligence or willful misconduct) and to pay or reimburse
Lender for the reasonable fees and disbursements of counsel incurred in connection with any investigation, litigation or other proceedings
(whether or not Lender is a party thereto) arising out of or by reason of any of the aforesaid. Any amounts properly due under this Section
10 shall be payable to Lender immediately upon demand.

 

11. Limitation
on Lender’s Duty in Respect of Pledged Interests. Except as expressly provided in the Code, Lender shall have no duties concerning
the custody and preservation of any of the Pledged Interests in its possession or control, or in the possession or control of any agent
or nominee of Lender, or as to any income thereon or as to the preservation of rights against prior parties or any other rights pertaining
thereto.

 

12. Notices.
Any notice and other communication required or permitted hereunder shall be delivered in accordance with the Loan Agreement to the
address first above written.

 

13. Severability.
Any provision of this Assignment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

14. No
Waiver; Cumulative Remedies. Lender shall not, by any act, delay, omission or otherwise, be deemed to have waived any of its rights
or remedies hereunder. No waiver hereunder shall be valid unless in writing signed by the party to be charged with such waiver and then
only to the extent therein set forth. A waiver of any right or remedy hereunder on any one occasion shall not be construed as a bar to
any right or remedy that Lender would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on
the part of Lender any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies provided hereunder and under the other Loan Documents are cumulative and may be exercised singly or
concurrently, and are not exclusive of any rights and remedies provided by law. Lender may resort to and realize on the Pledged Interests
simultaneously with any acts or proceedings initiated by Lender in its sole and conclusive discretion to resort to or realize upon any
other sources of repayment of the Liabilities, including, but not limited to, collateral granted by other security agreements and the
personal liability of either Grantor and any person or corporation which has guaranteed repayment of the Liabilities. None of the terms
or provisions of this Assignment may be waived, altered, modified or amended except by an instrument in writing, duly executed by Grantor
and Lender. This Assignment can be executed in counterparts.

 

15. Successors
and Assigns. This Assignment and all obligations of Grantor hereunder shall be binding upon the successors and assigns of Grantor,
except that Grantor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of
Lender and shall, together with the rights and remedies of Lender hereunder, inure to the benefit of Lender and its respective participants,
successors and assigns. Neither this Assignment nor anything set forth herein is intended to, nor shall it, confer any rights on any person
or entity other than the parties hereto and all third party rights are expressly negated.

 

    8

     

    

 

16. Termination.
This Assignment, and the assignments, pledges and security interests created or granted hereby, shall terminate when the Liabilities shall
have been fully paid and satisfied, at which time Lender shall release, reassign and deliver to Grantor the applicable Pledged Interests
and related documents then in the possession of Lender, including termination statements under the Code, all without recourse upon, or
warranty whatsoever, by Lender and at the cost and expense of Grantor.

 

17. Injunctive
Relief. Grantor recognizes that in the event Grantor fails to perform, observe or discharge any of Grantor’s obligations hereunder
(after the expiration of applicable notice and cure periods as provided for in the Loan Agreement), no remedy of law will provide adequate
relief to Lender, and agrees that Lender shall be entitled to temporary and permanent injunctive relief in any such case without the necessity
of proving actual damages.

 

18. Waiver
of Subrogation. Grantor shall have no rights of subrogation as to any of the Pledged Interests until full and complete performance
and payment of the Liabilities.

 

19. Governing
Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Tennessee.

 

20.Venue. Grantor
does further consent to and agree that any action for the enforcement of this Assignment may be brought in the courts of the State of
Tennessee sitting in Knox County, Tennessee or any Federal court sitting in Knox County, Tennessee and consents to the exclusive jurisdiction
of such courts. Grantor hereby waives any objection that they may now or hereafter have to the venue of any such action or any such court
or that suit is brought in an inconvenient court.

 

21. Waiver
of Jury Trial. GRANTOR HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED
TO, THE SUBJECT MATTER OF THIS ASSIGNMENT AND THE BUSINESS RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY
AND VOLUNTARILY MADE BY GRANTOR, AND GRANTOR ACKNOWLEDGES THAT NEITHER LENDER NOR ANY PERSON ACTING ON BEHALF OF LENDER HAS MADE ANY REPRESENTATIONS
OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. GRANTOR ACKNOWLEDGES THAT THIS WAIVER IS
A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH OF THEM HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
ASSIGNMENT AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. GRANTOR FURTHER ACKNOWLEDGES THAT
THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS ASSIGNMENT AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL.

 

22. Electronic
Transmission. The parties agree that if a paper original of this Assignment executed by one or more of the parties (an “Executed
Copy”) is sent by electronic transmission, (i) the Executed Copy shall be treated in all respects as a paper original of this
Assignment executed by the same parties whose signatures appear on the Executed Copy and (ii) the Executed Copy shall have the same binding
and legal effect as a paper original of this Assignment executed by the same parties whose signatures appear on the Executed Copy. At
the request of any party who receives an Executed Copy, this Assignment shall be re-executed by the parties who signed the Executed Copy
and the executed paper original Assignment shall be sent to the requesting party by any method permitted herein other than by electronic
transmission. Each of the parties further agree that it will not raise the transmission of this Assignment or the Executed Copy by electronic
transmission as a defense in any proceeding or action in which the validity of this Assignment is at issue and hereby forever waives such
defense. “Electronic transmission” means any form of communication, such as facsimile or email, not directly involving
the physical transmission of actual paper, which creates a record of the actual paper that may be retained, retrieved, reviewed and printed
by the recipient.

 

[Signature page follows]

 

    9

     

    

 

IN WITNESS WHEREOF, Grantor
has executed this Assignment of Ownership Interests as of the date first above written.

 

	 	GRANTOR:
	 	 	 
	 	WAKE FOREST 2 MHP LLC
	 	 	 
	 	By: 	Manufactured Housing Properties Inc.,

 a Nevada corporation, its Sole Member
	 	 	 
	 	 	By:	/s/ Jay Wardlaw
	 	 	Jay Wardlaw, President

 

STATE OF North
Carolina)

COUNTY OF Mecklenburg)

 

Before me, the undersigned,
a Notary Public of said County and State, personally appeared Jay Wardlaw, with whom I am personally acquainted (or proved to me
on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the President of Manufactured Housing Properties
Inc., a Nevada corporation, which is the Sole Member of WAKE FOREST 2 MHP LLC, a North Carolina limited liability company, the
within named Grantor, and that he in such capacity, being authorized so to do, executed the foregoing instrument for the purposes therein
contained, by signing the name of the Grantor in such capacity.

 

Witness my hand and seal, this
7 day of November,
2022.

 

	 	/s/ Alexander Q. Olliver
	 	Notary Public

 

My Commission Expires: March 25, 2022

 

 

10

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