Document:

Exhibit 10.5

 

Prepared by and after recording return to:

Jake Kraemer

Bolder, PLLC

504 Old Tavern Circle

Knoxville, TN 37934

  

DEED TO SECURE DEBT,

ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT AND FIXTURE FILING

 

This DEED TO SECURE DEBT,
ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (as amended, restated, replaced, supplemented, or otherwise modified
from time to time, the “Security Instrument”) is executed effective as of January _31__, 2022 by SUNNYLAND
MHP LLC, a Georga limited liability company, whose address is 136 Main Street , Pineville, NC 28134, as grantor (“Borrower”),
to and for the benefit of VANDERBILT MORTGAGE AND FINANCE, INC., a Tennessee corporation, whose address is 500 Alcoa Trail, Maryville,
Tennessee 37804, as grantee (“Lender”).

 

RECITALS

 

Borrower, in consideration
of (i) the loan in the original principal amount of One Million Seven Hundred Sixty Thousand and No/100 Dollars ($1,760,000.00) (the
“Loan”) evidenced by that certain Promissory Note dated as of the date of this Security Instrument, executed by Borrower
and made payable to the order of Lender maturing on February 10, 2027 (as amended, restated, replaced, supplemented, or otherwise modified
from time to time, the “Note”), (ii) that certain Loan Agreement dated as of the date of this Security Instrument, executed
by and between Borrower and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan
Agreement”); (iii) the security title created and transferred to Lender by this Security Instrument, and to secure to Lender
the repayment of the Indebtedness (as defined in this Security Instrument), and all renewals, extensions and modifications thereof, and
the performance of the covenants and agreements of Borrower contained in the Loan Documents (as defined in the Loan Agreement), irrevocably
and unconditionally grants, warrants, conveys, bargains, sells, and assigns to and for the benefit of Lender, with power of sale and right
of entry and possession, the Mortgaged Property (as defined in this Security Instrument), including the real property located in Peach
County, State of Georgia, and described in Exhibit A attached to this Security Instrument and incorporated herein by reference
(the “Land”), to have and to hold such Mortgaged Property unto Lender and Lender’s successors and assigns, forever;
Borrower hereby releasing, relinquishing and waiving, to the fullest extent allowed by law, all rights and benefits, if any, under and
by virtue of the homestead exemption laws of the Property Jurisdiction (as defined in this Security Instrument), if applicable.

 

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Borrower represents and warrants
that Borrower is lawfully seized of the Mortgaged Property and has the right, power and authority to grant, warrant, convey, bargain,
sell, and assign the Mortgaged Property, and that the Mortgaged Property is not encumbered by any Lien (as defined in this Security Instrument)
other than Permitted Encumbrances (as defined in this Security Instrument). Borrower covenants that Borrower will warrant and defend the
title to the Mortgaged Property against all claims and demands other than Permitted Encumbrances.

 

NOW, THEREFORE, Borrower and
(by its acceptance hereof) Lender covenants and agrees as follows:

 

1.
Defined Terms.

 

Capitalized terms used and
not specifically defined herein have the meanings given to such terms in the Loan Agreement. All terms used and not specifically defined
herein, but which are otherwise defined by the UCC, shall have the meanings assigned to them by the UCC. The following terms, when used
in this Security Instrument, shall have the following meanings:

 

“Accounts” means all money, funds,
investment property, accounts, general intangibles, deposit accounts, chattel paper, documents, instruments, judgments, claims, settlements
of claims, causes of action, refunds, rebates, reimbursements, reserves, deposits, subsidies, proceeds, products, Rents, and profits,
now or hereafter arising, received or receivable, from or on account of the management and operation of the Mortgaged Property.

 

“Condemnation Action” means any
action or proceeding, however characterized or named, relating to any condemnation or other taking, or conveyance in lieu thereof, of
all or any part of the Mortgaged Property, whether direct or indirect.

 

“Enforcement Costs” means all
expenses and costs, including reasonable attorneys’ fees and expenses, fees and out-of-pocket expenses of expert witnesses and costs of
investigation, incurred by Lender as a result of any Event of Default under the Loan Agreement or in connection with efforts to collect
any amount due under the Loan Documents, or to enforce the provisions of the Loan Agreement or any of the other Loan Documents, including
those incurred in post-judgment collection efforts and in any bankruptcy or insolvency proceeding (including any action for relief from
the automatic stay of any bankruptcy proceeding or Foreclosure Event) or judicial or non-judicial foreclosure proceeding, to the extent
permitted by law.

 

“Environmental Indemnity ” has
the meaning set forth in the Loan Agreement.

 

“Environmental Laws” has the
meaning set forth in the Environmental Indemnity.

 

“Event of Default” has the meaning
set forth in the Loan Agreement.

 

“Fixtures” means all Goods that
are so attached or affixed to the Land or the Improvements as to constitute a fixture under the laws of the Property Jurisdiction.

 

“Goods” means all of Borrower’s
present and hereafter acquired right, title and interest in all goods which are used now or in the future in connection with the ownership,
management, or operation of the Land or the Improvements or are located on the Land or in the Improvements including inventory; furniture;
furnishings; machinery, equipment, engines, boilers, incinerators, and installed building materials; systems and equipment for the purpose
of supplying or distributing heating, cooling, electricity, gas, water, air, or light; antennas, cable, wiring, and conduits used in connection
with radio, television, security, fire prevention, or fire detection, or otherwise used to carry electronic signals; telephone systems
and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems and apparatus; security
and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers,
garbage disposers, washers, dryers, and other appliances; light fixtures, awnings, storm windows, and storm doors; pictures, screens,
blinds, shades, curtains, and curtain rods; mirrors, cabinets, paneling, rugs, and floor and wall coverings; fences, trees, and plants;
swimming pools; exercise equipment; supplies; tools; books and records (whether in written or electronic form); websites, URLs, blogs,
and social network pages; computer equipment (hardware and software); and other tangible personal property which is used now or in the
future in connection with the ownership, management, or operation of the Land or the Improvements or are located on the Land or in the
Improvements.

 

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“Imposition Deposits” means deposits
in an amount sufficient to accumulate with Lender the entire sum required to pay the Impositions when due.

 

“Impositions” means

 

(a) any
water and sewer charges which, if not paid, may result in a lien on all or any part of the Mortgaged Property;

 

(b) the
premiums for fire and other casualty insurance, liability insurance, rent loss insurance and such other insurance as Lender may require
under the Loan Agreement;

 

(c) Taxes;
and

 

(d) amounts
for other charges and expenses assessed against the Mortgaged Property which Lender at any time reasonably deems necessary to protect
the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property, or otherwise to protect Lender’s interests, all
as reasonably determined from time to time by Lender.

 

“Improvements” means the buildings,
structures, improvements, Sites, and alterations now constructed or at any time in the future constructed or placed upon the Land, including
any future replacements, facilities, and additions and other construction on the Land.

 

“Indebtedness” means the principal
of, interest on, and all other amounts due at any time under the Note, the Loan Agreement, this Security Instrument, or any other Loan
Document, including, but not limited to, Prepayment Premiums, late charges, interest charged at the Default Rate, and accrued interest
as provided in the Loan Agreement and this Security Instrument, advances, costs and expenses to perform the obligations of Borrower or
to protect the Mortgaged Property or the security of this Security Instrument, all other monetary obligations of Borrower under the Loan
Documents, including amounts due as a result of any indemnification obligations, and any Enforcement Costs.

 

“Land” means the real property
described in Exhibit A attached to this Security Instrument and incorporated herein by reference.

 

“Leases” means all present and
future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter in force, whether oral or written,
covering or affecting the Mortgaged Property, including, without limitation, the Sites, or any portion of the Mortgaged Property, and
all modifications, extensions or renewals thereof.

 

“Lien” means any claim or charge
against property for payment of a debt or an amount owed for services rendered, including any mortgage, deed of trust, deed to secure
debt, security interest, tax lien, any materialman’s or mechanic’s lien, or any lien of a Governmental Authority, including any lien in
connection with the payment of utilities, or any other encumbrance.

 

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“Mortgaged Property” means all
of Borrower’s present and hereafter acquired right, title and interest, if any, in and to all of the following:

 

(a) the
Land;

 

(b) the
Improvements;

 

(c) the
Personalty;

 

(d) current
and future rights, including air rights, development rights, zoning rights and other similar rights or interests, easements, tenements,
rights-of-way, strips and gores of land, streets, alleys, roads, sewer rights, waters, watercourses, and appurtenances related to or benefitting
the Land or the Improvements, or both, and all rights-of-way, streets, alleys and roads which may have been or may in the future be vacated;

 

(e) insurance
policies relating to the Mortgaged Property (and any unearned premiums) and all proceeds paid or to be paid by any insurer of the Land,
the Improvements, the Personalty, or any other part of the Mortgaged Property, whether or not Borrower obtained the insurance pursuant
to Lender’s requirements;

 

(f) awards,
payments and other compensation made or to be made by any municipal, state or federal authority with respect to the Land, the Improvements,
the Personalty, or any other part of the Mortgaged Property, including any awards or settlements resulting from (1) Condemnation
Actions, (2) any damage to the Mortgaged Property caused by governmental action that does not result in a Condemnation Action, or
(3) the total or partial taking of the Land, the Improvements, the Personalty, or any other part of the Mortgaged Property under
the power of eminent domain or otherwise and including any conveyance in lieu thereof;

 

(g) contracts,
options and other agreements for the sale of the Land, the Improvements, the Personalty, or any other part of the Mortgaged Property entered
into by Borrower now or in the future, including cash or securities deposited to secure performance by parties of their obligations;

 

(h) all
Leases and Rents;

 

(i) earnings,
royalties, accounts receivable, issues and profits from the Land, the Improvements or any other part of the Mortgaged Property, and all
undisbursed proceeds of the Loan;

 

(j) Imposition
Deposits;

 

(k) refunds
or rebates of Impositions by any municipal, state or federal authority or insurance company (other than refunds applicable to periods
before the real property tax year in which this Security Instrument is dated);

 

(l) tenant
security deposits;

 

(m) names
under or by which any of the above Mortgaged Property may be operated or known, and all trademarks, trade names, and goodwill relating
to any of the Mortgaged Property;

 

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(n) collateral
accounts and all collateral account funds;

 

(o)  products,
and all cash and non-cash proceeds from the conversion, voluntary or involuntary, of any of the above into cash or liquidated claims,
and the right to collect such proceeds;

 

(p) all
of Borrower’s right, title and interest in the oil, gas, minerals, mineral interests, royalties, overriding royalties, production payments,
net profit interests and other interests and estates in, under and on the Mortgaged Property and other oil, gas and mineral interests
with which any of the foregoing interests or estates are pooled or unitized; and

 

(q) all
of Borrower’s Accounts and contracts.

 

“Permitted Encumbrance” means
only the easements, restrictions and other matters listed in a schedule of exceptions to coverage in the Title Policy and Taxes for the
current tax year that are not yet due and payable.

 

“Personalty” means all of Borrower’s
present and hereafter acquired right, title and interest in all Goods, accounts, choses of action, chattel paper, documents, general intangibles
(including software), payment intangibles, instruments, investment property, letter of credit rights, supporting obligations, computer
information, source codes, object codes, records and data, all telephone numbers or listings, claims (including claims for indemnity or
breach of warranty), deposit accounts and other property or assets of any kind or nature related to the Land or the Improvements now or
in the future, including operating agreements, surveys, plans and specifications and contracts for architectural, engineering and construction
services relating to the Land or the Improvements, and all other intangible property and rights relating to the operation of, or used
in connection with, the Land or the Improvements, including all governmental permits relating to any activities on the Land.

 

“Prepayment Premium” has the
meaning set forth in the Loan Agreement.

 

“Property Jurisdiction” means
the jurisdiction in which the Land is located.

 

“Rents” means all rents (whether
from residential or non-residential space), revenues and other income from the Land or the Improvements, whether now due, past due, or
to become due, and tenant security deposits.

 

“Site” means a lot in the Mortgaged
Property leased to a Person under a Lease.

 

“Taxes” means all taxes, assessments,
vault rentals and other charges, if any, general, special or otherwise, including assessments for schools, public betterments and general
or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and which, if not paid,
may become a lien, on the Land or the Improvements or any taxes upon any Loan Document.

 

“Title Policy” has the meaning
set forth in the Loan Agreement.

 

“UCC” means the Uniform Commercial
Code in effect in the Property Jurisdiction, as amended from time to time.

 

“UCC Collateral” means any or
all of that portion of the Mortgaged Property in which a security interest may be granted under the UCC and in which Borrower has any
present or hereafter acquired right, title or interest.

 

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2.
Grant.

 

(a)
In consideration of the Indebtedness, the security title created and transferred to Lender by this Security Instrument and all
renewals, extensions and modifications thereof, and the performance of the covenants and agreements of Borrower contained in the Loan
Documents, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower irrevocably
and unconditionally grants, warrants, conveys, bargains, sells, and assigns to and for the benefit of Lender, with power of sale and right
of entry and possession, the Mortgaged Property, including the Land, to have and to hold such Mortgaged Property unto Lender and Lender’s
successors and assigns, forever; Borrower hereby releasing, relinquishing and waiving, to the fullest extent allowed by law, all rights
and benefits, if any, under and by virtue of the homestead exemption laws of the Property Jurisdiction, if applicable.

 

(b)
Borrower represents and warrants that Borrower is lawfully seized of the Mortgaged Property and has the right, power and authority
to grant, warrant, convey, bargain, sell, and assign the Mortgaged Property, and that the Mortgaged Property is not encumbered by any
Lien other than Permitted Encumbrances. Borrower covenants that Borrower will warrant and defend the title to the Mortgaged Property against
all claims and demands other than Permitted Encumbrances.

 

3.
Security Agreement; Fixture Filing.

 

(a)
To secure to Lender the repayment of the Indebtedness, and all renewals, extensions and modifications thereof, and the performance
of the covenants and agreements of Borrower contained in the Loan Documents, Borrower hereby pledges, assigns, and grants to Lender a
continuing security interest in the UCC Collateral. This Security Instrument constitutes a security agreement and a financing statement
under the UCC. This Security Instrument also constitutes a financing statement pursuant to the terms of the UCC with respect to any part
of the Mortgaged Property that is or may become a Fixture under applicable law, and will be recorded as a “fixture filing” in
accordance with the UCC. Borrower hereby authorizes Lender to file financing statements, continuation statements and financing statement
amendments in such form as Lender may require to perfect or continue the perfection of this security interest without the signature of
Borrower. If an Event of Default has occurred and is continuing, Lender shall have the remedies of a secured party under the UCC or otherwise
provided at law or in equity, in addition to all remedies provided by this Security Instrument and in any Loan Document. Lender may exercise
any or all of its remedies against the UCC Collateral separately or together, and in any order, without in any way affecting the availability
or validity of Lender’s other remedies. For purposes of the UCC, the debtor is Borrower and the secured party is Lender. The name and
address of the debtor and secured party are set forth above which are the addresses from which information on the security interest may
be obtained.

 

(b)
Borrower represents and warrants that: (1) Borrower maintains its chief executive office at the location set forth above,
and Borrower will notify Lender in writing of any change in its chief executive office within five (5) days of such change; (2) Borrower
is the record owner of the Mortgaged Property; (3) Borrower’s state of incorporation, organization, or formation, if applicable,
is as set forth on Page 1 of this Security Instrument; (4) Borrower’s exact legal name is as set forth on Page 1 of this
Security Instrument; (5) Borrower’s organizational identification number, if applicable, is as set forth after Borrower’s signature
below; (6) Borrower is the owner of the UCC Collateral subject to no liens, charges or encumbrances other than the lien hereof; (7) except
as expressly provided in the Loan Agreement, the UCC Collateral will not be removed from the Mortgaged Property without the consent of
Lender; and (8) no financing statement covering any of the UCC Collateral or any proceeds thereof is on file in any public office
except pursuant hereto.

 

(c)
All property of every kind acquired by Borrower after the date of this Security Instrument which by the terms of this Security
Instrument shall be subject to the lien and the security interest created hereby, shall immediately upon the acquisition thereof by Borrower
and without further conveyance or assignment become subject to the lien and security interest created by this Security Instrument. Nevertheless,
Borrower shall execute, acknowledge, deliver and record or file, as appropriate, all and every such further deeds of trust, deeds to secure
debt, security agreements, financing statements, assignments and assurances as Lender shall require for accomplishing the purposes of
this Security Instrument and to comply with the rerecording requirements of the UCC.

 

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4.
Assignment of Leases and Rents; Appointment of Receiver; Lender
in Possession.

 

(a)
As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all Leases and Rents. It is the intention of Borrower to establish present, absolute and irrevocable transfers
and assignments to Lender of all Leases and Rents and to authorize and empower Lender to collect and receive all Rents without the necessity
of further action on the part of Borrower. Borrower and Lender intend the assignments of Leases and Rents to be effective immediately
and to constitute absolute present assignments, and not assignments for additional security only. Only for purposes of giving effect to
these absolute assignments of Leases and Rents, and for no other purpose, the Leases and Rents shall not be deemed to be a part of the
Mortgaged Property. However, if these present, absolute and unconditional assignments of Leases and Rents are not enforceable by their
terms under the laws of the Property Jurisdiction, then each of the Leases and Rents shall be included as part of the Mortgaged Property,
and it is the intention of Borrower, in such circumstance, that this Security Instrument create and perfect a lien on each of the Leases
and Rents in favor of Lender, which liens shall be effective as of the date of this Security Instrument.

 

(b)
Until an Event of Default has occurred and is continuing, but subject to the limitations set forth
in the Loan Documents, Borrower shall have a revocable license to exercise all rights, power and authority granted to Borrower under the
Leases (including the right, power and authority to modify the terms of any Lease, extend or terminate any Lease, or enter into new Leases,
subject to the limitations set forth in the Loan Documents), and to collect and receive all Rents, to hold all Rents in trust for the
benefit of Lender, and to apply all Rents to pay the Loan and the other amounts then due and payable under the other Loan Documents, including
Imposition Deposits, and to pay the current costs and expenses of managing, operating and maintaining the Mortgaged Property, including
utilities and Impositions (to the extent not included in Imposition Deposits), tenant improvements and other capital expenditures. So
long as no Event of Default has occurred and is continuing (and no event which, with the giving of notice or the passage of time, or both,
would constitute an Event of Default has occurred and is continuing), the Rents remaining after application pursuant to the preceding
sentence may be retained and distributed by Borrower free and clear of, and released from, Lender’s rights with respect to Rents under
this Security Instrument.

 

(c)
If an Event of Default has occurred and is continuing, without the necessity of Lender entering upon
and taking and maintaining control of the Mortgaged Property directly, by a receiver, or by any other manner or proceeding permitted by
the laws of the Property Jurisdiction, the revocable license granted to Borrower pursuant to Section 4(b) shall automatically terminate,
and Lender shall immediately have all rights, powers and authority granted to Borrower 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, Borrower
authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all Rents to, or as
directed by, Lender, and Borrower shall, upon Borrower’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 Borrower hereby irrevocably authorizes Lender to give, notice to all tenants of
the Mortgaged 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 Borrower 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.

 

(d)
If an Event of Default has occurred and is continuing, Lender may, regardless of the adequacy of
Lender’s security or the solvency of Borrower, and even in the absence of waste, enter upon, take and maintain full control of the Mortgaged
Property, and may exclude Borrower and its agents and employees therefrom, in order to perform all acts that Lender, in its discretion,
determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property, including the execution, cancellation
or modification of Leases, the collection of all Rents (including through use of a lockbox, at Lender’s election), the making of repairs
to the Mortgaged Property and the execution or termination of contracts providing for the management, operation or maintenance of the
Mortgaged Property, for the purposes of enforcing this assignment of Rents, protecting the Mortgaged Property or the security of this
Security Instrument and the Loan, or for such other purposes as Lender in its discretion may deem necessary or desirable.

 

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(e)
Notwithstanding any other right provided Lender under this Security Instrument or any other Loan
Document, if an Event of Default has occurred and is continuing, and regardless of the adequacy of Lender’s security or Borrower’s solvency,
and without the necessity of giving prior notice (oral or written) to Borrower, Lender may apply to any court having jurisdiction for
the appointment of a receiver for the Mortgaged Property to take any or all of the actions set forth in Section 4. If Lender elects
to seek the appointment of a receiver for the Mortgaged Property at any time after an Event of Default has occurred and is continuing,
Borrower, by its execution of this Security Instrument, expressly consents to the appointment of such receiver, including the appointment
of a receiver ex parte, if permitted by applicable law. Borrower consents to shortened time consideration of a motion to appoint
a receiver. Lender or the receiver, as applicable, shall be entitled to receive a reasonable fee for managing the Mortgaged Property and
such fee shall become an additional part of the Indebtedness. Immediately upon appointment of a receiver or Lender’s entry upon and taking
possession and control of the Mortgaged Property, possession of the Mortgaged Property and all documents, records (including records on
electronic or magnetic media), accounts, surveys, plans, and specifications relating to the Mortgaged Property, and all security deposits
and prepaid Rents, shall be surrendered to Lender or the receiver, as applicable.  If Lender or receiver takes possession and control
of the Mortgaged Property, Lender or receiver may exclude Borrower and its representatives from the Mortgaged Property.

 

(f)
The acceptance by Lender of the assignments of the Leases and Rents pursuant to this Section 4
shall not at any time or in any event obligate Lender to take any action under any Loan Document or to expend any money or to incur any
expense. Lender shall not be liable in any way for any injury or damage to person or property sustained by any Person in, on or about
the Mortgaged Property. Prior to Lender’s actual entry upon and taking possession and control of the Land and Improvements, Lender shall
not be:

 

(1)
obligated to perform any of the terms, covenants and conditions contained in any Lease (or otherwise
have any obligation with respect to any Lease);

 

(2)
obligated to appear in or defend any action or proceeding relating to any Lease or the Mortgaged
Property; or

 

(3)
responsible for the operation, control, care, management or repair of the Mortgaged Property or any
portion of the Mortgaged Property.

 

The execution of this Security Instrument shall
constitute conclusive evidence that all responsibility for the operation, control, care, management and repair of the Mortgaged Property
is and shall be that of Borrower, prior to such actual entry and taking possession and control by Lender of the Land and Improvements.

 

(g)
Lender shall be liable to account only to Borrower and only for Rents actually received by Lender.
Lender shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property
by reason of any act or omission of Lender under this Section 4, and Borrower hereby releases and discharges Lender from any such
liability to the fullest extent permitted by law, provided that Lender shall not be released from liability that occurs as a result of
Lender’s gross negligence or willful misconduct as determined by a court of competent jurisdiction pursuant to a final, non-appealable
court order. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and collecting
the Rents, any funds expended by Lender for such purposes shall be added to, and become a part of, the principal balance of the Indebtedness,
be immediately due and payable, and bear interest at any default rate from the date of disbursement until fully paid. Any entering upon
and taking control of the Mortgaged Property by Lender or the receiver, and any application of Rents as provided in this Security Instrument,
shall not cure or waive any Event of Default or invalidate any other right or remedy of Lender under applicable law or provided for in
this Security Instrument or any Loan Document.

 

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5.
Reserved.

 

6.
Protection of Lender’s Security.

 

If Borrower fails to perform
any of its obligations under the Note, this Security Instrument or any other Loan Document, or any action or proceeding is commenced that
purports to affect the Mortgaged Property, Lender’s security, rights or interests under this Security Instrument or any Loan Document
(including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement of Environmental Laws, fraudulent conveyance
or reorganizations or proceedings involving a debtor or decedent), Lender may, at its option, make such appearances, disburse or pay such
sums and take such actions, whether before or after an Event of Default or whether directly or to any receiver for the Mortgaged Property,
as Lender reasonably deems necessary to perform such obligations of Borrower and to protect the Mortgaged Property or Lender’s security,
rights or interests in the Mortgaged Property or the Loan Documents, including:

 

(a)
paying fees and out-of-pocket expenses of attorneys, accountants, inspectors and consultants;

 

(b)
entering upon the Mortgaged Property to make repairs or secure the Mortgaged Property;

 

(c)
obtaining (or force-placing) the insurance required by the Loan Documents; and

 

(d)
paying any amounts required under any of the Loan Documents related to the Note that Borrower has failed to pay.

 

Any amounts so disbursed or
paid by Lender shall be added to, and become part of, the principal balance of the Indebtedness, be immediately due and payable and bear
interest at any default rate from the date of disbursement until fully paid. The provisions of this Section 5 shall not be deemed
to obligate or require Lender to incur any expense or take any action.

 

7.
Default; Acceleration; Remedies.

 

(a)
If an Event of Default has occurred and is continuing, Lender, at its option, may declare the Indebtedness to be immediately due
and payable without further demand, and may either with or without entry or taking possession as herein provided or otherwise, proceed
by suit or suits at law or in equity or any other appropriate proceeding or remedy (1) to enforce payment of the Loan; (2) to foreclose
this Security Instrument judicially or non-judicially by the power of sale granted herein; (3) to enforce or exercise any right under
any Loan Document; and (4) to pursue any one (1)or more other remedies provided in this Security Instrument or in any other Loan
Document or otherwise afforded by applicable law. Each right and remedy provided in this Security Instrument or any other Loan Document
is distinct from all other rights or remedies under this Security Instrument or any other Loan Document or otherwise afforded by applicable
law, and each shall be cumulative and may be exercised concurrently, independently, or successively, in any order. Borrower has the right
to bring an action to assert the nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale.

 

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(b)
Borrower acknowledges that the power of sale granted in this Security Instrument may be exercised or directed by Lender without
prior judicial hearing and hereby appoints Lender as Borrower’s agent and attorney-in-fact to exercise such power of sale in the name
and on behalf of Borrower. In the event Lender invokes the power of sale:

 

(1)
Borrower hereby authorizes and empowers Lender to take possession of the Mortgaged Property, or any part thereof, and hereby grants
to Lender a power of sale and authorizes and empowers Lender to sell (or, in the case of the default of any purchaser, to resell) the
Mortgaged Property or any part thereof, in compliance with applicable law, including compliance with any and all notice and timing requirements
for such sale;

 

(2)
Lender may sell and dispose of the Mortgaged Property at public auction, at the usual place for conducting sales at the courthouse
in the county where all or any part of the Mortgaged Property is located, to the highest bidder for cash, first advertising the time,
terms and place of such sale by publishing a notice of sale once a week for four (4) consecutive weeks (without regard to the actual
number of days) in a newspaper in which serves as the official publication of legal notices and advertisements in such county, all other
notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of
the Mortgaged Property, which may contain recitals as to the happening of the Event of Default upon which the execution of the power of
sale granted by this Section 6 depends. The recitals in the instrument of conveyance shall be presumptive evidence that Lender duly
complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as
Borrower’s agent and attorney-in-fact to make such recitals, sale and conveyance;

 

(3)
the power and agency granted in this Section 6 are coupled with an interest, are irrevocable by death or otherwise, and are
in addition to the remedies for collection of the Indebtedness as provided by law. Borrower ratifies all of Lender’s acts, as such attorney-in-fact,
and Borrower agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and
in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity
of redemption, including all statutory redemption, homestead, dower, curtsey, and all other exemptions of Borrower, or its successors
in interest, in and to the Mortgaged Property; and

 

(4)
the Mortgaged Property may be sold in one (1) parcel and as an entirety, or in such parcels, manner or order as Lender, in
its discretion, may elect, and one (1) or more exercises of the powers granted in this Section 6 shall not extinguish or exhaust
the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender shall collect the proceeds of such
sale, applying such proceeds as provided in this Section 6. In the event of a deficiency, Borrower shall immediately on demand from
Lender pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s personal liability for payment of the
Indebtedness. Borrower waives all rights, claims, and defenses with respect to Lender’s ability to obtain a deficiency judgment. Borrower
acknowledges that Lender may bid for and purchase the Mortgaged Property at any foreclosure sale and shall be entitled to apply all or
any part of the Indebtedness as a credit to the purchase price.

 

(c)
If the Mortgaged Property is sold pursuant to this Section 6, Borrower, or any person holding possession of the Mortgaged
Property through Borrower, shall surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession
is not surrendered on demand, Borrower or such person shall be a tenant holding over and may be dispossessed in accordance with Georgia
law.

 

    10 

    	 

    

 

(d)
Borrower covenants and agrees that Lender shall apply the proceeds of any sale in the following order:

 

(1)
to all reasonable costs and expenses of the sale, including reasonable attorneys’ fees and costs associated with title evidence
and the reasonable cost of such other professionals who provided services in connection with the sale or establishing a deficiency, if
any;

 

(2)
to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and

 

(3)
the excess, if any, to the person or persons legally entitled to the excess.

 

(e)
In connection with the exercise of Lender’s rights and remedies under this Security Instrument and any other Loan Document, there
shall be allowed and included as Indebtedness: (1) all expenditures and expenses authorized by applicable law and all other expenditures
and expenses which may be paid or incurred by or on behalf of Lender for reasonable legal fees, appraisal fees, outlays for documentary
and expert evidence, stenographic charges and publication costs; (2) all expenses of any environmental site assessments, environmental
audits, environmental remediation costs, appraisals, surveys, engineering studies, wetlands delineations, flood plain studies, and any
other similar testing or investigation deemed necessary or advisable by Lender incurred in preparation for, contemplation of or in connection
with the exercise of Lender’s rights and remedies under the Loan Documents; and (3) costs (which may be reasonably estimated as to items
to be expended in connection with the exercise of Lender’s rights and remedies under the Loan Documents) of procuring all abstracts of
title, title searches and examinations, title insurance policies, and similar data and assurance with respect to title as Lender may deem
reasonably necessary either to prosecute any suit or to evidence the true conditions of the title to or the value of the Mortgaged Property
to bidders at any sale which may be held in connection with the exercise of Lender’s rights and remedies under the Loan Documents. All
expenditures and expenses of the nature mentioned in this Section 6 and such other expenses and fees as may be incurred in the protection
of the Mortgaged Property and rents and income therefrom and the maintenance of the lien of this Security Instrument, including the fees
of any attorney employed by Lender in any litigation or proceedings affecting this Security Instrument, the Note, the other Loan Documents,
or the Mortgaged Property, including bankruptcy proceedings, any Foreclosure Event, or in preparation of the commencement or defense of
any proceedings or threatened suit or proceeding, or otherwise in dealing specifically therewith, shall be so much additional Indebtedness
and shall be immediately due and payable by Borrower, with interest thereon at any default rate until paid.

 

(f)
Any action taken by Lender pursuant to the provisions of this Section 6 shall comply with the laws of the Property Jurisdiction.
Such applicable laws shall take precedence over the provisions of this Section 6, but shall not invalidate or render unenforceable
any other provision of any Loan Document that can be construed in a manner consistent with any applicable law. If any provision of this
Security Instrument shall grant to Lender (including Lender acting as a mortgagee-in-possession) or a receiver appointed pursuant to the
provisions of this Security Instrument any powers, rights or remedies prior to, upon, during the continuance of or following an Event
of Default that are more limited than the powers, rights, or remedies that would otherwise be vested in such party under any applicable
law in the absence of said provision, such party shall be vested with the powers, rights, and remedies granted in such applicable law
to the full extent permitted by law.

 

    11 

    	 

    

 

8.
Waiver of Statute of Limitations and Marshaling.

 

Borrower hereby waives the
right to assert any statute of limitations as a bar to the enforcement of the lien of this Security Instrument or to any action brought
to enforce any Loan Document. Notwithstanding the existence of any other security interests in the Mortgaged Property held by Lender or
by any other party, Lender shall have the right to determine the order in which any or all of the Mortgaged Property shall be subjected
to the remedies provided in this Security Instrument and/or any other Loan Document or by applicable law. Lender shall have the right
to determine the order in which any or all portions of the Indebtedness are satisfied from the proceeds realized upon the exercise of
such remedies. Borrower, for itself and all who may claim by, through, or under it, and any party who now or in the future acquires a
security interest in the Mortgaged Property and who has actual or constructive notice of this Security Instrument waives any and all right
to require the marshaling of assets or to require that any of the Mortgaged Property be sold in the inverse order of alienation or that
any of the Mortgaged Property be sold in parcels (at the same time or different times) in connection with the exercise of any of the remedies
provided in this Security Instrument or any other Loan Document, or afforded by applicable law.

 

9.
Waiver of Redemption; Rights of Tenants.

 

(a)
Subject, in any event, to Section 12(c) hereof, Borrower hereby covenants and agrees that it will not at any time apply for,
insist upon, plead, avail itself, or in any manner claim or take any advantage of, any appraisement, stay, exemption or extension law
or any so-called “Moratorium Law” now or at any time hereafter enacted or in force in order to prevent or hinder the enforcement
or foreclosure of this Security Instrument. Without limiting the foregoing:

 

(1)
Borrower for itself and all Persons who may claim by, through, or under Borrower, hereby expressly waives any so-called “Moratorium
Law” and any and all rights of reinstatement and redemption, if any, under any order or decree of foreclosure of this Security Instrument,
it being the intent hereof that any and all such “Moratorium Laws,” and all rights of reinstatement and redemption of Borrower
and of all other Persons claiming by, through, or under Borrower are and shall be deemed to be hereby waived to the fullest extent permitted
by applicable law; and

 

(2)
Borrower shall not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any right, power
or remedy herein or otherwise granted or delegated to Lender but will suffer and permit the execution of every such right, power and remedy
as though no such law or laws had been made or enacted.

 

(b)
Lender shall have the right to foreclose subject to the rights of any tenant or tenants of the Mortgaged Property having an interest
in the Mortgaged Property prior to that of Lender. The failure to join any such tenant or tenants of the Mortgaged Property as party defendant
or defendants in any such civil action or the failure of any decree of foreclosure and sale to foreclose their rights shall not be asserted
by Borrower as a defense in any civil action instituted to collect the Indebtedness, or any part thereof or any deficiency remaining unpaid
after foreclosure and sale of the Mortgaged Property, any statute or rule of law at any time existing to the contrary notwithstanding.

 

    12 

    	 

    

 

10.
Notice.

 

(a)
All notices under this Security Instrument shall be:

 

(1)
in writing, and shall be (A) delivered, in person, (B) mailed, postage prepaid, either by registered or certified delivery, return
receipt requested, or (C) sent by overnight express courier;

 

(2)
addressed to the intended recipient at its respective address set forth above; and

 

(3)
deemed given on the earlier to occur of:

 

(A)
the date when the notice is received by the addressee; or

 

(B)
if the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected,
as conclusively established by the records of the United States Postal Service or such express courier service.

 

(b)
Any party to this Security Instrument may change the address to which notices intended for it are to be directed by means of notice
given to the other party in accordance with this Section 9.

 

(c)
Any required notice under this Security Instrument which does not specify how notices are to be given shall be given in accordance
with this Section 9.

 

11.
Mortgagee-in-Possession.

 

Borrower acknowledges and
agrees that the exercise by Lender of any of the rights conferred in this Security Instrument shall not be construed to make Lender a
mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession of the Land and Improvements.

 

12.
Release and Reconveyance.

 

Upon payment in full of the
Indebtedness, Lender shall cause the release of this Security Instrument and the reconveyance of the Mortgaged Property to Borrower, and
Borrower shall pay Lender’s costs incurred in connection with such release and reconveyance.

 

13.
Georgia State Specific Provisions.

 

(a)
To the fullest extent permitted by law, Borrower agrees that Borrower will not at any time insist upon, plead, claim or take the
benefit or advantage of any present or future law providing for any appraisement, valuation, stay, extension or redemption, homestead,
moratorium, reinstatement, marshaling or forbearance, and Borrower, for Borrower, Borrower’s heirs, devisees, representatives, successors
and assigns, and for any and all persons ever claiming any interest in the Mortgaged Property, to the fullest extent permitted by law,
waives and releases all rights of redemption, valuation, appraisement, stay of execution, reinstatement (including all rights under O.C.G.A.
Section 44-14-85), notice of intention to mature or declare due the whole of the Indebtedness, and all rights to a marshaling of
assets of Borrower, including the Mortgaged Property.

 

(b)
This Security Instrument secures future advances.

 

    13 

    	 

    

 

(c)
This conveyance is intended to and shall constitute and be construed as (1) a deed passing fee title to the Mortgaged Property
to Lender, and is made under those provisions of the existing laws of the State of Georgia (O.C.G.A. Section 44-14-60 et seq.)
relating to conveyances and deeds to secure debt (a/k/a “security deed”), and not a mortgage, and is given to secure the payment
and performance of the Indebtedness, and (2) a security agreement pursuant to the provisions of the Uniform Commercial Code of Georgia,
Title 11 of the Official Code of Georgia. Moreover, use of the terms “Mortgaged Property,” whether in this Security Instrument
or in any other Loan Document, shall not be construed to mean that this Security Instrument is a mortgage.

 

(d)
Lender’s acceptance, if any, of an assumption of the obligations of this Security Instrument and the Note, and the release of Borrower
pursuant to the Loan Agreement, shall not constitute a novation and shall not affect the priority of the lien created by this Security
Instrument.

 

(e)
The interest of Lender under this Security Instrument and the liability and obligation of Borrower for the Indebtedness arise from
a “commercial transaction” within the meaning of O.C.G.A. Section 44-14-260(1). Accordingly, pursuant to O.C.G.A. Section 44-14-263,
Borrower waives any and all rights which Borrower may have to notice (other than as may be expressly provided for herein) prior to seizure
by Lender of any interest in personal property of Borrower which constitutes part of the Mortgaged Property, whether such seizure is by
writ of possession or otherwise.

 

(f)
In all events where Borrower may be obligated to pay all reasonable costs, expenses and attorneys’ fees incurred by Lender in connection
with the Loan Documents, “reasonable attorneys’ fees” or words of similar import shall in all events mean reasonable attorneys’
fees, actually incurred, without the application of the statutory presumption established by the O.C.G.A. Section 13-1-11.

 

(g)
Pursuant to O.C.G.A. Section 44-14-80, the parties to this Security Instrument intend to establish and do hereby establish a perpetual
or indefinite security interest in the Mortgaged Property.

 

(h)
Wherever the word “lien” is used with respect to the encumbrance effected by this Security Instrument, such as in the
phrase “the lien of this Security Instrument,” or words of similar import, such word shall mean and be a reference to the “lien
and security title” of this Security Instrument.

 

14.
Governing Law; Consent to Jurisdiction and Venue.

 

With respect to procedural
matters related to the perfection of Lender’s lien, to the enforcement of Lender’s remedies hereunder, or to non-waivable provisions of
the laws of the Property Jurisdiction, this Security Instrument shall be governed by the laws of the Property Jurisdiction without giving
effect to any choice of law provisions thereof that would result in the application of the laws of another jurisdiction. In all other
respects, this Security Instrument shall be governed by the laws of the State of Tennessee without giving effect to any choice of law
provisions thereof that would result in the application of the laws of another jurisdiction. Notwithstanding the foregoing to the contrary,
should there be a question as to whether any provision of this Security Instrument is void, voidable, or unenforceable by applicable of
the laws of the State of Tennessee, then such provision in question shall be governed by the laws of the Property Jurisdiction without
giving effect to any choice of law provisions thereof that would result in the application of the laws of another jurisdiction. Borrower
agrees that any controversy arising under this Security Instrument shall be litigated, in Lender’s sole discretion, exclusively in the
state or federal courts located in the Property Jurisdiction or in Knoxville, Knox County, Tennessee. Borrower irrevocably consents to
service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue
of domicile, habitual residence or otherwise.

 

    14 

    	 

    

 

15.
Miscellaneous Provisions.

 

(a)
This Security Instrument shall bind, and the rights granted by this Security Instrument shall benefit, the successors and assigns
of Lender. This Security Instrument shall bind, and the obligations granted by this Security Instrument shall inure to, any permitted
successors and assigns of Borrower under the Loan Agreement. If more than one (1) person or entity signs this Security Instrument
as Borrower, the obligations of such persons and entities shall be joint and several. The relationship between Lender and Borrower shall
be solely that of creditor and debtor, respectively, and nothing contained in this Security Instrument shall create any other relationship
between Lender and Borrower. No creditor of any party to this Security Instrument and no other person shall be a third party beneficiary
of this Security Instrument or any other Loan Document.

 

(b)
The invalidity or unenforceability of any provision of this Security Instrument or any other Loan Document shall not affect the
validity or enforceability of any other provision of this Security Instrument or of any other Loan Document, all of which shall remain
in full force and effect. This Security Instrument contains the complete and entire agreement among the parties as to the matters covered,
rights granted and the obligations assumed in this Security Instrument. This Security Instrument may not be amended or modified except
by written agreement signed by the parties hereto.

 

(c)
The following rules of construction shall apply to this Security Instrument:

 

(1)
The captions and headings of the sections of this Security Instrument are for convenience only and shall be disregarded in construing
this Security Instrument.

 

(2)
Any reference in this Security Instrument to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Security
Instrument or to a Section or Article of this Security Instrument.

 

(3)
Any reference in this Security Instrument to a statute or regulation shall be construed as referring to that statute or regulation
as amended from time to time.

 

(4)
Use of the singular in this Security Instrument includes the plural and use of the plural includes the singular.

 

(5)
As used in this Security Instrument, the term “including” means “including, but not limited to” or “including,
without limitation,” and is for example only, and not a limitation.

 

(6)
Whenever Borrower’s knowledge is implicated in this Security Instrument or the phrase “to Borrower’s knowledge” or a
similar phrase is used in this Security Instrument, Borrower’s knowledge or such phrase(s) shall be interpreted to mean to the best of
Borrower’s knowledge after reasonable and diligent inquiry and investigation.

 

(7)
Unless otherwise provided in this Security Instrument, if Lender’s approval, designation, determination, selection, estimate, action
or decision is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or
decision shall be made in Lender’s sole and absolute discretion.

  

(8)
All references in this Security Instrument to a separate instrument or agreement shall include such instrument or agreement as
the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof.

 

(9)
“Lender may” shall mean at Lender’s discretion, but shall not be an obligation.

 

16.
Time is of the Essence.

 

Borrower agrees that, with
respect to each and every obligation and covenant contained in this Security Instrument and the other Loan Documents, time is of the essence.

 

17.
WAIVER OF TRIAL BY JURY.

 

TO THE MAXIMUM EXTENT PERMITTED
BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH
RESPECT TO ANY ISSUE ARISING OUT OF THIS SECURITY INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE
OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS
NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH OF BORROWER AND LENDER, KNOWINGLY AND VOLUNTARILY
WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

[Remainder of Page Intentionally Blank]

 

    15 

    	 

    

 

IN WITNESS WHEREOF,
Borrower has signed and delivered this Security Instrument under seal (where applicable) or has caused this Security Instrument to be
signed and delivered by its duly authorized representative under seal (where applicable) as of the date first above written.

 

	 	 BORROWER:
	 	
	 	 SUNNYLAND MHP LLC
	 	 
	 	By: 	Manufactured Housing Properties Inc., a Nevada corporation,
its Sole Member

 

	 	By:	/s/ Michael Z. Anise
	 	 	Michael Z. Anise, President

 

	 	BORROWER ADDRESS:
	 	Sunnyland MHP LLC
	 	136 Main Street
	 	Pineville, NC 28134
	 	Attention: Raymond M. Gee

 

	Signed, sealed and delivered	 
	 	 
	In the presence of	 
		 
	Unofficial Witness	 
	 	 
	/s/ Alexander Q. Olliver 	 
	 	 
	Notary Public	 
	 	 
	Commission Expiration Date: March 25, 2024	 
	 	 
	(NOTARY SEAL)	 

 

    16 

    	 

    

 

EXHIBIT A

 

ALL THAT TRACT
OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT 75 OF TIIE FIFTH (5TH) LAND DISTRICT OF PEACH COUNTY, GEORGIA. AND FORMERLY KNOWN
AS A PART OF PEAVY & SONS SUBDIVISION AND MORE PARTICULARLY PARCEL ID: 064C 023 DESCRIBED AS LOT 10 OF SUBDIVISION OF THE PROPERTY
OF MRS. HAZEL HARVEY MADE BY HENRY WATTERSON ON AUGUST 13, 1966, AND BEING DESCRIBED ON SAID PLAT AS; BEGINNING AT AN IRON PIN ON THE
NORTH SIDE OF A 50 FOOT ROADWAY A DISTANCE OF 1567.8 FEET WEST OF WEST RIGHT OF WAY LINE OF U.S. HIGHWAY 41; RUNNING THENCE NORTH 00 DEGREES
25 MINUTES EAST 1481.5 FEET TO AN IRON PIN; THENCE NORTH 88 DEGREES 24 MINUTES WEST 1016.9 FEET TO AN IRON PIN; THENCE SOUTH 00 DEGREES
24 MINUTES WEST 1450 FEET TO AN IRON PIN ON THE NORTH SIDE OF A 50 FOOT ROAD; THENCE ALONG THE NORTH SIDE OF SAID ROAD IN AN EASTERLY
DIRECTION A DISTANCE OF 1016.4 FEET TO POINT OF BEGINNING AND CONTAINING 34.86 ACRES, MORE OR LESS.

 

LESS AND EXCEPT: ALL THAT TRACT OR PARCEL OF LAND
SITUATE, LYING AND BEING IN LAND LOT 75 OF THE FIFTH (5TH) LAND DISTRICT OF PEACH COUNTY, GEORGIA, AND BEING KNOWN AND SHOWN AS A 18.565
ACRE PARCEL ACCORDING TO A PLAT OF SURVEY A COPY OF WHICH IS OF RECORD IN PLAT BOOK 22, PAGE 24, CLERK’S OFFICE, PEACH SUPERIOR COURT.
SAID PLAT AND THE RECORD THEREOF BEING INCORPORATED HEREIN BY REFERENCE THERETO FOR ALL PURPOSES.

 

TOGETHER WITH:

 

ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

THAT CERTAIN TRACT OR PARCEL OF LAND SITUATE, LYING
AND BEING IN LAND LOT 75 OF THE FIFTH LAND DISTRICT OF PEACH COUNTY, GEORGIA, BEING KNOWN AND SHOWN AS A 18.565 ACRE PARCEL ACCORDING
TO A PROPERTY SURVEY FOR E.S.E.M. lNC., THE SAME HAVING BEEN MADE BY THOMAS W. FUTRAL III, R.L.S. NO. 1202 DATED JANUARY 17, 2000 AND
OF RECORD IN’ PLAT BOOK 22, PAGE 24, CLERK’S OFFICE, PEACH COUNTY, GEORGIA SUPERIOR COURT. SAID PLAT AND THE RECORDED COPY THEREOF ARE
INCORPORATED HEREIN BY REFERENCE THERETO FOR ALL PURPOSES.

 

 

17Exhibit 10.6

 

SECURITY AGREEMENT AND ASSIGNMENT OF RENTS

 

This SECURITY AGREEMENT AND
ASSIGNMENT OF RENTS (this “Agreement”) is entered into effective as of January 31, 2022 by GVEST SUNNYLAND HOMES LLC,
a Delaware 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. Sunnyland
MHP LLC, a Georgia limited liability company, whose address for notice is 136 Main Street, Pineville, NC 28134, Attention: Raymond M.
Gee (“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 dated of even date hereof from
Borrower to Lender in the principal amount of $1,760,000.00 (“Note”); (ii) that certain Loan Agreement dated of even
date hereof by and between Borrower and Lender (“Loan Agreement”); (iii) that Deed to Secure Debt, 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.

 

    2

     

    

 

(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.

 

(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;

 

    3

     

    

 

(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.

 

    4

     

    

 

(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, but not limited to Ga.
Code Ann. § 8-2-130 – 144 (2017) (the Uniform Standards Code for Manufactured Homes Act); Ga.
Code Ann. § 8-2-160, et seq. (2017) (installation of manufactured homes); Ga.
Code Ann. § 8-2-170, et seq. (2017) (installation of pre-owned manufactured homes); et seq.; Ga.
Code Ann. § 8-2-180, et seq. (2017) (standards for manufactured homes); Ga.
Code Ann. § 8-2-349 (priority of liens affecting manufactured homes); Ga. Code Ann.
§ 40-11-1 (2017) (abandoned motor vehicles); Ga. Code Ann. § 44-7-1, et seq.
(2017) (landlord tenant law as applicable to manufactured home communities, including, but not limited to, Ga.
Code Ann. § 44-7-59 and § 44-7-82 (2017)); and Ga. Code Ann. § 44-14-349
(2017) (priority of liens affecting manufactured homes); and 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.

 

    5

     

    

 

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.

 

(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.

 

    6

     

    

 

(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, but not limited to Ga.
Code Ann. § 8-2-130 – 144 (2017) (the Uniform Standards Code for Manufactured Homes Act); Ga.
Code Ann. § 8-2-160, et seq. (2017) (installation of manufactured homes); Ga.
Code Ann. § 8-2-170, et seq. (2017) (installation of pre-owned manufactured homes); et seq.; Ga.
Code Ann. § 8-2-180, et seq. (2017) (standards for manufactured homes); Ga.
Code Ann. § 8-2-349 (priority of liens affecting manufactured homes); Ga. Code Ann.
§ 40-11-1 (2017) (abandoned motor vehicles); Ga. Code Ann. § 44-7-1, et seq.
(2017) (landlord tenant law as applicable to manufactured home communities, including, but not limited to, Ga.
Code Ann. § 44-7-59 and § 44-7-82 (2017)); and Ga. Code Ann. § 44-14-349
(2017) (priority of liens affecting manufactured homes); and 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).

 

(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.

 

    7

     

    

 

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.

 

    8

     

    

 

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.

 

    12

     

    

 

(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.

 

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.

 

    13

     

    

 

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.

 

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.

 

    14

     

    

 

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.

 

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.

 

    15

     

    

 

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.

 

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.

 

    16

     

    

 

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.

 

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.

 

    17

     

    

 

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]

 

    18

     

    

 

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 SUNNYLAND HOMES LLC
	 	 
	 	By: 	/s/ Raymond M. Gee
	 	 	Raymond M. Gee, Manager

  

STATE OF  North Carolina )

COUNTY OF  Mecklenburg )

 

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 SUNNYLAND HOMES LLC, a
Delaware 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 28 day of January
2022.

 

	 	/s/
    Alexander Q. Olliver
	 	Notary Public

 

My Commission Expires:  March 25, 2024 

 

    19

     

    

 

EXHIBIT A

 

DEBTOR’S HOMES

 

(see attached)

 

 

 

 

 

 

 

 

 

 

     

     

    

 

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:

 

4 Coastal Drive, Byron, Georgia
31008

 

B. State
of Formation:

 

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

 

Delaware

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