Document:

Exhibit 10.18

 

	BUSINESS LOAN AGREEMENT	PrimeSouth Bank375 W Cherry St

Jesup, Georgia 31545-1440

(912)427-6670

 

	AGREEMENT
    DATE	LOAN
    NUMBER	AGREEMENT/ACCOUNT
    NUMBER
	July
    22, 2022	3244626	3244626

 

	BORROWER INFORMATION

Spaulding
MHP, LLC

3840
Highway 17S

Brunswick,
GA 31523

	Type of Business Entity: Limited Liability
                         Company

State of Organization/Formation: Georgia

 

  

	GUARANTOR INFORMATION

                          

Raymond Michael Gee

	 

                         Type of Entity: Individual

State of Residence: Florida

	 	 
	[redacted]

       

Manufactured Housing Properties, Inc

136 Main Street

Pineville, NC 28134

	 

       

      Type of Business Entity: Corporation

State of Organization/Formation: North Carolina

 

AGREEMENT. This Business Loan Agreement
will be referred to in this document as the “Agreement.” This Agreement is made by PrimeSouth Bank (Lender), Spaulding MHP,
LLC (Borrower), Raymond Michael Gee and Manufactured Housing Properties, Inc (Guarantor). The consideration is the promises, representations,
and warranties made in this Agreement and the Related Documents.

 

DEFINITIONS. These definitions are used
in this Agreement.

 

“Collateral” means
the Property that any Party to this Agreement or the Related Documents may pledge, mortgage, or give Lender a security interest in, regardless
of where the Property is located and regardless of when it was or will be acquired, together with all replacements, substitutions, proceeds,
and products of the Property.

 

“Events of Default”
means any of the events described in the “Events of Default” section of this Agreement.

 

“Financial Statements”
mean the balance sheets, earnings statements, and other financial information that any Party has, is, or will be giving to Lender.

 

“Indebtedness” means
the Loan and all other loans and indebtedness of Borrower to Lender, including but not limited to Lender’s payments of insurance
or taxes, all amounts Lender pays to protect its interest in the Collateral, overdrafts in deposit accounts with Lender, and all other
indebtedness, obligations, and liabilities of Borrower to Lender, whether matured or unmatured, liquidated or unliquidated, direct or
indirect, absolute or contingent, joint or several, due or to become due, now existing or hereafter arising.

 

“Loan” means
any loan or loans described in the “Identification of Loan” section of this Agreement.

 

“Parties” means
any Borrower and Guarantor signing this Agreement.

 

“Party” means any Borrower and Guarantor signing this Agreement.

 

“Property” means the Parties’ assets, regardless of what kind of assets they are.

 

“Related Documents”
means all documents, promissory notes, security agreements, leases, mortgages, construction loan agreements, assignments of leases
and rents, guaranties, pledges, and all other documents or agreements executed in connection with this Agreement as such documents may
be modified, amended, substituted, or renewed from time to time. The term includes both documents existing at the time of execution of
this Agreement and documents executed after the date of this Agreement.

 

IDENTIFICATION OF LOAN. The
following loan and all other indebtedness, obligations, and liabilities of Borrower to Lender, due or to become due, now existing or
hereafter arising, as well as any and all amendments, modifications, extensions, and renewals thereof are subject to this Agreement:

 

		●	Loan Number 3244626
                                            with a principal amount of $1,600,000.00

 

*000000003244626004307222022*

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 1 of 7	CSi

     

    

 

BORROWER’S REPRESENTATIONS
AND WARRANTIES. The statements made in this section will continue and remain in effect until all of the Indebtedness is fully paid
to Lender. Each Borrower represents and warrants to Lender the following:

 

Borrower’s Existence and
Authority. Each Borrower is duly formed and in good standing under all laws governing the Borrower and the Borrower’s business,
and each Borrower executing this Agreement has the power and authority to execute this Agreement and the Related Documents and to bind
that Borrower to the obligation created in this Agreement and the Related Documents.

 

Financial Information and Filing.
All Financial Statements provided to Lender have been prepared and will continue to be prepared in accordance with generally accepted
accounting principles, consistently applied, and fully and fairly present the financial condition of each Borrower, and there has been
no material adverse change in Borrower’s business, Property, or condition, either financial or otherwise, since the date of Borrower’s
latest Financial Statements. Each Borrower has filed all federal, state, and local tax returns and other reports and filings required
by law to be filed before the date of this Agreement and has paid all taxes, assessments, and other charges that are due and payable
prior to the date of this Agreement. Each Borrower has made reasonable provision for these types of © 2004-2019 Compliance Systems,
Inc. ae2ee2a9-0555bc23 - 2019.271.0.4 payments that are accrued but not yet payable. The Borrower does not know of any deficiency or
additional assessment not disclosed in the Borrower’s books and records.

  

All financial statements or records
submitted to Lender via electronic means, including, but not limited to, facsimile, open internet communications or other telephonic
or electronic methods, including, but not limited to, documents in Tagged Image Format Files (“TIFF”) and Portable Document
Format (“PDF”) shall be treated as originals, and will be fully binding with full legal force and effect. Parties waive any
right they may have to object to such treatment. Lender may rely on all such records in good faith as complete and accurate records produced
or maintained by or on behalf of the Party submitting such records.

 

Title and Encumbrances. Borrower
has good title to all of the Borrower’s assets. All encumbrances on any part of the Property were disclosed to Lender in writing
prior to the date of this Agreement.

 

Compliance with General Law.
Each Borrower is in compliance with and will conduct its business and use its assets in compliance with all laws, regulations, ordinances,
directives, and orders of any level of governmental authority that has jurisdiction over the Borrower, the Borrower’s business,
or the Borrower’s assets.

 

Environmental Laws. Each
Borrower is in compliance with all applicable laws and rules of federal, state, and local authorities affecting the environment, as all
have been or are amended.

 

No Litigation/No Misrepresentations.
There are no existing or pending suits or proceedings before any court, government agency, arbitration panel, administrative tribunal,
or other body, or threatened against Borrower that may result in any material adverse change in the Borrower’s business, property,
or financial condition, and all representations and warranties in this Agreement and the Related Documents are true and correct and no
material fact has been omitted.

 

COVENANTS. On the date of this
Agreement and continuing until the Indebtedness is repaid and Borrower’s obligations are fully performed, Borrower covenants as
follows.

 

Notices of Claims and Litigation/Notice
of Adverse Events. Borrower will promptly notify Lender in writing of all threatened and actual litigation, governmental proceeding,
default, and every other occurrence that may have a material adverse effect on Borrower’s business, financial condition, or the
Property.

 

Insurance. Borrower will
maintain adequate fire and extended risk insurance coverage, business interruption, workers’ compensation, commercial general liability,
and other insurance required by law or as may be required by Lender. All insurance policies will be in amounts, upon terms, and in a
form acceptable to Lender. All policies must be carried with insurers acceptable to Lender. Borrower will provide evidence satisfactory
to Lender of all insurance and that the policies are in full force and effect and all insurance on the Collateral will name Lender as
a mortgagee and loss payee, will include a lender’s loss payable endorsement, and will require 10 days advance written notice to
Lender of any cancellation of coverage. If the Borrower fails to maintain required insurance, the absence of the required insurance will
be an Event of Default. If this happens, Lender may buy the insurance, but will have no obligation to buy it. These amounts paid by Lender
will be added to the Indebtedness or will be payable on demand, at Lender’s option.

 

Confirmatory Documents and Actions.
Borrower agrees that on Lender’s request, Borrower will do any act or execute any additional documents that are or may be required
to make the terms of the Loan conform to the conditions contained in Lender’s commitment to Borrower. Within five days of Lender’s
request, Borrower will furnish an estoppel certificate in a form Lender approves.

 

Payment of Taxes. Borrower
will pay all taxes, levies, and assessments required by all local, state, and federal agencies. Borrower will make these payments when
the amounts are due but before any penalty for late payment is imposed. Borrower’s failure to promptly pay any tax, levy, or assessment
due will be an Event of Default unless Borrower is diligently disputing the amount and Borrower has established a reserve account for
the payment of the taxes if Borrower does not prevail in the dispute.

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 2 of 7	CSi

     

    

 

Business Existence and Operations.
Borrower will keep Borrower’s existence in its current organizational form in full force and effect unless Lender gives prior
written consent to Borrower’s proposed change. Borrower will not sell or merge Borrower’s business or any part of Borrower’s
business without the Lender’s prior written consent. Borrower will continue its business as currently conducted. Borrower will
not change its name, its identification number, or its place of organization without Lender’s prior written consent. Borrower will
keep its books and records at the address in this Agreement. Borrower will promptly notify Lender in writing of any planned change in
Borrower’s principal place of business.

 

Environmental Compliance. Borrower
will comply with all laws affecting the environment. Borrower will notify Lender within ten days after Borrower receives a summons, notice,
citation, letter, or any other type of notice from any federal, state, or local authority, or any other person that claims Borrower is
in violation of any law affecting the environment. Borrowers indemnify and hold Lender harmless from all violations of any environmental
laws. This indemnity includes all costs and expenses incurred by Lender, including reasonable attorneys’ fees, that are related
to a violation of any environmental laws, even if the Indebtedness has been paid at the time any proceeding, claim, or action is started
against Lender. Lender may itself or through Borrower arrange for an environmental audit prepared by a qualified environmental engineering
firm acceptable to Lender to confirm the continued accuracy of Borrower’s environmental representations and warranties. Borrower
will pay for the environmental audit.

 

Use of Proceeds. Borrower will
use the Loan proceeds in its business.

 

Pay Limitations. Borrower will
not draw, permit, or pay anyone more than is reasonable for services provided to Borrower.

 

No Borrowings, Guarantees, or
Loans. Borrower will not incur debt, borrow money, or guaranty any loan or other obligation. Borrower will not lend any money or
sell any of Borrower’s accounts receivable without Lender’s prior written permission.

 

No Encumbrances or Transfer of
Assets. Borrower will not mortgage, assign, hypothecate, or encumber any of the Property except to Lender without Lender’s
prior written permission. Borrower will not sell, transfer, or assign any of the Property without Lender’s prior written permission.
Borrower will not merge, consolidate, sell, transfer, license, lease, encumber or otherwise dispose of Borrower’s Property or Borrower’s
business.

 

No Dividends, Distributions and
Redemptions. Borrower will not pay or declare any dividend, or make any other distribution on account of any shares of any class
of its stock or other ownership interest, or redeem, purchase, or otherwise acquire directly or indirectly, any shares of any class of
its capital stock or other ownership interest.

 

No Loans or Investments.
Borrower will not make any loans or advances to, or investments in, other persons, corporations or entities.

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 3 of 7	CSi

     

    

 

EVENTS
OF DEFAULT. The occurrence of any of the following events will be an Event of Default.

 

Noncompliance with Lender Agreements.
Default by Borrower or Guarantor under any provision of this Agreement, the Related Documents, or any other agreement with Lender.

 

False Statements. If a Party
made or makes a false or misleading misrepresentation in this Agreement, in the Related Documents, in any supporting material submitted
to Lender or to third parties providing reports to Lender, or in Financial Statements given or to be given to Lender.

 

Material Adverse Change.
Any material adverse change in the Borrower’s business, financial condition, or the Property has occurred or is imminent; if the
full performance of the obligations of any Party is materially impaired; or if the Collateral and its value or Lender’s rights
with respect thereto are materially impaired in any way. The existence or reasonable likelihood of litigation, governmental proceeding,
default, or other event that may materially and adversely affect a Party’s business, financial condition, or the Property.

 

Insolvency or Liquidation. A
Party voluntarily suspends transaction of its business or does not generally pay debts as they mature. If a Party has or will make a
general assignment for the benefit of creditors or will file, or have filed against it, any petition under federal bankruptcy law or
under any other state or federal law providing for the relief of debtors if the resulting proceeding is not discharged within thirty
days after filing. If a receiver, trustee, or custodian is or will be appointed for a Party.

 

Default on Unrelated Debt. If
Borrower or Guarantor materially defaults under a provision of an agreement with a third party or if the indebtedness under such an agreement
is accelerated.

 

Judgments or Attachments. If
there is entered against a Party a judgment that materially affects the Borrower’s business, financial condition, or the Property,
or if a tax lien, levy, writ of attachment, garnishment, execution, or similar item is or will be issued against the Collateral or which
materially affects Borrower’s business, financial condition, or the Property, and which remains unpaid, unstayed on appeal, undischarged,
unbonded, or undismissed for thirty days after it was issued.

 

Collateral Impairment. Lender
has a good-faith belief that Lender’s rights in the Collateral are or will soon be impaired or that the Collateral itself is or
soon will be impaired.

 

Termination of Existence or Change
in Control. If Borrower or Borrower’s business is sold or merged or if Borrower or Borrower’s business suspends business
or ceases to exist.

 

Insecurity. If Lender has
a good-faith belief that any Party is unable or will soon be unable to perform that Party’s duties under this Agreement or under
the Related Documents.

 

Death. The death of an individual
who is a Party, a partner in a partnership that is a Party, a member in a limited liability company that is a Party, an officer of a
corporation that is a Party, or an individual of similar position in any other type of business organization that is a Party.

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 4 of 7	CSi

     

    

 

REMEDIES ON DEFAULT.

 

Remedies, No Waiver. The
remedies provided for in this Agreement, the Related Documents, and by law are cumulative and not exclusive. Lender reserves the right
to exercise some, all, or none of its rights and reserves the right to exercise any right at any time that Lender has the right, without
regard to how much time has passed since the right arose. Lender may exercise its rights in its sole, absolute discretion.

 

Acceleration, Setoff. Upon
an Event of Default, the Loan and the Indebtedness may, at Lender’s sole option, be declared immediately due and payable. Lender
may apply the Parties’ bank accounts and any other property held by Lender against the Indebtedness.

 

ATTORNEYS’ FEES AND OTHER
COSTS. If legal proceedings are instituted to enforce the terms of this Agreement, Borrower agrees to pay all costs of the Lender
in connection therewith, including reasonable attorneys’ fees. Attorney fees shall not exceed 15 percent of the principal and interest
owing.

 

EXPENSES. The Parties agree to pay all of
Lender’s reasonable expenses incidental to perfecting Lender’s security interests and liens, all insurance premiums, Uniform
Commercial Code search fees, and all reasonable fees incurred by Lender for audits, inspection, and copying of the Parties’ books
and records. The Parties also agree to pay all reasonable costs and expenses of Lender in connection with the enforcement of Lender’s
rights and remedies under this Agreement, the Related Documents, and any other agreement between one or more Parties and Lender, and
in connection with the preparation of all amendments, modifications, and waivers of consent with respect to this Agreement, including
reasonable attorneys’ fees.

 

GOVERNING LAW/PARTIAL ILLEGALITY. This Agreement
and the Related Documents are and will be governed by, and the rights of the Parties will be determined by the laws of the state of Georgia
except to the extent that federal law controls. If any part, term, or provision of this Agreement is determined to be illegal or in conflict
with state or federal law, the validity of the remaining portion or provisions of this Agreement will not be affected, unless the stricken
portion or provision adversely affects Lender’s risk of realizing Lender’s anticipated return, in which case Lender may,
in its sole discretion, deem the Loan matured.

 

NOTICES. All notices required under this
Agreement must be in writing and will be considered given: (i) on the day of personal delivery, or (ii) one business day after deposit
with a nationally recognized overnight courier service, or (iii) three business days after deposit with the United States Postal Service
sent certified mail, return receipt requested. Any of these methods may be used to give notice. All notices must be sent to the party
or parties entitled to notice at the addresses first set forth in this Agreement. Any Party may change its address for notice purposes
on five days prior written notice to the other Parties.

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 5 of 7	CSi

     

    

 

INTEGRATION AND AMENDMENT. This Agreement
and other written agreements among the Parties, including but not limited to the Related Documents, are the entire agreement of the Parties
and will be interpreted as a group, one with the others. None of the Parties will be bound by anything not expressed in writing, and
this Agreement cannot be modified except by a writing executed by those Parties burdened by the modification.

 

FURTHER ACTION. The Parties will, upon request
of Lender, make, execute, acknowledge, and deliver to Lender the modified and additional instruments, documents, and agreements, and
will take the further action that is reasonably required, to carry out the intent and purpose of this transaction.

 

CONTINUING EFFECT. Unless superseded by
a later Business Loan Agreement, this Agreement will continue in full force and effect until all of the Parties’ obligations to
Lender are fully satisfied and the Loan and Indebtedness are fully repaid.

 

HEADINGS. All headings in this Agreement
are included for reference only and do not have any effect on the interpretation of this Agreement.

 

COUNTERPARTS. This Agreement may be executed
by the Parties using any number of copies of the Agreement. All executed copies taken together will be treated as a single Agreement.

 

TIME IS OF THE ESSENCE. Time is of the essence
in the performance of this Agreement.

 

TRANSFERS. Borrower may not assign or transfer
its rights or obligations under this Agreement without Lender’s prior written consent. Lender may transfer its interest in Lender’s
sole discretion. Borrower waives all rights of offset and counterclaim Borrower has against Lender. The purchaser of a participation
in the loan may enforce its interest regardless of any claims or defenses Borrower has against Lender.

 

JURISDICTION. The Parties agree to waive
any objection to jurisdiction or venue on the ground that the Parties are not residents of Lender’s locality. The Parties authorize
any action brought to enforce the Parties’ obligations to be instituted and prosecuted in any state court having jurisdiction or
in the United States District Court for the District that includes Lender’s location as set forth at the beginning of this Agreement.
The Parties authorize Lender to elect the court at Lender’s sole discretion.

 

ORAL AGREEMENTS DISCLAIMER. This Agreement
represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the parties.

 

By signing this Agreement, Borrower acknowledges
reading, understanding and agreeing to all its provisions and receipt of a copy hereof.

 

	Spaulding MHP, LLC	 
	 	 
	By: Manufactured Housing Properties, Inc, Owner	

	 	 
	/s/ Jay Wardlaw III	7/22/2022

	By: Jay Wardlaw	Date Its: President

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 6 of 7	CSi

     

    

 

AGREEMENT OF GUARANTOR

 

Guarantor (i) acknowledges reading and understanding
this Agreement; (ii) consents to the provisions of this Agreement relating to Borrower;

 

(iii) agrees to furnish the Financial Statements
to Lender that Lender reasonably requests; (iv) agrees to those portions of this Agreement that apply to Guarantor; (v) acknowledges
that this Agreement has been freely executed without duress and after an opportunity to consult with counsel; and (vi) confirms that
Guarantor received a copy of this Agreement, the Guaranty, and the other documents Guarantor requested.

 

	/s/ Raymond Michael Gee

	7/22/2022
	Raymond Michael Gee	Date Individually

	 	 
	Manufactured Housing Properties, Inc

	 
	 	 
	/s/ Jay Wardlaw
  III	7/22/2022

	By: Jay Wardlaw III	Date Its: President

 

	LENDER: PrimeSouth Bank	 
	 	 
	/s/ Rene Hutto	7/22/2022
	By: Rene Hutto	Date
	Its: VP, Loan Officer	 

 

    	© 2004-2019 Compliance Systems, Inc. ae2ee2a9-0555bc23 - 	www.compliancesystems.com
	2019.271.0.4 Business Loan Agreement - DL4004	 	 
	 	Page 7 of 7	CSiExhibit 10.19

 

	COMMERCIAL PROMISSORY NOTE 	PrimeSouth Bank
	 	375 W Cherry St
	 	Jesup, Georgia 31545-1440
	 	(912)427-6670

 

	LOAN NUMBER	 	NOTE DATE	 	 	PRINCIPAL AMOUNT	 	MATURITY DATE	 
	3244626	 	 	July 22, 2022	 	$	1,600,000.00	 	 	July 22, 2043	 

 

LOAN PURPOSE: Reimburse for Purchase Mobile Home Park and 27 Mobile Homes

	

 

BORROWER INFORMATION

Spaulding MHP, LLC 

3840 Highway 17S

Brunswick, GA 31523

 

 

NOTE. This Commercial Promissory
Note will be referred to in this document as the “Note.”

 

LENDER. “Lender” means
PrimeSouth Bank whose address is 375 W Cherry St, Jesup, Georgia 31545-1440, its successors and assigns.

 

BORROWER. “Borrower”
means each person or legal entity identified above in the BORROWER INFORMATION section who signs this Note.

 

PROMISE TO PAY. For value
received, receipt of which is hereby acknowledged, on or before the Maturity Date, the Borrower promises to pay the principal amount of
One Million Six Hundred Thousand and 00/100 Dollars ($1,600,000.00) and all interest on the outstanding principal balance and any other
charges, including service charges, to the order of Lender at its office at the address noted above or at such other place as Lender may
designate in writing. The Borrower will make all payments in lawful money of the United States of America.

 

PAYMENT SCHEDULE. This Note
will be paid according to the following schedule: 12 consecutive payments of interest only beginning on August 22, 2022 and continuing
on the same day of each month thereafter. The initial payment will be in the amount of $7,922.22. This will be followed by 239 consecutive
payments of principal and interest in the amount of $11,311.97 beginning on August 22, 2023 and continuing on the same day of each month
thereafter. This will be followed by 1 payment of principal and interest in the amount of $11,310.65 on July 22, 2043. The unpaid principal
balance of this Note, together with all accrued interest and charges owing in connection therewith, shall be due and payable on the Maturity
Date. All payments received by the Lender from the Borrower for application to this Note may be applied to the Borrower’s obligations
under this Note in such order as determined by the Lender.

 

INTEREST RATE AND SCHEDULED PAYMENT
CHANGES. Interest will begin to accrue on July 12, 2022. The initial variable interest rate on this Note will be 5.750% per annum.
This interest rate may change on July 23, 2022, and every Day thereafter. Each date on which the interest rate may change is called the
“Change Date.” Beginning with the first Change Date, Lender will calculate the new interest rate based on the base rate on corporate
loans posted by at least 70% of the 10 largest U.S. banks known as the Wall Street Journal U.S. Prime Rate in effect on the Change Date
(the “Index”) plus 1.000 percentage points (the “Margin”). The interest rate will never be less than 4.750%.

 

If the Index is not available at
the time of the Change Date, Lender will choose a new Index which is based on comparable information. The Index is used solely to establish
a base from which the actual rate of interest payable under the Note will be calculated, and is not a reference to any actual rate of
interest charged by any lender to any particular borrower.

 

Nothing contained herein shall be
construed as to require the Borrower to pay interest at a greater rate than the maximum allowed by law. If, however, from any circumstances,
Borrower pays interest at a greater rate than the maximum allowed by law, the obligation to be fulfilled will be reduced to an amount
computed at the highest rate of interest permissible under applicable law and if, for any reason whatsoever, Lender ever receives interest
in an amount which would be deemed unlawful under applicable law, such interest shall be automatically applied to amounts owed, in Lender’s
sole discretion, or as otherwise allowed by applicable law. An increase in the interest rate will result in a higher payment amount. Interest
on this Note is calculated on an Actual/360 day basis. This calculation method results in a higher effective interest rate than
the numeric interest rate stated in this Note. The unpaid balance of this loan after the Maturity Date, whether by acceleration or otherwise,
shall be subject to a post-maturity rate of interest equal to 16.000% per annum.

 

    	© 2004-2020 Compliance Systems, Inc. bc30625e-4016be23 - 2019.302.1.5	www.compliancesystems.com
	Commercial Promissory Note - DL4006	Page 1 of 4	CSi

     

    

 

LATE PAYMENT CHARGE. If any
required payment is more than 10 days late, then at Lender’s option, Lender will assess a late payment charge of $25.00 or 5.000% of the
amount of the regularly scheduled payment then past due, whichever is greater, subject to a minimum charge of $25.00.

 

PREPAYMENT PENALTY. This
Note is subject to a prepayment penalty. Payment of all unpaid principal, accrued and unpaid interest and all
other fees then outstanding prior to the Maturity Date will result in a penalty that shall be equal to: The premium amount is 2.00% in
year 1; 1.50% in year 2; and 1.00% in year 3; with a minimum amount of $500.00..

 

SECURITY
TO NOTE. Security (the “Collateral”) for this Note is granted pursuant to the following security document(s):

 

		●	Assignment
                                            of Leases and Rents dated July 22, 2022 evidencing an assignment of leases and rents on the
                                            property located at 3840 US Hwy 17, Brunswick GA 31520.

 

		●	Security
                                            Instrument (Mortgage/Dee of Trust/Security Deed) in the amount of $1,600,000.00, dated July
                                            22, 2022 evidencing a lien on the property located at 3840 US Hwy 17, Brunswick GA 31520.

 

		●	Security
                                            Agreement dated July 22, 2022 evidencing security interest in 27 Various Manufacturer and
                                            Model Mobile Homes ID Number Attached as Exhibit “A”.

 

GUARANTY.
In support of this transaction, a Guaranty dated July 22, 2022 has been executed by Raymond Michael Gee; and a Guaranty dated July
22, 2022 has been executed by Manufactured Housing Properties, Inc.

 

RIGHT
OF SET-OFF. To the extent permitted by law, Borrower agrees that Lender has the right to set-off any amount due and
payable under this Note, whether matured or unmatured, against any amount owing by Lender to Borrower including any or all of
Borrower’s accounts with Lender. This shall include all accounts Borrower holds jointly with someone else and all accounts Borrower
may open in the future. Such right of set-off may be exercised by Lender against Borrower or against any assignee for the benefit of
creditors, receiver, or execution, judgment or attachment creditor of Borrower, or against anyone else claiming through or against
Borrower or such assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the
fact that such right of set-off has not been exercised by Lender prior to the making, filing or issuance or service upon Lender of,
or of notice of, assignment for the benefit of creditors, appointment or application for the appointment of a receiver, or issuance
of execution, subpoena or order or warrant. Lender will not be liable for the dishonor of any check when the dishonor occurs because
Lender set-off a debt against Borrower’s account. Borrower agrees to hold Lender harmless from any claim arising as a result of
Lender exercising Lender’s right to set-off.

 

RELATED DOCUMENTS. The words
“Related Documents” mean all promissory notes, security agreements, mortgages, deeds of trust, deeds to secure debt, business
loan agreements, construction loan agreements, resolutions, guaranties, environmental agreements, subordination agreements, assignments,
and any other documents or agreements executed in connection with the indebtedness evidenced hereby this Note whether now or hereafter
existing, including any modifications, extensions, substitutions or renewals of any of the foregoing. The Related Documents are hereby
made a part of this Note by reference thereto, with the same force and effect as if fully set forth herein.

 

DEFAULT. Upon the
occurrence of any one of the following events (each, an “Event of Default” or “default” or “event of
default”), Lender’s obligations, if any, to make any advances will, at Lender’s option, immediately terminate and Lender, at
its option, may declare all indebtedness of Borrower to Lender under this Note immediately due and payable without further notice of
any kind notwithstanding anything to the contrary in this Note or any other agreement: (a) Borrower’s failure to make any payment on
time or in the amount due; (b) any default by Borrower under the terms of this Note or any other Related Documents; (c) any default
by Borrower under the terms of any other agreement between Lender and Borrower; (d) the death, dissolution, or termination of
existence of Borrower or any guarantor; (e) Borrower is not paying Borrower’s debts as such debts become due; (f) the commencement
of any proceeding under bankruptcy or insolvency laws by or against Borrower or any guarantor or the appointment of a receiver; (g)
any default under the terms of any other indebtedness of Borrower to any other creditor; (h) any writ of attachment, garnishment,
execution, tax lien or similar instrument is issued against any collateral securing the loan, if any, or any of Borrower’s property
or any judgment is entered against Borrower or any guarantor; (i) any part of Borrower’s business is sold to or merged with any
other business, individual, or entity; (j) any representation or warranty made by Borrower to Lender in any of the Related Documents
or any financial statement delivered to Lender proves to have been false in any material respect as of the time when made or given;
(k) if any guarantor, or any other party to any Related Documents terminates, attempts to terminate or defaults under any such
Related Documents; (l) Lender has deemed itself insecure or there has been a material adverse change of condition of the financial
prospects of Borrower or any collateral securing the obligations owing to Lender by Borrower. Upon the occurrence of an event of
default, Lender may pursue any remedy available under any Related Document, at law or in equity.

 

    	© 2004-2020 Compliance Systems, Inc. bc30625e-4016be23 - 2019.302.1.5	www.compliancesystems.com
	Commercial Promissory Note - DL4006	Page 2 of 4	CSi

     

    

 

GENERAL WAIVERS. To the extent
permitted by law, the Borrower severally waives any required notice of presentment, demand, acceleration, intent to accelerate, protest,
and any other notice and defense due to extensions of time or other indulgence by Lender or to any substitution or release of collateral.
No failure or delay on the part of Lender, and no course of dealing between Borrower and Lender, shall operate as a waiver of such power
or right, nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of
any other power or right.

 

JOINT AND SEVERAL LIABILITY. If
permitted by law, each Borrower executing this Note is jointly and severally bound.

 

SEVERABILITY. If a court
of competent jurisdiction determines any term or provision of this Note is invalid or prohibited by applicable law, that term or provision
will be ineffective to the extent required. Any term or provision that has been determined to be invalid or prohibited will be severed
from the rest of this Note without invalidating the remainder of either the affected provision or this Note.

 

SURVIVAL. The rights and privileges
of the Lender hereunder shall inure to the benefits of its successors and assigns, and this Note shall be binding on all heirs, executors,
administrators, assigns, and successors of Borrower.

 

ASSIGNABILITY. Lender may
assign, pledge or otherwise transfer this Note or any of its rights and powers under this Note without notice, with all or any of the
obligations owing to Lender by Borrower, and in such event the assignee shall have the same rights as if originally named herein in place
of Lender. Borrower may not assign this Note or any benefit accruing to it hereunder without the express written consent of the Lender.

 

DUTY TO NOTIFY. Borrower agrees
to notify Lender if there is any change in the beneficial ownership information provided to Lender. Additionally, Borrower agrees to provide
Lender with updated beneficial ownership information in the event there is any change in the beneficial ownership information provided
to Lender.

 

ORAL AGREEMENTS DISCLAIMER. This
Note represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no unwritten oral agreements between the parties.

 

GOVERNING LAW. This Note is governed
by the laws of the state of Georgia except to the extent that federal law controls.

 

HEADING AND GENDER. The headings
preceding text in this Note are for general convenience in identifying subject matter, but have no limiting impact on the text which follows
any particular heading. All words used in this Note shall be construed to be of such gender or number as the circumstances require.

 

ATTORNEYS’ FEES AND OTHER COSTS.
If legal proceedings are instituted to enforce the terms of this Note, Borrower agrees to pay all costs of the Lender in connection
therewith, including reasonable attorneys’ fees. Attorney fees shall not exceed 15 percent of the principal and interest owing.

 

By signing this Note, Borrower acknowledges
reading, understanding, and agreeing to all its provisions and receipt hereof.

 

Spaulding MHP, LLC

 

	By: Manufactured Housing Properties, Inc, Member	 
	 	 	 
	/s/ Jay Wardlaw III	7/22/2022	 
	By:	 Jay Wardlaw III	Date 	 
	Its: President	 	 
	 	 	 
	LENDER: PrimeSouth Bank	 	 
	 	 	 
	/s/ Rene Hutto	7/22/2022	 
	By:	 Rene Hutto	Date	 
	Its: VP, Loan Officer	 	 

 

    	© 2004-2020 Compliance Systems, Inc. bc30625e-4016be23 - 2019.302.1.5	www.compliancesystems.com
	Commercial Promissory Note - DL4006	Page 3 of 4	CSi

     

    

 

 

    	© 2004-2020 Compliance Systems, Inc. bc30625e-4016be23 - 2019.302.1.5	www.compliancesystems.com
	Commercial Promissory Note - DL4006	Page 4 of 4	CSi

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]