Document:

Exhibit 10.7

 

PROMISSORY NOTE

 

	$150,000	As of February 14, 2020

 

Property Solutions
Acquisition Corp. (“Maker”) promises to pay to the order of Jordan Vogel and Aaron Feldman or its successors or assigns
(“Payee”) the principal sum of One Hundred Fifty Thousand Dollars and No Cents ($150,000) in lawful money of the United
States of America, on the terms and conditions described below. Payee can assign this Note and its rights and obligations to any
affiliate of Payee in Payee’s discretion.

 

1. Principal.
The principal balance of this Note shall be repayable on the earlier of (i) December 31, 2020, (ii) the date on which Maker consummates
an initial public offering of its securities (“IPO”) or (iii) the date on which Maker determines to not proceed with
such IPO.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4. Events of
Default. The following shall constitute Events of Default:

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

5. Remedies.

 

(a) Upon the
occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due
and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the
occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable
with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

8. Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to Maker:

 

Property Solutions Acquisition
Corp.

c/o Benchmark Real Estate Group

654 Madison Avenue

Suite 1009

New York, NY 10065

 

    2

     

    

 

If to Payee:

 

Jordan Vogel

c/o Benchmark Real Estate Group

654 Madison Avenue

Suite 1009

New York, NY 10065

 

Aaron Feldman

c/o Benchmark Real Estate Group

654 Madison Avenue

Suite 1009

New York, NY 10065

 

Notice shall be deemed
given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation,
(iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date
reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

 

9. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of
the State of New York.

 

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

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	
        
	PROPERTY SOLUTIONS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Jordan Vogel
	 	Name: 	Jordan Vogel
	 	Title:	Co-Chief Executive Officer

 

3Exhibit 10.8

 

EARLYBIRDCAPITAL, INC.

366 Madison Avenue

New York, New York 10017

 

July 21, 2020

 

Property Solutions Acquisition Corp.

654 Madison Avenue, Suite 1009

New York, NY 10065

Attn: Jordan Vogel

 

Ladies and Gentlemen:

 

This is to confirm
our agreement whereby Property Solutions Acquisition Corp, a Delaware corporation (“Company”), has requested
EarlyBirdCapital, Inc. (the “Advisor”) to assist it in connection with the Company merging with, acquiring,
engaging in a share exchange, recapitalization or reorganization, purchasing all or substantially all of the assets of, entering
into contractual arrangements, or engaging in any other similar business combination (in each case, a “Business Combination”)
with one or more businesses or entities (each a “Target”) as described in the Company’s Registration Statement
on Form S-1 (File No. 333-239622) filed with the Securities and Exchange Commission (collectively, the “Registration
Statement”) in connection with its initial public offering (“IPO”).

 

1. Services and Fees.

 

(a) The Advisor will:

 

(i) Hold meetings with Company stockholders
to discuss the Business Combination and the Target’s attributes;

 

(ii) Introduce the Company to potential
investors to purchase the Company’s securities in connection with the Business Combination;

 

(iii) Assist the Company in trying
to obtain stockholder approval for the Business Combination, including assistance with the Company’s proxy statement or tender
offer materials; and

 

(iv) Assist the Company with any press
releases and filings related to the Business Combination or the Target.

 

(b) As
compensation for the foregoing services, the Company will pay the Advisor a cash fee equal to 3.5% of the gross proceeds received
by the Company in the IPO (the “Fee”); provided, that up to 33% of the Fee may be allocated at the Company’s
sole discretion to other FINRA members that assist the Company in identifying and consummating the Business Combination. The Fee
shall be exclusive of any finder’s fees which may become payable to the Advisor pursuant to any other agreement between the
Advisor and the Company or the Target.

 

(c) The
Fee shall be payable in cash and is due and payable to the Advisor by wire transfer at the closing of the Business Combination
(“Closing”); provided that the Fee shall not be paid prior to the date that is 90 days from the effective date
of the Registration Statement unless the Financial Industry Regulatory Authority determines that such payment would not be deemed
underwriters’ compensation in connection with the IPO. If a proposed Business Combination is not consummated for any reason,
no Fee shall be due or payable to the Advisor hereunder.

 

2. Expenses.

 

At the Closing, the
Company shall reimburse the Advisor for all reasonable costs and expenses incurred by the Advisor (including reasonable fees and
disbursements of counsel) in connection with the performance of its services hereunder up to a maximum of $20,000.

  

     

     

    

 

3. Company Cooperation.

 

The Company will provide
full cooperation to the Advisor as may be necessary for the efficient performance by the Advisor of its obligations hereunder,
including, but not limited to, providing to the Advisor and its counsel, on a timely basis, all documents and information regarding
the Company and Target that the Advisor may reasonably request or that are otherwise relevant to the Advisor’s performance
of its obligations hereunder (collectively, the “Information”); making the Company’s management, auditors,
suppliers, customers, consultants and advisors available to the Advisor; and, using commercially reasonable efforts to provide
the Advisor with reasonable access to the management, auditors, suppliers, customers, consultants and advisors of Target. The Company
will promptly notify the Advisor of any change in facts or circumstances or new developments affecting the Company or Target or
that might reasonably be considered material to the Advisor’s engagement hereunder.

 

4. Representations; Warranties and Covenants.

 

The
Company represents, warrants and covenants to the Advisor that all Information it makes available to the Advisor by or on behalf
of the Company in connection with the performance of its obligations hereunder will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make statements made, in light of the circumstances under which they
were made, not misleading as of the date thereof and as of the consummation of the Business Combination.

 

5. Indemnity.

 

The Company shall indemnify
the Advisor and its affiliates and directors, officers, employees, stockholders, representatives and agents in accordance with
the indemnification provisions set forth in Annex I hereto, all of which are incorporated herein by reference. 

 

Notwithstanding the
foregoing and Annex 1, the Advisor agrees, if there is no Closing, (i) that it does not have any right, title, interest or claim
of any kind in or to any monies in the Company’s trust account (“Trust Account”) established in connection
with the IPO with respect to the Fee (each, a “Claim”); (ii) to waive any Claim it may have in the future as
a result of, or arising out of, any services provided to the Company hereunder; and (iii) to not seek recourse against the Trust
Account with respect to the Fee.

 

6. Use of Name and Reports.

 

Without the Advisor’s
prior written consent, neither the Company nor any of its affiliates (nor any director, officer, manager, partner, member, employee
or agent thereof) shall quote or refer to (i) the Advisor’s name or (ii) any advice rendered by the Advisor to the Company
or any communication from the Advisor in connection with performance of their services hereunder, except as required by applicable
federal or state law, regulation or securities exchange rule.

 

7. Status as Independent Contractor.

 

The Advisor shall perform
its services as an independent contractor and not as an employee of the Company or affiliate thereof. It is expressly understood
and agreed to by the parties that the Advisor shall have no authority to act for, represent or bind the Company or any affiliate
thereof in any manner, except as may be expressly agreed to by the Company in writing. In rendering such services, the Advisor
will be acting solely pursuant to a contractual relationship on an arm’s-length basis. This Agreement is not intended to
create a fiduciary relationship between the parties and neither the Advisor nor any of the Advisor’s officers, directors
or personnel will owe any fiduciary duty to the Company or any other person in connection with any of the matters contemplated
by this Agreement.

 

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8. Potential Conflicts.

 

The Company acknowledges
that the Advisor is a full-service securities firm engaged in securities trading and brokerage activities and providing investment
banking and advisory services from which conflicting interests may arise. In the ordinary course of business, the Advisor and its
affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account
or the accounts of customers, in debt or equity securities of the Company, its affiliates or other entities that may be involved
in the transactions contemplated hereby. Nothing in this Agreement shall be construed to limit or restrict the Advisor or any of
its affiliates in conducting such business.

  

9. Entire Agreement.

 

This Agreement constitutes
the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral or written, with respect thereto. This Agreement may not be modified or terminated orally or in any manner
other than by an agreement in writing signed by the parties hereto.

 

10. Notices.

 

Any notices required
or permitted to be given hereunder shall be in writing and shall be deemed given when mailed by certified mail or private courier
service, return receipt requested, addressed to each party at its respective addresses set forth above, or such other address as
may be given by a party in a notice given pursuant to this Section.

 

 11. Successors and Assigns.

 

This Agreement may
not be assigned by either party without the written consent of the other. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and, except where prohibited, to their successors and assigns.

 

12. Non-Exclusivity.

 

Nothing herein shall
be deemed to restrict or prohibit the engagement by the Company of other consultants providing the same or similar services or
the payment by the Company of fees to such parties. The Company’s engagement of any other consultant(s) shall not affect
the Advisor’s right to receive the Fee and reimbursement of expenses pursuant to this Agreement.

 

13. Applicable Law; Venue.

 

This Agreement shall
be construed and enforced in accordance with the laws of the State of New York without giving effect to conflict of laws.

 

In the event of any
dispute under this Agreement, then and in such event, each party hereto agrees that the dispute shall either be (i) resolved through
final and binding arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”)
or (ii) brought and enforced in the courts of the State of New York, County of New York under the accelerated adjudication procedures
of the Commercial Division, or the United States District Court for the Southern District of New York, in each event at the discretion
of the party initiating the dispute. Once a party files a dispute (if arbitration, by sending JAMS a Demand for Arbitration) with
one of the above forums, the parties agree that all issues regarding such dispute or this Agreement must be resolved before such
forum rather than seeking to resolve it through another alternative forum set forth above.

 

In the event the dispute
is brought before the AAA, the arbitration shall be brought before the AAA International Center for Dispute Resolution’s
offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators selected from
the AAA Commercial Disputes Panel. Each of the parties agrees that the decision and/or award made by the arbitrators shall be final
and enforceable by any court having jurisdiction over the party from whom enforcement is sought. Furthermore, the parties to any
such arbitration shall be entitled to make one motion for summary judgment within 60 days of the commencement of the arbitration,
which shall be decided by the arbitrator[s] prior to the commencement of the hearings. 

 

    3

     

    

 

In the event the dispute
is brought by a party in the courts of the State of New York or the United States District Court for the Southern District of New
York, each party irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon a party may be served by transmitting a copy thereof by registered or certified mail, postage prepaid, addressed to
such party at the address set forth at the beginning of this Agreement. Such mailing shall be deemed personal service and shall
be legal and binding upon the party being served in any action, proceeding or claim. The parties agree that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 

14. Counterparts.

 

This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument. 

 

If the foregoing correctly
sets forth the understanding between the by Advisor and the Company with respect to the foregoing, please so indicate your agreement
by signing in the place provided below, at which time this letter shall become a binding contract.

 

[signature page follows]

 

    4

     

    

 

	AGREED AND ACCEPTED BY:	 
	 	 
	PROPERTY SOLUTIONS ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Jordan Vogel	 
	Name: 	Jordan Vogel	 
	Title:	Co-Chief Executive Officer	 

 

[Signature Page to Business Combination
Marketing Agreement]

 

     

     

    

 

ANNEX I

 

Indemnification

 

In connection with
the Company’s engagement of EarlyBirdCapital, Inc. (the “Advisor”) pursuant to that certain letter agreement
(“Agreement”) of which this Annex forms a part, Property Solutions Acquisition Corp. (the “Company”)
hereby agrees, subject to the second paragraph of Section 4 of the Agreement, to indemnify and hold harmless the Advisor and its
affiliates and its respective directors, officers, stockholders, agents and employees of any of the foregoing (collectively the
“Indemnified Persons”), from and against any and all claims, actions, suits, proceedings (including those of
stockholders), damages, liabilities and expenses incurred by any of them (including the reasonable fees and expenses of counsel),
as incurred, (collectively a “Claim”), that (A) are related to or arise out of (i) any actions taken or omitted
to be taken (including any untrue statements made or any statements omitted to be made) by the Company, or (ii) any actions taken
or omitted to be taken by any Indemnified Person in connection with the Company’s engagement of the Advisor, or (B) otherwise
relate to or arise out of the Advisor’s activities on the Company’s behalf under the Advisor’s engagement, and
the Company shall reimburse any Indemnified Person for all expenses (including the reasonable fees and expenses of counsel) as
incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action, suit or proceeding,
whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party. The Company will
not, however, be responsible for any Claim that is finally judicially determined to have resulted from the gross negligence or
willful misconduct of any person seeking indemnification for such Claim. The Company further agrees that no Indemnified Person
shall have any liability to the Company for or in connection with the Company’s engagement of the Advisor except for any
Claim incurred by the Company as a result of such Indemnified Person’s gross negligence or willful misconduct.

 

The Company further
agrees that it will not, without the prior written consent of the Advisor, settle, compromise or consent to the entry of any judgment
in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified
Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional,
irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

Promptly upon receipt
by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification
is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or
institution but failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except
and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company
so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment
of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the
event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present such
counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the
Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it or
other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may employ
its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees
and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend,
contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation, to
defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully
indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and all
amounts paid as a result of such Claim or the compromise or settlement thereof.  

 

     

     

    

 

In addition, with respect
to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim
and to retain his, her or its own counsel therefor at his, her or its own expense.

 

The Company agrees
that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether
or not the Advisor is an Indemnified Person), the Company and the Advisor shall contribute to the Claim for which such indemnity
is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and
the Advisor on the other, in connection with the Advisor’s engagement referred to above, subject to the limitation that in
no event shall the amount of the Advisor’s contribution to such Claim exceed the amount of fees actually received by the
Advisor from the Company pursuant to the Advisor’s engagement. The Company hereby agrees that the relative benefits to the
Company, on the one hand, and the Advisor on the other, with respect to the Advisor’s engagement shall be deemed to be in
the same proportion as (a) the total value paid or proposed to be paid or received by the Company or its stockholders as the case
may be, pursuant to the transaction (whether or not consummated) for which the Advisor is engaged to render services bears to (b)
the fee paid or proposed to be paid to the Advisor in connection with such engagement.

 

The Company’s
indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit
or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether
or not the Company is at fault in any way.

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