Document:

Exhibit 10.3

 

REVOLVING TERM LOAN SUPPLEMENT

 

THIS SUPPLEMENT
to the Master Loan Agreement dated March 19,2012 (the "MLA"), is entered into as of October 4, 2012 between CoBANK,
ACB ("CoBank") and SOUTH DAKOT A SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the "Company"), and
amends and restates the Supplement dated November 10,2011 and numbered RIB051T051.

 

SECTION 1. The Revolving
Term Loan Commitment. On the terms and conditions set forth in the MLA and this Supplement, CoBank agrees to make loans to
the Company from the date hereof, up to and including March 20, 2018, in an aggregate principal amount not to exceed, at anyone
time outstanding, $14,200,000.00 less the amounts scheduled to be repaid during the period set forth below in Section 5 (the "Commitment").
Within the limits of the Commitment, the Company may borrow, repay, and reborrow.

 

SECTION 2. Purpose.
The purpose of the Commitment is to finance capital expenditures and to provide working capital to the Company.

 

SECTION 3. Term.
Intentionally Omitted.

 

SECTION 4. Interest.
The Company agrees to pay interest on the unpaid balance of the loan(s) in accordance with one or more of the following interest
rate options, as selected by the Company:

 

(A) One-Month LIBOR
Index Rate. At a rate (rounded upward to the nearest 1/I00th and adjusted for reserves required on "Eurocurrency Liabilities"
[as hereinafter defined] for banks subject to "FRB Regulation D" [as hereinafter defined] or required by any other federal
law or regulation) per annum equal at all times to 4.00% above the rate quoted by the British Bankers Association (the "BBA")
at 11 :00 a.m. London time for the offering of one (1)-month U.S. dollars deposits, as published by Bloomberg or another major
information vendor listed on BBA's official website on the first "U.S. Banking Day" (as hereinafter defined) in each
week, with such rate to change weekly on such day. The rate shall be reset automatically, without the necessity of notice being
provided to the Company or any other party, on the first "U.S. Banking Day" of each succeeding week, and each change
in the rate shall be applicable to all balances subject to this option. Information about the then current rate shall be made available
upon telephonic request. For purposes hereof: (1) "U .S. Banking Day" shall mean a day on which CoBank is open for business
and banks are open for business in New York, New York; (2) "Eurocurrency Liabilities" shall have the meaning as set forth
in "FRB Regulation D"; and (3) "FRB Regulation D" shall mean Regulation D as promulgated by the Board of Governors
of the Federal Reserve System, 12 CFR Part 204, as amended.

 

    	 

    	 

    

 

Exhibit 10.3

 

(B) Quoted Rate.
At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed
on such balances and for such periods, as may be agreeable to CoBank in its sole discretion in each instance, provided that: (1)
the minimum fixed period shall be 30 days; (2) amounts may be fixed in increments of $ 100,000.00 or multiples hereof; and (3)
the maximum number of fixes in place at anyone time shall be five.

 

The Company shall select
the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect
to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed
rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an
additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed for periods expiring
after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Company to have to break any fixed
rate balance in order to pay any installment of principal. All elections provided for herein shall be made telephonically or in
writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each
loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the
following month or on such other day in such month as CoBank shall require in a written notice to the Company.

 

SECTION 5. Promissory
Note. The Company promises to repay on the date of each reduction in the Commitment, the outstanding principal, if any, that
is in excess of the available balance. The available balance shall be decreased by $1,300,000.00 on the 20th day of each September
and March beginning March 20, 2013, and continuing through and including September 20, 2017, followed by a final reduction at the
expiration of the Commitment on March 20, 2018, at which time any outstanding balance shall be due and payable in full. If any
installment due date is not a day on which CoBank is open for business, then such payment shall be made on the next day on which
CoBank is open for business. In addition to the above, the Company promises to pay interest on the unpaid principal balance hereof
at the times and in accordance with the provisions set forth in Section 4 hereof. This note replaces and supersedes, but does not
constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated
hereby.

 

    	 

    	 

    

 

Exhibit 10.3

 

SECTION 6. Security.
The Company's obligations hereunder and, to the extent related hereto, under the MLA, including without limitation any future advances
under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA.

 

SECTION 7. Commitment
Fee. In consideration of the Commitment, the Company agrees to pay to CoBank a commitment fee on the average daily unused portion
of the Commitment at the rate of 0.50% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following
each month. Such fee shall be payable for each month (or portion thereof) occurring during the original or any extended term of
the Commitment.

 

Signature Page Follows

    	 

    	 

    

 

Exhibit 10.3

 

IN WITNESS WHEREOF,
the parties have caused this Supplement to be executed by their duly authorized officers as of the date shown above.

 

	CoBANK,ACB	 	SOUTH DAKOTA SOYBEAN
	 	 	PROCESSORS, LLC
	 	 	 	 	 
	By:	/s/ Tonya Butler	 	By:	/s/ Thomas J. Kersting
	 	 	 	 	 
	Title:	Assistant Corporate Secretary	 	Title:	CEO

 

Signature Page for Revolving Term Loan Supplement
RIB051T05JSECOND AMENDMENT TO

MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT
TO MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT, dated as of November 9, 2012 (this “Amendment”), is by and
among Centerline Mortgage Capital Inc., a Delaware corporation having its principal place of business at 100 Church Street, 15th
Floor, New York, New York 10007 (“CMC”), Centerline Mortgage Partners Inc., a Delaware corporation having its
principal place of business at 100 Church Street, 15th Floor, New York, New York 10007 (“CMP” and
together with CMC collectively referred to as the “Borrowers”), and Manufacturers and Traders Trust Company,
with offices at 25 South Charles Street, 17th Floor, Baltimore, Maryland 21201 (the “Lender”).

 

R E C I T A L S

 

A.          The
Lender and the Borrowers are parties to that certain Mortgage Warehouse Loan and Security Agreement dated as of November 14, 2011,
as amended by the First Amendment to Mortgage Warehouse Loan and Security Agreement dated as of October 19, 2012, and as it may
be further amended, modified, supplemented and/or restated from time to time (the “Loan Agreement”), pursuant
to which the Lender makes Advances to the Borrowers secured by the Collateral. Capitalized terms used but not otherwise defined
herein shall have the meanings set forth in the Loan Agreement.

 

B.          The
Borrowers have requested an extension of the Facility Termination Date by one (1) year, and the Lender has agreed to such request
subject to the terms and conditions set forth in this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Lender and the Borrowers,
the Lender and the Borrowers agree as follows:

 

1.          Amendments.

 

(a)          Change
in Defined Terms. The following definitions in the Loan Agreement are hereby amended and restated in their entirety to read
as follows:

 

“Applicable
Nonusage Rate: means the sum of the Minimum Nonusage Rate plus the Nonusage Rate Adjustment, provided that in no event
shall the Applicable Nonusage Rate be less than the Minimum Nonusage Rate or greater than the Maximum Nonusage Rate. The Applicable
Nonusage Rate shall be determined quarterly as follows: for any calendar quarter, the Applicable Nonusage Rate shall be calculated
using the Deposit Level Average of the prior calendar quarter. For illustration purposes only, the chart below shows what the Applicable
Nonusage Rate would be for a calendar quarter when the corresponding Deposit Level Average of the prior calendar quarter is at
the amount shown below.”

 

	Deposit Level Average	Applicable Nonusage Rate
	$15,000,000	.10%
	$7,500,000	.60%
	0	1.10%”
	 	 

 

    	 

    	 	

    
 

“Credit
Note: means that certain Amended and Restated Daily Adjusting LIBOR Revolving Line Note dated as of November 9, 2012 executed
and delivered by the Borrowers payable to the order of the Lender in the principal face amount of $50,000,000, as amended, modified
and/or restated from time to time.”

 

“Facility
Termination Date: means the earliest of (a) November 14, 2013, or (b) the date the Lender terminates the Commitment pursuant
to Section 9.2.1, provided that if the Facility Termination Date, as so determined, is not a Business Day, the Facility
Termination Date shall be the next succeeding Business Day.”

 

(b)          Section
7.13 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

“SECTION
7.13. Minimum Deposits.

 

To maintain average
deposit balances of the Borrowers and their Affiliates held at the Lender of not less than Fifteen Million Dollars ($15,000,000)
in the aggregate (the “Deposit Level Target”), provided that the sole remedy of the Lender for the Borrowers’
failure to satisfy the Minimum Deposit Target shall be an increase in the Applicable Interest Rate Spread (as defined in the Credit
Note) and the Applicable Nonusage Rate as provided herein.”

 

(c)          Interest
on Advances. The outstanding principal balance of Advances made by the Lender to the Borrowers prior to the date hereof shall
bear interest at the rate set forth in that certain Daily Adjusting LIBOR Revolving Line Note dated November 14, 2011 and executed
and delivered by the Borrowers payable to the order of the Lender in the principal face amount of $50,000,000. The outstanding
principal balance of Advances made by the Lender to the Borrowers on or after the date hereof shall bear interest at the rate set
forth in that certain Amended and Restated Daily Adjusting LIBOR Revolving Line Note dated November 9, 2012 and executed and delivered
by the Borrowers payable to the order of the Lender in the principal face amount of $50,000,000.

 

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2.          Miscellaneous.

 

(a)          Condition
Precedent. This Amendment shall become effective upon completion or satisfaction of the following in the Lender’s determination:

 

(i)          The
execution and delivery of this Amendment by the Borrowers and the Lender.

 

(ii)          The
execution and delivery of the Amended and Restated Daily Adjusting LIBOR Note substantially in the form attached hereto as Exhibit
A.

 

(iii)          The
execution and delivery of that certain letter agreement dated as of October 19, 2012 with respect to certain fees by the Borrowers
and agreed to and accepted by the Lender (the “Fee Letter”).

 

(iv)          The
Borrowers shall have paid to the Lender the fees in immediately available funds in the amount stated in the Fee Letter. The Borrowers
acknowledge that such fees shall be paid in addition to the Nonusage Fee due and payable in accordance with Section 3.1 of the
Loan Agreement during the term of the Loan, including, without limitation, during the Temporary Funding Period.

 

(v)          The
Borrowers shall have delivered to the Lender the following, all in form and substance reasonably satisfactory to the Lender: (A)
a certificate of good standing of each Borrower, dated no earlier than thirty (30) days prior to the date of this Amendment; (B)
a certificate of the Secretary of each Borrower dated as of the date of this Amendment and certifying as to the Certificate of
Incorporation and By-Laws of each Borrower, the incumbency and signatures of officers of each of the Borrowers executing this Amendment,
the Amended and Restated Daily Adjusting LIBOR Note or otherwise acting on behalf of each Borrower hereunder and the resolutions
authorizing the transactions contemplated by this Amendment; and (C) a legal opinion of Nixon Peabody LLP, as counsel to the Borrowers
dated as of the date hereof, addressed to and in form and substance reasonably satisfactory to the Lender and its counsel.

 

(vi)          The
Borrowers shall have paid the Lender’s reasonable attorneys’ fees and expenses related to the preparation, negotiation
and closing of this Amendment.

 

(b)          Release
of Claims. Each Borrower hereby releases, waives and forever relinquishes all claims, demands, obligations, liabilities and
causes of action of whatever kind or nature, whether known or unknown, which they have, may have, or might assert now or in the
future against the Lender and/or the Lender’s affiliates, participants, affiliates, officers, directors, employees, agents,
attorneys, accountants, consultants, successors and assigns, directly or indirectly, arising out of, based upon, or in any manner
connected with (i) any transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known
or unknown, which occurred, existed, was taken, permitted or begun prior to the execution of this Amendment with respect to the
Obligations, the Loan Documents and/or the administration thereof or the obligations created thereby; (ii) any discussions, commitments,
negotiations, conversations or communications with respect to the refinancing, restructuring or collection of any obligations;
or (iii) any thing or matter related to any of the foregoing. The inclusion of this paragraph in this Amendment, and the execution
of this Amendment by the Lender, does not constitute an acknowledgment or admission by the Lender of liability for any matter,
or a precedent upon which liability may be asserted. The foregoing paragraph does not constitute a release of the Lender from its
ongoing and future obligations under the Loan Agreement as amended hereby or under the other Loan Documents.

 

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(c)          Amendment
as Loan Document. Each party hereto agrees and acknowledges that this Amendment constitutes a “Loan Document” under
and as defined in the Loan Agreement.

 

(d)          Existing
Loan Documents. Unless specifically modified hereby, all terms and provisions of the Loan Agreement and the other Loan Documents
shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed.

 

(e)          Confirmation
of Representations, Warranties and Covenants. Each Borrower hereby confirms that (i) all representations, warranties and covenants
made in the Loan Agreement, and the other Loan Documents to which it is a party, remain true and correct as of the date hereof,
(ii) there has been no material adverse change in each Borrower’s financial condition from the date of the most recent financial
statements submitted to the Lender pursuant to the Loan Agreement, and (iii) there have occurred no Defaults or Events of Default
under the Loan Agreement and the other Loan Documents which are continuing as of the date hereof.

 

(f)          Governing
Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

(g)          Counterparts.
This Amendment may be executed in any number of counterparts, all of which constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

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IN WITNESS WHEREOF,
the undersigned have executed and delivered this Amendment as an instrument under seal as of the date first set forth above.

 

	 	CENTERLINE MORTGAGE CAPITAL INC., as Borrower	 
	 	 	 
	 	 	 
	 	By:	/s/ Michael P. Larsen	 
	 	 	Name: Michael P. Larsen	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	CENTERLINE MORTGAGE PARTNERS INC., as Borrower	 
	 	 	 
	 	 	 
	 	By:	/s/ Michael P. Larsen	 
	 	 	Name: Michael P. Larsen	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	MANUFACTURERS AND TRADERS TRUST COMPANY, as Lender	 
	 	 	 
	 	 	 
	 	By:	/s/ John Mangan	 
	 	 	Name: John Mangan	 
	 	 	Title: Vice President	 

 

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EXHIBIT A

 

AMENDED
AND RESTATED DAILY

ADJUSTING LIBOR REVOLVING LINE NOTE

(this “Note”)

 

New York

 

 

	November 9, 2012	$50,000,000

 

This Amended and Restated Daily
Adjusting LIBOR Revolving Line Note is an amendment to and restatement, renewal and replacement of that certain Daily Adjusting
LIBOR Revolving Line Note dated as of November 14, 2011 from Borrower (as defined below) to Bank (as defined below) in the principal
face amount of Fifty Million Dollars ($50,000,000).

 

BORROWER (Name): CENTERLINE
MORTGAGE CAPITAL INC. and CENTERLINE MORTGAGE PARTNERS INC.

(Organizational Structure): Corporations

(State Law organized under):
Delaware

(Address of residence/chief executive
office): 100 Church Street, 15th Floor, New York, New York 10007

 

		BANK:	MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation with
its principal banking office at One M&T Plaza, Buffalo, NY 14203. Attention: Office of General Counsel

 

1.          DEFINITIONS.
Each capitalized term shall have the meaning specified herein and the following terms shall have the indicated meanings:

 

		a.	“Applicable Interest Rate Spread”
shall mean the sum of the Minimum Interest Rate Spread plus the Interest Rate Adjustment, provided that in no event shall the
Applicable Interest Rate Spread be less than the Minimum Interest Rate Spread or greater than the Maximum Interest Rate Spread.
The Applicable Interest Rate Spread shall be determined quarterly as follows: for any calendar quarter, the Applicable Interest
Rate Spread shall be calculated using the Deposit Level Average of the prior calendar quarter, provided that for the first calendar
quarter (or portion thereof) of the term of this Note, the Applicable Interest Rate Spread shall mean 1.90%. For illustration
purposes only, the chart below shows what the Applicable Interest Rate Spread would be for a calendar quarter when the corresponding
Deposit Level Average of the prior calendar quarter is at the amount shown below.

 

	Deposit Level Average	Applicable Interest Rate Spread
	$15,000,000	1.90%
	$7,500,000	2.65%
	0	3.40%

 

		b.	“Authorized Person” shall mean,
each individually, Robert L. Levy, President of Borrower; William T. Hyman, Chief Executive Officer of Borrower; Philip A. Melton,
Senior Managing Director of Borrower; Michael P. Larsen, Chief Financial Officer of Borrower; John K. Larson, Managing Director
of Borrower; David A. Miller, Treasurer and Senior Vice President of Borrower; Vanessa L. Howes, Senior Vice President of Borrower;
Thomas A. Purtill, Vice President of Borrower; and Randal S. Hering, Vice President of Borrower (include name(s) and title(s),
as appropriate), or any other officer, employee or representative of Borrower who is authorized or designated as a signer of loan
documents under the provisions of Borrower’s most recent resolutions or similar documents on file with the Bank. Notwithstanding
that individual names of Authorized Persons may have been provided to the Bank, the Bank shall be permitted at any time to rely
solely on an individual’s title to ascertain whether that individual is an Authorized Person. Such authorization may be
changed only upon written notice to the Bank accompanied by evidence, reasonably satisfactory to the Bank, of the authority of
the person giving such notice and such notice shall be effective not sooner than five (5) New York Business Days following receipt
thereof by the Bank. The Bank shall have a right of approval, not to be unreasonably withheld or delayed, over the identity of
the Authorized Persons so as to assure the Bank that each Authorized Person is a responsible and senior officer of Borrower.

		c.	“Base Rate” shall mean a rate per
annum equal to the sum of the Applicable Interest Rate Spread plus the rate of interest announced by the Bank from time
to time as its prime rate of interest (“Prime Rate”).

 

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		d.	“Base Rate Loan” shall mean a Loan
that accrues interest at the Base Rate.

		e.	“Deposit Level Average” shall mean,
for any calendar quarter, the average deposit balances of Borrower and their affiliates held at the Bank during such calendar
quarter, as calculated by the Bank.

		f.	“Deposit Level Quotient” shall mean
the Deposit Level Average divided by the Deposit Level Target.

		g.	“Deposit Level Target” shall mean
Fifteen Million Dollars ($15,000,000).

		h.	“Draw Date” shall mean, in relation
to each Loan, the date that such Loan is made or deemed to be made to Borrower pursuant to this Note.

		i.	“Interest Rate Adjustment” shall
mean the Maximum Interest Rate Adjustment less the amount obtained by multiplying the Maximum Interest Rate Adjustment
by the Deposit Level Quotient.

		j.	“LIBOR” shall mean the rate per
annum (rounded upward, if necessary, to the nearest 1/16th of 1%) obtained by dividing (i) the applicable London Interbank
Offered Rate (see LIBOR Rate definition below), as fixed by the British Bankers Association for United States dollar deposits
in the London interbank market at approximately 11:00 a.m. London, England time (or as soon thereafter as practicable) on the
appropriate day in accordance with the terms of this Note, as determined by the Bank from any broker, quoting service or commonly
available source utilized by the Bank, by (ii) a percentage equal to 100% minus the stated maximum rate of all reserves required
to be maintained against “Eurocurrency Liabilities” as specified in Regulation D (or against any other category of
liabilities, which includes deposits by reference to which the interest rate on LIBOR Rate Loan(s) is determined, or any category
of extensions of credit or other assets which includes loans by a non-United States’ office of a bank to United States’
residents) on such date to any member bank of the Federal Reserve System. Notwithstanding any provision above, the practice of
rounding to determine LIBOR may be discontinued at any time in the Bank’s sole discretion.

		k.	“LIBOR Rate” shall mean the rate
per annum equal to the sum of the Applicable Interest Rate Spread plus one-month LIBOR, adjusting daily.

		l.	“LIBOR Rate Loan” shall mean any
Loan that accrues interest at a LIBOR Rate, as determined by the Bank.

		m.	“Loan” shall mean any advance of
funds made to Borrower by the Bank pursuant to this Note.

		n.	“Loan Agreement” shall mean that
certain Mortgage Warehouse Loan and Security Agreement dated as of November 14, 2011 among Borrower and the Bank, as amended by
the First Amendment to Mortgage Warehouse Loan and Security Agreement dated as of October 19, 2012 among Borrower and the Bank
and the Second Amendment to Mortgage Warehouse Loan and Security Agreement dated as of the date hereof among Borrower and the
Bank, as amended, restated, supplemented or otherwise modified from time to time.

		o.	“Loan Documents” shall mean this
Note, the Loan Agreement and any and all other agreements or documents executed in connection with this Note or the Loan Agreement,
as the same from time to time may be extended, restated, amended, supplemented or waived or modified in whole or in part.

		p.	“London Business Day” shall mean
any day on which dealings in United States dollar deposits are carried on by banking institutions in the London interbank market.

		q.	“Maximum Interest Rate Adjustment”
shall mean one and one-half percent (1.50%).

		r.	“Minimum Interest Rate Spread” shall
mean one and ninety hundredths percent (1.90%).

		s.	“Maximum Interest Rate Spread” shall
mean three and forty hundredths percent (3.40%).

		t.	“Maximum Principal Amount” shall
mean Fifty Million Dollars ($50,000,000).

		r.	“New York Business Day” shall mean
any day other than Saturday, Sunday or other day on which commercial banking institutions in New York, New York are authorized
or required by law or other governmental action to remain closed for business.

		s.	“Outstanding Principal Amount” shall
mean, at any point in time, the aggregate outstanding principal amount of all Loans made pursuant to this Note.

 

2.          PAYMENT
OF PRINCIPAL, INTEREST AND EXPENSES. 

 

		a.	Promise to Pay. For value received, and intending
to be legally bound, Borrower promises to pay to the order of the Bank, at the times set forth in this Note and the Loan Agreement,
the Maximum Principal Amount or the Outstanding Principal Amount, if less, plus interest as set forth below and all fees and costs
(including without limitation the Bank’s attorneys’ fees and disbursements, whether for internal or outside counsel)
the Bank incurs in order to collect any amount due under this Note and the other Loan Documents, to negotiate or document a workout
or restructuring, or to preserve its rights or realize upon any guaranty or other security for the payment of this Note (“Expenses”).
The total principal sum, or the amount thereof outstanding, together with any accrued but unpaid interest, shall be due and payable
in full on the Facility Termination Date, and is subject to acceleration in accordance with, the Loan Agreement pursuant to which
this Note has been issued.

 

		b.	Interest. Each Loan shall earn interest on the
Outstanding Principal Amount thereof calculated on the basis of a 360-day year for the actual number of days of each year (365
or 366), as follows:

 

		i.	LIBOR Rate Loans. Interest shall accrue
each day on any LIBOR Rate Loan, from and including the Draw Date to, but not including, the date such LIBOR Rate Loan is paid
in full (or converts to a Base Rate Loan), at the LIBOR Rate in effect for that day. The applicable LIBOR Rate shall be determined
each day using LIBOR in effect for that day, which, if such day is not a London Business Day, shall have been fixed on the nearest
preceding London Business Day.

 

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		ii.	Base Rate Loans. Interest shall accrue
each day on any Base Rate Loan, from and including the first day a Loan becomes a Base Rate Loan to, but not including, the day
such Base Rate Loan is paid in full, at a rate per annum equal to the Base Rate in effect each day. Any change in the Base Rate
resulting from a change in the Prime Rate shall be effective on the date of such change.

 

		c.	Maximum Legal Rate. It is the intent of the
Bank and Borrower that in no event shall interest be payable at a rate in excess of the maximum rate permitted by applicable law
(the “Maximum Legal Rate“). Solely to the extent necessary to prevent interest under this Note from exceeding the
Maximum Legal Rate, any amount that would be treated as excessive under a final judicial interpretation of applicable law shall
be deemed to have been a mistake and automatically canceled, and, if received by the Bank, shall be refunded to Borrower.

 

		d.	Payment of Loans and Interest. All Loans hereunder
shall be due and payable as set forth in this Note and the Loan Agreement; provided, however, that the Outstanding Principal Amount
of this Note and all accrued and unpaid interest shall automatically become immediately due and payable upon any Event of Default
(as defined in the Loan Agreement) or if Borrower or any guarantor or endorser of this Note commences or has commenced against
it any bankruptcy or insolvency proceeding. Borrower hereby waives protest, presentment and notice of any kind in connection with
this Note. Absent demand by the Bank for payment of interest monthly, interest shall be due and payable at the time any Loan is
repaid to the Bank.

 

		e.	Payments. Payments shall be made in immediately
available United States funds at any banking office of the Bank.

 

		f.	Preauthorized Transfers from Deposit Account.
If a deposit account number is provided in the following blank, Borrower hereby authorizes the Bank to debit Centerline Mortgage
Capital Inc.’s deposit account #9854533859 with the Bank and/or Centerline Mortgage Partners Inc.’s deposit account
#9854533842 with the Bank automatically for any amount which becomes due under this Note.

 

		g.	Late Charge. If Borrower fails to pay, within
five (5) days of its due date, any amount due and owing pursuant to this Note or any other Loan Document, Borrower shall immediately
pay to the Bank a late charge equal to the greatest of (a) $50.00, (b) five percent (5%) of the delinquent amount, or (c) the
Bank’s then current late charge as announced by the Bank from time to time.

 

		h.	Default Rate. If
the Borrower fails to make any payment when due under this Note, the interest rate on the Outstanding Principal Amount shall immediately
and automatically increase to five (5) percentage points per year above the otherwise applicable rate per year, and any judgment
entered hereon or otherwise in connection with any suit to collect amounts due hereunder shall bear interest at such default rate
(the “Default Rate”).

 

		i.	Interest Accrual; Application of Payments.
Interest will continue to accrue on the Outstanding Principal Amount until the earlier of the particular Loan is repaid or the
Outstanding Principal Amount is paid in full. All installment payments (excluding voluntary prepayments of principal) will be
applied as of the date each payment is received and processed. Payments may be applied in any order in the sole discretion of
the Bank, but, prior to demand for payment in full, may be applied chronologically (i.e., oldest invoice first) to unpaid amounts
due and owing, in the following order: first to accrued interest, then to principal, then to late charges and other fees, and
then to all other Expenses.

 

3.          CREDIT
AVAILABILITY.

 

		a.	General. This Note is issued by Borrower to
the Bank in connection with a certain line of credit or loan limit made available by the Bank to Borrower pursuant to the Loan
Agreement (the “Credit”). Except as otherwise provided herein, each Loan advanced hereunder shall be in the form of
a LIBOR Rate Loan.

 

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		b.	Authorized Representatives. The Bank may make
any Loan pursuant to the Credit in reliance upon any oral, telephonic, written, teletransmitted or other request (the “Request(s)”)
that the Bank in good faith believes to be valid and to have been made by Borrower or on behalf of Borrower by an Authorized Person.
The Bank may act on the Request of any Authorized Person until the Bank shall have received from Borrower, and had a reasonable
time to act on, written notice revoking the authority of such Authorized Person. Borrower acknowledges that the transmission between
Borrower and Bank of any Request or other instructions with respect to the Credit involves the possibility of errors, omissions,
misinterpretations, fraud and mistakes, and agrees to adopt such internal measures and operational procedures as may be necessary
to prevent such occurrences. By reason thereof, Borrower hereby assumes all risk of loss and responsibility for, and releases
and discharges the Bank from any and all responsibility or liability for, and agrees to indemnify, reimburse on demand and hold
Bank harmless from, any and all claims, actions, damages, losses, liability and expenses by reason of, arising out of, or in any
way connected with or related to: (i) Bank’s accepting, relying on and acting upon any Request or other instructions with
respect to the Credit; or (ii) any such error, omission, misinterpretation, fraud or mistake, provided such error, omission, misinterpretation,
fraud or mistake is not directly caused by the Bank’s gross negligence or willful misconduct. The Bank shall incur no liability
to Borrower or to any other person as a direct or indirect result of making any Loan pursuant to this paragraph.

 

		c.	Limit on Facility. Any Request for a Loan hereunder
shall be limited in amount, such that the sum of (i) the principal amount of such Request; (ii) the Outstanding Principal Amount
under this Note; and (iii) the aggregate face amounts of (or, if greater, Borrower’s aggregate reimbursement obligations
to the Bank (or any of its affiliates) in connection with) any letters of credit issued by the Bank (or any of its affiliates)
at the request (or for the benefit) of Borrower, pursuant to this Credit; does not exceed the Maximum Principal Amount under this
Note.

 

		d.	Revolving Credit. This
Note evidences a revolving Credit. Subject to all applicable provisions in this Note, the Loan Agreement and in any and all other
Loan Documents, the Borrower may borrow, pay, prepay and reborrow hereunder at any time prior to demand for payment in full of
the Outstanding Principal Amount. Notwithstanding that, from time to time, there may be no amounts outstanding respecting this
Note, this Note shall continue in full force and effect until all obligations and liabilities evidenced by this Note are paid
in full and the Credit evidenced by this Note has been terminated by the Bank. Prior to making any Loan hereunder, all conditions
precedent to an advance set forth in the Loan Agreement must be satisfied.

 

		e.	Request for LIBOR Rate Loans. In making any
Request for a Loan, Borrower shall specify the aggregate amount of such Loan and the Draw Date; provided, however, if a Request
is received by the Bank after 2:00 p.m. (Eastern Standard Time) on any given day, the earliest possible Draw Date will be the
next New York Business Day.

 

		f.	Delivery of Requests. Delivery of a Request
for a LIBOR Rate Loan shall be made to the Bank at the following address, or such other address designated by the Bank from time
to time:

 

M&T Bank

M&T Commercial Real Estate

25 South Charles Street, 17th
Floor

Mail Code: MD2-CS64

Baltimore, MD 21201

Attn: John Mangan

Tel. (410) 545-2373

jmangan@mtb.com

 

 

4.          CONVERSION
UPON DEFAULT. Unless the Bank shall otherwise consent in writing, if (i) Borrower fails to pay when due, in whole or in part,
the indebtedness under this Note (whether by demand or otherwise), or (ii) there exists a condition or event which, with the passage
of time, the giving of notice or both, shall constitute an Event of Default under the Loan Agreement or any other Loan Document,
the Bank, in its sole discretion, may convert any LIBOR Rate Loan to a Base Rate Loan. Nothing herein shall be construed to be
a waiver by the Bank to have any Loan accrue interest at the Default Rate of interest (which shall be calculated from the higher
of the LIBOR Rate or the Base Rate, as described above).

 

5.          RIGHT
OF SETOFF. The Bank shall have the right to set off against the amounts owing under this Note any property held in a deposit
or other account with the Bank or any of its affiliates or otherwise owing by the Bank or any of its affiliates in any capacity
to Borrower or any guarantor or endorser of this Note. Such setoff shall be deemed to have been exercised immediately at the time
the Bank or such affiliate elects to do so.

 

6.          BANK
RECORDS CONCLUSIVE. The Bank shall set forth on a schedule attached to this Note or maintained on computer, the date and original
principal amount of each Loan and the date and amount of each payment to be applied to the Outstanding Principal Amount of this
Note. The Outstanding Principal Amount set forth on any such schedule shall be presumptive evidence of the Outstanding Principal
Amount of this Note and of all Loans. No failure by the Bank to make, and no error by the Bank in making, any annotation on any
such schedule shall affect the Borrower’s obligation to pay the principal and interest of each Loan or any other obligation
of Borrower to the Bank pursuant to this Note.

 

    	9

    	 

    
 

7.          PURPOSE.
Borrower certifies (a) that no Loan will be used to purchase margin stock except with the Bank’s express prior written consent
for each such purchase and (b) that all Loans shall be used for a business purpose, and not for any personal, family or household
purpose.

 

8.          AUTHORIZATION.
Borrower, if a corporation, partnership, limited liability company, trust or other entity, represents that it is duly organized
and in good standing or duly constituted in the state of its organization and is duly authorized to do business in all jurisdictions
material to the conduct of its business; that the execution, delivery and performance of this Note have been duly authorized by
all necessary regulatory and corporate or partnership action or by its governing instrument; that this Note has been duly executed
by an authorized officer, partner or trustee and constitutes a binding obligation enforceable against Borrower and not in violation
of any law, court order or agreement by which Borrower is bound; and that Borrower’s performance is not threatened by any
pending or threatened litigation.

 

9.          INABILITY
TO DETERMINE LIBOR RATES, INCREASED COSTS, ILLEGALITY.

 

		a.	Increased Costs. If the Bank shall determine
that, due to either (a) the introduction of any change in law (other than any change by way of imposition of or increase in reserve
requirements included in the calculation of the LIBOR) or in the interpretation of any requirement of law, or (b) the compliance
requirements for any guideline or request from any central bank or other governmental authority (whether or not having the force
of law), there shall be any increase in the cost to the Bank of agreeing to make or making, funding or maintaining any LIBOR Rate
Loans, then Borrower shall be liable for, and shall from time to time, upon demand therefor by the Bank, pay to the Bank such
additional amounts as are sufficient to compensate the Bank for such increased costs.

 

		b.	Inability to Determine Rates. If the Bank shall
determine that for any reason adequate and reasonable means do not exist for ascertaining LIBOR with respect to a proposed LIBOR
Rate Loan, the Bank will give notice of such determination to Borrower. Thereafter, the Bank may not make or maintain, as the
case may be, LIBOR Rate Loans hereunder until the Bank revokes such notice in writing. Upon receipt of such notice, the Bank may
convert any LIBOR Rate Loans to Base Rate Loans, and Borrower may revoke any pending Request that Borrower previously made for
a LIBOR Rate Loan. If Borrower does not revoke any such Request, the Bank may make the Loans, as proposed by Borrower, in the
amount specified in the applicable Request submitted by Borrower, but such Loans shall be made as Base Rate Loans instead of LIBOR
Rate Loans.

 

		c.	Illegality. If the Bank shall determine that
the introduction of any law (statutory or common), treaty, rule, regulation, guideline or determination of an arbitrator or of
a governmental authority or in the interpretation or administration thereof, has made it unlawful, or that any central bank or
other governmental authority has asserted that it is unlawful for the Bank to make LIBOR Rate Loans, then, on notice thereof by
the Bank to Borrower, the Bank may suspend the making of LIBOR Rate Loans until the Bank shall have notified Borrower that the
circumstances giving rise to such determination shall no longer exist. If the Bank shall determine that it is unlawful to maintain
any LIBOR Rate Loans, Borrower shall immediately pay to the Bank the aggregate principal amount of all LIBOR Rate Loans then outstanding,
together with accrued interest and related Expenses. If Borrower is required to pay off any LIBOR Rate Loan as set forth in this
subsection, then concurrently with such payment, Borrower may borrow from the Bank, in the amount of such payment, a Base Rate
Loan.

 

10.          MISCELLANEOUS.
This Note, together with any related loan and security agreements and guaranties, contains the entire agreement between the Bank
and Borrower with respect to this Note, and supersedes every course of dealing, other conduct, oral agreement and representation
previously made by the Bank. All rights and remedies of the Bank under applicable law and this Note or amendment of any provision
of this Note are cumulative and not exclusive. No single, partial or delayed exercise by the Bank of any right or remedy shall
preclude the subsequent exercise by the Bank at any time of any right or remedy of the Bank without notice. No waiver or amendment
of any provision of this Note shall be effective unless made specifically in writing by the Bank. No course of dealing or other
conduct, no oral agreement or representation made by the Bank, and no usage of trade, shall operate as a waiver of any right or
remedy of the Bank. No waiver of any right or remedy of the Bank shall be effective unless made specifically in writing by the
Bank. Borrower agrees that in any legal proceeding, a copy of this Note kept in the Bank’s course of business may be admitted
into evidence as an original. This Note is a binding obligation enforceable against Borrower and its successors and assigns and
shall inure to the benefit of the Bank and its successors and assigns. If a court deems any provision of this Note invalid, the
remainder of the Note shall remain in effect. Section headings are for convenience only. Singular number includes plural and neuter
gender includes masculine and feminine as appropriate.

 

    	10

    	 

    
 

11.          NOTICES.
Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given if delivered to
Borrower (at its address on the Bank’s records) or to the Bank (at the address on page one and separately to the Bank officer
responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed sufficiently given for all
purposes when delivered (i) by personal delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall
be deemed effective three (3) New York Business Days after deposit in an official depository maintained by the United States Post
Office for the collection of mail or one (1) New York Business Day after delivery to a nationally recognized overnight courier
service (e.g., Federal Express). Notice by e-mail is not valid notice under this or any other agreement between Borrower
and the Bank.

 

12.          JOINT
AND SEVERAL. There is more than one Borrower; therefore, each of them shall be jointly and severally liable for all amounts
which become due under this Note and the term “Borrower“ shall include each as well as all of them.

 

13.          GOVERNING
LAW; JURISDICTION. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of New
York. Except as provided under federal law, this Note will be interpreted in accordance with the laws of the State of New York
excluding its conflict of laws rules. Borrower hereby irrevocably consents to the exclusive
jurisdiction of any state or federal court in the State of New York in a county or judicial district where the bank maintains a
branch, and consents that the Bank may effect any service of process in the manner and at Borrower’s address set forth above
for providing notice or demand; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing
any award or judgment or exercising any rights against Borrower individually, against any security or against any property of Borrower
within any other county, state or other foreign or domestic jurisdiction.
Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and Borrower. Borrower
waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

 

14.          WAIVER
OF JURY TRIAL. Borrower and the Bank hereby knowingly, voluntarily, and intentionally waive
any right to trial by jury Borrower and the Bank may have in any action or proceeding, in law or in equity, in connection with
this note or the transactions related hereto. Borrower represents and warrants that no representative or agent of the Bank has
represented, expressly or otherwise, that the Bank will not, in the event of litigation, seek to enforce this jury trial waiver.
Borrower Acknowledges that the Bank has been induced to enter into this note by, among other things, the provisions of this Section.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    	11

    	 

    
 

Acknowledgment. Borrower
acknowledges that it has read and understands all the provisions of this Note, including the Governing Law, Jurisdiction
and Waiver of Jury Trial, and has been advised by counsel as necessary or appropriate.

	 	 	 	 	 
	 	 	CENTERLINE MORTGAGE CAPITAL INC.	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ David A. Miller	 	By:	/s/ Michael P. Larsen	 
	Signature of Witness	 	 	Name: Michael P. Larsen	 
	 	 	 	Title: Chief Financial Officer	 
	David A. Miller Treasurer	 	 	 	 
	Typed Name of Witness	 	 	 	 
	 	 	 	 	 
	 	 	CENTERLINE MORTGAGE PARTNERS INC.	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ James A. Briggs	 	By:	/s/ Michael P. Larsen	 
	Signature of Witness	 	 	Name: Michael P. Larsen	 
	 	 	 	Title: Chief Financial Officer	 
	James A. Briggs Chief Accounting Officer	 	 	 	 
	Typed Name of Witness	 	 	 	 

 

ACKNOWLEDGMENT

 

STATE OF New York )

:SS.

COUNTY OF New York)

 

On the 8th
day of November, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared
Michael P. Larsen , the Chief Financial Officer of Centerline Mortgage Capital Inc., personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

___________________

Notary Public

 

ACKNOWLEDGMENT

 

STATE OF New York)

:SS.

COUNTY OF New York)

 

On the 8th
day of November, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared
Michael P. Larsen , the Chief Financial Officer of Centerline Mortgage Partners Inc., personally known to me or
proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

___________________

Notary Public

 

 

 

 

FOR BANK USE ONLY

	Authorization Confirmed:	 	 	 	 	 	 	 
	Product Code: 11900	 	 	 	 	 	 	 
	Disbursement of Funds:	 	 	 	 	 	 	 
	Credit A/C	# 	 	Off Ck	# 	 	Payoff Obligation	# 	 
	 	 	 	 	 	 	 	 	 
	 	$ 	 	 	$ 	 	 	$

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