Document:

Exhibit
10.1

 

LOAN
AGREEMENT

 

This
Loan Agreement (“Agreement”), dated as of April 23, 2021, is executed by PATRICK T. FILES, JR. and JENNIFER S. FILES, husband
and wife (collectively “Borrower”) and VAULT HOLDING, LLC, a Delaware limited liability company (“Lender’’).

 

RECITALS

 

A.
Borrower desires to borrow funds from Lender for the purposes of (1) developing a commercial retail project located on certain real property
located in Ridgefield, Clark County, State of Washington (the “Premises”), which are more particularly described in Exhibit
A attached hereto, and (2) closing costs, interest reserves and other costs and expenses related to the subject loan (collectively the
“Loan Purpose”).

 

B.
Lender desires to loan funds to Borrower for the foregoing purposes pursuant to the terms of this Agreement, which loans shall be evidenced
by a promissory note (the “Note”) that is secured by a Deed of Trust, Assignment of Leases and Rents, Security Agreement
and Fixture Filing on the Premise (the “Security Instrument”). Borrower has also executed in favor of Lender an Environmental
Indemnity Agreement (the “Environmental Indemnity”). This Agreement, the Note, the Security Instrument, and the Environmental
Indemnity are collectively referred to as the “Loan Documents.”

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Borrower hereby agrees as follows:

 

1.
Loan Amount.

 

a.
Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, Lender agrees to advance to Borrower the
principal sum of Two Million and No/100 US Dollars (U.S. $2,000,000.00) (the “Loan”).

 

b.
The Loan proceeds shall be distributed to Borrower on the following terms and conditions:

 

1.
One Million and no/100 US Dollars ($1,000,000.00) on or about April 23, 2021.

 

ii.
One Million and no/100 US Dollars ($1,000,000.00) (the ‘‘Discretionary Loan”) upon written request of Borrower (the
“Disbursement Request”) delivered to Lender on or before October 22, 2021, which written request shall reasonably describe
the anticipated uses of the requested funds and include documentation and information reasonably requested by Lender. Borrower acknowledges
and agrees that Lender shall have sole and absolute discretion in determining whether to make the Discretionary Loan. Lender shall notify
Borrower within 15 business days after Lender’s receipt of the Disbursement Request as to whether Lender will make the Discretionary
Loan. For the avoidance of doubt, (a) the maximum amount of the Discretionary Loan will be $1,000,000.00, (b) Borrower may only make
one request for the Discretionary Loan, and (c) Lender may make the Discretionary Loan in an amount less than $1,000,000.00. As a condition
precedent to making the Discretionary Loan, Lender shall receive an endorsement to its title insurance policy confirming that the priority
of the lien of the Security Instrument is acceptable to Lender in its sole and absolute discretion. The cost of such endorsement shall
be paid by Borrower. Borrower agrees to execute and deliver any documents reasonably requested by Lender with respect to documenting
the Discretionary Loan, including amendments to this Agreement, the Note and Security Instrument. For the avoidance of doubt, Lender
shall not make the Discretionary Loan if it does not receive Borrower’s written request for the Discretionary Loan on or before
October 22, 2021.

 

    	 	 	 

    	 	 	 

    

 

2.
Loan Terms. Borrower agrees that the following terms and conditions shall apply to the Loan.

 

a.
The term of the loan shall be twelve (12) months (the “Term”) and shall commence on April 23, 2021 (“Commencement Date”)
and end on April 23, 2022 (“Maturity Date”).

 

b.
The unpaid principal balance of the Loan shall bear interest at the rate of eight percent (8%) per annum (“Interest Rate”)
during the Term, subject to application of the Default Rate (as defined below). Interest shall be calculated for the actual number of
days elapsed on the basis of a 360-day year.

 

c.
Payments under the Note shall be made monthly as more fully set forth in Section 3 below. Notwithstanding any payment schedule or monthly
installments, all sums due under the Note and the other Loan Documents shall be paid in full on or before the Maturity Date.

 

d.
Upon the occurrence of an Event of Default as defined in the Note, Lender shall be entitled to receive and Borrower shall pay interest
on the entire unpaid principal balance of the Loan at the rate of twelve percent (12%) per annum (“Default Rate”), which
shall be in addition to and not in lieu of all other remedies of Lender.

 

e.
Borrower may pay before due any principal portion of the Loan without penalty.

 

3.
Payments. Commencing on May 1, 2021 and on the first day of each calendar month through the Term, Borrower shall pay Lender an
amount equal to all accrued interest hereunder. The Loan is not a revolving line of credit, and no amount of the principal portion of
the Loan that is repaid is eligible for re-borrowing by Borrower.

 

4
.. Use of Proceeds. The Loan proceeds
shall be used exclusively for the Loan Purpose.

 

5.
Loan Documents. The Loan made by Lender to Borrower hereunder shall be evidenced by the Note, in form satisfactory to Lender in
its sole discretion, which Borrower will execute and deliver at the Closing together with the other documents set forth in Section 7
below. In order to secure the obligations of Borrower under this Agreement and the Note, Borrower shall execute and deliver the Security
Instrument, in form satisfactory to Lender in its sole discretion.

 

    	 	 	 

    	 	 	 

    

 

6.
Closing. Subject to the satisfaction of the terms and conditions set forth in Section 7 below, the closing of the loan transaction
contemplated by this Agreement (the “Closing”) shall take place on or before April 23, 2021 (the “Closing Date”)
at the offices of Fidelity National Title Company of Washington, Inc., attention: Melissa Miller (“Title Company”), or such
other place as Lender shall designate.

 

7.
Conditions to Closing.

 

a.
The obligation of Lender to make and fund the Loan at the Closing is subject to satisfaction of the following:

 

i.
Borrower shall have delivered to Lender (A) this Agreement, the Note, the Security Instrument, and the Environmental Indemnity duly executed
by each Borrower; and (B) such other documents and instruments as Lender and its counsel may reasonably request consistent with the terms
of this Agreement;

 

ii.
Title Company shall be irrevocably committed to issue Lender a policy of title insurance insuring Lender’s interest in the Security
Instrument in the full amount of the Loan and such policy of title insurance is in form reasonably acceptable to Lender;

 

iii.
Borrower shall pay Lender the loan fee in the amount of $40,000.00, which
Borrower agrees is earned by Lender upon Closing; and

 

iv.
Borrower shall pay all fees and expenses incurred by Lender in connection with making the Loan, including the cost of the title insurance
policy described in (ii) above, Lender’s attorney fees that are estimated to be $8,000.00, and the cost of an appraisal of the
Premises.

 

b.
The obligations of Borrower to proceed at the Closing are subject to satisfaction of the following:

 

i.
Lender shall have delivered this Agreement executed by an authorized manager or officer of Lender.

 

8.
Insurance.

 

a.
Borrower shall maintain (i) property and casualty insurance on the Premises in an insured amount and with coverages reasonably acceptable
to Lender, (ji) commercial general liability insurance and such excess coverage that is reasonably acceptable to Lender, and (iii) any
other insurance required to be maintained by Borrower under any of the Loan Documents .

 

b.
Prior to the Commencement Date, Borrower shall provide to Lender certificates of insurance naming Lender as an additional insured on
all policies of insurance required under this Agreement.

 

    	 	 	 

    	 	 	 

    

 

9.
Representations and Warranties of Borrower; Covenants of Borrower.

 

a.
Borrower has full power and authority to execute and deliver this Agreement and the other Loan Documents and perform its obligations
hereunder and thereunder. The Loan Documents have been duly executed by Borrower. Each of this Agreement and the Loan Documents constitutes
the valid and legally binding obligation of Borrower, enforceable against it in accordance with their respective terms and conditions.
The execution, delivery and performance by Borrower of this Agreement and of the Loan Documents do not and shall not (i) conflict with
or result in a breach of, (ii) result in the creation of a lien on Borrower’s assets under (other than with respect to the Security
Instrument), (iii) give a third party the right to modify, terminate or accelerate any obligations of Borrower or (iv) require any authorization,
exemption or other action by or notice to or filing with a court or administrative or governmental body or agency (other than with respect
to the Security Instrument) pursuant to, any of the constituent documents of Borrower, any law, statute, rule or regulation to which
Borrower or any of its assets is subject, or any agreement, instrument, order, judgment or decree to which Borrower is subject.

 

b.
Borrower shall not, during the Term, (i) grant to any third party, or permit or take any action that would lead to the filing of, any
mortgage, lien, or security interest of any kind with respect to the Premises; or (ii) take any other action (or fail to take action)
which would immediately or with the passage of time, constitute a breach of any of the Loan Documents or Lender’s rights under
the Loan Documents.

 

c.
Borrower has established and shall maintain at all times with Lender while any of the indebtedness evidenced by the Note remains unpaid
a reserve for the payment of interest on the Loan (the “Interest Reserve”). Contemporaneously with the execution of this
Agreement, Borrower has deposited the sum of $150,000.00 into the Interest Reserve out of the proceeds of the Loan. So long as Borrower
is not in default under any of its obligations under this Agreement or any other Loan Document, commencing May 1, 2021, and on the first
day of each calendar month thereafter, funds in the Interest Reserve shall be advanced by Lender to itself in order to pay the monthly
interest payments due under the Note. Borrower acknowledges and agrees that Borrower shall be solely responsible for timely paying the
amounts due under the Note if (i) the balance of the Interest Reserve has been reduced to $0.00, or (ii) application of funds in the
Interest Reserve has been suspended as a result of Borrower being in default of its obligations under this Agreement or any of the Loan
Documents. If application of the Interest Reserve does not fully pay the applicable interest due and payable under the Note, Borrower
shall pay the unpaid balance to Lender on or before the date the subject interest payment is due. In the event of a default by Borrower
of its obligations under any of the Loan Agreements, the existing balance of the Interest Reserve shall constitute cash collateral under
the terms of the applicable Loan Documents. Borrower acknowledges the Interest Reserve is funded from proceeds of the Loan and such proceeds
constitute principal under the Note notwithstanding that Lender retains the Interest Reserve under the terms of this Agreement.

 

d.
Within fifteen (15) days after the end of each calendar quarter, Borrower shall deliver to Lender: (i) personal financial statements
of each Borrower in form and detail reasonably acceptable to Lender and certified as true and accurate by each Borrower, and (ii) bank
or brokerage statements or other documentation reasonably acceptable to Lender evidencing the liquid assets of Borrower. For purposes
of this Agreement, “liquid assets” shall mean cash and unencumbered marketable securities. Within ten (10) business days
after the date of filing, Borrower shall deliver to Lender, copies of all tax returns filed by Borrower.

 

    	 	 	 

    	 	 	 

    

 

e.
At all times that any portion of the Note remains unpaid, Borrower shall maintain liquid assets having an aggregate value of not less
than $ (the “Minimum Liquidity”).

 

f.
At all times that any portion of the Note remains unpaid, Borrower shall maintain a minimum debt service coverage ratio (“DSCR”)
of 1.50: 1.00 calculated on a trailing 12 month period at the end of each quarter. Borrower shall deliver to Lender financial statements
for the calendar year within sixty (60) days after the end of the calendar year. For purposes of this Agreement, the aforesaid DSCR shall
mean the ratio of all net operating income of the Premises to the interest-only debt service payable under the Note during the loan term.
Interest payments will be based on an eight percent (8%)’per annum interest-only rate calculated for the actual number of days
elapsed on the basis of a 360-day year. For the avoidance of doubt, the financial covenant set forth in this paragraph f. shall be calculated
as of the end of each quarter and included within the financial statements to be delivered pursuant to paragraph d. above. Failure to
achieve the minimum DSCR as calculated aforesaid, shall be a default of Borrower’s obligations under this Agreement.

 

g.
At all times that any portion of the Note remains unpaid, Borrower shall maintain a minimum deb! yield percentage of not less than 9.0%,
calculated as the net operating income of the Premises on a trailing 12 month period at the end of each quarter divided by the unpaid
principal balance of the Loan as of the subject date. For the avoidance of doubt, the financial covenant set forth in this paragraph
g. shall be calculated as of the end of each quarter and included within the financial statements to be delivered pursuant to paragraph
d. above. Failure to achieve the minimum debt yield percentage as calculated aforesaid, shall be a default of Borrower’ s obligations
under this Agreement.

 

l
0. Miscellaneous.

 

a.
Notices. Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other communications to
or upon Borrower under this Loan Agreement shall be in writing and faxed, mailed or delivered to each party to the facsimile number or
its address set forth below (or to such other facsimile number or address as the recipient of any notice shall have notified the other
in writing). All such notices and communications shall be effective (a) when sent by Federal Express or other overnight service of recognized
standing, on the business day following the deposit with such service; (b) when mailed, by registered or certified mail, first class
postage prepaid and addressed as aforesaid through the United States Postal Service, three (3) business days after mailed; (c) when delivered
by hand, upon delivery; and (d) when faxed, upon confirmation of receipt. Delivery of notice to either party’s counsel if shown
below shall not constitute notice to such party.

 

	 	Lender:	3535 Factoria Boulevard SE
	 		Suite 500 
	 		Bellevue, WA 98006

 

Borrower:

 

    	 	 	 

    	 	 	 

    

 

b.
Nonwaiver. No failure or delay on Lender’s part in exercising any right hereunder shall operate as a waiver thereof or of
any other right nor shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other
right.

 

c.
Amendment and Waivers. This Agreement may not be amended or modified, nor may any of its terms be waived, except by written instruments
signed by Borrower and Lender. Each waiver or consent under any provision hereof shall be effective only in the specific instances for
the purpose for which given.

 

d.
Assignment. This Agreement shall be binding upon and inure to the benefit of Lender and Borrower and their respective successors
and assigns; provided, however, that Borrower may not sell, assign or delegate tights and obligations hereunder without the prior
written consent of Lender, in its sole discretion.

 

e.
Payments Free of Taxes. All payments made by Borrower under the Loan Documents shall be made by Borrower free and clear of and
without deduction for any and all present and future taxes, levies, charges, deductions and withholdings, except applicable taxes imposed
on the income of Lender. In addition, Borrower shall pay upon demand any stamp or other taxes, levies or charges of any jurisdiction
with respect to the execution, delivery, registration, performance and enforcement of this Agreement. Upon request by Lender, Borrower
shall furnish evidence satisfactory to Lender that all requisite authorizations and approvals by, and notices to and filings with, governmental
authorities and regulatory bodies have been obtained and made and that all requisite taxes, levies and charges have been paid.

 

f.
Partial Invalidity. If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect
under the law or any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor
the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired
thereby.

 

g.
Expenses. Borrower shall pay on demand all reasonable fees and expenses, including reasonable attorneys’ fees and expenses,
incurred by Lender in connection with custody, preservation or sale of, or other realization on, any of the collateral securing the Note
or the enforcement or attempt to enforce any of the obligations of Borrower that is not performed as and when required by this Agreement.

 

h.
Construction. Each of this Agreement and the other Loan Documents is the result of negotiations among, and has been reviewed by,
Borrower, Lender and their respective counsel. Accordingly, this Agreement and the other Loan Documents shall be deemed to be the product
of all patties hereto, and no ambiguity shall be construed in favor of or against Borrower or Lender.

 

L
Entire Agreement. This Agreement taken together with the other Loan Documents constitute and contain the entire agreement of Borrower
and Lender and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties,
whether written or oral, respecting the subject matter hereof.

 

    	 	 	 

    	 	 	 

    

 

j.
Other Interpretive Provisions. References in this Agreement and each of the other Loan Documents to any document, instrument or
agreement (a) includes all exhibits, schedules and other attachments thereto, (b) includes all documents, instruments or agreements issued
or executed in replacement thereof, and (c) means such document, instrument or agreement, or replacement or predecessor thereto, as amended,
modified and supplemented from time to time and in effect at any given time. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement or any other Loan Document refer to this Agreement or
such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document,
as the case may be. The words “include” and “including” and words of similar import when used in this Agreement
or any other Loan Document shall not be construed to be limiting or exclusive. The Recitals set forth above are hereby incorporated into
and made an integral part of th.is Agreement.

 

k.
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington
without reference to conflicts of law rules. Borrower hereby unconditionally consents to King County, Washington as the venue in any
action arising out of or relating to this Agreement or any of the other Loan Documents.

 

I.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall be deemed to constitute one instrument.

 

m.
Electronic Means. Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic
communication capable of providing a printed copy will be deemed to be execution and delivery of this Agreement as of the date set forth
above.

 

n.
Joint and Several Obligation. Each Borrower shall be jointly and severally liable for the performance of any obligation under
this Agreement or any other Loan Document.

 

o.
ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW.

 

[The
remainder of this page is intentionally left blank]

 

    	 	 	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Loan Agreement to be executed as of the day and year first above written.

 

	Borrower:	 
	 	 
	/s/
    Patrick T. Files, Jr.	 
	PATRICK
    T. FILES, JR.	 
	 	 
	/s/
    Jennifer S. Files	 
	JENNIFER
    S. FILES	 

 

Lender:

 

	VAULT
    HOLDING, LLC	 
	By:	iCap
    Vault Management, LLC	 
	Its:
    Manager	 

By:
iCap Enterprises, Inc.

Its:
Manager

 

	By:	/s/
    Jim Christensen	 
	Name:	Jim
    Christensen	 
	Title:	Chief
    Operating Officer	 

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT
A

Legal
Description of Premises

 

Parcel
I:

 

That
certain portion of the William Ryan Donation Land Claim located in Clark County, Washington, more particularly described as follows:

 

BEGINNING
at a point that is North 146.98 feet and West 320.23 feet from the Southeast corner of Section 26, Township 2 North, Range 1 East of
the Willamette Meridian, said point being the Southeast comer of that certain tract conveyed to C.L. Beedle under Auditor’s File
No. G 171222, Clark County Deed Records, running thence North 2°02’ West a distance of 472.49 feet to a point; thence North
87°58’ East a distance of 296.00 feet to the Westerly line of that tract conveyed to the Washington State School] for the Deaf
by deed recorded under Auditor’s File No. G 134473, Clark County Deed Records; thence South 2°02’ East a distance of
472.49 feet to the Northerly line of a proposed 80 foot street; thence South 87”58’ West along said street a distance of
296.00 feet to the point of beginning.

 

EXCEPT
the South 190 feet thereof. The excepted South 190 feet is hereinafter called Parcel B. 

 

Parcel
II:

 

TOGETHER
WITH and the right of ingress and egress to and from the leased premises to Grand Avenue, over and across the North 25 feet of the following
described tract:

 

BEGINNING
at a point that is North 139.63 feet and West 526.74 feet from the Southeast comer of Section 26, Township 2 North, Range 1 East of the
Willamette Meridian, said point being on the East right of way line of Grand Avenue and on the North right of way line of a proposed
80.0 foot street; and running thence North 0°16’30” East along said Grand Avenue 215.50 feet; thence North 87°58’
East a distance of 197.97 feet; thence South 2°2’ East a distance of 215.32 feet to the Northerly right of way line of the
aforementioned proposed street; thence along said right of way South 87°58’ West a distance of 206.65 feet to the point of
beginning.Exhibit 10.2

 

PROMISSORY
NOTE

 

	$2,000,000.00	Seattle, Washington

April
23, 2021

 

FOR VALUE RECEIVED, PATRICK
T. FILES, JR. and JENNIFER S. FILES, husband and wife (collectively “Borrower”), promise to pay, in lawful money of
the United States of America, to the order of VAULT HOLDING, LLC, a Delaware limited liability company (“Lender”),
at 3535 Factoria Boulevard, Suite 500, Bellevue, Washington 98006, or such other place either within or without the State of Washington
as Lender may designate in writing from time to time, the principal sum of TWO MILLION and no/100 Dollars ($2,000,000.00), or so
much thereof as advanced by Lender in accordance with the terms and conditions of that certain Loan Agreement of even date herewith
by and between Borrower and Lender (together with all supplements, exhibits, amendments and modifications thereto, the “Loan
Agreement”), with interest on the unpaid principal balance at the rates provided below.

 

1. 
Interest Only.

 

(a)
Interest Rate. From the date hereof, the principal balance under this Note shall bear interest at the rate of eight percent
(8%) per annum. Interest shall be calculated based on the actual number of days elapsed in a 360-day year.

 

(b)
Payments. Borrower shall make consecutive monthly payments of all accrued interest on Note commencing May 1, 2021, and
then on the first day of each month thereafter throughout the term hereof. The entire principal balance of this Note and all unpaid
accrued interest thereon shall be due and payable in full on or before April 23, 2022.

 

2. 
PREPAYMENT.

 

This
Note may be prepaid in whole or in part at any time without any penalty or fee. Any partial prepayment shall not extend, postpone
or change the due dates of any payments required by Paragraph 1(b) above or change the amounts thereof.

 

3. LATE CHARGE.

 

If
any monthly payment is not made within ten (10) days of the due date, Borrower shall pay to Lender on demand a late charge equal
to five percent (5%) of the amount of the payment to defray the overhead expenses of Lender incident to the delay.

 

4. SECURITY; LOAN DOCUMENTS.

 

This
Note is secured by a Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing (“Deed of Trust”)
covering real and personal property located in Clark County, Washington. The Deed of Trust contains provisions requiring Lender’s
prior written consent to a transfer or further encumbrance of such property. This Note, the Deed of Trust, and all other related
documents and instruments are collectively referred to in this Note as the “Loan Documents”.

 

    	 	1	 

    	 	 	 

    

 

5. EVENTS OF DEFAULT.

 

The
occurrence of any one or more of the following shall be an Event of Default under this Note:

 

(a)
The failure to make any payment under this Note, the Deed of Trust, or any of the other Loan Documents when due.

 

(b)
The occurrence of an Event of Default as defined under any of the other Loan Documents.

 

6. REMEDIES; DEFAULT INTEREST.

 

Upon
any Event of Default, Lender may declare the entire principal balance and all accrued interest immediately due and payable. Whether
or not Lender exercises such option to accelerate, the entire principal balance, all accrued interest, and all other amounts payable
under the Loan Documents shall bear interest from the date of such Event of Default at a per annum default rate (“Default
Rate”) of twelve percent (12%) per annum. Such default interest shall be payable on demand. Lender’s failure to exercise
any right or remedy shall not be a waiver of the right to exercise the same. The foregoing remedies shall be in addition to all
other rights and remedies of Lender under the Loan Documents.

 

7. COLLECTION EXPENSES.

 

Borrower
shall reimburse Lender on demand for all reasonable legal fees and other costs and expenses incurred in collecting or enforcing
this Note or any of the other Loan Documents, in protecting or realizing on any collateral, or in otherwise protecting or enforcing
Lender’s rights under this Note or any of the other Loan Documents. Such fees, costs and expenses shall include those incurred
with or without suit and in any appeal, any petition for review, any arbitration or mediation, any action contesting or seeking
to restrain, enjoin, stay or postpone the exercise of any remedy of Lender, any post-judgment collection proceedings, any probate
proceedings, any state or federal bankruptcy or insolvency or receivership proceedings, and in connection with all negotiations,
documentation, and other actions relating to any workout, compromise, settlement or satisfaction of any of the indebtedness evidenced
by this Note or any obligations of Borrower under any of the Loan Documents. All such costs, expenses and fees shall bear interest
from the date of disbursement at the Default Rate and payment of the same shall be secured by the Deed of Trust.

 

8. WAIVERS.

 

Borrower
waives all notices required by law, including without limitation presentment and demand for payment, protest, and notice of demand,
protest, dishonor and nonpayment.

 

9. ASSIGNMENT OF NOTE BY LENDER.

 

The
term “Lender” shall include any subsequent holder of or participant in this Note and the other Loan Documents. Lender
may assign the Loan Documents in whole or in part. Lender may make available to any proposed assignee or participant all credit
and financial data with respect to Borrower as may be in the possession of Lender. Borrower agrees to provide any additional information
that any proposed assignee or participant may reasonably request.

 

    	 	2	 

    	 	 	 

    

 

10. MISCELLANEOUS.

 

(a)
Borrower warrants and represents that all funds advanced under this Note shall be applied to and are intended solely for business
or commercial purposes, and none of such funds will be used for personal, family or household purposes.

 

(b)
This Note shall be construed, enforced and otherwise governed by the laws of the State of Washington.

 

(c)
Any notice to Borrower under this Note shall be given in the manner specified in the Deed of Trust and shall be effective as provided
therein.

 

(d)
Time is of the essence of this Note and of the payments and performances hereunder and under the Deed of Trust.

 

EACH
BORROWER ACKNOWLEDGES JOINT AND SEVERAL LIABILITY FOR PAYMENT OF ALL AMOUNTS OWING UNDER THIS NOTE AND THE OTHER LOAN DOCUMENTS
AND AGREES THAT LENDER DOES NOT HAVE TO FORECLOSE ITS DEED OF TRUST OR ANY OTHER LIENS ON ANY COLLATERAL BEFORE DEMANDING FULL
PAYMENT FROM EITHER BORROWER.

 

NOTWITHSTANDING
ANYTHING TO THE CONTRARY SET FORTH HEREIN OR IN ANY OTHER LOAN DOCUMENT, THE DEED OF TRUST SHALL NOT SECURE THE OBLIGATIONS OF
BORROWER UNDER THAT CERTAIN HAZARDOUS SUBSTANCE AND BUILDING LAWS INDEMNITY REGARDING HAZARDOUS MATERIALS DATED AS OF EVEN DATE
HEREWITH, MADE BY BORROWER IN FAVOR OF LENDER (THE “INDEMNITY AGREEMENT”) OR THE SUBSTANTIAL EQUIVALENT OF THE OBLIGATIONS
ARISING UNDER THE INDEMNITY AGREEMENT. ALL OF SUCH OBLIGATIONS (AND THE SUBSTANTIAL EQUIVALENTS THEREOF) SHALL CONSTITUTE THE
SEPARATE, UNSECURED FULL RECOURSE OBLIGATIONS OF BORROWER AND SHALL NOT BE DEEMED TO BE EVIDENCED BY THIS NOTE, OR SECURED BY
THE DEED OF TRUST.

 

NOTICE:
ORAL AGREEMENTS, PROMISES, OR COMMITMENTS TO: (1) LOAN MONEY, (2) EXTEND CREDIT, (3) MODIFY OR AMEND ANY TERMS OF THE LOAN DOCUMENTS,
(4) RELEASE ANY GUARANTOR, (5) FORBEAR FROM ENFORCING REPAYMENT OF THE LOAN OR THE EXERCISE OF ANY REMEDY UNDER THE LOAN DOCUMENTS,
OR (6) MAKE ANY OTHER FINANCIAL ACCOMMODATION PERTAINING TO THE LOAN ARE ALL UNENFORCEABLE
UNDER WASHING TON LAW.

 

[signature
page follows]

 

    	 	3	 

    	 	 	 

    

 

	BORROWER	 
	 	 
	/s/
    Patrick T. Files, Jr.	 
	PATRICK
    T. FILES, JR.	 
	Taxpayer
    Identification No.:__________________________	 
	 	 
	/s/
    Jennifer S. Files	 
	JENNIFER
    S. FILES	 
	Taxpayer
    Identification No.:__________________________	 
	 	 
	Borrower
    Address:_________________________________	 

 

    	 	4

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