Document:

Exhibit 10.27

 

EXECUTION COPY

 

LEASE AGREEMENT

 

between

 

THE ATLANTA DEVELOPMENT AUTHORITY

 

and

 

TEN SIDE HOLDINGS, LLC

 

Dated as of December 1, 2009

 

 

 

This Lease
Agreement and all right, title and interest of The Atlanta Development Authority in any rents, revenues and receipts derived under
this Lease Agreement have been assigned to The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture of Trust,
dated as of December 1, 2009, with The Atlanta Development Authority which secures not to exceed $70,000,000 in aggregate principal
amount of The Atlanta Development Authority Taxable Lease Purchase Revenue Bonds (Tivoli Tenside Project), Series 2009.

 

     

     

    

 

LEASE AGREEMENT

 

TABLE OF CONTENTS

 

(The Table of
Contents for this Lease Agreement is for convenience of reference only and is not intended to define, limit or describe the scope
or intent of any provisions of this Lease Agreement.)

 

	ARTICLE
    I	DEFINITIONS	2
	Section
    1.1	Definitions	2
	Section
    1.2	Rules
    of Construction	8
	 	 	 
	ARTICLE
    II	REPRESENTATIONS
    AND WARRANTIES	9
	Section
    2.1	Representations
    and Warranties by the Issuer	9
	Section
    2.2	Representations
    and Warranties by the Lessee	10
	 	 	 
	ARTICLE
    III	LEASING
    CLAUSES AND WARRANTY OF TITLE	13
	Section
    3.1	Lease
    of the Project	13
	Section
    3.2	Title
    to Project	13
	Section
    3.3	Quiet
    Enjoyment	13
	Section
    3.4	Limitations
    of Warranties	14
	Section
    3.5	Agreement
    of the Issuer to Execute Amendment to Lease Agreement	14
	Section
    3.6	Agreement
    of the Issuer to Subordinate to any Leasehold Security
    Deed	14
	Section
    3.7	Acknowledgment
    of Subordination	14
	 	 	 
	ARTICLE
    IV	ACQUISITION
    OF THE PROJECT; ISSUANCE OF THE SERIES 2009
    BONDS	15
	Section
    4.1	Acquisition
    of the Project	15
	Section
    4.2	Agreement
    to Issue Bonds; Application of Bond Proceeds	15
	Section
    4.3	Disbursements
    from the Project Fund	15
	Section
    4.4	Obligation
    of the Parties to Cooperate in Furnishing Documents to Trustee	17
	Section
    4.5	Lessee
    Required to Pay Project Costs in Event Project Fund Insufficient	17
	Section
    4.6	Investment
    of Project Fund Moneys Permitted	17
	Section
    4.7	Reserved	17
	 	 	 
	ARTICLE
    V	EFFECTIVE
    DATE OF THIS LEASE; DURATION OF LEASE TERM;
    RENTAL PROVISIONS	18
	Section
    5.1	Effective
    Date of this Lease; Duration of Lease Term	18

 

    i

     

    

 

	Section
    5.2	Delivery
    and Acceptance
    of Possession	18
	Section
    5.3	Rents
    and Other Amounts Payable	18
	Section
    5.4	Place
    of Rental Payments	19
	Section
    5.5	Obligations
    of Lessee Hereunder Absolute and Unconditional	19
	Section
    5.6	Lessee’s
    Performance under Indenture	20
	Section
    5.7	Exculpation	20
	 	 	 
	ARTICLE VI	MAINTENANCE AND MODIFICATIONS,
    TAXES AND INSURANCE	21
	Section
    6.1	Maintenance
    and Modifications of Project by Lessee	21
	Section
    6.2	Reserved
    	21
	Section
    6.3	Taxes,
    Other Governmental Charges and
    Utility Charges	22
	Section
    6.4	Insurance
    Required	23
	Section
    6.5	Application
    of Net Proceeds of Insurance	23
	Section
    6.6	Additional
    Provisions Respecting Insurance	23
	Section
    6.7	Other
    Issuer Expenses	24
	Section
    6.8	Advances
    by Issuer or Trustee	24
	Section
    6.9	Indemnification
    of Issuer and the Trustee	24
	 	 	 
	ARTICLE
    VII	DAMAGE,
    DESTRUCTION AND CONDEMNATION	26
	Section
    7.1	Damage
    and Destruction	26
	Section
    7.2	Condemnation	26
	Section
    7.3	Proceeds
    of Insurance and Condemnation Awards	26
	 	 	 
	ARTICLE
    VIII	SPECIAL
    COVENANTS	27
	Section
    8.1	No
    Warranty of Condition or Suitability by the Issuer	27
	Section
    8.2	Inspection
    of Project; Right of Access to the Project by the Issuer	27
	Section
    8.3	Lessee
    to Maintain Its Existence; Exceptions Permitted	27
	Section
    8.4	Qualification
    in Georgia	27
	Section
    8.5	Further
    Assurances and Corrective Instruments	27
	Section
    8.6	Granting
    and Release of Easements; Amending or Modifying Easements	28
	Section
    8.7	Release
    of Certain Land	28
	Section
    8.8	Reports
    by Lessee	29
	Section
    8.9	Filing
    of Certain Continuation Statements	30
	Section
    8.10	Compliance
    with Laws	30
	Section
    8.11	Permitted
    Contests	30
	Section
    8.12	Special
    Covenants Related to Ad Valorem Taxation	31
	Section
    8.13	Special
    Environmental Indemnification	31
	Section
    8.14	Resolution
    of Disputes	32
	 	 	 
	ARTICLE IX	ASSIGNMENT, SUBLEASING, PLEDGING
    AND SELLING; REDEMPTION; RENT
    PREPAYMENT AND ABATEMENT	33
	Section
    9.1	Assignment
    and Subleasing	33

 

    ii

     

    

 

	Section 9.2	Restrictions on Sale of Project by Issuer	33
	Section 9.3	Prepayment of Bonds	34
	Section 9.4	Prepayment of Rents	34
	Section 9.5	Rent Abatements if Bonds Paid Prior to Maturity	34
	Section 9.6	Reference to Bonds Ineffective After Bonds Paid	35
	Section 9.7	Leasehold Security Deeds I Cooperation of Issuer	35
	Section 9.8	Exempt Assignment	40
	 	 	 
	ARTICLE X	EVENTS OF DEFAULT AND REMEDIES	42
	Section 10.1	Events of Default Defined	42
	Section 10.2	Remedies on Default.	43
	Section 10.3	Remedies Exclusive	44
	Section 10.4	Agreement to Pay Attorneys’ Fees, Costs and Expenses	44
	Section 10.5	No Additional Waiver Implied by One Waiver	44
	Section 10.6	Waiver of Appraisement, Valuation, Etc	44
	 	 	 
	ARTICLE XI	OPTIONS IN FAVOR OF LESSEE	45
	Section 11.l	Options to Terminate the Lease Term	45
	Section 11.2	Option to Purchase Project	45
	Section 11.3	[Reserved.]	46
	Section 11.4	Conveyance on Purchase	46
	Section 11.5	Relative Position of Options and Indenture	46
	 	 	 
	ARTICLE XII	OBLIGATIONS OF LESSEE	47
	Section 12.1	Obligation to Purchase Project	47
	 	 	 
	ARTICLE XIII	MISCELLANEOUS	48
	Section 13.1	Notices	48
	Section 13.2	Binding Effect.	50
	Section 13.3	Severability	50
	Section 13.4	Amounts Remaining in Bond Fund	50
	Section 13.5	Amendments, Changes and Modifications	50
	Section 13.6	Execution Counterparts	50
	Section 13.7	Captions	50
	Section 13.8	Recording of Lease, Memorandum of Lease or Short Form Lease	50
	Section 13.9	Law Governing Construction of Lease	50
	Section 13.10	Net Lease	50
	Section 13.11	Obligations Non-Recourse	50
	Section 13.12	Issuer’s Obligations Limited	51
	Section 13.13	Negation of Partnership	52
	Section 13.14	Estoppel Certificates	52

 

    iii

     

    

 

	EXHIBIT “A”	-	Description of Land
	EXHIBIT “B”	-	Reserved
	EXHIBIT “C”	-	Project Summary
	EXHIBIT “D”	-	Form of Quitclaim Deed
	EXHIBIT “E”	 	Form of Amendment to Lease Agreement Requisition
	EXHIBIT “F’	 	and Certificate

 

    iv

     

    

 

LEASE AGREEMENT

 

THIS
LEASE AGREEMENT, dated as of December 1, 2009, by and between THE ATLANTA DEVELOPMENT AUTHORITY (the “Issuer”), a public
body corporate and politic of the State of Georgia, as lessor, and TEN SIDE HOLDINGS, LLC (the “Lessee”),
a limited liability company organized and existing under the laws of the State of Georgia,
as lessee.

 

WITNESSETH :

 

WHEREAS,
on September 26, 2006 Lessee acquired a fee simple interest in certain prope1ty more particularly described in “Exhibit A”
attached hereto and by this reference made a part hereon (the “Leased Land”);
and

 

WHEREAS,
the Issuer has acquired on                     date
herewith (i) the Land from Ten Side Holdings, LLC and (ii) all improvements located on the Land (the “Improvements”) in
connection with the Issuer’s issuance of certain taxable revenue bonds in the amount of up to $70,000,000 to finance
the development of 336 multifamily housing units and approximately 38,600 square feet of street level retail space on the
Land,

 

NOW THEREFORE,
in consideration of the premises and the respective representations and agreements hereinafter contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Issuer and the Lessee agree as follows (provided,
that in the performance of the agreements of the Issuer herein contained, any obligation it may thereby incur for the payment of
money shall not be a general debt on its part but shall be payable solely out of the rents, revenues and receipts derived from
this Lease, the sale of the Bonds, insurance and condemnation awards as herein described and any other rents, revenues and receipts
arising out of or in connection with its ownership of the Project as hereinafter defined (except for any unassigned rights);

 

     

     

    

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.1      
Definitions. In addition to the words and terms elsewhere defined in this Lease, the following words and terms as used
in this Lease shall have the following meanings unless the context or use clearly indicates another or different meaning or intent.
Terms which are not defined in this Lease shall have the meaning specified in Article I of the Indenture except as herein otherwise
expressly provided or unless the context requires otherwise.

 

“Act”
means an act of the General Assembly of the State of Georgia known as the “Development Authorities Law” (0.C.G.A.
Section 36-62-1, et seq.), as amended.

 

“Assessors”
means the Fulton County Board of Assessors.

 

“Authorized
Issuer Representative” means the Chair, Vice Chair or Secretary of the Issuer or any other person or persons at the time
designated to act on behalf of the Issuer by certificate furnished to the Lessee and the Trustee containing the specimen signature
of each such person and signed by the Chair or Vice Chair of the Issuer. Any such certificate may designate an alternate or alternates,
each of whom shall be entitled to perform all duties of the Authorized Issuer Representative. Any such certificate shall be effective
until revoked in writing.

 

“Authorized
Lessee Representative” means the person or persons at the time designated to act on behalf of the Lessee by written certificate
furnished to the Issuer and the Trustee containing the specimen signature of each such persons and signed on behalf of the Lessee.
Such certificate may designate an alternate or alternates, each of whom shall be entitled to perform all duties of the Authorized
Lessee Representative. Any such certificate shall be effective until revoked in writing.

 

“Bond”
or “Bonds” means any or all of the Bonds issued by the Issuer pursuant to the Indenture.

 

“Bond
Fund” means the Bond principal and interest payment fund created by Section 602 of the Indenture and within which has been
established a General Account and a Special Account. Any reference herein to the “Bond Fund” without further limitation
or explanation shall be deemed to be a reference to the General Account in the Bond Fund.

 

“Bond
Purchase Agreement” means the Bond Purchase Agreement, dated as of December 1, 2009, among the Issuer, the Lessee in its
capacity as Lessee under this Lease, and the Lessee, as purchaser of the Bonds.

 

“Bondholder”
or “holder of the Bonds” means the registered owner of a Bond or, if a Bond has been pledged and registered in the
name of a pledgee, the registered pledgee of that Bond.

 

“Commission”
means the United States Securities and Exchange Commission.

 

    	 	2	 

     

    

 

The term
“corporation” shall include corporations, partnerships, limited partnerships, limited liability companies, associations,
companies, real estate investment trusts, business tmsts or any other similar entities.

 

“Company”
means Ten Side Holdings, LLC, a Georgia limited liability company.

 

“Counsel”
means an attorney or firm thereof admitted to practice law before the highest court of any state of the United States of America
or the District of Columbia. An attorney for the Issuer or the Lessee may be eligible for appointment as Counsel.

 

“Default Rate” shall
mean that rate of interest per annum equal to the lower of (i) one percent (1%) per annum above the Prime Rate in effect from time
to time, floating, or (ii) the highest lawful rate of interest.

 

“Event
of Default” means any of the events described in Section 10.1 hereof.

 

“Exempt
Assignment” has the meaning set forth in Section 9.8 of this Lease. “Financing Statements” means any
and all financing statements (including continuation statements) filed for record from time to time to perfect the Security
Interests created by the Indenture.

 

“Government
Obligations” means (a) direct obligations of the United States of America for the payment of which the full faith and
credit of the United States of America is pledged, or (b) obligations issued by any agency controlled or supervised by and acting
as an instrumentality of the United States of America, the payment of the principal of and interest on which is fully and unconditionally
guaranteed as a full faith and credit obligation of the United States of America (including any securities described in (a) or
(b) issued or held in book-entry form on the books of the Department of Treasury of the United States of America), which obligations,
in either case, are held in the name of the Trustee and are not subject to redemption prior to maturity by anyone other than the
holder thereof.

 

“Guaranty
Agreement” means the Guaranty Agreement between the Lessee, as Guarantor, and the Trustee pursuant to which the Guarantor
thereunder guarantees to the Trustee for the benefit of the owners of the Bonds the full and prompt payment of the principal of
and interest on the Bonds.

 

“Improvements”
means, collectively, the buildings, structures, fixtures and other improvements now or hereafter located on the Leased Land,
the acquisition of which or the improvements or replacement thereto, in whole or in part, is to be financed with the proceeds from
the sale of the Bonds, as they may at any time exist.

 

“Indenture”
means the Indenture of Trust between the Issuer and the Trustee, of even date herewith, and pursuant to which, inter alia,
(a) the Bonds are authorized to be issued, and (b) the Issuer’s interest in this Lease and the rents, revenues and receipts
arising out of or in connection with the Issuer’s ownership of the Project are to be pledged and assigned to the Trustee as security
for the payment of the principal of, and redemption premium (if any) and interest on, the Bonds, including any indenture supplemental
thereto.

 

    	 	3	 

     

    

  

“Independent
Counsel” means an attorney, or firm thereof, duly admitted to practice law before the highest court of any state in the
United States of America or the District of Columbia and not an employee of or regularly retained by either the Issuer or the
Lessee.

 

“Issuer”
means The Atlanta Development Authority, a public body corporate and politic created and existing under the laws of the State
of Georgia, and its lawful successors and assigns.

 

“Issuer
Documents” means this Lease, the Indenture, the Bond Purchase Agreement, and any Quitclaim Deed and Bill of Sale.

 

“Land”
or “Leased Land” means that certain parcel of real property having a street address of 1022 Northside Drive, Atlanta,
Fulton County, Georgia, such real property being the property more particularly described on Exhibit “A” attached
hereto and by reference made a part hereof, and, together with all easements, hereditaments, tenements and other rights and privileges
of any kind appurtenant thereto, less such real estate and interests in real estate as may be released from this Lease pursuant
to Section 8.6 hereof or taken by the exercise of the power of eminent domain as provided in Section 7.2 hereof.

 

“Lease”
means this Lease Agreement as it now exists and as it may hereafter be amended pursuant to Article XIV of the Indenture.

 

“Lease
Term” means the duration of the leasehold interest under this Lease as specified in Section 5.1 hereof.

 

“Leasehold
Mortgagee” means the Lender that holds a Leasehold Security Deed.

 

“Leasehold
Security Deed” means any leasehold deed to secure debt entered into by the Lessee pursuant to Section 9.7 hereof.

 

“Lender”
means any financial institution which has advanced
credit to the Company.

 

“Lessee”
means Ten Side Holdings, LLC, a Georgia limited liability company, and its successors and assigns, including any surviving,
resulting or transferee entity as provided in Section
8.3 hereof or Section 9.1 hereof.

 

“Lessee
Documents” means this Lease, any Guaranty Agreement and the Bond Purchase Agreement.

 

“Limited
Warranty Deed” means the Limited Warranty Deed to be dated the date of actual execution and delivery, pursuant to
which Ten Side Holdings, LLC conveys fee simple interest in the Land and Improvements, subject to Permitted Encumbrances, to the
Issuer.

 

    	 	4	 

     

    

 

“Loan
Documents” means the loan documents with respect to a Lessee’ Leasehold Security Deed or a Superior Security Document.

 

“Mortgage”
means as a noun, a deed of trust, mortgage deed to secure debt, security
agreement or similar voluntary agreement creating a lien upon or security interest in conveying security title to the project or
any part thereof or any interest therein (including without limitation the Lessee’s leasehold interest) as security for a debt
or other obligation. As a verb, “Mortgage” means to grant any such a deed of trust, mortgage, deed to secure debt, security
agreement or similar voluntary agreement creating a lien upon or security interest in or conveying security title to the Project
leased hereunder or any part thereof or any interest therein (including without limitation the Lessee’s leasehold interest) as
security for a debt or other obligation.

 

“Mortgagee” means
the holder of a Mortgage.

 

“Net
Proceeds” when used with respect to any insurance or condemnation award, means the gross proceeds from the insurance or
condemnation award with respect to which that term is used remaining after payment of all expenses (including attorneys’ fees and
any Extraordinary Expenses of the Trustee as defined in the Indenture)
incurred in the collection of such gross proceeds .

 

The term
“Payment in Full of the Bonds” specifically encompasses the situations referred to in Sections 1001 and 1002 of
the Indenture.

 

“Permitted
Encumbrances” means, as of any particular time, (i) liens for ad valorem taxes and special assessments not then delinquent
or permitted to exist as provided in Section 6.3 hereof, (ii) this Lease, the Indenture, and the Security Interests created herein
and in the Indenture, (iii) utility, access or other easements and rights-of-way, restrictions, reservations, reversions and exceptions
in the nature of easements that the Lessee certifies will not materially interfere with or impair the operations being conducted
at the Project, (iv) unfiled and inchoate mechanics’ and materialmen’s liens for construction work in progress, (v) architects’,
contractors’, subcontractors’, mechanics’, materialmen’ s, suppliers’, laborers’ and vendors’ liens or other similar liens not
then payable or permitted to exist as provided in Section 6.l(c) hereof, (vi) such minor defects, irregularities, encumbrances,
easements, rights-of-way and clouds on title as the Lessee, by an Authorized Lessee Representative, certifies do not, in the aggregate,
materially impair the property affected thereby for the purpose for which it was acquired or is held by the Issuer, (vii) any Superior
Encumbrances, and (viii) exceptions described in any Owner’s Policy of Title Insurance procured by the Issuer with the consent
of the Lessee and delivered on the date of execution and delivery of this Lease, including the rights of the tenants of the Project
identified in such Owner’s Policy of Title Insurance.

 

“Permitted Investments”
means:

 

		(a)	Government Obligations;

 

		(b)	obligations of the Federal Land Bank;

 

		(c)	obligations of the Federal Home Loan Bank;

 

    	 	5	 

     

    

 

		(d)	obligations of the Federal Intermediate Credit Bank;

 

		(e)	obligations of the Central Bank for Cooperatives;

 

(f)            certificates of deposit of national or state banks located within the State of Georgia which have deposits insured by the
Federal Deposit Insurance Corporation and certificates of deposit of federal savings and loan associations and state building and
loan associations located within the State of Georgia which have deposits insured by the Federal Savings and Loan Insurance Corporation
(including the certificates of deposit of any bank, savings and loan association or building and loan association acting as depository,
custodian or trustee for any proceeds of the Bonds); provided, however, that the portion of such certificates of deposit in excess
of the amount insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, if any,
shall be secured by deposit with the Federal Reserve Bank of Atlanta, Georgia, or with any national or state bank located within
the State of Georgia, of any of the obligations included in (a), (b), (c), (d) or (e) above;

 

(g)           repurchase
agreements with respect to obligations included in (a), (b), (c), (d) or (e) above and any other investments to the extent at the
time permitted by then applicable Georgia law for the investment of public funds; and

 

(h)           Securities
of or other interests in any no-load, open-end management type investment company or investment trust registered under the Investment
Company Act of 1940, as from time to time amended, or any common trust fund maintained by any bank or trust company which holds
such proceeds as trustee or by an affiliate thereof so long as:

 

(i)          the
portfolio of such investment company or investment trust or common trust fund is limited to the obligations referenced in paragraph
(a) hereof and repurchase agreements fully collateralized by any such obligations;

 

(ii)         such
investment company or investment trust or common trust fund takes delivery of such collateral either directly or through an authorized
custodian;

 

(iii)        such
investment company or investment trust or common trust fund is managed so as to maintain its shares at a constant net asset value;
and

 

(iv)        securities
of or other interests in such investment company or investment trust or common trust fund are purchased and redeemed only through
the use of national or state banks having corporate trust powers and located within the State.

 

“Prime
Rate” means an index rate of interest per annum announced from time to time by the Trustee or the commercial bank affiliate
of the Trustee or its successor as its Prime Rate or Prime Lending Rate (which rate is one of several interest rate bases used
by such bank). A change in the Prime Rate shall become effective from the beginning of the day on which such change is announced.
If announcement or use of such rate should be discontinued, the
Trustee shall substitute a comparable index rate, which shall be effective from and after the date of discontinuance of the original
index rate.

 

    	 	6	 

     

    

 

“Project”
means the Leased Land and the Improvements, as they may at any time exist.

 

“Project
Fund” means the project fund created by Section 701 of the Indenture and referred to in Sections 4.2 and 4.3 hereof.

 

“Project
Summary” means the project summary, filed with the Issuer, as the same may be amended from time to time in accordance with
the provisions of this Lease. The Project Summary is contained as Exhibit “C” attached hereto and by this reference
made a part of this Lease.

 

“Quitclaim
Deed and Bill of Sale” means the Quitclaim Deed and Bill of Sale to be dated the date of actual execution and delivery in
accordance with Section 11.4 hereof. The Quitclaim Deed and Bill of Sale, in substantially the form it is to be executed and delivered,
is attached as Exhibit “D” hereto.

 

“Rental
Payments” means those amounts required to be
paid by the Lessee pursuant to Section 5.3 hereof equal to the total amount of the principal and interest payable on the Bonds.

 

“Security
Interest” or “Security Interests” means the security interests created in the Indenture and shall have the meaning
set forth in the Uniform Commercial Code of Georgia, as now or hereafter amended.

 

“Series
2009 Bonds” means The Atlanta Development Authority Taxable Lease Purchase Revenue Bonds (Tivoli Tenside Project), Series
2009.

 

“Superior
Encumbrances” means any encumbrances created by any Superior Security Document.

 

“Superior
Security Document” means any Mortgage, Leasehold Security Deed, deed to secure debt or similar instrument or instruments
in which the Lessee or the Issuer (at the request of the Lessee) or both pledges the Project thereof leased hereunder, its interest
in this Lease or its interest in the related Trust Estate or any part thereof to a Lender. A Superior Security Document shall
also include, without limitation, pledges by the Lessee of the Bonds and any interest in the bond payments related thereto.

 

“Trust
Estate” is defined in the Indenture.

 

“Trustee”
means The Bank of New York Mellon Trust Company, N.A., or any co-trustee and any successor trustee under the Indenture.

 

    	 	7	 

     

    

 

Section
1.2      Rules
of Construction. Unless the context clearly indicates to
the contrary:

 

(a)          “Herein”,
“hereby”, “hereunder”, “hereof”, “Hereinbefore”, “hereinafter” and
other equivalent words refer to this Lease and not solely to the particular portion thereof in which any such word is used.

 

(b)          Words
importing the singular number shall include the plural number and vice versa, and any pronoun used herein shall be deemed to cover
all genders.

 

(c)          All
references herein to particular Articles or Sections are references to Articles or Sections of this Lease.

 

(d)          Any
certificate or statement required to be delivered under the provisions of this Lease or the Indenture shall, in the absence of
manifest error, be deemed to be conclusive evidence of the truth, correctness and accuracy of the matters covered in such certificate
or statement.

 

    	 	8	 

     

    

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

Section
2.1       Representations
and Warranties by the Issuer. The Issuer makes the following
representations and warranties:

 

(a)          Organization
and Authority.
The Issuer is a public body corporate and politic, created and validly existing pursuant to the Constitution and laws of the State
of Georgia, including particularly the provisions of the Act. Under the provisions of the Act, the Issuer has the power to execute
and deliver the Issuer Documents, to enter into the transactions contemplated thereby and to perform and    observe
its obligations contained therein in accordance with the terms thereof. By proper corporate action, the Issuer has duly authorized
the execution and delivery of the Issuer Documents.

 

(b)          Ability
to Finance Project Under
Act. The Project constitutes a project within the scope
of the Issuer’s power for which bonds may be issued to finance under the Act.

 

(c)          Public
Purpose. The
Issuer has found and hereby declares that the issuance of the Bonds and the use of the proceeds of the Bonds to acquire the Project
and the leasing of the Project to the Lessee and the sale of the Project to the Lessee at the expiration or sooner termination
of the Lease Term is in furtherance of the public purposes for which the Issuer is created.

 

(d)          Agreements
are Legal and
Authorized. The Issuer is not subject to any charter,
by-law or contractual limitation or provision of any nature whatsoever which in any way limits, restricts or prevents the Issuer
from entering into the Issuer Documents or performing any of its obligations thereunder.

 

(e)          Limited
Obligations. Notwithstanding anything herein contained to the contrary, any obligation the Issuer may hereby incur for the
payment of money shall not be a general debt on its part but shall be limited obligations payable solely from rents, revenues and
receipts derived from this Lease, the sale of the Bonds and any other rents, revenues and receipts derived by the Issuer arising
out of or in connection with its ownership of the Project.

 

(f)        
Issuance of Bonds. To accomplish the foregoing, the Issuer proposes to issue not to exceed $70,000,000 in aggregate principal
amount of its Series 2009 Bonds immediately following the execution and delivery    of    this    Lease.    The    date,
denominations, interest rate, maturity date, redemption provisions and other pertinent provisions with respect to the Bonds are
set forth in the Indenture (particularly Articles II and III thereof) and by this reference thereto they are incorporated herein.

 

(g)          Security
for Bonds. The Bonds are to be issued under and secured by the Indenture, pursuant to which the Issuer’s right, title and interest
in this Lease (except for certain rights of indemnification, payment of expenses and right to inspect the Project), and the rents,
revenues and receipts received by Issuer pursuant to this Lease will be assigned to the Trustee and pledged as security
for the payment of the principal of, redemption premium, if any, and interest on the Bonds.

 

    	 	9	 

     

    

 

(h)          No
Prior Pledge. The Trust Estate has not been pledged or hypothecated in any manner or for any purpose other than as provided
in the Indenture.

 

(i)          Governmental
Consent. Neither the nature of the Issuer nor any of its activities or properties, nor any relationship between the Issuer
and any other Person, nor any circumstance in connection with the offer, issue, sale or delivery of any of the Bonds is such as
to require the consent, approval or authorization of, or the filing, registration or qualification with, any governmental authority
on the part of the Issuer in connection with the execution, delivery and performance of any of the Issuer Documents or the offer,
issue, sale or delivery of the Bonds, other than those already obtained or filed; provided, however, no representation is made
herein as to compliance with the securities or “blue sky” laws of any jurisdiction nor is any representation made as
to any governmental consents, approvals or permits required in connection with the construction or operation of the Project.

 

(j)         
No Defaults.    No event has occurred and no condition exists with respect to the Issuer which
would constitute an event of default, as defined herein or therein, under any of the Issuer Documents or which, with the lapse
of time or with the giving of notice or both, would become an event of default under any of the Issuer Documents except for certain
limited obligation bond issues which may be in default but would not adversely affect payment of the Bonds.

 

(k)          Enforceability.
This Lease, assuming due authorization, execution and delivery thereof by Lessee, is a legal,
valid and binding obligation of the Issuer, enforceable in accordance with its terms, except to the extent that enforcement thereof
may be limited by (i) bankruptcy, insolvency, reorganization, receivership, liquidation, fraudulent conveyance, moratorium or other
similar laws affecting creditors’ rights generally, or (ii) general principles of equity (regardless of whether enforcement is
considered in a proceeding at law or in equity) and except as limited by any principles of public policy limiting the right to
enforce the indemnification provisions of this Lease.

 

(I)         No
Warranty by Issuer of Condition or Suitability of the Project.     The Issuer makes no warranty, either
express or implied, as to the suitability or utility of the Project or as to the condition of the Project or that they are or will
be suitable for the Lessee’s purposes or needs.

 

Section
2.2       Representations
and Warranties by the Lessee. The Lessee makes the
following representations and warranties:

 

(a)          Organization
and Power.    The Lessee is a limited liability company duly organized and existing under the laws of the
State of Georgia, has the power and authority to enter into this Lease and to perform its obligations contained herein and under
the Lessee Documents heretofore or hereafter to be executed and delivered by the Lessee, and has, by proper action, been duly authorized
to execute, deliver and perform this Lease in accordance with the terms hereof.

 

    	 	10	 

     

    

 

(b)          Pending
Litigation. There is no action, suit, proceeding, inquiry or investigation known to the Lessee to be pending or threatened
against or directly affecting the Lessee wherein an unfavorable decision, ruling or finding (i) is reasonably anticipated to materially
and adversely affect the transactions contemplated on its part by this Lease, or (ii) is reasonably anticipated to adversely affect
the validity or enforceability of the Bonds or the Lessee Documents.

 

(c)          No
Violation or Breach. The execution and delivery by the Lessee of the Lessee Documents and the compliance by the Lessee with
its obligations thereunder do not result in any violation of the articles or organization or operating agreement of the Lessee
and do not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, (i) any indenture,
mortgage, deed of trust, lease, note agreement or other agreement or instrument to which the Lessee is a party or by which the
Lessee is presently bound for which required consent has not been obtained (except for conflicts, breaches or defaults which would
not, individually or in the aggregate, be materially adverse to the Lessee), or (ii) any existing applicable law or any order,
rule or regulation of any court or governmental or regulatory authorities having jurisdiction over the Lessee, applicable to the
Lessee.

 

(d)          Governmental
Consents. Neither
the Lessee nor any of its business or properties, nor any relationship between the Lessee and any other Person, nor any circumstance
in connection with the execution, delivery and performance by the Lessee of the Lessee Documents, or the offer, issue, sale or
delivery by the Issuer of the Bonds, is such as to require the consent, approval or authorization of, or the filing, registration
or qualification with, any governmental authority on the part of the Lessee, other than those already obtained or filed; provided,
however, no representation is made herein as to compliance with the securities or “blue sky” laws of any jurisdiction.

 

(e)          No
Defaults. No event has occurred and no condition exists with respect to the Lessee that would constitute an event of default,
as defined herein or therein, under this Lease or any of the Lessee Documents or which, with the lapse of time or with the giving
of notice or both, would become such an event of default.

 

(f)        Governmental
Approval. The Project will be developed in such manner as to conform in all material respects with all applicable zoning, planning,
building and other regulations of governmental authorities having jurisdiction over the Project and all necessary utilities will
be available in all material respects to the Project.

 

(g)          Enforceability.
This Lease, assuming due authorization, execution and delivery thereof by the Issuer, is a legal, valid and binding obligation
of the Lessee, enforceable against the Lessee in accordance with its terms, except to the extent that enforcement thereof may
be limited by (i) bankruptcy, insolvency, reorganization, receivership, liquidation, fraudulent conveyance, moratorium or other
similar laws affecting creditors’ rights generally, or (ii) general principles of equity (regardless of whether
enforcement is considered in a proceeding at law or in equity) and except as limited by any principles of public policy limiting
the right to enforce the indemnification provisions of this Lease.

 

    	 	11	 

     

    

 

(h)          Operation
of Project. The Lessee presently intends to operate the Project, located wholly within the corporate limits of the City of
Atlanta within Fulton County, in a manner consistent with the Act, from the date of this Lease until the expiration or sooner termination
of the Lease Term as provided herein.

 

    	 	12	 

     

    

 

ARTICLE
III

 

LEASING
CLAUSES AND WARRANTY OF TITLE

 

Section 3.1      
Lease of the Project. The Issuer hereby leases to the Lessee, and the Lessee hereby leases from the Issuer, subject to Permitted
Encumbrances, the Project at the rental set forth in Section 5.3 hereof and in accordance with the provisions of this Lease.

 

The Issuer
hereby authorizes and directs Lessee to exercise all rights under this Lease (and be encumbered by all obligations), subject to
the Permitted Encumbrances, as if Lessee were the fee simple owner of the Project. This authorization and appointment of the Lessee
pursuant to the foregoing sentence and all authority hereby conferred or granted is conferred and granted irrevocably, until the
expiration or earlier termination of this Lease. The Issuer hereby agrees that third parties shall be entitled to rely on the authorization
and appointment set forth in this paragraph.

 

Section 3.2      

Title to Project. The Lessee and the Issuer agree that the Issuer will hold title to the Project, subject to any Superior
Security Document and other Permitted Encumbrances. The Lessee may at its own expense obtain such title insurance policies (or
binder to issue such policies) insuring (or agreeing to insure) that the Issuer has good and marketable fee simple title in and
to the portion of the Leased Land described on Exhibit “A” attached hereto free from all encumbrances except any Superior
Security Document or other Permitted Encumbrances, or that the Lessee has a valid leasehold interest in the Land and/or that the
holder of a Superior Security Document has a first lien on and security title to the Leased Land and/or that Leasehold Mortgagee
has a first lien on and security title to the Leasehold created by the Lease. Except as otherwise determined pursuant to any Superior
Security Document and any Leasehold Security Deed and Net Proceeds of such title insurance shall be used to remedy the title defect
resulting in the payment thereof or, to the extent not required therefor or in lieu thereof, shall be deposited in the Bond Fund.

 

The Issuer
makes no warranty or representation as to its title to the Project or any portion thereof. The Issuer agrees that it shall upon
request of the Lessee join where necessary in any proceeding to protect and defend the Issuer’s title in and to the Project, provided
that the Lessee shall pay the entire cost of any such proceeding or reimburse the Issuer therefor and indemnify and hold harmless
the Issuer from any cost or liability whatsoever.

 

Section 3.3      

Quiet Enjoyment. The Issuer warrants and covenants that it will defend the Lessee in the quiet enjoyment and peaceable possession
of the Project, and all appurtenances thereunto belonging, free from all claims of all persons whomsoever acting by, through or
under the Issuer, throughout the Lease Term.

 

In
addition to the foregoing warranty, the Issuer agrees that it will not take or cause another party to take any action to interfere
with the Lessee’s peaceful and quiet enjoyment of the Project. The Issuer agrees that in the event the peaceful and quiet
enjoyment of the Project shall otherwise be denied to the Lessee or contested by anyone, the Issuer shall upon request of the
Lessee join where necessary in any proceeding to protect and defend the quiet enjoyment of the Lessee, provided that, unless such
denial or contest shall result from the gross negligence or willful misconduct
of the Issuer, the Lessee shall pay the entire cost of any such proceeding, reimburse the Issuer therefor and indemnify and hold
harmless the Issuer from any cost or liability arising from such proceeding whatsoever.

 

    	 	13	 

     

    

 

Section 3.4        Limitations
of Warranties.   The warranties of the Issuer which are contained in Sections 3.2 and 3.3 hereof shall be limited
to the extent and in such amount as may be collected from time to time from the Lessee under this Lease; provided, however, that
nothing contained in this Section shall restrict the Issuer’s liability resulting from the Issuer’s tortious acts or gross negligence.

 

Section 3.5     
Agreement of the Issuer to Execute Amendment to Lease Agreement. The Issuer and the Lessee understand and agree that only
with prior written consent of the holder of a Superior Security Document and to the extent permitted by any Superior Security Document
at any time such a security instrument is outstanding portions of the    Leased Land may be removed from this
Lease in accordance with the provisions hereof and that certain items of personal property may be acquired by the Lessee and conveyed
to the Issuer or may be acquired directly by the Issuer from time to time hereafter only as permitted by any Superior Security
Document at any time any Superior Security Document is outstanding.     The Issuer agrees, at the reasonable
request of and with reasonable notice from the Lessee, to execute from time to time an amendment or amendments to Lease Agreement
in substantially the form contained as Exhibit “E” hereto or such other form as may be reasonably satisfactory to the
Issuer and the Lessee, and the additional property added thereby shall become a part of the Project and leased by the Issuer to
the Lessee pursuant to this Lease.

 

Section 3.6        Agreement
of the Issuer to Subordinate to any Leasehold Security Deed. At Lessee’s request and with the prior written consent of the
owners of a majority in principal amount of Bonds Outstanding, the Issuer shall subordinate its fee simple interest in the Project
to any Leasehold Mortgagee. In furtherance of such obligation, the Issuer shall execute any deed to secure debt, assignment of
leases or other document reasonably requested by Lessee and with the prior written consent of the owners of a majority in principal
amount of Bonds Outstanding at any time there is no Superior Security Document encumbering the Project.

 

Section 3.7    
Acknowledgment of Subordination.  Notwithstanding anything contained herein, this Lease is subject
and subordinate in all respects to any Superior Security Document,
to all other liens granted by the Lessee to the holder of a Superior Security Document with respect to or
in connection with the indebtedness secured by the Superior
Security Document, and to all modifications, extensions, refinancings (where such liens continue) or renewals of such lien.

 

    	 	14	 

     

    

 

ARTICLE IV

 

ACQUISITION OF THE PROJECT;
ISSUANCE OF THE SERIES 2009 BONDS

 

Section 4.1      Acquisition of the Project. Not later than the delivery of this Lease the Issuer will have acquired the title in and to
the Project which it warrants in Section 3.2 hereof. The Lessee agrees that, as principal, and not as agent for the Issuer, it
will cause to be acquired or installed in the Improvements or on the Leased Land items of machinery, equipment and related property
as in the Lessee’s judgment may be necessary or desirable for the operation of the Project, all of which acquisitions and installations
shall be at all times subject to a first priority security interest in favor of the holder of a Superior Security Document at any
time any such Superior Security Document is outstanding. Any changes to the Project Summary shall be made at the sole discretion
of the Lessee and shall also be filed with the Secretary or Assistant Secretary of the Issuer and the Authorized Lessee Representative.

 

The Issuer
agrees that only such changes will be made in the Project Summary as may be specified by an Authorized Lessee Representative.

 

The
Lessee agrees to complete the acquisition of the Project in accordance with the Project Summary as promptly as practicable after
the date of the execution and delivery of this Lease, but if said acquisition is not completed within the time herein contemplated
there shall be no resulting diminution in or postponement of the
rents required in Section 5.3 hereof to be paid by the Lessee.         ·

 

The Issuer
makes no warranty or representation, either express or implied, as to the suitability or fitness for a particular purpose of the
Project or any portion thereof.

 

Section
4.2      
 Agreement to Issue Bonds; Application of Bond Proceeds. In order to provide funds for payment of the cost of the acquisition
of the Project provided for in Section 4.1 hereof, the Issuer agrees that as soon as possible it will authorize, sell
and cause to be delivered to the initial purchaser or purchasers thereof, the Bonds, bearing
interest and maturing as set forth in Article III of the Indenture, at a price to be approved by the Lessee. Upon receipt of any
cash proceeds derived from the sale of the Bonds, the Issuer will deposit said proceeds received upon said sale in the Project
Fund.

 

Section
4.3      Disbursements from the Project    Fund.    The
Issuer will, in the Indenture, authorize and direct the Trustee to use the moneys in the Project Fund for the following purposes:

 

(a)          Payment
of the initial or acceptance fee of the Trustee and customary and reasonable fees, costs and expenses of the Trustee and its counsel;
the fees and expenses for recording or filing the Limited Warranty Deed whereby fee simple title in
and to the Land and the Improvements has been or is to be conveyed to the Issuer; the fees and expenses for recording or
filing this Lease or an amendment to the existing Short Form Lease and any other documents by which this Lease is assigned as security
for the Bonds; the fees and expenses for recording or filing any documents that the Lessee may deem desirable
to file for record in order to protect the title of the Issuer to the Project, or any part thereof; and the fees and expenses in
connection with any actions or proceedings that the Lessee may deem desirable to bring in order to perfect or protect the title
of the Issuer to the Project;

 

    	 	15	 

     

    

 

(b)          Payment
to the Lessee and the Issuer, as the case may be, of such amounts, if any, as shall be necessary to reimburse the Lessee and the
Issuer in full for all advances and payments made by them or either
of them prior to or after the delivery of the Bonds for expenditures in connection with the acquisition by the Issuer or the Lessee
of title to the Land (including the cost of the Leased Land and of any options to purchase the Land and rights-of-way for the purpose
of providing access to and from the Land), the acquisition of the Project, the acquisition, construction and installation necessary
to provide utility services or other facilities including trackage to connect the Project with public transportation facilities,
and the acquisition, construction and installation of all real or personal properties deemed necessary in connection with the Project,
and any architectural, engineering and supervisory services with respect to any of the foregoing;

 

(c)          Payment
of, or reimbursement of the Issuer or the Lessee for the fee of the Issuer, the customary and reasonable legal and accounting fees
and expenses, financial consultants’ fees, rating agencies’ fees, financing charges (including underwriting or placement fees)
and printing and engraving costs incurred in connection with the authorization, sale and issuance of the Bonds, the preparation
of this Lease or any amendment hereto, the Indenture, the Financing Statements and all other documents in connection therewith
and in connection with the acquisition of title to the Project and any financing obtained from the Lessee’s lenders;

 

(d)          Payment
of the fees, if any, for architectural, engineering and supervisory services with respect to the Project;

 

(e)          All moneys remaining in the Project Fund (including moneys earned
on investments made pursuant to the provisions of Section 4.6 hereof) after the payment in full of the costs of the acquisition
of the Project, and after payment of all other items provided for in the preceding subsections of this Section then due and payable
shall, at the written direction of the Authorized Lessee Representative, be (i) used for the purchase of Bonds for the purpose
of cancellation, or (ii) paid into the Bond Fund, or (iii) a combination of (i) and (ii) as is provided in such direction, provided
that amounts approved by the Lessee and the Authorized Issuer Representative shall be retained by the Trustee in the Project Fund
for payment of Project costs not then due and payable. Any balance remaining of such retained funds after full payment of all such
Project costs shall be used by the Trustee as directed by the Lessee in the manner specified in clauses (i), (ii) and (iii) of
this subsection; and

 

Anything
contained in this Section 4.3 to the contrary notwithstanding, if the Bond Purchaser is also the Lessee, in lieu of making a deposit
into the Project Fund, the Bond Purchaser may make an internal book entry notation to denote that funds have been advanced by the
Bond Purchaser on behalf of the Issuer to the Lessee as payment or reimbursement of Project costs.

 

    	 	16	 

     

    

 

The payments
specified in subsections (a) through (e) of this Section shall be made by the Trustee only upon receipt of a written requisition
or facsimile thereof for such payment signed by the Lessee by an Authorized Lessee Representative in substantially the form contained
as Exhibit “F” hereto.

 

In
making any such payment from the Project Fund the Trustee
may conclusively rely on any such requisitions and certificates delivered to it pursuant to this Section and the Trustee shall
be relieved of all liability with respect to making such payments in accordance with such requisitions and such certificates without
inspection of the Project or any other investigation.

 

Section
4.4        Obligation
of  the Parties to Cooperate
in Furnishing Documents to Trustee.
The Issuer and the Lessee agree to cooperate with each other in promptly furnishing to the Trustee the documents referred
to in Section 4.3 hereof that are required to effect payments out of the Project Fund, and to cause such requisitions
and certificates to be directed by the Authorized Lessee Representative to the Trustee as may be necessary to effect payment
out of the Project Fund in accordance with Section 4.3 hereof. Such obligation of the Issuer and the Lessee is subject to
any provisions of this Lease or the Indenture requiring additional documentation with respect to payments and shall not
extend beyond the moneys in the Project Fund available for payment under the terms of the Indenture.

 

Section
4.5     Lessee
Required to Pay Project Costs in
Event Project
Fund
Insufficient. The Issuer
does not make any warranty, either express or implied, that the moneys which will be paid into the Project Fund and which, under
the provisions of this Lease, will be available for payment of the costs of the Project, will be sufficient to pay all the costs
which will be incurred in that connection. The Lessee agrees that if after exhaustion of the moneys in the Project Fund, the Lessee
should pay any portion of the costs of the Project pursuant to the provisions of this Section, it shall not be entitled to any
reimbursement therefor from the Issuer or from the Trustee or from the holders of any of the Bonds nor shall it be entitled to
any diminution in or postponement of the rental payments required in Section 5.3 hereof to be paid by the Lessee.

 

Section
4.6        Investment
of Project Fund Moneys Permitted. Any moneys held as part of the Project
Fund shall be invested or reinvested by the Trustee upon the written or oral request and direction of the Authorized Lessee
Representative, promptly confirmed in writing, in Permitted Investments.

 

Such investments
shall mature or shall be subject to sale prior to maturity in such amounts and at such times as may be necessary to provide funds
when needed to make payments from the Project Fund. The Trustee may make any and all such investments through its own bond department
as provided in the Indenture. Any interest or gain received from such investments of the moneys in the Project Fund shall be credited
to and held in the Project Fund and any loss from such investments shall be charged against the Project Fund.

 

Section
4.7        Reserved.

 

    	 	17	 

     

    

 

ARTICLE V

 

EFFECTIVE DATE OF THIS LEASE;
DURATION OF

LEASE TERM; RENTAL PROVISIONS

 

Section
5.1      
 Effective Date of this Lease; Duration of Lease Term. This Lease shall become effective upon its delivery and the leasehold
interest created by this Lease shall then begin, upon substantial completion of the Project as evidenced by the issuance of a “certificate
of occupancy” by the governmental body with jurisdiction
over the location of the Project, and, subject to the other provisions of this Lease (including particularly Articles X, XI, and
XII hereof), shall expire at midnight on January 1,
2022 unless earlier terminated. If at said time and on such
date Payment in Full of the Bonds shall not have been made, then this Lease shall expire on such date as such payment shall have
been made.

 

Section
5.2        Delivery    and    Acceptance    of    Possession.    
The Issuer agrees to deliver to the Lessee sole and exclusive possession of the Project (subject to the right of the Issuer and
the Trustee to enter thereon for inspection and other purposes as set forth in Section 8.3 hereof)
on the effective date of this Lease and the Lessee agrees to accept possession of the Project upon such delivery.

 

Section 5.3        Rents    and    Other    Amounts    Payable.    
Subject to Section 208 of the Indenture, on or before January 1 and July 1 in each year, commencing January 1, 2010, until Payment
in Full of the Bonds, the Lessee shall pay or cause to be paid to the Trustee for the account of the Issuer as rents for the Project
a sum equal to the amount payable on such date as principal of and interest on the Bonds, as provided in the Indenture. Each Rental
Payment under this Section 5.3 shall be sufficient to pay the total amount of principal and interest payable on such semiannual
interest payment date, and if at any semiannual interest payment date the balance in the Bond Fund is insufficient to make required
payments of principal and interest on such date, the Lessee shall forthwith pay any such deficiency.

 

Notwithstanding
anything to the contrary contained herein, if the Company is the lessee of the Project and is also the Bondholder, then the payment
of Rental Payments under this Lease and the payment of the principal of and interest on such Bond shall be deemed to have been
constructively made when due and shall be noted on the Schedule of Payment attached to the Bond. If
the Company elects to terminate this Lease or elects to purchase the Project, and if the Bond has not theretofore been retired,
the Company shall make a final payment of Rental Payments in an amount sufficient to retire the Bond and shall cause the Bond to
be retired on the date the Term expires or the date this Lease is terminated or the date the purchase of the Project is closed,
as applicable, provided that if the Company or an Affiliate of the Company is also the Holder of the Bond, then in lieu of such
payment, such Bond shall be marked “canceled and paid” and shall be promptly surrendered by the Holder to the Registrar.

 

Anything
herein to the contrary notwithstanding, any amount at any time held by the Trustee in the Bond Fund shall be credited against the
next succeeding rental payment and such credit shall reduce the payment to be then made by the Lessee; and further, if the amount
held by the Trustee in the Bond Fund should be sufficient to pay at the times required the principal
of and interest on all Bonds then remaining unpaid, the Lessee shall not be obligated to make any further rental payments under
the provisions of this Section.

 

    	 	18	 

     

    

  

The
Lessee agrees to pay to the Trustee until Payment in Full of the Bonds (i) at least once a year an amount equal to the annual fee
of the Trustee for the Ordinary Services of the Trustee rendered and its Ordinary Expenses incurred under the Indenture, (ii) the
reasonable fees, costs and expenses of Trustee’s Counsel as provided in the Indenture, as and when the same become due, and (iii)
the reasonable fees and charges of the Trustee for Extraordinary Services rendered by it and Extraordinary Expenses incurred under
the Indenture, as and when the same become due; provided, that the Lessee may, without creating a default hereunder, withhold such
payment to contest in good faith the necessity for any such Extraordinary Services and Extraordinary Expenses and the reasonableness
of any such fees, charges or expenses.

 

If
the Lessee should fail to make any of the payments required in this Section, the item or installment so in default shall continue
as an obligation of the Lessee until the same shall have been fully paid, and the Lessee agrees to pay the same with interest thereon,
to the extent legally enforceable, at the Default Rate per annum until paid. The provisions of this Section 5.3 shall be subject
to the provisions of Section 9.5 hereof.

 

Section
5.4      
 Place of Rental Payments. The rents provided for in the first paragraph of Section 5.3 hereof and the interest on delinquent
rents shall be paid directly to the Trustee for the account of the Issuer and will be deposited in the Bond Fund subject to the
provisions of Section 208 of the Indenture. The other payments provided for in Section 5.3 hereof shall be paid directly to the
Trustee for its own use or for disbursement to any other paying agent on the Bonds, as the case may be.

 

Section
5.5     Obligations    of
Lessee Hereunder    Absolute and Unconditional.
Subject to the provisions of Section 9.5 hereof, the obligations of the Lessee to make the payments required in Section 5.3 hereof
and to perform and observe the other agreements on its part contained herein shall be absolute and unconditional with no right
of set-off. Until such time as Payment in Full of the Bonds shall have been made, the Lessee (i) will not suspend or discontinue
any payments provided for in Section 5.3 hereof except to the extent the payments have been prepaid, (ii) will perform and observe
all of its other agreements contained in this Lease Agreement, and (iii) except as provided in Sections    11.1
and 11.2 hereof, will not terminate the Lease Term for any cause, including, without    limiting
the generality of the foregoing, failure of the Issuer’s title in and to the Project or any part thereof, any acts or circumstances
that may constitute failure of consideration, eviction or constructive eviction, destruction of or damage to the Project, commercial
frustration of purpose, any change in the tax or other laws of the United States of America or of the State of Georgia or any political
subdivision of either thereof or any failure of the Issuer to perform and observe any agreement, whether express or implied, or
any duty, liability or obligation arising out of or connected with this Lease or the Indenture. Nothing contained in this Section
5.5 shall be construed to release the Issuer from the performance of any of the agreements on its part herein contained; and if
the Issuer should fail to perform any such agreement, the Lessee may institute such action against the Issuer as the Lessee may
deem necessary to compel performance or recover its damages for nonperformance so long as such action shall not conflict with the
agreements on the part of the Lessee contained in the preceding sentence.    The
Lessee may, however, at its own cost and expense
and in its own name or in the name of the Issuer, prosecute or defend any action or proceeding or take any other action involving
third persons which the Lessee deems reasonably necessary or in order to insure the acquisition of the Project or to secure or
protect its right of possession, occupancy and use of the Project hereunder, and in such event the Issuer hereby agrees to cooperate
fully with the Lessee and to take all lawful action which is required to effect the substitution of the Lessee for the Issuer in
any such action or proceeding if the Lessee shall so request.

 

    	 	19	 

     

    

 

Section
5.6      Lessee’s
Performance under Indenture. The Lessee agrees, for the benefit of the owners from time to time of the Bonds, to do
and perform all acts and things contemplated in the Indenture to be done or performed by it.

 

Section
5.7      
 Exculpation. Notwithstanding any other provision of this Lease Agreement, by acceptance hereof the Issuer
agrees, for so long as any Superior Security Document remains outstanding and unpaid, that payment of the rents and other amounts
payable under Section 5.3 but not including payments pursuant to Sections 6.7, 6.9 and 10.4, shall be without recourse to the
Lessee or its members personally, and the Issuer shall not be entitled either to seek or procure payment of such amounts out of
any source other than the Lessee’s interest in this Lease Agreement ‘or to procure judgment of any kind against either
the Lessee, any member of the Lessee, or any property of the Lessee or any member of the Lessee, except for the Lessee’s
interest in this Lease Agreement, including, without limitation, for any deficiency remaining after the transfer or other disposition
of the Lessee’s interest in this Lease Agreement; provided, however, that nothing in this paragraph shall be deemed to preclude
the Issuer from exercising its rights under this Lease Agreement or from obtaining a judgment for purposes of enforcing its rights
under this Lease Agreement, or to preclude the Trustee from exercising its rights under the Indenture or from obtaining a judgment
for purposes of enforcing its rights under the Indenture. This provision is intended to ensure that the obligations of the Lessee
under this Lease Agreement remain junior and subordinate in priority to the obligations of the Lessee under any Superior Security
Document and shall be so construed.

 

    	 	20	 

     

    

  

ARTICLE VI

 

MAINTENANCE AND MODIFICATIONS,
TAXES AND INSURANCE

 

Section 6.1        Maintenance
and Modifications of Project by Lessee.

 

(a)           The
Lessee will cause the Project to be maintained, preserved and kept in good repair, working order and condition and will from time
to time cause to be made all necessary and proper repairs, replacements and renewals; provided, however, that the Lessee will have
no obligation to cause to be maintained, preserved, repaired, replaced or renewed any element or unit of the Project, the maintenance,
repair, replacement or renewal of which, in the opinion of the Lessee, becomes uneconomical to the Lessee because of damage or
destruction or obsolescence, or change in economic or business conditions, or change in government standards and regulations. The
Lessee agrees that the Issuer shall have no obligation to maintain the Project or any portion thereof.

 

The
Lessee covenants that as long as the Lessee or any of its subsidiaries or affiliates operates the Project, it or such subsidiary
or affiliate will cause the Project to be maintained and operated as a “project” under the Act.

 

(b)          The
Lessee may from time to time, in its sole discretion, at its own expense and not from the proceeds of the Bonds, make any additions,
modifications or improvements to the Project, including installation of machinery, equipment and related property in the Improvements
or on the Land, which it may deem desirable for its business purposes. All machinery, equipment and related property so installed
by the Lessee shall remain the sole property of the Lessee in which neither the Issuer nor the Trustee shall have any interest.
All such machinery, equipment and other related property may be modified or removed at any time.

 

(c)          The
Lessee shall not permit any mechanics’ liens, materialmen’s liens or other liens to be established and remain against the Project
for labor or materials furnished or services rendered in connection with any additions, modifications, improvements, repairs, renewals
or replacements so made by it; provided, that if the Lessee shall first notify the Trustee of its intention so to do, the Lessee
may in good faith contest any mechanics’ liens, materialmen’s liens or other liens filed or established against the Project, and
in such event may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any
appeal therefrom unless the Issuer or the Trustee shall notify the Lessee that, in the opinion of Independent Counsel, by nonpayment
of any such items, the Project or any material part thereof or the revenues from the Project will be subject to loss or forfeiture,
in which event the Lessee shall promptly pay and cause to be satisfied and discharged all such unpaid items. The Issuer will cooperate
fully with the Lessee in any such contest.

 

Section
6.2           Reserved.

 

    	 	21	 

     

    

  

Section
6.3           Taxes,
Other Governmental Charges and Utility Charges.
The Issuer and the Lessee further acknowledge that under present law no part of the Project owned by the Issuer
will be subject to ad valorem taxation by the State of Georgia or by any political or taxing subdivision thereof, and that
under present law the income and profits (if any) of the Issuer from the Project are not subject to either federal or
Georgia taxation and these factors have induced the Lessee to enter into this Lease. However, under current law and pursuant
to the uniform assessment methodologies applied by the Fulton County Board of Assessors, the Lessee shall pay, as the same
become lawfully due and payable, (i) all taxes and governmental charges of any kind whatsoever upon or with respect to the
interest held by the Lessee under this Lease, (ii) all taxes and
governmental charges of any kind whatsoever upon or with respect to the Project or any machinery, equipment or related
property installed or brought by the Lessee therein or thereon (including, without limiting the generality of the foregoing,
any taxes levied upon or with respect to the income or profits of the Issuer from the Project which, if not paid, will become
a charge on the rents, revenues and receipts from the Project prior to or on a parity with the pledge or assignment thereof
created and made in the Indenture), (iii) all utility and other charges incurred in the operation, maintenance, use,
occupancy and upkeep of the Project and (iv) all assessments and charges lawfully made by any governmental body for public
improvements that may be secured by a lien on the Project; provided, that with respect to special assessments or other
governmental charges that may lawfully be paid in installments over a period of years, the Lessee shall be obligated to pay
only such installments as are required to be paid during the Lease Term.

 

It is the
understanding and intent of the parties that the Issuer’s acquisition of title to the Project, including but not limited to the
leased equipment comprising a portion of the Project, shall be solely for the purpose of leasing the same to the Lessee pursuant
to the terms hereof. Without limiting the generality of the preceding paragraph concerning payment by the Lessee of all taxes and
governmental charges of any kind whatsoever upon or with respect to the Project, it is specifically agreed that the Lessee shall
pay, as the same become lawfully due and payable, either in its own name and behalf or in the name and behalf of the Issuer as
appropriate, any sales or use taxes due upon payments of rent pursuant to Section 5.3 hereof attributable to leased equipment.

 

The Lessee
may, at its own expense and in its own name and behalf or in the name and behalf of the Issuer, in good faith contest any such
taxes, assessments and other charges and, in the event of any such contest, may permit the taxes, assessments and other charges
so contested to remain unpaid during the period of such contest and any appeal therefrom. The Issuer shall cooperate fully with
the Lessee in any such contest.

 

    	 	22	 

     

    

 

Section
6.4       Insurance
Required.

 

(a)          The
Lessee acknowledges and agrees that the Issuer shall have no obligation to insure the Project or any part thereof, and no responsibility
for any damage or destruction thereof. Throughout the Lease Term, the Lessee shall cause the Project to be insured against such
property and personal injury risks as is consistent with its insurance practices in effect from time to time, including self insurance,
and Lessee shall procure and maintain at its expense a commercial general liability policy covering claims for bodily injury, death
or property damage occurring upon, in or about the Property in an amount not less than $1,000,000 per occurrence and $3,000,000
in the aggregate with no deductible or self insurance retention, and an umbrella liability policy in the amount of $25,000,000.
In lieu of separate insurance policies, such insurance may be in the form of a blanket insurance policy or policies of the Lessee.
Insurance policies may be written with reasonable deductible amounts and with exceptions and exclusions as the Lessee deems necessary
in the normal course of its business. The Issuer and the Trustee shall be named as additional insureds under any general liability
insurance policy or policies, as their respective interests may appear, and certificates of insurance reflecting the Issuer and
the Trustee as additional insureds under such policy or policies shall be delivered to the Issuer and the Trustee in connection
with the execution of this Lease and annually thereafter upon written request to Lessee. The Trustee shall have no duty to review
or analyze such insurance policies and shall hold such insurance policies solely as a repository for the benefit of the bondholders;
the Trustee shall not be deemed to have notice of any information contained therein or event of default which may be disclosed
therein in any manner. The Issuer and the Trustee shall be provided thirty days’ written notice of cancellation of any such insurance
policies.

 

(b)          Issuer
shall have the right, but not the obligation, to obtain a separate liability policy or policies covering the Project with the Issuer
as the named insured thereunder. In the event the Issuer shall elect at any time during the term of this Lease to obtain a separate
liability insurance policy or policies covering the Project with the Issuer as the named insured thereunder, the insurance premium
for such policy or policies shall be allocated among the projects covered under such policy or policies, and Lessee agrees to pay
its pro rata share of the premium for such liability insurance not to exceed $7,500.00 in any year (and such maximum annual amount
shall be prorated in the case of any partial year of such coverage or any partial year during the term of this Lease). Lessee shall
pay its pro rata share of such premium for any year within thirty (30) days after receipt by Lessee of a statement therefor together
with back-up information regarding the amount of such premium and the calculation of Lessee’s pro rata share thereof. Lessee shall
be an additional insured under any such liability insurance policy or policies obtained by the Issuer, and annually upon written
request to the Issuer, the Issuer shall provide Lessee with a certificate of insurance reflecting Lessee as an additional insured
under such policy or policies. The Issuer’s own liability insurance shall provide for the waiver of the insurers’ rights of subrogation
against Lessee where such waivers are possible.

 

Section
6.5     Application of Net Proceeds of Insurance.     Unless otherwise provided by any Superior Security
Document or a Leasehold Security Deed that has been executed pursuant to the provisions of Section 9.7 hereof, the Net Proceeds
of any casualty insurance carried pursuant to the provisions of Section 6.4(a) hereof shall be paid to the Lessee and applied to
the repair or replacement of the portion of the Project that was damaged or destroyed by the casualty, the redemption of the Bonds,
or for such other use as the Lessee shall determine; provided, however, that no damage to, or destruction of, the Project shall
affect the Lessee’s obligation to pay rent hereunder, or entitle the Lessee to reduce or otherwise diminish its rental payments.

 

Section
6.6     Additional
Provisions Respecting Insurance.    Unless
otherwise provided by any Superior Security Document or a Leasehold Security Deed that has been executed pursuant to the provisions
of Section 9.7 hereof, all claims made under any insurance policies carried by Lessee
pursuant to the requirements of Section 6.4(a) hereof, regardless of amount, may be adjusted by the Lessee with the insurers.

 

    	 	23	 

     

    

 

Section
6.7     Other Issuer Expenses.
Anything to the contrary herein
notwithstanding, the Lessee shall pay any expenses not specifically mentioned herein which are reasonably incurred by
the Issuer and its counsel in connection with the Project, this Lease, the Indenture or the Bonds, and which are not paid
from the Project Fund pursuant to Section 4.3 hereof.

 

Section
6.8     Advances by Issuer or
Trustee. If the Lessee fails to maintain the full
insurance coverage required by this Lease or fails to keep the Project in as reasonably safe condition as its operating
conditions will permit, or fails to keep the Project in good repair and good operating condition, the Issuer or the Trustee
may (if satisfactorily indemnified) but shall be under no obligation to, take out the required policies of insurance and pay
the premiums on the same or make the required repairs, renewals and replacements if the Lessee shall fail
to do so within thirty (30) days after written notice of failure to do so has been delivered to Lessee by the Trustee or the
Issuer; and all amounts so advanced therefor by the Issuer or the Trustee will become an additional obligation of the Lessee
to the one making the advancement, which amounts, together with interest thereon at the Default Rate from the date thereof,
the Lessee agrees to pay; provided, however, if the failure stated in the notice cannot be corrected in the applicable time
period, the Lessee shall be afforded such additional time as shall be reasonably necessary to correct such failure,
provided corrective action is instituted by the Lessee within the applicable time period and diligently pursued until such
failure is corrected.

 

Section
6.9     Indemnification of Issuer and the Trustee. The
Lessee shall, indemnify and save the Issuer and the Trustee and the officers, members, directors, agents, employees and attorneys
of each harmless against and from all claims by or on behalf of any person, firm, corporation or governmental entity arising from
the conduct or management of, or from any work or thing done on, the Project during the Lease Term, and against and from all claims
arising during the Lease Term from (a) any condition of the Project, (b) any breach or default on the part of the Lessee in the
performance of any of its obligations under this Lease,(c) any contract entered into in compliance
with the provisions of Section 4.1 hereof in connection with the acquisition of the Project, (d) any act of negligence of the Lessee
or of any of its agents, contractors, servants, employees or licensees, (e) any act of negligence of any assignee or sublessee
of the Lessee, or of any agents, contractors, servants, employees or licensees of any assignee or sublessee of the Lessee, and
(f) in the case of the Issuer and the Trustee and the respective officers, members, directors and agents of each, against and from
any loss, liability, expense or claim arising under or in connection with the acceptance or administration of the Trust Estate
or the performance by the Trustee of its duties and obligations under the Indenture.

 

The
Lessee shall indemnify and save the Issuer and the Trustee and the officers, members, directors, agents, employees and attorneys
of each harmless from and against all costs and expenses incurred in or in connection with any action or proceeding brought on
such claims. Nothing contained herein shall require the Lessee to indemnify the Issuer and the Trustee and the officers, directors,
agents, employees and attorneys of each for any claim or liability resulting from the Issuer’s or the Trustee’s own willful acts
or gross negligence. The Issuer or the Trustee shall reimburse the Lessee for payments made
by the Lessee pursuant to this Section 6.9 to the extent of any proceeds, net of all expenses of collection, actually received
by either such party from any insurance covering such claims with respect to the losses sustained. The Issuer or the Trustee, as
applicable, shall promptly claim any such insurance proceeds and shall assign its rights to such proceeds, to the extent of such
required reimbursement, to the Lessee.

 

    	 	24	 

     

    

 

In case any
action shall be brought against the Issuer or the Trustee in respect of which indemnity may be sought against the Lessee pursuant
to this Section 6.9, the Issuer or the Trustee, as applicable, shall promptly notify the Lessee in writing and the Lessee shall
have the right to assume the investigation and defense thereof including the employment of counsel and the payment of all expenses.
Failure to give any such notice shall not affect the right of the Issuer or Trustee, as applicable, to receive the indemnification
provided herein; unless such failure resulted from the gross negligence or willful misconduct of the Issuer or the Trustee, such
failure could not be remedied and the result of such failure is that the interests of the Lessee were materially and adversely
affected as a direct result of such failure. The Issuer or the Trustee, as applicable shall have the right to employ separate counsel
in any such action and participate in the investigation and defense thereof, but the fees and expenses of such counsel shall be
paid by the Issuer or the Trustee unless (i) the employment of such counsel has been authorized by the Lessee or, (ii) the Lessee
shall have failed promptly after receiving notice of such action from the Issuer or the Trustee, as applicable, to assume the defense
of such action and employ counsel reasonably satisfactory to the Issuer or the Trustee, as applicable, or (iii) the named parties
to any such action (including any impleaded parties) include both the Issuer or the Trustee, as applicable, and the Lessee or an
affiliate of the Lessee, and the Issuer or the Trustee, as applicable, shall have been advised by counsel that there may be one
or more legal defenses available to such party which are different from or in addition to those available to the Lessee or affiliate
of the Lessee or (iv) the Issuer or the Trustee, as applicable, shall have been advised by counsel that there is a conflict on
any legal issue between the Issuer or the Trustee, as applicable, and the Lessee (in which case, if the Issuer or the Trustee,
as applicable, notifies the Lessee in writing that it elects to employ separate counsel at the expense of the Lessee, the Lessee
shall not have the right to assume the defense of such action or proceeding on behalf of the Issuer or the Trustee, as applicable).
The Lessee shall not be liable for any settlement of any such action without its consent but, if any such action is settled with
the consent of the Lessee or if there be a final unappealable judgment for the plaintiff in any such action, the Lessee agrees
to indemnify and hold harmless the Issuer and the Trustee and the officers, directors, agents, employees and attorneys of each
from and against any loss by reason of such settlement or judgment. Nothing herein shall be construed as requiring the Issuer or
the Trustee to acquire or maintain insurance of any form or nature with respect to the Project or any portion thereof or with respect
to any phrase, term, provision, condition or obligation of this Lease or any other matter in connection herewith.

 

The obligations
of the Lessee under this Section 6.9 shall survive the termination of this Lease and the satisfaction and discharge of the Indenture
or the sooner resignation or removal of the Trustee thereunder and shall continue in full force and effect, binding the Lessee
to the provisions of this Section 6.9 without regard to the manner of termination of this Lease.

 

    	 	25	 

     

    

  

ARTICLE VII

 

DAMAGE, DESTRUCTION AND CONDEMNATION

 

Section
7.1     Damage and Destruction.  Unless
otherwise provided in any Superior Security Document, or unless the Lessee shall have exercised its options to prepay the
Bonds in whole, terminate the Lease Teim and purchase the Project, if prior to Payment in Full of the Bonds the Project
is damaged or destroyed by fire or other casualty, the Lessee shall be obligated to continue to make the Rental Payments
specified in Section 5.3 hereof and subject to
Section 6.1 hereof and at the written direction of 100% of the Bonds outstanding, shall promptly replace, repair, rebuild or
restore the property damaged to substantially the same condition as existed prior to the event causing such damage, with such
changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the
Lessee and as will not impair operating unity of the Project or change its character to such an extent that its ownership by
the Issuer would not be permitted under the Act. Issuer hereby acknowledges and agrees that Issuer shall have no right to
settle any claim with regard to any damage or destruction of the Project without Lessee’s written approval, which
approval may be granted or withheld in Lessee’s sole and absolute discretion.

 

Section
7.2     Condemnation. Unless otherwise provided in any Superior Security Document, or unless the Lessee shall have exercised
its options to prepay the Bonds in whole, terminate the Lease Term and purchase the Project, if the title in and to, or the temporary
use of, the Project or any part thereof shall be taken under the exercise of the power of eminent domain by any governmental body
or by any person, firm or corporation acting under governmental authority, the Lessee shall be obligated to continue to make the
rental payments specified in Section 5.3 hereof, and, to the extent the Lessee deems it necessary, shall cause the restoration
of the Project to substantially the same condition as it existed prior to the exercise of the said power of eminent domain, or
shall acquire and install other machinery, equipment or related property suitable for the Lessee’s operations at the Project, title
to which machinery, equipment or related property will be conveyed to the Issuer by bill of sale, subject to a first priority security
interest in favor of the holder of a Superior Security Document if any Superior Security Document is outstanding, and which will
be deemed a part of the Project and available for use and occupancy by the Lessee without the payment of any rent other than the
payments specified in Section 5.3 hereof.

 

Section
7.3     Proceeds of Insurance and
Condemnation Awards.    All Net Proceeds
of casualty insurance resulting from claims for such losses and all Net Proceeds of any condemnation award shall be paid to the
Lessee, unless otherwise required by any Superior Security Document.

 

    	 	26	 

     

    

 

ARTICLE
VIII

 

SPECIAL
COVENANTS

 

Section
8.1    No
Warranty of Condition or Suitability by the Issuer.    THE
ISSUER MAKES NO WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO THE CONDITION OF THE PROJECT OR THAT IT WILL BE SUITABLE FOR THE LESSEE’S
PURPOSES OR NEEDS. The Lessee releases the Issuer from, agrees that the Issuer shall not be liable for and agrees, to the extent
permitted by applicable law, to hold the Issuer harmless
against, any loss that may be occasioned by the condition of the Project or its suitability for the Lessee’s purposes or
needs.

 

Section
8.2      Inspection of Project; Right of Access to the Project by the
Issuer.
The Lessee agrees that upon at least 48 hours’ written notice to the Lessee and any subtenant, the Issuer, the Trustee
or any of their duly authorized agents who are acceptable to the Lessee, shall have the right at all reasonable times during
business hours, to enter upon, examine and inspect the Project, provided that such inspection shall not result in any
interference or prejudice to the Lessee’s operations and subject to any reasonable restriction imposed by the Company
or such subtenant for the protection of its patents, trademarks, trade secrets and other confidential proprietary
information. If the Lessee is not in default hereunder, such inspection shall only be made in the presence of an official of
the Lessee. The Lessee further agrees that the Issuer and its duly authorized agents shall have such reasonable rights of
access to the Project as may be reasonably necessary to cause to be completed the acquisition provided for in Section 4.1
hereof.

 

Section
8.3       Lessee
to Maintain Its Existence; Exceptions Permitted. The Lessee agrees that as long as the Bonds, or any
portion thereof shall remain Outstanding, it shall maintain its existence as a limited liability company, and shall not merge
or consolidate with any other entity and shall not transfer or convey all or substantially all of its property, assets and
licenses; provided however, that if no Superior Security Document is outstanding, the Lessee may without violating any
provisions of this Lease consolidate with or merge into another corporation, as defined in Section 1.1 hereof, or permit one
or more corporations to consolidate with or merge into it or may transfer or convey all or substantially all of its assets to
another corporation, but only on the condition that the assignee corporation or the corporation resulting from or surviving
such merger or consolidation (if other than the Lessee) or corporation to which such transfer is made, is then solvent and
shall expressly assume in writing and agree to pay and to perform all of the Lessee’s
obligations under this Lease. If the Lessee is the surviving corporation in such a merger the express assumption shall not
be required.

 

Section 8.4      Qualification in Georgia. The Lessee warrants (except as may be otherwise permitted pursuant to the provisions of Section
8.3 above) that it is and throughout the Lease Term it will continue to be qualified to do business in the State of Georgia.

 

Section
8.5      Further Assurances and Corrective Instruments. The Issuer agrees
that it will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements
and amendments hereto and such further instruments
as may reasonably be required for carrying out the intention or facilitating the performance of this Lease, including, without
limitation, the execution, delivery and performance of the Issuer Documents and issuance of the Bonds.

 

    	 	27	 

     

    

 

The
Lessee may cause this Lease or an amendment to the memorandum of the Lease, in form and substance satisfactory to the Lessee, in
the Lessee’s reasonable judgment, to be kept, recorded and filed in such manner and in such places as may be required by law to
fully evidence, preserve and protect the leasehold estate of the Lessee hereunder, and the Issuer shall
be a party to any such document

 

Section
8.6       Granting and Release of Easements; Amending or Modifying Easements. The Lessee may at
any time or times cause to be granted easements, licenses, rights-of-way (temporary or perpetual and including the dedication
of public highways), and other rights or privileges in the nature of easements with respect to any property included in the Project
and such grant will be free from the lien or Security Interests created by the Indenture or this Lease, or the Lessee may cause
to be amended, modified or released existing easements, licenses, rights-of-way and other rights or privileges in the nature of
easements, held with respect to any property included in the Project with or without consideration, and the Issuer agrees that
it shall execute and deliver and will cause the Trustee to execute and deliver any instrument necessary or appropriate to confirm
and grant, amend, modify or release any such easement, license, right-of-way or other right or privilege upon receipt of: (i)
a copy of the instrument of grant, amendment, modification or release, (ii) a written application of the Lessee signed by an Authorized
Lessee Representative requesting such instrument and stating (1) that such grant, amendment, modification or release is not detrimental
to the proper conduct of the business of the Lessee, and (2) that such grant, amendment, modification or release will not impair
the effective use or materially interfere with the operation of the Project and will not materially diminish or impair the security
intended to be given by or under this Lease or the Indenture, and (iii) during the time any Superior Security Document or any
Leasehold Security Deed is outstanding, as and to the extent permitted any Superior Security Document or any Leasehold Security
Deed.

 

Section
8.7      Release of Certain Land. Notwithstanding any other provision of this Lease, the parties
hereto reserve the right at any time and from time to time by mutual agreement and as and to the extent permitted by any Superior
Security Document or any Leasehold Security Deed, at any time any Superior Security Document or any Leasehold Security Deed is
outstanding, to amend this Lease for the purpose of effecting the release of and removal from this Lease (i) of any unimproved
part of the Land (on which the Improvements are not located but on which parking, transportation, utility facilities or other
support facilities may be located) on which the Issuer proposes to construct improvements for lease under another and different
lease agreement or (ii) of any part of the Land with respect to which the Issuer proposes to convey a fee or other title to a
railroad or other public body or quasi-public body or to a public utility in order that transportation facilities or services
by rail, water, road or other means or utility services for the Project, for the benefit of the Lessee, may be provided, increased
or improved; provided, that if at the time any such amendment is made any of the Bonds are Outstanding and unpaid, there shall
be deposited with the Trustee the following:

 

    	 	28	 

     

    

 

(a)          A
copy of the amendment in substantially the form attached as Exhibit
“E”, as executed or such other form as may be
mutually satisfactory to the Issuer and Lessee.

 

(b)          A
certificate of the Lessee (i) stating that the Lessee is not in default under any of the provisions of this Lease, (ii) giving
an adequate legal description of that portion of the Land to be released, (iii) stating the purpose for which the Lessee desires
the release, (iv) stating that the improvements which will
be constructed or the facilities and services which will be provided, increased or improved will be such
as will promote the purposes for which the Issuer was created, and (v) requesting such release.

 

(c)          An
opinion of Counsel to the Lessee that all necessary action required under its organizational documents has been taken to authorize
and approve such amendment.

 

(d)          A
certificate of an Authorized Lessee Representative, dated not more than sixty (60) days prior to the date of the release and stating
that, in the opinion of the person signing such certificate, the release so proposed to be made will not materially impair the
utility of the Project and will not destroy the means of ingress thereto and egress therefrom.

 

No release
effected under the provisions hereof shall entitle the Lessee to any abatement or diminution of the rents payable under Section
5.3 hereof.

 

Section 8.8       Reports by Lessee. The Lessee agrees if any of the Bonds are Outstanding and owned and permitted to be owned under
the Indenture by an entity which is not the Lessee or a parent, affiliate or subsidiary of the Lessee or a holder of a Superior
Security Document or a Leasehold Mortgagee, and if the Lessee is required by law to file the reports described below, to furnish
to the Trustee (for inspection by any owner of the Bonds or any portion thereof or an authorized representative of such Bondholder):

 

(a)          Not
later than one hundred (100) days after the end of each fiscal year of the Lessee, the Lessee’s Annual Report to the Commission
on Form 10-K (or any successor form) for the Lessee’s most recent fiscal year then ended, excluding any exhibits and excluding
any documents incorporated by reference therein, other than (if applicable) the audited financial statements appearing in the Lessee’s
annual report to stockholders for the Lessee’s most recent fiscal year then ended (such Form 10-K or successor form, subject to
such exclusion, being hereinafter called the “Form 10-K”), the Form 10-K to contain audited financial statements prepared
in accordance with the requirements of such form, or, if the Lessee is not required to file the Form 10-K with the Commission,
audited annual financial statements of the Lessee, for the Lessee’s most recent fiscal year then ended, which financial statements
will be prepared in accordance with generally accepted accounting principles; and

 

    	 	29	 

     

    

 

(b)          Not
later than ninety (90) days after the end of each fiscal quarter of the Lessee, the Lessee’s Quarterly Report to the Commission
on Form 10-Q (or any successor form) for the Lessee’s most recent fiscal quarter then ended, excluding any exhibits and
excluding any documents incorporated by reference therein, such Form 10-Q to contain unaudited financial statements prepared in
accordance with the requirements of such form, or, if the Lessee is not required to file the Form 10-Q with the Commission, unaudited
financial statements of the Lessee, for the Lessee’s most recent fiscal quarter then ended. The Trustee shall have no duty to review
or analyze such reports and shall hold such reports solely as a repository for the benefit of the bondholders; the Trustee shall
not be deemed to have notice of any information contained therein or event of default which may be disclosed therein in any manner.

 

Section
8.9      Filing of Certain Continuation Statements. Pursuant to Section 1214 of the Indenture, upon written request of the
owners of a majority in principal amount of the Bonds, from time to time, the Trustee shall duly file or cause to be filed continuation
statements for the purpose of continuing without lapse the effectiveness of (i)
those Financing Statements which shall have been filed at or prior to the issuance of the Bonds in connection with the security
for the Bonds pursuant to the authority of the Uniform Commercial Code of Georgia, and (ii) any previously filed continuation statements
which shall have been filed as herein required. The Lessee shall sign (if necessary) and deliver to the Issuer or its designee
and the Issuer shall sign and deliver (if necessary) to the Trustee such continuation statements as may be requested of it from
time to time by the Trustee. Upon the filing of any such continuation statement the Trustee shall immediately notify the Lessee
and the Issuer that the same has been accomplished.

 

Section
8.10    Compliance with Laws. The Lessee agrees that it will comply with any applicable law, ordinance,
rule or regulation of any governmental authority with respect to its use of the Project other than such as the Lessee is contesting
in good faith and by appropriate proceedings.

 

Section
8.11    Permitted Contests. The Lessee may, at its expense and in its name and behalf or in the name and behalf of the
Issuer, in good faith contest any:

 

(a)          taxes,
assessments and other charges referred to in Section 6.3 hereof; or

 

(b)          regulations
or other requirements referred to in Section 8.10 hereof.

 

In the event
of such contest, the Lessee may permit said taxes, assessments or other charges so contested to remain unpaid and undischarged
during the period of such contest and any appeal therefrom, unless by nonpayment of any such items, the Project or any part thereof
is liable to be subject to loss or forfeiture, in which case (unless bonded or superseded in a manner reasonably satisfactory to
the Issuer), the Lessee shall promptly pay such items or cause such items to be satisfied and discharged.

 

No such contest
shall subject the Issuer to the risk of any material civil liability (other than the charge being contested) or any criminal liability,
and the Lessee shall give such reasonable security to the Issuer as may be demanded by the Issuer to ensure compliance with the
foregoing provisions of this Section.

 

    	 	30	 

     

    

 

Section
8.12    Special Covenants Related to Ad Valorem Taxation.    The
Issuer represents and warrants that under the provisions of existing law, the Issuer is required to pay
no ad valorem taxes or similar taxes upon any property owned by it in fee simple, including the Project. The Lessee acknowledges
that it may be required to pay ad valorem taxes based upon the value of its leasehold estate in the Project.

 

The Lessee
has consulted with the Assessors with reference to the ad valorem tax treatment of the Lessee’s interest in the Project during
the Lease Term and the Issuer and the Lessee expect that ad valorem taxes will be assessed against the Project on the basis of
the leasehold interest held by the lessee as determined pursuant to the uniform assessment methodologies applied by the Fulton
Count Board of Assessors. The Lessee and the Issuer agree to cooperate with each other and with the Assessors with respect to such
matters, including the manner from time to time reasonably required by the Issuer or the Assessors for the conveyance of title
to the Improvements and the Land which is a part of the Project.

 

Section
8.13    Special
Environmental Indemnification.

 

(a)          The
Lessee agrees to and shall indemnify, hold harmless, and defend the Issuer and Trustee, its officers, members, directors, agents,
and employees from and against any and all claims, losses, damages, expenses, causes of action, lawsuits, government regulatory
enforcement actions, and liability (individually, a “Claim,” collectively, “Claims”) asserted against the Issuer
arising out of alleged or actual “environmental contamination” (hereinafter defined) arising from the condition of the
Leased Land or the Lessee’s leasing and operation of the Project.

 

(b)          “Environmental
contamination” as used herein shall mean damages to persons or property or violations of state or federal environmental laws
or regulations arising out of the Lessee’s past operations at the Project or the operations of the Lessee at any time at the Project
with respect to but not limited to air emissions, water effluent discharges, and waste generation, transportation, storage, disposal,
or the handling of hazardous materials.

 

(c)          The
Issuer shall notify the Lessee in writing within thirty (30) days after any Claim is made, brought, or asserted, in any event,
in writing, against the Issuer, and as to which the Issuer has actual knowledge by receipt of such written notification. The Lessee
shall similarly notify the Issuer in writing within thirty (30) days after any Claim is made, brought, or asserted against the
Lessee.

 

(d)          The
Issuer shall fully cooperate with the Lessee, including but not limited to, assisting the Lessee in the preparation of a defense
to Claims when and as the Lessee fulfills its obligations under this Section of the Lease. In the event the Issuer provides notice
to the Lessee under subsection (c) above, the Lessee shall handle and control the defense of all Claims and the Lessee’s decision
on litigation and settlement and all other such aspects shall be final; provided, however, no settlement or decision shall impose
upon the Issuer by apportionment or otherwise, any loss, damage or liability as a result thereof.

 

    	 	31	 

     

    

 

(e)          The
Issuer shall use its best efforts to deliver the notice specified in subsection (c) above within a period of thirty (30) days after
the Issuer has direct knowledge (by receipt of written notice or otherwise) of a Claim.

 

(f)
The provisions of this Section 8.13 shall survive the termination of this Lease and shall continue in full force and effect,
binding the Lessee to the provisions of this Section 8.13 without regard to the manner of termination of this Lease.

 

Section
8.14    Resolution of Disputes. The Lessee agrees that it will respond to the Issuer within fifteen (15) days after notice
from the Issuer of any dispute, lawsuit or lien (other than a Superior Security Document) relating in any way to the Project and
will cooperate fully with the Issuer to resolve such dispute. If any lien (other than a Superior Security Document) placed on the
Project is not removed within ninety (90) days, the Lessee, upon the written request of the Issuer, shall dissolve such lien by
the filing of lien dissolution bond pursuant to O.C.G.A. Section 44-14-364.

 

    	 	32	 

     

    

 

ARTICLE
IX

 

ASSIGNMENT,
SUBLEASING, PLEDGING AND SELLING;

REDEMPTION;
RENT PREPAYMENT AND ABATEMENT

 

Section
9.1      Assignment and
Subleasing.    Except as set forth in
Sections 9.7 and 9.8 below, this Lease may not be assigned, in whole on or in part, by the Lessee without the consent of (i)
the Issuer, (ii) the holder of a Superior Security Document or any Leasehold Mortgagee in its sole discretion at any time any
Superior Security Document or Leasehold Security Deed is outstanding, and (iii) the Trustee or the owners of a majority in
principal amount of the Bonds Outstanding, which consents of Issuer and Trustee shall not
be unreasonably withheld, conditioned or delayed; provided, however, that this Lease may be assigned in whole or in part
without such consents, (1) to any entity controlled, controlling or under common control with the Lessee or to any successor
to substantially all of the business of the Lessee or (2) in connection with any sale/leaseback or other arrangement entered
into by the Lessee in connection with a financing transaction, only with the prior written consent of any holder of a
Superior Security Document and any Leasehold Mortgagee, in its sole discretion, at any time any Superior Security Document or
Leasehold Mortgagee is outstanding. Any such assignment is further subject to the following conditions:

 

(a)          The
Lessee shall, within thirty (30) days after the delivery thereof, furnish or cause to be furnished to the Issuer and to the Trustee
a true and complete copy of each such assignment, together with any instrument of assumption executed by the assignee (which shall
become the “Lessee” hereunder);

 

(b)          Upon
such assignment and assumption, the Lessee that is the assignor shall not be relieved of any of its obligations and covenants under
this Lease and said Lessee and the assignee “Lessee” shall be jointly and severally obligated hereunder, unless (i) all
owners of the Bonds that are then Outstanding under the Indenture and the holder of a Superior Security Document and any Leasehold
Mortgagee shall have consented in writing to such release, or (ii) if the Lessee is the owner of all Bonds and there is no holder
of a Superior Security Document or Leasehold Mortgagee of the Project; and

 

(c)          If
any required consents to a release of the Lessee is obtained or is not required, as provided in (b) above, then upon such assignment
and assumption, the Lessee which is the assignor shall be relieved of all obligations and covenants under this Lease with respect
to the Project and the Bonds and the assignee shall thereafter be obligated hereunder as the “Lessee” of the Project.

 

The Project
or any portion thereof may be subleased, in part, without the consent of the Issuer or of the Trustee, but no sublease shall relieve
the Lessee of any of its obligations hereunder.

 

    	 	33	 

     

    

 

Section
9.2      Restrictions on Sale of Project by Issuer. The Issuer agrees
that, except as otherwise permitted under the terms of this Lease or the Indenture, it will not mortgage, sell, assign, transfer,
convey or otherwise encumber the Project or any portion thereof or its interest in this Lease during the Lease Term and
that it will not, unless legally required to do so, take any other action which results in the levy or assessment of ad valorem
taxes on the Project or the Lessee’s leasehold interest in the Project, except as otherwise provided herein. If
the laws of the State of Georgia at the time require or permit such action to be taken, nothing contained in this Section
9.2 shall prevent the consolidation of the Issuer with, or the merger of the Issuer into, or the transfer of the Project as an
entirety to, any public entity whose property and income are not subject to taxation and which has the authority to carry on the
business of owning and leasing the Project; provided, (a) that no such action shall be taken without the prior written consent
of the Lessee, the Trustee and the Bondholders, unless such action shall be required by law, and (b) that upon any such consolidation,
merger or transfer, the due and punctual payment of the principal of and interest on the Bonds according to their tenor, and the
due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the
Issuer, shall be assumed (either as a matter of law or by express written assumption agreement) by the entity resulting from such
consolidation or surviving such merger or to which the Project shall be transferred as an entirety.

 

Section
9.3      Prepayment of Bonds.    The Issuer, at the request at any time of the Lessee and if the same
are then redeemable, shall forthwith take all steps that
may be necessary under the applicable prepayment provisions of the Indenture to effect prepayment of all or any portion of the
Bonds, as may be specified by the Lessee, on the earliest prepayment date on which such prepayment may be made under such applicable
provisions of such Bonds or the Indenture. So long as the Lessee is not in default hereunder and the Issuer is not obligated to
prepay the Bonds pursuant to the terms of the Indenture, the Issuer shall not redeem any Bonds prior to their maturity unless requested
in writing by the Lessee. The Lessee agrees to give notice to the Issuer and the Trustee of any prepayment at least forty-five
(45) days prior to the prepayment date or such shorter period of time as may be acceptable to the Issuer and the Trustee unless
the holders of the Bonds waive, in writing, notice of such prepayment.

 

Section
9.4      Prepayment of Rents. There is expressly reserved to the Lessee the right, and the Lessee
is authorized and permitted, at any time it may choose, so long as it is not in default hereunder, to prepay all or any part of
the rents payable under Section 5.3 hereof, and the Issuer agrees that the Trustee may accept such prepayment when the same is
tendered by the Lessee. All prepaid rents shall be credited on the rents specified in Section 5.3, in the chronological order of
their due dates.

 

Section
9.5      Rent Abatements if Bonds Paid Prior to Maturity. If at
any time the aggregate moneys in the Bond Fund are sufficient to retire or defease, in accordance with the terms of
the Indenture, all of the Outstanding Bonds and to pay all Ordinary Expenses of the Trustee due or to become due through the
date on which the last of the Bonds is to be paid and retired, under circumstances not resulting in termination of the Lease
Term, and if the Lessee is not at the time otherwise in default hereunder, the Lessee shall be entitled to use and occupy the
Project from the date on which such aggregate moneys are in the Bond Fund to and including midnight on January 1, 2022,
without the payment of rent during that interval (but otherwise on the terms and conditions hereof).

 

    	 	34	 

     

    

 

Section
9.6    
Reference to Bonds Ineffective After Bonds Paid.   Upon
Payment in Full of the Bonds and all fees, charges and expenses of the Trustee, all references in this
Lease to the Bonds and the Trustee shall be ineffective and neither the Trustee nor the holders of any of the Bonds shall thereafter
have any rights hereunder, saving and excepting those that shall have theretofore vested. Reference is hereby made to Sections
1001 and 1002 of the Indenture which sets forth the conditions upon the existence or occurrence of which Payment in Full of the
Bonds shall be deemed to have been made.

 

Section
9.7      Leasehold Security Deeds I Cooperation of Issuer.   Lessee
is hereby given the right by the Issuer to mortgage and/or give security interests in this Lease under one or more
leasehold deeds to secure debt relating to the Project, the rents and Net Proceeds therefrom as the same may be amended,
modified, consolidated or extended (each such leasehold deed to secure debt (including any assignment of rents and leases or
other similar documents) and amendment, modification, consolidation or extension being herein called a “Leasehold
Security Deed”) and may assign this Lease to a lender as collateral security under any such permitted Leasehold
Security Deed.

 

The Issuer
shall, at Lessee’s written request, join in any such new Leasehold Security Deed or execute a separate security deed in order to
subject its fee interest in the Project described therein, and the rents and Net Proceeds therefrom, to the lien of such Leasehold
Security Deed or separate security deed provided that such Leasehold Security Deed or separate security deed shall be fully non-recourse
to the Issuer and the Issuer shall deliver such other documents or instruments as the holder of the Leasehold Security Deed or
separate security deed shall reasonably require in connection therewith.

 

If
Lessee shall give a permitted Leasehold Security Deed with respect to the Project, Lessee shall provide the Issuer and the
Trustee with notice of the Leasehold Security Deed and the name and address of the Leasehold Mortgagee, and the Trustee shall subordinate
its interest in the Trust Estate to the lien of such Leasehold Security Deed. Subject to compliance with law, the Issuer agrees
that following receipt of such notice by the Issuer, and so long as the Leasehold Security Deed shall not be discharged or reconveyed,
or until written notice of discharge and reconveyance is given by the Leasehold Mortgagee to the Issuer and to the Trustee, the
following provisions shall apply with respect to this Lease:

 

(a)          No
termination, cancellation, surrender or modification of this Lease by Lessee, including, without limitation, any amendment, supplement
or modification to the Project Summary or Exhibit “A” to the Lease, nor the waiver by Lessee of any of the provisions
of this Lease nor the giving by Lessee of any consent, shall be effective as to the Leasehold Mortgagee unless consented to in
writing by the Leasehold Mortgagee.

 

(b)          The
Issuer or the Trustee, upon providing Lessee any notice of (i) default under this Lease or (ii) a matter on which the Issuer or
the Trustee may predicate or claim a default, shall at the same time provide a copy of such notice to the Leasehold Mortgagee of
which the Issuer and Trustee have been provided notice as provided above. The Issuer and the Trustee shall have no liability for
the failure to give any such notice, except that no such notice by the Issuer or by the Trustee to Lessee shall be deemed to have
been duly given to Lessee or the Leasehold Mortgagee unless and until a copy thereof has been so provided to the Leasehold Mortgagee
of which the Issuer and the Trustee have been provided notice as provided above.

 

    	 	35	 

     

    

  

(c)          So long as the Leasehold Security Deed is in effect and has not
been canceled, unless the Leasehold Mortgagee shall otherwise expressly consent in writing, the fee simple title in and to the
Project held by the Issuer and the leasehold estates of Lessee created by this Lease shall not merge but shall remain separate
and distinct, notwithstanding the acquisition of said fee simple title and said leasehold estate by the Issuer or by Lessee or
by a third party, by purchase or otherwise.

 

(d)          Notices
from the Issuer or from the Trustee to the Leasehold Mortgagee shall be mailed to the address furnished to the Issuer and Trustee,
as aforesaid, and those from the Leasehold Mortgagee to the Issuer or to the Trustee shall be mailed to the address designated
pursuant to the provisions of this Lease. Such notices, demands and requests shall be given in the manner described in this Lease.

 

(e)          In
the event of any proceeding by either the Issuer or Lessee under the United States Bankruptcy Code (Title 11 U.S.C.) as now or
hereafter in effect:

 

(i)       If
this Lease is rejected as to the Project in connection with a bankruptcy proceeding by Lessee or a trustee in bankruptcy
for Lessee, (1) such rejection shall be deemed an assignment by Lessee to the Leasehold Mortgagee of the leasehold estate in the
Project and all of Lessee’s interest under this Lease, (2) this Lease shall not terminate, and (3) the Leasehold Mortgagee shall
have all rights of the Leasehold Mortgagee under this Section 9.7 as if such bankruptcy proceeding had not occurred, unless the
Leasehold Mortgagee shall reject such deemed assignment by notice in writing to the Issuer and to the Trustee within thirty (30)
days following rejection of this Lease by Lessee or Lessee’s trustee in bankruptcy. If
any court of competent jurisdiction shall determine that this Lease shall have been terminated notwithstanding the terms
of the preceding sentence as a result of rejection by Lessee or the trustee in bankruptcy in connection with any such proceeding,
the Issuer shall promptly, within a reasonable time, provide the Leasehold Mortgagee with written notice that this Lease has been
terminated (for the purposes of this clause “(i)” a “New Lease Notice”). The Issuer agrees to enter into a
new lease of the Project (for purposes of this clause "(i)",
a "New Lease") with the Leasehold Mortgagee of the Project or its designee for the remainder of the Lease Term
of this Lease, effective as of the date of termination, upon the terms, covenants and conditions of this Lease provided:

 

(A)         The
Leasehold Mortgagee shall make written request upon the Issuer for such New Lease within thirty (30) days after the date the Leasehold
Mortgagee receives the New Lease Notice given pursuant to this subsection.

 

(B)         Any
New Lease made pursuant to this subsection shall have the same priority with respect to any lien, charge or encumbrance on the
Project as this Lease, and the tenant under such New Lease shall have the same right, title and interest in and to the project
as Lessee has under this Lease as of the date of such New Lease.

 

    	 	36	 

     

    

 

(ii)         If this
Lease is rejected by the Issuer or by the Issuer's trustee in bankruptcy:

 

(A)         Lessee
shall not have the right to treat this Lease as terminated except with the prior written consent of the Leasehold Mortgagee; and
the right to treat this Lease as terminated in such event shall be deemed assigned to the Leasehold Mortgagee, whether or not specifically
set forth in the Leasehold Security Deed, so that the concurrence
in writing of Lessee and such Leasehold Mortgagee shall be required as a condition to treating this Lease as terminated in connection
with such proceeding.

 

(B)         Unless
this Lease is treated as terminated in accordance with Subsection (ii)(A) above, then this Lease shall continue in effect upon
all the terms and conditions set forth herein, but excluding requirements that are not then applicable or pertinent to the remainder
of the Lease Term.

 

(f)          The
Issuer shall have no rights in and to the rentals payable to Lessee under any sublease(s) of all or any part of the Project, which
rentals Issuer acknowledges may be assigned by Lessee to the Leasehold Mortgagee of the Project.

 

(g)         The
Issuer acknowledges that, in the event of damage to or taking of the improvements that are part of the Project due to casualty
or condemnation, the Net Proceeds of casualty insurance or condemnation, as the case may be, may be required by the Leasehold Mortgagee
to be applied to reduce the then balance of the indebtedness secured by the Leasehold Security Deed or may be required by Leasehold
Mortgagee to be used for the restoration or replacement of such improvements. In the event of any conflict between the provisions
of this Lease and the provisions of a Leasehold Security Deed with respect to application of the Net Proceeds of casualty insurance
and condemnation, the provisions of the Leasehold Security Deed shall control.

 

(h)         Notwithstanding any provisions of this Lease to the contrary, no default or event of default under the Leasehold Security Deed
or any other document or instrument evidencing or securing the indebtedness secured by the Leasehold Security Deed will, in and
of itself, constitute a default or Event of Default under this Lease unless the Leasehold Mortgagee directs that the same be treated
as an Event of Default under this Lease.

 

(i)          (i)
Issuer acknowledges that, if the Leasehold Mortgagee or any other party succeeds to the interest of Lessee in the Project under
this Lease as a result of foreclosure proceedings or sale under a power of sale or the granting of a deed in lieu of foreclosure,
the Leasehold Mortgagee or any such other party, and any transferee of Leasehold Mortgagee or such other party (each, a "Successor
Tenant"), shall become a substituted Lessee under this Lease without necessity of any consent of, approval by or notification
to Issuer or Trustee. Without the consent of Issuer or the Trustee, the Successor Tenant shall have the right to sell and assign
its leasehold estate in the Project or sublease the Project as provided in
Section 9.1 hereof without necessity of any consent of, approval by or notification to Issuer. As used in this Lease, the terms
"Leasehold estate" or "leasehold" shall mean the estate in the Project created by this Lease.

 

    	 	37	 

     

    

 

(ii)         The
Successor Tenant shall be required to assume such Lessee's obligations under this Lease, and shall be deemed to have agreed to
perform all of such Lessee's obligations hereunder only from and after the date of such acquisition and only for so long as such
Successor Tenant is the owner of the leasehold estate. The Successor Tenant shall, upon any subsequent assignment of the leasehold
estate and the assumption by such assignee of this Lease in writing, be relieved of all obligations under this Lease.

 

(iii)        So
long as any Successor Tenant is the owner of the leasehold estate, the Issuer and the Trustee shall look solely to the interest
of such Successor Tenant in the Project in the event of the breach or default by such Successor Tenant under the terms of this
Lease and any judgment or decree to enforce the obligations of such Successor Tenant shall be enforceable only to the extent of
the interest of such Successor Tenant in the Project.

 

(iv)        Upon
the request of any such Successor Tenant, Issuer agrees to enter into a new, separate direct lease for the Project with any such
Successor Tenant for the remainder of the term remaining hereunder at the same rent and having the same other provisions as this
Lease, as theretofore amended.

 

(j)           As
long as a Leasehold Mortgagee (including any successor or assign) holds a Leasehold Security Deed:

 

(i)       That
Leasehold Mortgagee may, but shall not be obligated to, cure any default by the Lessee under this Lease within sixty (60) days
after Leasehold Mortgagee's receipt of Issuer's or Trustee's default notice; provided, however, that if any non-monetary default
reasonably cannot be cured within such sixty (60) day-period, the same shall be deemed to have been timely cured if that Leasehold
Mortgagee commences reasonably appropriate curative action within such sixty (60) day-period and diligently prosecutes same to
completion thereafter. If any such non-monetary default reasonably cannot be cured by Leasehold Mortgagee without Leasehold Mortgagee
obtaining possession of the Project, such sixty (60) day cure period shall not commence until Leasehold Mortgagee obtains possession
of the Project, as long as all rent payments are made and all other defaults which reasonably can be cured by Leasehold Mortgagee
without Leasehold Mortgagee obtaining possession of the Project are so cured, and provided that Leasehold Mortgagee commences to
exercise any rights under its Leasehold Security Deed to obtain possession or to effect foreclosure on the Project, and diligently
pursues the exercise of such rights thereafter.

 

    	 	38	 

     

    

 

(ii)       Notwithstanding
anything in this Lease to the contrary, if any, default by the Lessee under this Lease is of such a nature that it reasonably
cannot be cured by such
Leasehold Mortgagee, or reasonably cannot be cured by such Leasehold Mortgagee without such Leasehold Mortgagee obtaining possession
of the Project, neither the Issuer nor the Trustee shall terminate this Lease as long as all rent payments are made with respect
to the Project and all other defaults which reasonably can be cured by such Leasehold Mortgagee without obtaining possession of
the Project are so cured.

 

(iii)      Such
Leasehold Mortgagee may exercise any renewal option or any purchase option relating to the Project to which the Lessee under the
Lease is now or hereafter entitled under this Lease.

 

(iv)      Neither
the Issuer nor the Trustee shall terminate this Lease as to the Project without first giving the Leasehold Mortgagee (i) written
notice of its intent to terminate this Lease and (ii) a reasonable period after such notice in which to obtain possession of the
Project or to effect foreclosure or otherwise acquire the leasehold estate from the Lessee and, within a reasonable time thereafter,
to cure any default which is capable of being cured by such Leasehold Mortgagee without such Leasehold Mortgagee obtaining possession
of the Project. If such Leasehold Mortgagee cures those defaults which reasonably can be cured by such Leasehold Mortgagee without
obtaining possession of the Project, then Issuer will not terminate this Lease. Further, neither the Issuer nor the Trustee shall
exercise any remedies for a default under this Lease as it relates to any property pledged under any Leasehold Security Deed without
the prior written consent of the Leasehold Mortgagee which is the holder thereof.

 

(v)       In
addition to the rights of any Leasehold Mortgagee set forth in this Lease, if the Lease is terminated due to an Event of Default
under this Lease, and if, after giving effect to the provisions of Section 10.2 of this Lease, as amended, or any other agreements
or state of facts, the lien of the Leasehold Mortgagee's
Leasehold Security Deed on the Project would be terminated, Issuer will enter into a new lease (for purposes of this clause “(v)”,
the "New Lease" with such Leasehold Mortgagee for the remainder of the term which was theretofore terminated at the same
rent and having the same other provisions as this Lease, as theretofore amended). Such right may be exercised (whether under the
provisions of this paragraph or under the provisions of this Lease) by written notice from the Leasehold Mortgagee to Issuer on
or before the expiration of thirty (30) days after the receipt by the Leasehold Mortgagee of a written notice from Issuer (for
the purposes of this clause "(v)", a "New Lease Notice") of such termination, which notice shall advise such
Leasehold Mortgagee of such termination and expressly refer to the New Lease rights of such Leasehold Mortgagee under the provisions
of this Lease. After any termination of this Lease after which such Leasehold Mortgagee has the right to obtain a New Lease as
provided in this Section 9.7, for so long as such Leasehold Mortgagee has such right, Issuer shall not terminate any tenant subleases
or the rights of any subtenant.

 

    	 	39	 

     

    

  

(vi)      Within
twenty (20) days after request by such Leasehold Mortgagee from time to time made, Issuer will execute and deliver to such Leasehold
Mortgagee or to such other person or entity as may be specified by such Leasehold Mortgagee an estoppel certificate containing
such information concerning this Lease as such Leasehold Mortgagee may reasonably request.

 

Section
9.8    Exempt Assignment. Notwithstanding anything to the contrary set forth in this Lease, Lessee may assign its interest
in this Lease pursuant to an Exempt Assignment with the prior written consent of the Leasehold Mortgagee in its sole discretion
at any time a Leasehold Security Deed is outstanding and without the approval of the Issuer, the Trustee or the owners of a majority
in principal amount of the Bonds Outstanding; provided that, any assignee of the Lessee shall (i) agree to fully and unconditionally
assume all obligations of the Lessee under the Lease, including, without limitation, all indemnity provisions contained in the
Lease, and unless the Lease has expired or is otherwise terminated (ii) use its best efforts to meet the economic development goals
of the Issuer for the Project, as originally agreed upon by the Issuer and the Company at the time of execution of the Lease, and
(iii) furnish the Issuer and the Fulton County Board of Assessors, not more than seven days following such assignment, written
notification of the name, address and appropriate contact person for such assignee, together with a description of such assignment
transaction including consideration received by the Lessee in connection therewith.

 

(a)          An
"Exempt Assignment" means any of the following assignments:

 

(i)       Any
bona fide Leasehold Mortgage;

 

(ii)      The
acquisition by any Leasehold Mortgagee or its designee of the leasehold interest through the exercise of any right or remedy of
such Leasehold Mortgagee under a bona fide Leasehold Mortgage, including any assignment of the leasehold interest to the Leasehold
Mortgagee or its designee made in lieu of foreclosure;

 

(iii)     Any
foreclosure sale by any Leasehold Mortgagee pursuant to any power of sale contained in a bona fide Leasehold Mortgage;

 

(iv)     Any
sale or assignment of the Leasehold by any Leasehold Mortgagee (or its designee) which has acquired the Leasehold by means of any
transaction described above;

 

(v)      Any
sale or assigrunent of the leasehold interest to any Qualified Real Estate Investor; and

 

(vi)     Any
sale or assignment of this Lease to any person or entity if (a) Lessee or the proposed assignee provides Adequate Financial
Assurance (defined below) of the payment of rent and other financial obligations under the Lease for the period the proposed
assignee is the Lessee under the Lease, and (b) the proposed assignee has sufficient commercial real estate experience with
respect to housing to properly manage, or oversee the management of, the Project.

 

    	 	40	 

     

    

 

(b)          "Institutional
Investor" means any of the following persons or entities:

 

(i)          Any
savings bank, savings and loan association, commercial bank or trust company having shareholder equity (as determined in accordance
with GAAP accounting) of at least $50,000,000;

 

(ii)         Any
college, university, credit union, trust or insurance company having assets of at least $50,000,000;

 

(iii)        Any
employment benefit plan subject to ERISA having assets held in trust of $50,000,000 or more;

 

(iv)        Any
pension plan established for the benefit of the employees of any state or local government, or any governmental authority, having
assets of at least $50,000,000;

 

(v)         Any
limited partnership, limited liability company or other investment entity having committed capital of $50,000,000 or more;

 

(vi)        Any
corporation, limited liability company or other person or entity having shareholder equity (or its equivalent for non-corporate
entities) of at least $50,000,000;

 

(vii)       Any
lender of substance which performs real estate lending functions similar to any of the foregoing, and which has assets of at least

$50,000,000; and

 

(viii)      Any
partnership having as a general partner any person or entity described in this Section 9.8(b) above, or any corporation, limited
liability company or other person or entity controlling, controlled by or controlled with any person or entity described in Section
9.8(b) above.

 

(c)           "Qualified
Real Estate Investor" means any of the following:

 

(i)          Any
Institutional Investor; or

 

(ii)         Any
person or entity domiciled within the United States of America and having a minimum net worth of $10,000,000, as certified by a
reputable firm of certified public accountants, provided such person or entity has sufficient commercial real estate experience
to properly manage, or oversee the management of, the Project.

 

(d)          "Adequate
Financial Assurance" means a guaranty of payment of the rent and other financial obligations of Lessee under the Lease made
by a Qualified Real Estate Investor for the period of time that the proposed assignee is the Lessee under this Lease.

 

    	 	41	 

     

    

 

ARTICLE X

 

EVENTS OF DEFAULT
AND REMEDIES

 

Section
10.1    Events of Default Defined.   The
following shall be Events of Default under this Lease:

 

(a)          failure
by the Lessee to make any rental payments required under Section 5.3 hereof on or before the date that the payment is due and
continuance of such failure for a period of five (5) business days after written notice thereof has been given to the
Lessee;

 

(b)         failure
by the Lessee to observe and perform any other material covenant, condition or agreement on its part under this Lease (other than
as referred to in subsection (a) of this Section), for a period of sixty (60) days after written notice, specifying such failure
and requesting that it be remedied, shall be given to the Lessee by the Trustee, unless the Issuer and the Trustee shall agree
in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot
be corrected within the applicable period, the Lessee will be afforded such additional time as shall be reasonably necessary to
correct such failure, provided corrective action is instituted by the Lessee within the applicable period and diligently pursued
until the default is corrected; or

 

(c)         Failure
by the Lessee to make any payment (including any fees or indemnification) to the Issuer or to the Trustee other than the payment
of rent that is paid with respect to debt service on any of the Bonds and continuance of such failure for a period of thirty (30)
days after written notice thereof has been given to Lessee; or

 

(d)         A
default by the Lessee or the Issuer under any Leasehold Security Deed on the Project, if the Leasehold Mortgagee which holds the
same directs the Issuer and the Trustee in writing to treat the same as an Event of Default on this Lease and specifies the remedies
that are to be exercised.

 

The
foregoing provisions of this Section 10.1 are subject to the following limitations: if by reason of force majeure, the
Lessee is unable in whole or in part to carry out the agreements on its part herein contained, other than the obligations on the
part of the Lessee contained in Sections 5.3, 6.3, 6.4 and 8.3 hereof, the Lessee shall not be deemed in default during the continuance
of such inability. The term "force majeure" as used herein shall mean, without limitation, the following: acts
of God; strikes, lockouts or other industrial disturbances; acts of public enemies; orders of any kind of the government of the
United States of America or of the State of Georgia or any of their departments, agencies, political subdivisions or officials,
or any civil or military authority; insurrections; riots; epidemics; landslides; lightning; earthquakes; fires; hurricanes; storms;
floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident
to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event not reasonably
within the control of the Lessee. The Lessee agrees, however,
to use all reasonable efforts to remedy with all reasonable dispatch the cause or causes preventing the Lessee from carrying
out its agreements; provided, that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within
the discretion of the Lessee, and the Lessee shall not be required to make settlement of strikes, lockouts and other industrial
disturbances by acceding to the demands of the opposing party or parties when such course is, in the judgment of the Lessee, unfavorable
to the Lessee.

 

    	 	42	 

     

    

 

Section 10.2    Remedies on Default. Whenever any Event of Default shall have happened and be continuing, the Issuer, or the Trustee as
provided in the Indenture, may take any one or more of the following remedial steps:

 

(a)          declare
all installments of rent payable under Section 5.3 hereof for the remainder of the Lease Term to be immediately due and payable,
whereupon such rent shall become immediately due and payable. If the
Issuer or the Trustee elects to exercise the remedy afforded in this Section 10.2(a) and accelerates all rents payable under Section
5.3 hereof for the remainder of the Lease Term, the amount then due and payable as accelerated rents shall be the sum of (1) the
aggregate principal amount of the Outstanding Bonds, and (2) all interest on the Bonds accming to the date of maturity by declaration;

 

(b)          re-enter
and take possession of the Project without terminating this Lease and without any liability to the Lessee for such entry and repossession,
and sublease the Project for the account of the Lessee, holding the Lessee liable for the difference in the rents and other amounts
payable by such sublessee in such subleasing and the rents and other amounts payable by the Lessee hereunder;

 

(c)          the
Trustee may exercise any remedies provided for in the Indenture and with respect to any Security Interest, the rights of a secured
party under the U.C.C.; and

 

(d)          take
whatever action at law or in equity may appear necessary or desirable to collect the rents then due, or to enforce performance
and observance of any obligation, agreement or covenant of the Lessee under this Lease.

 

Provided
however, if the Project is subject to a Leasehold Security Deed, no remedies may be exercised by the Issuer or the Trustee without
the prior written consent of the Leasehold Mortgagee that holds the same, except that the Trustee and the Issuer may seek a money
judgment against Lessee for any fee, expenses, reimbursements or indemnification to which they are entitled under this Lease, the
Indenture or any Guaranty Agreement.

 

Any amounts
collected with respect to rent pursuant to action taken under this Section 10.2 shall be paid into the Bond Fund and applied in
accordance with the provisions of the Indenture and after Payment in Full of the Bonds and the payment of any costs occasioned
by an Event of Default hereunder, any excess moneys in the Bond Fund shall be returned to the Lessee as an overpayment of rent.
Any enforcement of recovery under this Section shall be limited from and against the Lessee only and no claim or recovery may be
made against any member, partner, officer, director or other beneficial owner of the Lessee.

 

    	 	43	 

     

    

 

The Issuer
will not exercise any remedies (other than to seek a money judgment against Lessee for any fee, expenses, reimbursements or indemnification
to which it is entitled under this Lease) without the prior written consent of a majority in principal amount of the Bonds Outstanding
that financed the Project; provided, however, if the Project is encumbered by a permitted Leasehold Security Deed, the Issuer or
the Trustee shall exercise such remedies as the Leasehold Mortgagee which holds that Leasehold Security Deed shall direct in writing.

 

Section 10.3    Remedies Exclusive. The remedies herein conferred upon or reserved to the Issuer or the Trustee are intended to be exclusive
of any other available remedy or remedies, notwithstanding every other remedy now or hereafter existing at law or in equity or
by statute. Such remedies as are given to the Issuer hereunder shall also extend to the Trustee, and the Trustee and the owners
of the Bonds and each Leasehold Mortgagee shall be deemed to be third-party beneficiaries of all covenants and agreements contained
in this Lease.

 

Section 10.4    
Agreement to Pay Attorneys' Fees, Costs and Expenses. Should an Event of Default occur and the Issuer or the Trustee employ
attorneys or incur other expenses for collection of rents or the enforcement of performance    or observance
of any obligation or agreement on the part of the Lessee herein contained, the Lessee agrees that it shall on demand therefor pay
to the Issuer or the Trustee the reasonable fees, costs and expenses of such attorneys and such other reasonable expenses so incurred
by the Issuer or the Trustee. The obligations set forth in this Section 10.4 shall survive the termination of this Lease.

 

Section
10.5    No Additional Waiver Implied by
One Waiver.   If any agreement contained in this
Lease should be breached by either party and thereafter waived by the other party, such waiver shall be limited to the particular
breach so waived and shall not be deemed to waive any other breach hereunder.

 

Section 10.6    Waiver
of Appraisement, Valuation, Etc. If the Lessee should default
under any of the provisions of this Lease, the Lessee agrees to waive, to the extent it may lawfully do so, the benefit of all
appraisement, valuation, stay, extension or redemption laws now or hereafter in force, and all right of appraisement and redemption
to which it may be entitled.

 

    	 	44	 

     

    

 

ARTICLE XI

 

OPTIONS IN FAVOR OF LESSEE

 

Section
11.1    Options to Terminate t.he Lease
Term. The Lessee shall have the following options to
terminate the Lease Term:

 

(a)          At
any time prior to Payment in Full of the Bonds, the Lessee
may terminate the Lease Term by giving the Issuer and the Trustee notice in writing of such termination and by paying to the Trustee
(or directly to owners of any Bonds which are subject to the terms of any home office payment agreement as provided in Section
208 of the Indenture) an amount which, when added to the funds in the Bond Fund, will be sufficient to pay, retire and prepay without
premium or penalty all of the Outstanding Bonds in accordance with the provisions of the Indenture (including, without limiting
the generality of the foregoing, principal, interest to maturity or earliest applicable prepayment date, as the case may be, expenses
of prepayment and the Trustee's fees and expenses), and, in case of prepayment, making arrangements satisfactory to the Trustee
for the giving of the required notice of prepayment; or

 

(b)          At
any time after Payment in Full of the Bonds, the [Lessee may terminate the Lease Term by giving the Issuer notice in writing of
such termination and such Termination shall forthwith become effective]; or

 

(c)          At
any time after the Lessee surrenders Bonds for cancellation, the [Lessee may terminate the Lease Term by giving the Issuer notice
in writing of such termination and such termination shall forthwith become effective.]

 

Provided, however, if there is a permitted Leasehold
Security Deed encumbering the Project, this Lease shall not be terminated without the prior written consent of the Leasehold Mortgagee
that holds the same.

 

Section 11.2    Option
to Purchase Project.  The Lessee shall have, and    is hereby granted, the option to purchase the
Project prior to the expiration of the Lease Term and prior to the Payment in Full of the Bonds. To exercise such option, the Lessee
shall give written notice to the Issuer specifying the date of closing such purchase, which date shall be not less than thirty
(30) days from the date such notice is given, and shall make arrangements for the giving of the required notice of prepayment or
surrender for cancellation of the Bonds in accordance with the provisions of the Indenture. In the event of a notice of prepayment,
the amount which shall be paid to the Trustee (or directly to owners of any Bonds which are subject to the terms of any home office
payment agreement as provided in Section 208 of the Indenture) by the Lessee in the event of its exercise of the option granted
in this Section 11.2 shall be the sum of the following:

 

(1)         an
amount of money which, when added to the funds in the Bond Fund, will be sufficient to provide for the Payment in Full of the then
Outstanding Bonds at par on the date specified by the Lessee for such prepayment including, without limitation, principal plus
accrued interest thereon to said prepayment date, plus

 

    	 	45	 

     

    

 

(2)         In
the event of a notice of surrender of the Bond for cancellation, the amount which shall be paid shall be the sum of one
dollar ($ .00) which shall be paid by the Lessee to the Issuer.

 

Section 11.3     [Reserved.]

 

Section
11.4     Conveyance
on Purchase. At the closing of any purchase pursuant to Article XI or Article XII hereof or pursuant to the exercise of any
option to purchase granted herein, the Trustee will, upon the receipt of the purchase price paid by the Lessee and the tender of
the Outstanding Bonds to the Trustee, deliver to the Lessee (or to its designee approved in advance by the Leasehold Mortgagee
at any time any Leasehold Security Deed is outstanding) the Quitclaim Deed and Bill of Sale or similar documents requested by the
Lessee conveying to the Lessee or its designee title in and to the property with respect to which such obligation or option was
exercised, without other warranty of title, subject to the following, (i) those liens and encumbrances (if any) to which such title
in and to said property was subject when conveyed to the Issuer, (ii) those liens and encumbrances created by the Lessee or to
the creation or suffering of which the Lessee consented in writing, (iii) those liens, security interests and encumbrances resulting
from the failure of the Lessee to perform or observe any of the agreements on its part contained in this Lease and (iv) Permitted
Encumbrances other than the Indenture and this Lease.

 

If at the
time the Indenture has not been satisfied in full, a release by the Trustee from the lien or Security Interest of the Indenture
in the property with respect to which such purchase is being consummated shall also be delivered to the Lessee.

 

Section
11.5    Relative Position of Options and
Indenture. The options respectively granted to the Lessee in this Article shall be and remain prior and superior to the Indenture
and may be exercised whether or not the Lessee is in default hereunder, provided that such default will not result in non-fulfillment
of any condition to the exercise of any such option.

 

    	 	46	 

     

    

 

ARTICLE
XII

 

OBLIGATIONS OF LESSEE

 

Section 12.1    
Obligation to Purchase Project. The Lessee hereby agrees to purchase and the Issuer hereby agrees to sell, the Project for
one dollar ($1.00) at the expiration or sooner termination of the Lease Term following Payment in Full of the Bonds. At any time
subsequent to the expiration or sooner termination of this Lease, upon notice by the Lessee to the Trustee, as assignee of the
Issuer, the Trustee, on behalf of the Issuer, shall upon receipt of the purchase price deliver to the Lessee those documents set
forth in Section 11.4 hereof. The obligation specified in this Section 12.1 shall be and remain prior and superior to the Indenture
and may be exercised whether or not the Lessee is in default hereunder provided that such default will not result in non-fulfillment
of any condition to this right.

 

The provisions
of this Section 12.l shall survive the expiration or sooner termination of this Lease.

 

    	 	47	 

     

    

  

ARTICLE XIII

 

MISCELLANEOUS

 

Section
13.1    Notices. Any notice, request or other communication (a "notice") required or permitted to be given hereunder
shall be in writing and shall be delivered by hand or overnight courier (such as United Parcel Service or Federal Express), sent
by facsimile (provided a copy of such notice is deposited with an overnight courier for next business day delivery) or mailed by
United States registered or certified mail, return receipt requested, postage prepaid and addressed to each party at its address
as set forth below. Any such notice shall be considered given on the date of such hand or courier delivery, confirmed facsimile
transmission (provided a copy of such notice is deposited with an overnight courier for next business day delivery), deposit with
such overnight courier for next business day delivery, or receipt via the United States mail, but the time period (if any is provided
herein) in which to respond to such notice shall commence on the date of hand or overnight courier delivery or on the date received
following deposit in the United States mail as provided above.
Rejection or other refusal to accept or inability to deliver because of changed address of which no notice was given shall be deemed
to be receipt of the notice. By giving at least five (5) days' prior written notice thereof, any party may from time to time and
at any time change its mailing address hereunder. Any notice of
any party may be given by such party's counsel. Notice addresses are as follows:

 

	 	(a)	If to the Issuer:	
        The Atlanta Development Authority 86

        Pryor Street, S.W., Suite 300

        Atlanta, Georgia 30303

        Attention:   Chair

        Facsimile: 404-888-3999

	 	 	 	 
	 	(b)  	with a copy to:	
        The Atlanta Development Authority
        86 

Pryor Street, S.W., Suite 300

        Atlanta, Georgia 30303

        Attention:      Veronica
        C. Jones, Esq.

        General Counsel

	 	 	 	 
	 	 	
        with an

        additional copy to:
	
        Hunton &
        Williams LLP

        Bank of America Plaza 600

        Peachtree Street, N.E.

        Suite 4100

        Atlanta, Georgia 30308

        Attention:    Douglass P. Selby

        Facsimile:    404-888-4190

 

    	 	48	 

     

    

 

	 	(c)	If to the Lessee:	
        Ten Side Holdings, LLC

        c/o Tivoli Properties, Inc.

        One Overton Park, Suite 1150

        3625 Cumberland Boulevard

        Atlanta, Georgia 30339

        Attention:     Scott
        L. Leventhal

        Facsimile:     404-961-4683

	 	 	 	 
	 	 	
        with a copy to:

         
	
        Seyfarth Shaw LLP

        1545 Peachtree Street, NE

        Suite 700

        Atlanta, Georgia 30309

        Attention:    Daniel
        M. McRae, Esq.

        Facsimile:    404-892-7056

	 	 	 	 
	 	(d)	If to the Trustee:	
        The Bank of New York Mellon Trust Company, N.A.

        900 Ashwood Parkway, Suite 425

        Atlanta, Georgia 30338

        Attention: Corporate Trust Department

        Facsimile: 770-698-5195

	 	 	 	 
	 	(e)	If to the holder of a Superior Security Document:	
        KeyBank National

        Association 127 Public Square

        Cleveland, Ohio 44114

        Attention: Commercial Real Estate Department

 

A duplicate copy of each notice,
certificate or other communication given hereunder by either the Issuer, the Lessee or the Trustee shall be given to each of the
others and to the holder of any Superior Security Document so long as such Superior Security Document has not been exchanged, reconveyed
or released. The Issuer, the Lessee and the Trustee may, by notice given hereunder, designate any further or different addresses
to which subsequent notices, certificates or other communications shall be sent. The Trustee will accept and act upon instructions
or directions pursuant to this Agreement sent by the Issuer or the Lessee sent by unsecured e-mail, facsimile transmission or other
similar unsecured electronic methods, provided, however, that the Issuer and the Lessee, respectively, shall provide to the Trustee
an incumbency certificate listing designated persons with the authority to provide such instructions, which incumbency certificate
shall be amended whenever a person is to be added or deleted from the listing. If the Issuer or the Lessee elect to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee's understanding of such instructions shall be deemed controlling. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such
instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer and
the Lessee each agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

    	 	49	 

     

    

 

Section 13.2     Binding Effect. This Lease shall inure to the benefit of and shall be binding upon the Issuer, the Lessee and their respective
successors and assigns.

 

Section 13.3     Severability. If any provision of this Lease shall be held invalid or unenforceable by any court of competent jurisdiction,
such holding shall not invalidate or render unenforceable any other provision hereof.

 

Section
13.4    Amounts    Remaining    in
Bond Fund.    The
parties hereto agree that, subject to and in accordance with the terms and conditions of Section 609 of the Indenture certain surplus
moneys remaining in the Bond Fund shall belong to and be paid to the Lessee by the Trustee as an overpayment of rents.

 

Section 13.5     Amendments, Changes and Modifications. Except as otherwise provided in this Lease or in the Indenture, subsequent to the
initial issuance of the Bonds and prior to Payment in Full of the Bonds, this Lease may only be amended, changed, modified, altered
or terminated by the written agreement of the Issuer and the Lessee and may not be effectively amended, changed, modified, altered
or terminated without the prior concurring written consent of the Trustee in accordance with the Indenture and the Leasehold Mortgagee
at any time a Leasehold Security Deed is outstanding.

 

Section 13.6     Execution Counterparts. This Lease may be simultaneously executed in several counterparts, each of which shall be an original
and all of which shall constitute but one and the same instrument.

 

Section 13.7     Captions. The captions and headings in this Lease are for convenience only and in no way define, limit or describe the scope
or intent of any provisions of this Lease.

 

Section
13.8    Recording of Lease, Memorandum of    Lease
or Short Form Lease. This Lease (or an amendment to the memorandum
or short form lease relating to this Lease) and every assignment and modification hereof and thereof shall be recorded in the office
of the Clerk of the Superior Court of Fulton County, Georgia, or in such other office as may be at the time provided by law as
the proper place for such recordation.

 

Section
13.9    Law    Governing    Construction    of    Lease.    
This Lease shall be governed by, and construed in accordance with, the laws of the State of Georgia.

 

Section 13.10   Net Lease. This Lease shall be deemed a "net lease", and the Lessee shall pay absolutely net during the Lease
Term the rents, revenues and receipts pledged hereunder, without abatement, deduction or set-off other than those herein expressly
provided.

 

Section
13.11     Obligations Non Recourse. Notwithstanding any provision herein or in the Indenture or any Guaranty Agreement to the
contrary, none of the officers, directors, shareholders, partners, members or other beneficial owners of Lessee shall be personally
liable for the payment or performance of any of the Lessee's obligations hereunder, it being
understood that the recourse of the Issuer, the owners of the Bonds and the Trustee and each of their successors and assigns under
or in connection with this Lease, the Indenture and any Guaranty Agreement, as amended or supplemented from time to time, shall
be limited to the Lessee (including the Lessee's interest in the Project), and the Issuer, the owners of the Bonds and the Trustee
and any of their successors and assigns hereby waive any such liability.

 

    	 	50	 

     

    

 

Section
13.12     Issuer's Obligations Limited.
 No recourse under or upon any obligation, or agreement contained in this Lease or under
any judgment obtained against the Issuer, or by the enforcement of any assessment or by any legal or equitable proceeding by virtue
of any constitution or statute to otherwise or under any circumstances, under or independent of this Lease, shall be had against
the Issuer or any director, member, officer, agent, attorney or employee, as such, in its individual capacity, past, present or
future, of the Issuer or any successor entity.

 

Anything
in this Lease to the contrary notwithstanding, it is expressly understood and agreed by the parties hereto that (a) the Issuer
may rely conclusively on the truth and accuracy of any certificate, notice or other instrument furnished to the Issuer by the Trustee
or the Lessee as to the existence of any fact or state of affairs required hereunder to be noticed by the Issuer; (b) the Issuer
shall not be under any obligation hereunder to perform any record-keeping or to provide any legal services, it being understood
that such services shall be performed either by the Trustee or the Lessee; and (c) none of the provisions of this Lease shall require
the Issuer to expend or risk its own funds or to otherwise incur financial liability in the performance of any of its duties or
in the exercise of any of its rights or powers hereunder, unless it shall first have been adequately indemnified to its satisfaction
against the cost, expenses and liability which may be incurred thereby.

 

The obligation
hereunder are the special limited obligations of the Issuer and not obligations of Fulton County, the State of Georgia or any subdivision
thereof. Notwithstanding anything herein contained to the contrary, any obligation the Issuer may hereby incur for the payment
of money shall not be a general debt on its part but shall be payable solely from rents, revenues and receipts derived from this
Lease, the sale of the Bonds and any other rents, revenues and receipts derived by the Issuer arising out of or in connection with
its ownership of the Project (except for Unassigned Rights). The Issuer has no taxing power.

 

    	 	51	 

     

    

 

Section
13.13    Negation of Partnership.    
Nothing in this Lease shall    be construed to render or constitute Issuer in any way or for any purpose
a partner, joint venturer or associate in any relationship with Lessee, or vice versa, other than that as lessor and lessee or
landlord and tenant, nor shall this Lease be construed to authorize Issuer as agent for Lessee.

 

Section
13.14    Estoppel Certificates. Upon ten (10) business days written request of the Company, the Issuer will provide (or
direct the Trustee to provide) a statement to the holder of any Superior Security Document concerning, to the best of its knowledge,
(i) the outstanding amount of the Bonds that have been issued to the Company; (ii) whether a default exists under this Lease or
the other Bond Documents, and if so specifying the nature of such default; (iii) whether this Lease or the Bond Documents have
been amended, and if so, specifying the amendments; and (iv) any other matter concerning this Lease or the Bond Documents reasonably
requested by such holders.

 

[ Signatures commence onfollowing
page]

 

    	 	52	 

     

    

 

IN WITNESS
WHEREOF, the Issuer and the Lessee have caused this Lease to be executed in their respective names by their duly authorized officers,
all as of the date first above written.

 

	 	THE ATLANTA DEVELOPMENT AUTHORITY
	 	 	 
	 	By: 	/s/ Shirley Franklin
	 	 	Chair

 

	Attest:	 
	 	 
	/s/ Veronica C. Jones	 
	Assistant Secretary	 
	 	 
	(SEAL)	 

 

	As to the Issuer, signed, sealed	 
	and delivered in the presence of:	 
	 	 
	/s/ Rachel Davis	 
	Witness	 
	 	 
	/s/ Susan S. Van Gellen	 
	Notary Public	 

 

	My commission expires: 10/29/2010 
	(Notarial Seal)

 

(Signature Page to Lease Agreement)

 

     

     

    

  

	 	TEN SIDE HOLDINGS, LLC,
	 	a Georgia limited liability company
	 	 	 
	 	By:	Ten Side Member, LLC, a Georgia limited  liability  company, member

 

	 	By:	Ten Side Manager, LLC, a Georgia limited liability company, manager
	 	 	 
	 	By:  	Tivoli Properties, Inc. (Delaware),
	 	 	A Delaware corporation, Manager

 

	 	By:	/s/ Scott
    L. Leventhal
	 	 	Scott
    L. Leventhal
	 	 	President

 

	Attest:	 
	 	 
	/s/ Scott L. Leventhal	 
	Secretary	 
	 	 
	As to the Lessee, signed, sealed	 
	and deliver d in the presence of:	 
	 	 
	/s/ Heather Anderson	 
	Witness	 
	 	 
	/s/ Karen A. Brown	 
	Notary Public	 
	 	 
	My commission expires: 10/18/2010	 
	 	 
	(Notarial Seal)	 

 

(Signature Page to Lease Agreement)

 

     

     

    

 

EXHIBIT "A"

to

LEASE AGREEMENT

 

Between

THE ATLANTA DEVELOPMENT AUTHORITY

and

TEN SIDE HOLDINGS, LLC

dated as of December l, 2009

 

DESCRIPTION OF LEASED LAND

 

     

     

    

 

EXHIBIT "A"

 

LEGAL DESCRIPTION

 

ALL THAT TRACT OR PARCEL OF
LAND lying and being in Land Lot(s) 149 & 150 of the 17TH District,
Fulton County, Georgia and being more particularly described as follows:

 

Beginning at a point at the
southwest end of the mitered intersection of the westerly right-of-way line of Northside Drive (90' R/W) and the northerly right-of-way
line of Tenth Street (60' R/W) said point being the POINT OF BEGINNING; thence along the northerly right-of-way line of Tenth Street
(60' R/W) the following courses and distances: North 89 degrees 35 minutes 01 seconds West a distance of 27.90 feet to a point;
thence North 89 degrees 34 minutes 09 seconds West a distance of 243.08 feet to a point; thence North 89 degrees 31 minutes 07
seconds West a distance of 149.89 feet to an iron pin found (disturbed) at the intersection of said right-of-way line and the easterly
right-of-way line of Watkins street (R/W Varies); thence along the easterly right-of-way line of Watkins street (R/W Varies) North
02 degrees 59 minutes 27 seconds East a distance of 245.14 feet to an iron pin found at the intersection of said right-of-way line
and the southerly right-of-way line of Edgehill Avenue (40' R/W); thence along the southerly right-of-way line of Edgehill Avenue
(40' R/W) South 84 degrees 28 minutes 25 seconds East a distance of 149.84 feet to an iron pin found (2" open top pipe); thence
leaving said right-of-way line North 00 degrees 03 minutes 05 seconds West a distance of 40.33 feet to a point; thence North 00
degrees 05 minutes 47 seconds East, a distance of 107.91 feet to a point; thence South 89 degrees 42 minutes 31 seconds East a
distance of 39.73 feet to an iron pin found; thence North 00 degrees 22 minutes 13 seconds East a distance of 100.06 feet to a
point on the southerly right-of-way line of Eleventh Street (40' R/W); thence along said right-of-way line the following courses
and distances: North 89 degrees 56 minutes 42 seconds East a distance of 142.12 feet to an iron pin found (3/8" rebar); thence
South 89 degrees 58 minutes 43 seconds East a distance of 105.45 feet to an iron pin found at the intersection of said right-of-way
line and the westerly right-of-way line of Northside Drive (90' R/W); thence along the westerly right-of-way line of Northside
Drive (90' R/W) the following courses and distances: South 00 degrees 19 minutes 26 seconds West a distance of 147.18 feet to an
iron pin found (3/8" rebar); thence South 00 degrees 26 minutes 51 seconds West a distance of 69.53 feet to an iron pin found
(3/8" rebar); thence South 00 degrees 32 minutes 10 seconds West a distance of 242.59 feet to a point; thence South 48 degrees
31 minutes 09 seconds West a distance of 34.07 feet to a point and the TRUE POINT OF BEGINNING.

 

Said tract containing 3.915
acres.

 

    	 	A-1	 

     

    

 

EXHIBIT "B"

to

LEASE AGREEMENT

 

Between

THE ATLANTA DEVELOPMENT AUTHORITY

and

TEN SIDE HOLDINGS
, LLC

dated as of December 1, 2009

 

[RESERVED]

 

     

     

    

 

EXHIBIT "C"

to

LEASE AGREEMENT

 

Between

THE ATLANTA DEVELOPMENT AUTHORITY

and

TEN SIDE HOLDINGS, LLC

dated as of December 1, 2009

 

PROJECT SUMMARY

 

That certain
multifamily housing development project known as Tivoli Tenside at 1022 Northside Drive in Atlanta, Fulton County, Georgia

 

    	 	B-1	 

     

    

 

EXHIBIT
"D"

 

QUITCLAIM DEED

by and between

THE ATLANTA DEVELOPMENT AUTHORITY

and

TEN SIDE HOLDINGS, LLC

 

(See attached)

 

     

     

    

  

 

______________SPACE ABOVE THIS LINE FOR RECORDER’S
USE______________

 

After recording, please return to:

 

	 	 
	 	 
	 	 

 

QUITCLAIM DEED

 

This QUITCLAIM DEED (the “Deed”)
dated as of the ________________ day of _____________________, 20_, between The Atlanta Development Authority (the “Grantor”)
and Ten Side Holdings, LLC, a limited liability company duly organized, validly existing and in good standing under the laws of
the State of Georgia, as grantee (the “Grantee”):

 

WITNESSETH:

 

WHEREAS,
the Grantor and the Grantee have entered into a Lease Agreement, dated as of December 1, 2009 (the “Lease Agreement”);
and

 

WHEREAS,
the Grantor and the Grantee, pursuant to the terms of the Lease Agreement have agreed to enter into this Deed; and

 

WHEREAS,
all capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Lease Agreement; and

 

WHEREAS,
the Grantor desires to assign its right, title and interest in and to the Project to the Grantee and to execute a Quitclaim Deed
with respect to all property rights it has in and
to the Project;

 

NOW THEREFORE,
in consideration of the premises and the respective undertakings and agreements hereinafter set forth, THE GRANTOR HEREBY AGREES
AS FOLLOWS:

 

    	 	D-2	 

     

    

  

1.         The
Grantor hereby, with effect as and from the date hereof, grants, assigns, transfers and conveys to the Grantee, all of its right,
title and interest in, to and under the Project.

 

2.         The
Grantor has such title in and to the Land free from all encumbrances except Permitted Encumbrances described in the Lease Agreement,
free of all claims of all persons whomsoever claiming by, through or under the Grantor.

 

3.         The
Grantee hereby accepts the Assignment of all of the foregoing rights, title and interest of the Grantor in, to and under the Project.

 

4.         The
Grantor does hereby bargain, sell and convey to the Grantee its interest, if any, in the Leased Land described in Exhibit “A”
hereto and the Improvements located on the Leased Land, such property being free from all liens, security interests and encumbrances
from Persons claiming through and under the Grantor other than Permitted Encumbrances described in the Lease Agreement.

 

THE GRANTOR AND THE GRANTEE
FURTHER AGREE AS FOLLOWS:

 

The Grantor,
in consideration of the sum of Ten Dollars ($10.00) by it in hand paid at and before the sealing of these presents (the receipt
whereof is hereby acknowledged), has granted, bargained, sold and released, and by these presents does grant, bargain, sell and
release, unto the said Grantee, its successors and assigns, whatever right, title, and interest the Grantor does possess, and does
by these presents demise, release, and forever quitclaim unto the Grantee all of the interest of the Grantor, if any, in and to
the Project including, without limitation, the Leased Land and the Improvements;

 

TOGETHER,
with all and singular the rights, tenements, hereditaments and appurtenances to the said Project belonging or in anywise incident
or appertaining.

 

TO HAVE AND
TO HOLD, all and singular the said premises before mentioned unto the said Grantee, its successors and assigns forever.

 

    	 	D-3	 

     

    

  

IN WITNESS WHEREOF, The Atlanta Development Authority
has caused these presents to be executed in its name and its seal to be hereto affixed this ________ day of ___________________

 

	 	 	THE ATLANTA DEVELOPMENT AUTHORITY
	 	 	 
	 	 	By:	 
	 	 	 	Chair
	 	 	 
	Attest:	 	 
	 	 	 
	 	 	 
	Secretary	 	 

 

(SEAL)

 

Signed, sealed and delivered in the

presence of:

 

	 	 
	Witness	 
	 	 
	 	 
	Notary Public	 

 

My Commission Expires :_________

 

(NOTARIAL SEAL)

 

    	 	D-4	 

     

    

 

EXHIBIT “A”

TO

[QUITCLAIM DEED AND BILL OF
SALE]

 

DESCRIPTION OF LEASED LAND

 

    	 	D-5	 

     

    

 

EXHIBIT “E”

 

FORM OF AMENDMENT TO LEASE
AGREEMENT

 

Number           

 

This
AMENDMENT TO LEASE AGREEMENT, Number _, dated as of________,___, between THE ATLANTA DEVELOPMENT AUTHORITY (the “Authority”),
a public body corporate and politic created and existing under the laws of the State of Georgia, as Lessor, TEN SIDE HOLDINGS,
LLC (the “Lessee”),
a limited liability company organized and existing under the laws of the State of Georgia.

 

WITNESSETH:

 

WHEREAS,
the Authority and the Lessee have heretofore entered into a Lease Agreement, dated as of December 1, 2009 (said Lease Agreement,
as from time to time modified or amended, is herein called the “Lease”),
relating to certain Leased Land in Fulton County, Georgia (as more fully described hereinafter as the “Land”);
and

 

WHEREAS,
the Authority and the Lessee have now determined that it is necessary to amend the Lease in certain respects to reflect the [removal
from] [addition to] the description of the Leased Land the real property (including the improvements thereon constituting a part
of the Project) described in Exhibit “1”
hereto; and

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants hereinafter contained, the Authority and the Lessee agree
to and do hereby amend the Lease to modify the description of the Leased Land contained as Exhibit “A”
attached thereto in order to [remove therefrom]
[add thereto], effective as of the date hereof, the real property (including all structures, buildings and other improvements thereon)
described in Exhibit “1”
to this Amendment to Lease Agreement.

 

Section
1. Amendment of Lease. The Lease shall be deemed to be modified and amended in accordance with the provisions of this Amendment
to Lease Agreement and the respective rights, duties and obligations of the Authority and the Lessee under the Lease shall hereafter
be determined, exercised and enforced under the Lease subject in all respects to this Amendment to Lease Agreement, and all the
terms and conditions of this Amendment to the Lease Agreement shall be part of the terms and conditions of the Lease for any and
all purposes.

 

All
references in the Lease to the Land described in Exhibit “A”
thereof shall refer to said Exhibit as hereby amended and modified.

 

Section
2. Execution Counterparts. This Amendment to Lease
Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute
but one and the same instrument.

 

    	 	E-1	 

     

    

  

Section
3. Recordation. This Amendment to Lease Agreement may be recorded in the office of the Superior Court of Fulton County, or in such
other office as may be at the time provided by law as the proper place for such recordation.

 

Section
4. Lease to Continue in Full Force and Effect. All other terms of the Lease shall continue in full force and effect subject
to this Amendment to Lease Agreement as set forth herein.

 

    	 	E-2	 

     

    

  

IN WITNESS
WHEREOF, the Authority and the Lessee have caused this Amendment to the Lease Agreement to be executed in their respective names
and their respective seals to be hereunto affixed and attested by their duly authorized officers as of _____________,__.

 

	 	 	THE ATLANTA DEVELOPMENT AUTHORITY
	 	 	 
	Attest:	 	 
	 	 	 
	 	 	By: ______________ Chair
	 	 	 
	Secretary	 	 
	 	 	 
	(SEAL)	 	 

 

As to the Authority, signed,
sealed

and delivered in the presence of:

 

	 	 
	Witness	 
	 	 
	 	 
	Notary Public	 

 

My commission expires:_________

 

_ (Notarial Seal)

 

	 	TEN SIDE HOLDINGS, LLC,
	 	a Georgia limited liability company
	 	 
	 	By:	Ten Side Member, LLC, a Georgia limited 
	 	 	liability company, member
	 	 	 
	 	 	By: 	Ten Side Manager, LLC, a Georgia

limited liability company, manager
	 	 	 	 
	 	 	 	By: 	Tivoli Properties, Inc. (Delaware) a

Delaware corporation, manager
	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Scott L. Leventhal, President

and Chief Executive Officer
	Attest:	 

 

    	 	E-3	 

     

    

 

	 	 
	Secretary	 
	 	 
	(SEAL)	 
	 	 
	As to the Lessee, signed, sealed and 

delivered in the presence of:	 
	 	 
	 	 
	Witness 	 
	 	 
	 	 
	Notary Public	 
	 	 
	My commission expires:.__________	 
	 	 
	(Notarial Seal)	 

 

    	 	E-4	 

     

    

  

EXHIBIT “l”

TO AMENDMENT TO LEASE AGREEMENT
(NUMBER _)

among

THE ATLANTA DEVELOPMENT AUTHORITY,

and

TEN SIDE HOLDINGS, LLC

dated as of________

 

DESCRIPTION
OF [ADDITIONAL] [REMOVED] LAND

 

    	 	E-5	 

     

    

  

EXHIB IT “F”

 

REQUISITION
AND CERTIFICATE

 

	 	Requisition and Certificate No. _ 
	 	Date:___________ , 20_
	 	Amount of Requisition: $ _____

 

The Bank of New York Mellon
Trust Company, N.A., as Trustee under the Indenture of Trust, dated as of December 1, 2009, relating to The Atlanta Development
Authority Taxable Revenue Bonds (Tivoli Tenside Project), Series 2009, in an aggregate principal amount not to exceed $70,000,000

 

Gentlemen:

 

All capitalized terms used
but not defined herein shall have the meanings assigned to them in that certain Lease Agreement, dated as of December 1, 2009,
by and between The Atlanta Development Authority and Ten Side Holdings, LLC.

 

This is a requisition for payment
from The Atlanta Development Authority Project Fund - Tivoli Ten Side Project, of an obligation in the stated amount incurred by
or on behalf of the Issuer in connection with the issuance of the Bonds in caption or the acquisition of the Project.

 

1.         This
obligation is a proper charge against the Project Fund, the payment thereof is being made in connection with the Project and has
not been the basis of any previous withdrawal from the Project Fund.

 

2.         No
other certificate in respect of the foregoing obligation is being or has been previously delivered to the Trustee.

 

3.         The
Lessee has no notice of any vendor’s, mechanic’s,
or other liens or right to liens, chattel mortgages or conditional sales contracts, or other contracts or obligations (other than
those being contested in good faith as permitted in Section 6.l(c) of the Lease Agreement) which should be satisfied or discharged
before such payment is made; and

 

4.         Such
requisition contains no item representing payment on account of any retained percentages which the Issuer or the Lessee is, as
of the date of such requisition, entitled to retain under retained percentage agreements.

 

5.         Purpose
and circumstances of such obligation: Reimbursement of costs of the Project. Owing to: Ten Side Holdings, LLC

 

    	 	F-1	 

     

    

 

In lieu of depositing funds
in the Project Fund, Bondholder has elected to make a book entry notation of the advancement of funds on behalf of the Issuer to
the Lessee for Project Funds. Lessee hereby acknowledges receipt of said funds.

 

6.         A
bill or statement of account for such obligation is available upon request made to the Lessee.

 

7.         The
Lease [Amendment] relating to the portion of the Project for which such obligation has been incurred is attached hereto, and has
been executed by the Lessee. The Lease [Amendment] and this Requisition and Certificate relate to those portions of the Project
conveyed to the Issuer by Quitclaim Deed attached hereto and numbered as described above. Payment of this Requisition and Certificate
may be made as directed on any such attachment.

 

	 	All of the foregoing is hereby certified.
	 	 
	 	By:	 	 
	 	Authorized Lessee Representative

 

Insofar
as the disbursement requested hereby is to pay obligations incurred for labor, material, supplies or equipment in connection with
the acquisition, construction and installation of the Project, such labor and services were to the Lessee’s knowledge performed
and such material, supplies or equipment were or are to be used in connection with the acquisition of the Project or delivered
at the site of the Project for such purpose. This requisition includes by attachment hereto the quitclaim deed and bill of sale
necessary to convey title in and to the items of Leased Land for which reimbursement is sought to the Issuer.

 

This requisition
is given without prejudice against any rights of the Issuer or the Lessee against third parties which exist on the date hereof.

 

	 	 
	 	Authorized Lessee Representative

 

    	 	F-2Exhibit 10.28

 

UNITED STATES OF AMERICA

 

STATE OF GEORGIA

 

THE ATLANTA DEVELOPMENT AUTHORITY

TAXABLE LEASE PURCHASE REVENUE
BOND

(TIVOLI TENSIDE PROJECT)

 

SERIES 2009

 

THIS BOND HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND IT MAY NOT BE
SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED NOR MAY THE EXTENT OF ITS REGISTRATION BE REDUCED, WITHOUT OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE, THE ISSUER AND THE INITIAL LESSEE OF THE PROJECT REFERRED TO IN THIS BOND TO THE EFFECT
THAT SUCH TRANSFER OR CHANGE IN THE EXTENT OF REGISTRATION WILL NOT VIOLATE APPLICABLE SECURITIES LAWS.

 

	No. R-1	$70,000,000

 

FOR VALUE
RECEIVED, The Atlanta Development Authority (the “Issuer"), a public body corporate and politic duly created and existing
under the laws of the State of Georgia, hereby promises to pay to Ten Side Holdings, LLC, or registered assigns, solely from the
fund hereinafter described and from no other source, on the first day of January, 2022, the principal sum of

 

SEVENTY MILLION DOLLARS AND
NO CENTS

 

and to pay to the registered
owner hereof solely from said special fund, interest hereon at the rate of 6.00% per annum (calculated on the basis of a 360-day
year consisting of twelve 30-day months), from the dated date hereof or from the last Interest Payment Date to which interest has
been paid (interest due on any Bond on any Interest Payment Date shall be paid to the Registered Owner of such Bond as shown on
the registration books kept by the Registrar on the Record Date), first interest payable on the next succeeding January 1 or July
1 (whichever shall come first) and semiannually thereafter on January 1 and July 1 each year until payment of the principal amount
of this bond. The principal of and the interest on this bond shall be payable in lawful money of the United States of America by
check mailed to the registered owner hereof at the orders shown on the Bond Register or to the order of any subsequent registered
owner hereof shown on the Bond Register, unless there shall be in effect, as provided in the hereinafter mentioned Indenture, a
home office payment agreement satisfactory to the Trustee. Payment of the final installment of interest on and principal of this
bond shall be made upon surrender of this Bond to The Bank of New York
Mellon Trust Co, N.A., as trustee (the “Trustee"). Such payment shall be made to the person in whose name this bond
is registered on the Bond Register with respect to payment of principal, on the date such principal is due and with respect to
the payment of interest.

 

     

     

    

   

“Record
Date” shall mean the close of business on the 15th day (whether or not a Business Day) of the calendar month immediately
preceding the applicable Interest Payment Date.

 

This
bond is a fully registered bond comprising one of a duly authorized series in the aggregate principal amount of not to exceed $70,000,000
(the “bonds"), of like tenor except as to numbers, issued under and secured by an Indenture of Trust, dated as of December
1, 2009, by and between the Issuer and the Trustee (the “Indenture"), and an authorizing resolution of the Issuer, adopted
on August 21, 2008, for the purpose of financing the acquisition, construction and equipping of certain land, buildings, structures
and other facilities to be used as a mixed-use, multifamily development comprised of 336 multifamily housing units and approximately
38,600 square feet of street level retail space (the “Project") for
lease to Ten Side Holdings, LLC, a Georgia limited liability company (the “Company") pursuant to a Lease Agreement,
dated as of December 1, 2009 (the “Lease Agreement"), between the Issuer and the Company.

 

The Indenture
recites that the bonds of this series may be delivered to, and paid for by, the purchaser, in multiple installments as and when
moneys are required to complete the acquisition, construction and installation of the Project.

 

THIS BOND
AND THE INTEREST HEREON SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR A GENERAL OBLIGATION OR A PLEDGE OF THE FAITH AND CREDIT OF
THE STATE OF GEORGIA OR OF THE CITY OF ATLANTA, FULTON COUNTY AND DOES NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE SAID STATE
OR MUNICIPALITY TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER FOR THE PAYMENT OF SUCH PRINCIPAL AND INTEREST. THE ISSUER HAS
NO TAXING POWER. THIS BOND IS PAYABLE SOLELY FROM THE RENTAL PAYMENTS AND OTHER PAYMENTS RECENED UNDER THE LEASE AGREEMENT TOGETHER
WITH ALL OTHER RENTS, REVENUES AND RECEIPTS ARISING OUT OF OR IN CONNECTION WITH THE ISSUER'S OWNERSHIP OF THE PROJECT (EXCEPT
FOR CERTAIN UNASSIGNED RIGHTS) AND THE ISSUER IS OBLIGATED TO PAY THE PRINCIPAL OF AND THE INTEREST ON THIS BOND ONLY FROM AMOUNTS
PLEDGED THEREFOR PURSUANT TO THE INDENTURE. NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON THIS
BOND AGAINST ANY OFFICER, DIRECTOR, EMPLOYEE, AGENT OR MEMBER OF THE ISSUER.

 

This bond
is issued and the Indenture was authorized, executed and delivered by the Issuer under and pursuant to the laws of the State of
Georgia, including particularly an act of the General Assembly of the State of Georgia (O.C.G.A. Section 36-62), as amended, and
the aforesaid resolution of the Issuer. Pursuant to the terms of the Lease Agreement, the Company must pay to the Issuer rental
payments which are pledged to, and will be fully sufficient to provide for, the payment of the principal of and the interest on
the bonds as the same become due.

 

    	 	-2-	 

     

    

  

As
additional security for the payment of the Bonds, the Company
will enter into a Guaranty Agreement with the Trustee, dated as of December 1, 2009, under the terms of which the Company will
unconditionally guarantee to the Trustee, for the benefit of the owners of the Bonds, the payment of the principal of and redemption
price, if any, and interest on the Bonds as the same become due.

 

The
Issuer has agreed that it will use its best efforts to keep the Project continuously leased and will prescribe and collect rental
payments therefor sufficient to pay when due the principal of and the interest on the bonds. Reference to the Indenture is hereby
made for a description of the aforesaid Bond Fund which is charged with, and pledged to, the 
payment of the principal of and the interest on the bonds, the nature and extent of the security
for the Bonds, the rights, duties and obligations of the Issuer and the Trustee, the rights of the owners of the bonds, the terms
and conditions under and upon the occurrence of which the Indenture and the Lease Agreement may be modified and the terms and conditions
under and upon the occurrence of which the lien of the Indenture may be defeased as to this bond prior to the maturity or prepayment
date hereof, to all of the provisions of which the owner hereof, by the acceptance of this bond, assents.

 

The bonds
of this series are subject to prepayment prior to maturity by the Issuer at any time, in whole or in part, pro rata among the owners
of the bonds of this series as provided in the Indenture, at 100% of the principal amount to be so prepaid plus accrued interest
thereon to the prepayment date.

 

When this
bond (or any portion hereof) is called for prepayment as aforesaid, notice thereof shall be given by mailing a copy of the prepayment
notice by first class mail at least thirty days prior to the prepayment date to the registered owner of this bond at the addresses
shown on the registration books.

 

Less than
the entire principal amount of this bond may be prepaid and in such case, upon the surrender of such bond (a) appropriate endorsement
shall be made thereon by the Trustee to reflect such partial prepayment, or (b) there shall be issued to the registered owner hereof,
without charge therefor, for the unredeemed balance of the principal amount of this bond, fully registered bonds in any of the
authorized denominations, as more fully set forth in the Indenture.

 

By acceptance
of this bond, the owner hereof agrees that in the event it elects not to surrender this bond to the Trustee as described in the
foregoing paragraph, upon a partial prepayment of this bond it will endorse in the space provided on the schedule attached hereto,
the amount and date of such partial prepayment and shall immediately forward a written confirmation of such prepayment and endorsement
to the Trustee.

 

This bond
is transferable by the registered owner hereof in person or by his attorney duly authorized in writing at the principal office
of the Trustee, but only in the manner, subject to the conditions, consents and limitations and upon payment of the charges provided
in the Indenture, and upon surrender and cancellation of this bond. Upon such transfer, a new fully registered bond or fully registered
bonds in the same aggregate principal amount and of any authorized denomination or denominations shall be issued to the transferee
or transferees in exchange therefor.

 

    	 	-3-	 

     

    

  

The owner
of this bond shall have the right to enforce the payment of the principal hereof and the interest hereon at or after the maturity
hereof, and the owner of this bond shall have the right to enforce the provisions of the Indenture and to institute action to enforce
the covenants therein, and to take any action with respect to any Event of Default under the Indenture, and to institute, appear
in or defend any suit or other proceedings with respect thereto, as provided in the Indenture. In certain events, on the conditions,
in the manner and with the effect set forth in the Indenture, the principal of all the bonds issued under the Indenture and then
outstanding may become or may be declared due and payable before the stated maturity thereof, together with the interest accrued
thereon. Modifications or alterations of the Indenture, or of any supplements thereto, may be made only to the extent and in the
circumstances permitted by the Indenture.

 

This bond
is issued with the intent that the laws of the State of Georgia shall govern its construction.

 

It is hereby
certified and recited that all acts, conditions and things required by the Constitution and laws of the State of Georgia to happen,
exist and be performed precedent to and in the issuance of this bond, the execution of the Indenture and the adoption of the aforesaid
resolution by the Issuer, have happened, exist and have been performed. The issuance of this bond and the series of which it forms
a part, together with all other obligations of the Issuer, does not exceed or violate any constitutional or statutory limitation.

 

This bond
shall not be entitled to any benefit under the Indenture nor shall it become valid or obligatory for any purpose until it shall
have been authenticated by execution by the Trustee of the certificate hereon endorsed.

 

    	 	-4-	 

     

    

  

IN
WITNESS WHEREOF, The Atlanta Development Authority has caused this bond to
be executed in its
name by the signature
of its Chair and its corporate seal
to be hereunto affixed
and attested by the
signature of its Secretary,
all as of the 30th day of December, 2009.

 

	 	 	THE ATLANTA DEVELOPMENT AUTHORITY
	 	 	 	 
	 	 	By:	/s/ Shirley Franklin
	 	 	 	Chair
	ATTEST	 	 	 
	 	 	 	 
	/s/ Veronica C. Jones	 	 	 
	Assistant Secretary	 	 	 

 

(SEAL)

 

*
* * * *

 

    	 	-5-	 

     

    

 

TRUSTEE'S AUTHENTICATION CERTIFICATE

 

Date of authentication: December 30, 2009

 

The above bond is one of
the fully registered bonds described in the above mentioned Indenture of Trust, and is hereby authenticated on its dated date as
specified above.

 

	 	THE BANK OF NEW YORK MELLON
	 	TRUST COMPANY, N.A.,
	 	as Trustee
	 	 
	 	By:	/s/ Kelly D. Courrior

 

* * * *
*

 

    	 	-6-	 

     

    

  

VALIDATION CERTIFICATE

 

STATE OF GEORGIA

 

COUNTY OF

 

FULTON

 

The undersigned
Clerk of the Superior Court of Fulton County, Georgia, HEREBY CERTIFIES that the within bond was confirmed and validated by judgment
of the Superior Court of Fulton County, Georgia, rendered on the 18th day of February, 2009, civil action file number 2009-CV-163998,
and FURTHER CERTIFIES that:

 

1)  On
February 13, 2009, an intervenor (the “Intervenor") appeared and filed a “Memorandum and Notice Regarding Prohibited
Transaction” setting forth objections to the bond validation referred to in said record.

 

2)  On
February 16, 2009, a validation hearing was held and an order validating the bonds was entered on February 18, 2009.

 

3)  On
February 19, 2009, Intervenor filed a Complaint in Intervention and filed the following four motions thereafter: (a) Motion to
Vacte and Set Aside Order (February 20, 2009), (b) Amended Motion to Vacate and Set Aside Order (February 23, 2009), (c) Motion
To Amend Validation Order and/or For Judgment On The Pleadings (March 9, 2009), and (d) Motion To Amend Validation Order to a Directed
Verdict in Favor of Intervenor
(March 16, 2009). All motions filed in connection with the intervention have been considered and ruled upon by the Court.

 

4)  On
March 20, 2009, Intervenor filed a “Notice of Appeal” and subsequently filed a “Dismissal of Appeal” on
April 8, 2009.

 

5)  Except
as described herein, no other intervention or objection was raised or filed in connection with the validation of the Bonds referred
to in said record and that the validation order has been entered.

 

WITNESS
the manual or a duly authorized reproduced facsimile of my signature and the reproduced
facsimile seal of said court.

 

 

	 	 
	 
	 
	 
	/s/ Cathlene Robinson
	Clerk, Superior Court
	Fulton County, Georgia

 

* * * * *

 

    	 	-7-	 

     

    

  

PAYMENTS ON ACCOUNT OF PRINCIPAL

 

Partial prepayments of the
principal of this bond have been made, as follows:

 

	DATE	 	
        AMOUNT

        PREPAID
	 	
        BALANCE OF

        PRINCIPAL

        AMOUNT PAID
	 	
        AUTHORIZED

        SIGNATURE OF

        OWNER OF THIS

        BOND

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

* * * * *

 

    	 	-8-	 

     

    

  

(Form of Assignment and Transfer)

 

FOR
VALUE RECEIVED,___________________the undersigned, hereby sells, assigns and transfers unto____________________(Tax
Identification or Social Security No._____________) the within Bond and all rights thereunder, and hereby irrevocably constitutes
and appoints________________________attorney to transfer the within Bond on the books kept for registration thereof, with full
power of substitution in the premises.

 

Dated:
______________

 

Signature Guarantee:

 

	 	 	 
	
        (Authorized Officer)

        Signature must be guaranteed
        by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program.
	 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever.

 

    	 	-9-

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