Document:

LOAN AGREEMENT

 

THIS AGREEMENT is entered
into as of June 8, 2012, by Palmer-Mapletree LLC, a Delaware limited liability company with its principal place of business at
9 East 40th Street, Suite 900, New York, New York ("Borrower") and Country Bank for Savings, with its main
office presently located at 75 Main Street, Ware, Massachusetts ("Lender").

 

IN CONSIDERATION of
the mutual covenants and agreements set forth in this Agreement, Borrower and Lender agree as follows:

 

ARTICLE I - LOANS

 

Section 1.1 Notes.
Subject to the terms and conditions of this Agreement and that certain Commercial Note of even date herewith issued by Borrower
to Lender in the principal amount of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00) (the “Commercial Note”)
and a Demand Revolving Line of Credit Note in the maximum amount of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00) (the
“Demand Note”), Lender hereby agrees to lend to Borrower and Borrower hereby agrees to borrow from Lender, the aggregate
amount not to exceed ONE MILLION AND 00/100 DOLLARS ($1,000,000.00) (the "Loans"), and in consideration therefor, Borrower
agrees to pay interest to Lender as set forth in the Commercial Note and the Demand Note (the “Notes”).

 

Section 1.2 Security.
Borrower has entered into that certain Mortgage and Security Agreement (the "Mortgage"); that certain Collateral Assignment
of Rents and Leases (the "Assignment"), both of even date herewith, with respect to the property known as 20 Wilbraham
Street, Palmer, Massachusetts described in Exhibit A attached hereto (the "Property”), which Mortgage
and Assignment secures the Loans and the Obligations as defined in the Mortgage and the Assignment.

 

ARTICLE II - REPRESENTATIONS AND WARRANTIES

 

Section 2.1 Representations
and Warranties. To induce Lender to make the Loans and enter into this Agreement, Borrower makes the representations and warranties
set forth in this Section 2.1. Where representations and warranties are made in or pursuant to this Agreement to "Borrower's
Knowledge", such representations and warranties are made based on the actual knowledge of Borrower, after due inquiry (a)
of each of the principals of Borrower identified on Exhibit B (the "Principals"), each of the representatives
of the Principals identified on Exhibit B, and any attorneys representing Borrower or any of the Principals
in connection with the transactions contemplated hereby, and (b) into all information contained in documents under the control
of any of the foregoing.

 

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Section 2.1.1 Principals.
No Principal has ever been convicted of any crime (other than moving vehicle violations for which the only consequence is payment
of a fine or penalty of less than $1,000.00) or ever made an assignment for the benefit of his creditors, filed a voluntary petition
(or has been subject to an involuntary petition) under Title 11 of the United States Code, filed any petition or answer seeking,
consenting to or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar
relief under the federal bankruptcy code or any other bankruptcy or insolvency statute or law, sought or consented to or acquiesced
in the appointment of any trustee, receiver, custodian, assignee, sequestrator, liquidator or other similar official of any Principal
or of all or any substantial part of any of the assets or properties of any of them.

 

Section 2.1.2 Borrower.
Borrower is a limited liability company duly and validly organized and existing under the laws of the State of Delaware and is
duly registered within the Commonwealth of Massachusetts as a foreign limited liability company, has all requisite power and authority
to enter into and to perform all of its duties and obligations under this Agreement and all the other loan documents (any and all
loan documents by the Borrower are collectively referred to as the “Loan Documents”) and has made all necessary filings
relating to its existence or doing business and is qualified or registered to do business in every state in which its maintenance
of an office or conduct of business requires such qualification. This Agreement and all of the other Loan Documents have been duly
authorized, executed and delivered by Borrower and all consents for this transaction, which consents are required under the organizational
documents of Borrower or by any agreement or contract by which Borrower is bound or by law, have been obtained; this Agreement
and all of the other Loan Documents to which Borrower is a party are the legal, valid and binding obligations of Borrower, enforceable
in accordance with their terms, subject to bankruptcy and other generally applicable laws limiting creditors' rights, and do not
violate any provisions of any agreement, law or judicial or other governmental order to which Borrower is a party or to which Borrower
is subject; Borrower has no assets other than the Property or such other assets which have been disclosed in writing to the Lender;
Borrower has never made an assignment for the benefit of its creditors, filed a voluntary petition (or has been subject to an involuntary
petition) under Title 11 of the United States Code, filed any petition or answer seeking, consenting to or acquiescing in
any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the federal bankruptcy
code or any other bankruptcy or insolvency statute or law, sought or consented to or acquiesced in the appointment of any trustee,
receiver, custodian, assignee, sequestrator, liquidator or other similar official of Borrower or of all or any substantial part
of any of its assets or properties.

 

Section 2.1.3 Officers.
The sole Managers of the Borrower are Nickolas W. Jekogian and Alexander Ludwig. Borrower has delivered to Lender true, complete
and accurate copies of all organizational documents of the Borrower and all amendments thereto, including the Operating Agreement
dated as of the date hereof (the " Agreement"); the Agreement have not been terminated, modified or amended, and is in
full force and effect.

 

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Section 2.1.4 Property
Ownership. Borrower has good, clear, record and marketable title to the Property described in Exhibit A.
The Property is subject only to the permitted exceptions (the "Permitted Exceptions") described for the Property in the
title policy issued to Lender by Fidelity National Title Insurance Company in connection with the Loans; no event has occurred
since the date as of which the Property was appraised for Lender in connection with these Loans which event has a material adverse
impact on the fair market value of such Property.

 

Section 2.1.5 Compliance
with Obligations. All consents, approvals or waivers of any Member of Borrower, any Principal or any third party required for
the consummation of the transactions contemplated by the Loan Documents have been obtained; neither the execution and delivery
of this Agreement and the other Loan Documents nor the performance of obligations set forth therein or the consummation of the
contemplated transactions, will (i) vest in any party any right to exercise any election or right of purchase or (ii) constitute
any breach, violation or default under any agreement, instrument, order, rule or regulation or other obligation or requirement
to which Borrower or any of its property or assets is a party, subject or bound; neither the execution and delivery of this Agreement
and the other Loan Documents nor the performance of the terms thereof and consummation of the transactions provided for therein
will result in any lien or encumbrance upon any property or asset of Borrower except as contemplated in this Agreement and the
other Loan Documents.

 

Section 2.1.6 Financial
Condition. The factual basis for the most recent written appraisals prepared (or updated) and submitted to Lender by Borrower
in connection with the Loans is correct to Borrower's Knowledge; all other written statements, financial or otherwise, submitted
by Borrower and each of the Principals to Lender in connection with the transactions evidenced by the Loan Documents and (with
respect to financial information) pertaining to historical conditions or performance as opposed to projections or forecasts are,
true, complete, and correct in all material respects; each financial statement fairly presents the financial condition of the subject
thereof and no material adverse change has occurred since the date of such statements with respect to Borrower; Borrower has delivered
to Lender pro forma operating statements and a pro forma balance sheet; any financial statements which are on an accrual basis
contain adequate reserves and notations for all significant accruals or contingencies and fairly represent the financial condition
of the person, entity or property to which they pertain as of the date thereof; since the dates of any financial statement or certification
delivered to Lender, Borrower and Principals have not experienced any material adverse change in its business, condition, assets,
operations or prospects, and no event has occurred that might have such an effect; and there are no material liabilities, contingent
or otherwise, or any material unrealized or anticipated losses from unfavorable commitments, or any adverse changes in the position
of Borrower and Principals or the Property that have not been disclosed to Lender in writing.

 

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Section 2.1.7 Leases
and Property Agreements. Attached as Exhibit C are all of the true and correct leases, subleases and other
occupancy agreements affecting the Property as shown on the rent roll on Exhibit C (the “Leases”); Borrower has delivered
to Lender true and complete copies of all leases, subleases and other occupancy agreements affecting the Property; the leases and
subleases are in full force and effect; the leases and subleases represent the entire agreements with the tenants thereunder and
there are no other agreements, oral or written, relating to or granting any occupancy rights in or to the Property; except as shown
on Exhibit C, no tenant or subtenant is in default of any payment or other material obligation under any of
the leases or subleases; except as shown on Exhibit C, there is no circumstance which with the passage of time or
the giving of notice, or both, would ripen into a default of any payment or other material obligation by any tenant or subtenant,
and no tenant or subtenant intends to vacate or default; the rents set forth in the Leases are being collected on a current basis;
no tenant or subtenant has paid rent more than one (1) month in advance (except for security deposits and last months' rents
aggregating not more than two months' rent); no renewals or extension options have been granted to any tenant or subtenant except
as set forth in the Leases; no tenant is entitled to rental concessions or abatements except as set forth in the Leases; there
are no unsatisfied construction requirements or other pre-conditions to the payment of full rent under the leases or subleases,
and there are no unsatisfied leasing commissions with respect to the leases or subleases; no tenant or subtenant has been granted
or is entitled to a right or option of first refusal to purchase or acquire the Property or any portion thereof or interest therein
except as disclosed in the Leases; Borrower is not in default under any of the leases; Borrower has not received any notice from
any tenant under any of the subleases claiming that it is in material default of its obligations under any of the leases, which
default if substantiated would entitle such tenant to a set-off or deduction in its rent or a termination of its lease; Borrower
has entered into no other contract or agreement affecting the Property not terminable on thirty (30) days' notice except as
shown on Exhibit D. All the contracts and agreements listed on Exhibit D (the "Property Agreements")
are in full force and effect, represent the entire agreement of the parties thereto with respect to the Property, and are not terminable
without cause. There is no default of any payment or other obligation under the Property Agreements by any party thereto and there
is no circumstance which with the passage of time or the giving of notice, or both, would ripen into a default of any payment or
other obligation under any of the Property Agreements by any party thereto. Borrower has delivered true, correct and complete copies
of the Property Agreements to Lender.

 

Section 2.1.8 Improvements.
There are no material structural defects in the improvements located on the Property (the "Improvements") or in installed
systems in the Improvements and the same are in good working order; except as disclosed on surveys, plans, or in opinions or in
reports delivered by Borrower to Lender, (i) no building or other improvement not included in any part of the Property relies
on any part of the Property to fulfill any zoning, building code or other governmental or municipal requirements or for structural
support or the furnishing to such building or improvement of any essential building system or utilities and (ii) no building
or improvement on the Property relies on any building, improvement or other land not included in any part of the Property to fulfill
any zoning, building code or other governmental or municipal requirements or for structural support or the furnishing to such building
or improvement of any essential building system or utilities; the plans and surveys delivered by Borrower to Lender are true and
correct and accurately reflect the Improvements.

 

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Section 2.1.9 Utilities.
The Property is connected to and serviced by water, solid waste and sewage disposal, storm drainage, fuel for heating and/or air
conditioning, electricity and communication facilities which are convenient to the Property and adequate for the current or intended
use of the Property.

 

Section 2.1.10 Insurance.
Borrower has delivered to Lender certified copies of each general liability and casualty insurance policy maintained by Borrower,
together with a statement for each such policy containing a brief description of any claims pending with respect to such policy;
Borrower has delivered to Lender certificates issued by the insurer with respect to each such insurance policy; each of such policies
is valid and in full force and effect, without any existing default or condition or fact which, with notice or lapse of time or
both, would constitute a default; each of such policies names Lender as loss payee or as an additional insured, as its interests
may appear; except as disclosed on such statement, there is no pending claim, action or proceeding arising out of or based upon
any of the policies identified.

 

Section 2.1.11 Compliance
With Law. The use and operation of the Property is authorized by, and in compliance with, all zoning, land-use, environmental,
building, fire, health, handicap, disability, labor and safety laws, ordinances, rules, regulations, orders and administrative
interpretations applicable to the Property; and all licenses, permits or other approvals required for the construction, use and
occupancy of the Property have been validly issued by the appropriate authority and are in full force and effect.

 

Section 2.1.12 Environmental
Condition. Borrower has delivered to Lender true and complete copies of all material existing site assessment reports and certifications
within its possession or control with respect to the presence or absence of Hazardous Materials on the Property, to the best of
the Borrower’s knowledge, and after due inquiry; and except as set forth in such environmental reports provided in writing
to Lender, there are no surface or subsurface soil, water, mineral, chemical or environmental conditions which, or which with the
passage of time will, require removal or encasement of materials or reporting to any governmental authority or constitute a nuisance,
a violation of any federal, state or local environmental protection, maintenance, preservation or improvement statute, regulation
or ordinance or otherwise adversely affect the use and operation of the Property; except for fuels and other materials used in
the ordinary course of construction of the Improvements, neither Borrower, nor any Principal, any subsidiary, partner, tenant,
subtenant or predecessor in interest of any of the foregoing has ever generated, stored, handled or disposed of any Hazardous Materials
at the Property or permitted the same. There has been no discharge, spillage, uncontrolled loss, seepage or filtration of any Hazardous
Materials at the Property, at any time, by anyone else; the Property does not lie in a flood plain or similar zone which is subject
to restrictions on structures or use under applicable laws or regulations.

 

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Section 2.1.13 Litigation.
There is no litigation pending or, to Borrower's Knowledge, threatened, which does or may materially affect the Borrower, any Principal,
any tenant, or the Property.

 

Section 2.1.14 Governmental
Actions. There are no condemnation, zoning, environmental or other regulatory proceedings, either instituted or planned to
be instituted, that would detrimentally affect in any material respect the use, occupancy and operation of the Property or the
value of the Property; there are no commitments to or agreements with any federal, state or local governmental authority or agency
affecting the Property in any material respect; there are no unpaid special assessments filed, pending or, to Borrower's Knowledge,
proposed, against the Property or any portion thereof, including, without limitation, any street improvement or special district
assessments, except as set forth in the Permitted Exceptions, or otherwise approved by Lender; and every filing by Borrower required
to be made by any federal, state or local tax authority with respect to any income, sales, excise or other similar tax has been
timely and completely filed and each such tax has been timely and completely paid.

 

Section 2.1.15 Commissions.
Borrower has not agreed to pay any brokerage fees, finder's fees or other fees or commissions with respect to the real estate transaction
contemplated by this Agreement, and no person is entitled, or intends to claim that it is entitled, to receive any such fees or
commissions in connection with such transaction.

 

Section 2.1.16 Related
Party Transactions. Except only as has been disclosed in writing to the Lender, including managers or principals of Borrower,
including any Signature Community entity or related entity, Borrower neither has any contractual relationship or arrangement with
nor has made any payment to (i) any Principal, or any Affiliate of Borrower or any Principal or (ii) any entity in which
any such Principal or Affiliate has a substantial beneficial interest. None of those parties designated in clauses (i) and
(ii) above has entered into any transaction, arrangement or agreement with any entity in which Borrower has a substantial beneficial
interest. The term "substantial beneficial interest" as used in this Agreement shall mean legal or equitable ownership,
directly or indirectly, by any one person or entity of more than ten percent (10%) of the beneficial interests in an entity
or by any three or more persons of twenty-five percent (25%) or more of such beneficial interests. No loans or other advances
have been made to Borrower from any of the parties designated in clauses (i) or (ii), or from Borrower to any such person.

 

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Section 2.1.17 No
Omissions. None of the representations or warranties in this Agreement nor any document, statement, certificate, schedule or
other information furnished or to be furnished by Borrower or any Principal to Lender (or to any appraiser, engineer, architect,
accountant or other employee, agent or contractor retained or employed by Lender) pursuant to this Agreement or in connection with
the Notes or the transaction contemplated herein contains any untrue statement of a material fact or omits to state a material
fact necessary to make the statements of facts contained therein not misleading.

 

Section 2.2 Liability.
Claims for breaches of the representations and warranties made in Section 2.1 shall survive the issuance of the Notes, notwithstanding
any investigation which Lender may make or be entitled to make concerning the subject matter of any representation or warranty.
In addition, Borrower agrees to indemnify Lender against and hold Lender harmless from all losses, costs, damages, liabilities
and expenses (including without limitation reasonable attorneys fees) caused by any breach of any representation or warranty hereunder.

 

ARTICLE III - COVENANTS

 

Section 3.1 Operations.
Borrower shall comply with the following provisions with respect to operation of the Property.

 

Section 3.1.1 Maintenance.
Borrower shall maintain and repair or cause to be maintained and repaired the Improvements in good condition and repair, ordinary
wear and tear excepted, consistent with other comparable well maintained buildings and improvements, and will promptly make or
cause to be made any repairs and replacements necessary to comply herewith, whether interior or exterior, structural or non-structural,
ordinary or extraordinary, and foreseen or unforeseen. All repairs made or caused to be made by Borrower shall be of a quality
and class which will maintain the quality and standards of the Improvements as originally constructed, as the quality thereof may
be upgraded by renovation or replacement, ordinary wear and tear excepted. Borrower shall in any event make or cause to be made
all repairs necessary to avoid any structural damage or injury to the Improvements and to keep the Improvements (or cause the Improvements
to be kept) in a proper condition for their intended uses. All work shall be done in a good and workmanlike manner, and in compliance
with all applicable requirements. Borrower shall constantly keep the Improvements (or cause the Improvements to be kept) completely
fitted, equipped and furnished, in a manner consistent with the operating practices applicable to comparable buildings and improvements.

 

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Section 3.1.2 The
Leases and Other Agreements. No lease or other agreement for occupancy of all or part of the Property or other contract or
agreement relating to the Property or any part thereof, whether now existing or hereafter arising (the "Leases") shall
be entered into, extended, severed, terminated or otherwise modified or amended in any material respect without the prior consent
of Lender, which may be withheld in Lender's sole discretion (unless same is on arm length terms in which case no consent of Lender
shall be required for any Leases or amendment or termination of Leases). Borrower shall faithfully perform all of its obligations
under the Leases. Borrower shall hold all tenant security deposits in compliance with applicable legal requirements. Borrower shall
timely comply in all material respects with all of the terms, agreements, obligations, covenants, restrictions and warranties expressed
as binding upon it under the Leases. Borrower shall not cause or permit any act or omission to occur at the Property if such act
or omission gives rise to the right of any other party to any such lease, contract or agreement to purchase all or any portion
of the Property. Decisions by Borrower in its capacity as landlord under the Leases to grant or withhold its approval or consent,
or to evidence its satisfaction or dissatisfaction, whenever such approval, consent or satisfaction is required under the Leases,
or to exercise or not to exercise any option or election or right of termination, shall require the prior consent of Lender, which
consent may be withheld in Lender's sole discretion. Promptly after execution of each new Lease, Borrower shall provide Lender
with a subordination, non-disturbance and attornment agreement in form and content satisfactory to Lender. Borrower shall faithfully
perform all of its obligations under the Property Agreements and any other contract or agreement relating to the Property or any
part thereof hereafter arising, and shall use best efforts to cause the other parties to such agreements faithfully to perform
their obligations thereunder. Decisions by Borrower to grant or withhold its approval or consent, or to evidence its satisfaction
or dissatisfaction, whenever such approval, consent or satisfaction is required under such agreements shall require the prior consent
of Lender, which consent may be withheld in Lender's sole discretion. Borrower shall not extend, sever, terminate or otherwise
modify or amend in any material respect any of such agreements without the prior consent of Lender, which may be withheld in Lender's
sole discretion.

 

Section 3.2 Transfers.

 

Section 3.2.1 Borrower’s
Legal Existence. Borrower shall at all times remain in legal existence and duly qualified to own property and transact business
in all locations where its property is owned or its business is conducted. Borrower shall at all times remain a single-purpose
entity which shall engage in no business other than the ownership and operation of the Property.

 

Section 3.2.2 Operating
Agreement. The Borrower has delivered to the Lender its Operating Agreement dated as of the date hereof (the “Operating
Agreement”). The Operating Agreement shall not be amended nor terminated, nor shall any provision thereof be waived, without
the prior consent of Lender. The Borrower shall at all times remain in legal existence and duly qualified to own property and transact
business in all locations where its property is owned or its business is conducted. There shall be no substitute or additional
members of Borrower and no transfer, pledge or issuance of direct or indirect interests in Borrower or its members without the
prior consent of Lender, which consent may be given or withheld in Lender's sole and absolute discretion.

 

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Section 3.3 Accounting.

 

Section 3.3.1 Financial
Procedures. Borrower shall establish with Lender's approval guidelines concerning financial operating procedures, including
the establishment and location of bank accounts, maintenance of account balances, signatories, borrowing authorities and procedures
and other similar matters. Such guidelines may be amended from time to time by Borrower with the written consent of Lender, which
consent shall not be unreasonably withheld or delayed and shall comport with general accounting procedures. Borrower shall comply
with such guidelines as they are in effect from time to time.

 

Section 3.3.2 Books
and Records. Borrower shall keep or cause to be kept on an accrual basis full, true and complete books of account in which
shall be entered fully and accurately all transactions of Borrower. The fiscal year of Borrower shall be the calendar year and
the Borrower's books shall be kept on that basis. All of Borrower's books of account, an executed copy of the Operating Agreement,
a complete list of the names and addresses of its members, its income tax returns, the tax returns of each partnership or corporation
in which it holds any interest and all contracts, files, correspondence and other books, records and papers of Borrower and any
wholly-owned subsidiary entities shall at all times be maintained at the principal office of Borrower and shall be available during
normal business hours for the inspection and examination of Lender or its representatives, who shall have the right to make copies
thereof at its own expense. Borrower shall promptly and fully provide all further information and answer all inquiries which Lender
may make or request from time to time.

 

Section 3.3.3 Financial
Statements: During the term of the Loans, the Borrower shall keep books of account in accordance with generally accepted accounting
principals. The Borrower shall cause to be delivered financial statements and information as required by the Lender, in form and
substance satisfactory to the Lender, including, without limitation:

 

		(a)	Updated Property Summary Sheet (on Bank form), completed, signed and dated, for any real estate
in which the Borrower has an interest;

		(b)	Complete copies of annual federal income tax returns, signed, dated and filed, for any corporation,
realty trust and/or partnership in which the Borrower has an interest; and

		(c)	Any further financial information as the Bank may require from time to time, in its sole and exclusive
discretion.

 

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ARTICLE IV - DEFAULT AND REMEDIES

 

Section 4.1 Events
of Default. Any one or more of the following acts, events or circumstances shall constitute an Event of Default:

 

Section 4.1.1 Default
Under Loan Documents. The failure to pay or perform any amount or obligation under the Notes, the Mortgage, this Agreement
or any other of the Loan Documents.

 

Section 4.1.2 Representations
and Warranties. The failure of any representation, warranty or certification by Borrower to be true and complete in any material
respect.

 

Section 4.1.3 Transfers
of Interest. The sale, encumbrance or disposition of the Property, or the transfer of any direct or indirect interest in Borrower
in violation of this Agreement or any agreement governing or pertaining to the Borrower.

 

Section 4.1.4 Other
Defaults Under this Agreement. Any failure by Borrower to observe or perform any obligation to be performed by it under this
Agreement.

 

Section 4.1.5 Defaults
Under Other Loan Documents. Any default under the Notes or any other Loan Document.

 

Section 4.1.6 Dissolution.
Any dissolution of Borrower.

 

Section 4.1.7 Defaults
Under Other Agreements. Any failure by Borrower to perform any obligation to be performed by it under any obligation or agreement
by which it is bound, or any failure by any affiliate of Borrower to perform any obligation to be performed by it under any obligation
or agreement by which it is bound affecting the Property.

 

Section 4.1.8 Voluntary
Bankruptcy. Any of the following acts or omissions by Borrower: (i) admission in writing that it is unable to pay its
debts as such debts become due; (ii) making of an assignment for the benefit of its creditors; (iii) filing of a voluntary
petition under Title 11 of the United States Code; (iv) filing of any petition or answer seeking, consenting to or acquiescing
in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the federal bankruptcy
code or any other bankruptcy or insolvency statute or law; (v) seeking, consenting to or acquiescing in the appointment of
any trustee, receiver, custodian, assignee, sequestrator, liquidator or other similar official of Borrower or of all or any substantial
part of any of its assets or properties.

 

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Section 4.1.9 Involuntary
Bankruptcy. The commencement of any proceeding against Borrower seeking any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under the present or any future federal bankruptcy code or any other present or future
applicable federal, state or other bankruptcy or insolvency statute or law, or the appointment, without the consent or acquiescence
of the Borrower, of any trustee, receiver, custodian, assignee, sequestrator, liquidator or other similar official of such person
or of all or any substantial portion of its properties, unless such appointment shall not have been vacated within thirty (30)
days after such appointment or, if such appointment is stayed on appeal or otherwise, within thirty (30) days after the expiration
of any such stay.

 

Section 4.2 Remedies.
If and for as long as any Event of Default exists, Lender shall have and may exercise, without notice except as otherwise provided
herein, concurrently, successively or in such other manner as Lender may elect, all remedies which may be available at law or in
equity, including, without limitation, those hereafter expressly enumerated in this Section 4.2. Except as may be required
by law, Lender shall not be required to accept the tender of cure of any Event of Default after the exercise of any remedy has
been commenced.

 

Section 4.2.1 Acceleration.
Lender may declare the entire principal sum of the Notes, together with all accrued but unpaid interest and any other charges to
be due and payable immediately or at such time and under such conditions as Lender may elect by notice to Borrower, and may exercise
any or all of its remedies under this Agreement, the Security Instruments and the other Loan Documents.

 

Section 4.2.2 Management
of Property by Receiver. Lender shall have the right, but not the obligation, to appoint a receiver to take over all or any
part of the control and management of the Property. Upon receipt of notice that Lender elects to exercise such right, Borrower
will turn over to Lender's receiver all check books, books of account, contracts, files, records and all other papers of Borrower,
and all funds belonging to, deposited with or held by Borrower, and the Principals of Borrower will refrain from taking any further
actions with respect to any aspect of control or management which Lender's receiver has taken over; provided, however, that
Borrower and the Principals of Borrower will cooperate fully with Lender's receiver and will take or confirm such actions as Lender's
receiver may request, including without limitation executing any instruments or other documents which Lender's receiver may request
in the exercise of its powers hereunder. Borrower hereby grants to Lender or any appointed receiver the right to take any action
which Borrower might take in connection with the control or management of its business and affairs (whether or not otherwise permitted
by this Agreement), including, without limitation, executing in the name of Borrower deeds of trust, security agreements, assignments,
assumptions, releases and other documents or instruments, whether or not of the same kind. All expenses reasonably incurred by
Lender or its receiver in exercising the rights and powers granted by this paragraph shall be reimbursed by Borrower upon demand.

 

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Section 4.2.3 Specific
Enforcement - Injunctions. Many of the rights of Lender under this Agreement, whether arising from an Event of Default or otherwise,
relate to unique assets and to restrictive covenants, including the right to preclude any Principal from taking various actions.
Borrower and Lender recognize that Lender will not obtain the full benefit of its bargain through the receipt of money damages
but must receive specific performance of the terms of this Agreement. Accordingly, Borrower and Lender hereby express their intention
that a court award equitable relief and enforce specifically the rights of Lender under this Agreement.

 

All rights and remedies accorded to Lender
by this Agreement, by the Mortgage and the other Loan Documents and by law are separate and cumulative and not alternative and
may be pursued separately, successively or concurrently at Lender's sole option. All covenants hereof shall be construed as affording
to Lender rights additional to and not exclusive of the rights conferred under any provision of any applicable state or local law.

 

ARTICLE V - ASSIGNMENT

 

Section 5.1 Lender
Transfers. The Notes may be negotiated or assigned in whole or in part by Lender from time to time. The term "Lender"
as used in this Agreement shall refer to the holder or holders of the Notes from time to time. Lender shall have the right to assign,
participate, syndicate or transfer any or all of its investment in the Loans, including sales through one or more private placements
or publicly registered offerings. Borrower shall, without expense to Borrower, cooperate with Lender to effect such transactions,
provide such information as may be necessary, and execute documentation as requested by Lender in connection therewith, including
amendments or restatements of the Loan Documents so long as such amendments or restatements do not alter the essential business
terms thereof.

 

ARTICLE VI - GENERAL PROVISIONS

 

Section 6.1 Notes
to Be Debt. It is expressly acknowledged and agreed that (i) the Notes are intended to be and shall constitute indebtedness
of Borrower, (ii) the holder or holders of the Notes shall be a debt holder and (iii) Borrower and the holder or holders
of the Notes shall treat the Notes as indebtedness on all tax returns or other reports at any time filed with the United States
Internal Revenue Service and any state or local tax authorities. Lender shall not be a partner in or have any liability in connection
with any obligation or liability of Borrower. Proceeds from the Notes, however may be utilized by Borrower’s affiliate company,
Presidential Realty Corporation.

 

    	12

    	 

    
 

Section 6.2 Notices.
Any notice, exercise of option or election, communication, consent, approval, expression of satisfaction, request or other document
or demand required or permitted under this Loan Agreement shall be in writing, shall be deemed delivered on the earlier of (a) the
date received, or (b) one (1) day after delivery to Federal Express or another guaranteed overnight delivery service,
postage prepaid, addressed as follows:

 

	(i)  To Borrower:	 	Palmer-Mapletree LLC
	 	 	c/o Alexander Ludwig, Manager
	 	 	9 East 40th Street, Suite 900
	 	 	New York, NY  10016
	 	 	 
	 	 	 
	(ii)  To Lender:	 	Country Bank for Savings
	 	 	75 Main Street
	 	 	Ware, MA 01082-2003
	 	 	Commercial Loan Department

 

Any party may, from time to time, change
the address at which such written notices or elections, communications, requests, or other documents or demands are to be mailed,
by giving the other party ten (10) days' written notice of such changed address in the manner hereinabove provided.

 

Section 6.3 Captions.
Any titles or captions contained in this Agreement are for convenience of reference only and shall not be deemed a part of this
Agreement or play any role in the construction or interpretation hereof.

 

Section 6.4 Pronouns;
Singular and Plural. The pronouns herein shall be deemed to refer to the masculine, feminine and neuter, and all singular words
shall include the plural and vice versa, as the identification of persons, entities or things intended to be included therein may
require.

 

Section 6.5 Binding
Effect. Except as otherwise herein provided, this Agreement shall be binding upon and inure to the benefit of the parties hereto,
their heirs, executors, successors and all persons hereafter having or holding any interest in Borrower or the Notes. Without limiting
the foregoing, in the event that Borrower should be dissolved and reconstituted one or more times in accordance with the terms
of the Operating Agreement, the term "Borrower" shall mean and refer to Borrower as so reconstituted from time to time.

 

Section 6.6 Entire
Agreement. This Agreement, including all Exhibits hereto, and the Notes contain the entire understanding between the parties
and supersede any prior understanding and agreements between them with respect to the subject matter hereof. There are no agreements,
arrangements or understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement which
are not fully expressed in this Agreement, in the Notes or in the ancillary documents contemplated by this Agreement.

 

    	13

    	 

    
 

Section 6.7 Severability.
If for any reason any word, phrase or provision of this Agreement or of the Notes or any of the other Loan Documents is held to
be invalid or unenforceable by final decree of any court of competent jurisdiction, all other words, phrases and provisions hereof
shall remain in full force and effect, and such court shall reform such portion so as to give maximum permissible effect to the
intention of the parties as expressed therein.

 

Section 6.8 Waivers
and Amendments. No waiver or consent shall be effective under this Agreement, the Notes or any other Loan Document unless it
is in writing, unambiguous and executed by the party against which enforcement thereof is sought. A waiver or consent shall be
effective only with respect to the specific event or circumstances for which it is given and not any subsequent occurrence, unless
otherwise expressly stated therein. This Agreement may be amended only by a written instrument executed by Borrower and by Lender.

 

Section 6.9 CHOICE
OF LAW AND FORUM. THE INTERPRETATION, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT AND OF THE NOTES SHALL BE GOVERNED
IN ALL RESPECTS BY THE LOCAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO ANY CHOICE OF LAW PRINCIPLES. ANY LEGAL
PROCEEDINGS COMMENCED BY LENDER OR BORROWER ARISING OUT OF ANY OF THE TRANSACTIONS OR OBLIGATIONS CONTEMPLATED BY THIS AGREEMENT
OR THE NOTES SHALL BE BROUGHT IN THE STATE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR THE UNITED STATES DISTRICT COURT FOR
THE DISTRICT OF MASSACHUSETTS. THE LENDER AND THE BORROWER EACH IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO THE JURISDICTION
OF SUCH COURTS AND AGREE TO TAKE ANY AND ALL FUTURE ACTION NECESSARY TO SUBMIT TO SUCH JURISDICTION, (B) WAIVES ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURTS AND (C) WAIVES ANY CLAIM THAT
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

Section 6.10 Lender's
Costs. Borrower shall reimburse Lender on demand for any and all payments made or costs incurred in connection with the Loans,
the preparation, interpretation and enforcement of the Loan Documents, or any refinancing occurring pursuant to this Agreement,
including, without limitation, attorneys' fees and disbursements (including such fees and disbursements incurred in appellate,
bankruptcy or insolvency proceedings), any mortgage taxes, intangibles tax, sales tax, transfer tax, title insurance premiums,
engineering costs and financing fees and commissions. Borrower shall indemnify Lender against any cost, claim, loss, liability,
damage, or expense (including attorneys' fees) in connection therewith. All payments and costs required to be paid to Lender under
this Section 6.10 shall bear interest at the rate of default interest (as defined in the Notes) from the day of billing until
paid.

 

    	14

    	 

    
 

Section 6.11 Litigation
Expenses. Borrower shall indemnify Lender against any cost, claim, loss, liability, damage or expense (including attorneys’
fees) in connection with any litigation with any third party relating to the Loan Documents.

 

Section 6.12 Estoppels.
Within ten (10) days following a written request from the Lender, the Borrower shall deliver to the Lender a statement as
to (a) whether this Agreement, the Notes and ancillary agreements contemplated in this Agreement are in full force and effect
and have not been amended, (b) the unpaid balance of principal under the Notes, including the date and amount of the last
payment of any of such amounts and (c) whether there exists any Event of Default or, any circumstance which with the giving
of notice, the passage of time or both would constitute an Event of Default.

 

Section 6.13 Exculpation
of Lender. Notwithstanding anything to the contrary contained in this Agreement or any Loan Document, neither Lender nor any
employee, agent, officer, director or shareholder of Lender shall have any personal liability with respect to the performance by
Lender of its obligations under this Agreement, any Loan Document or the transaction evidenced thereby. The sole recourse of Borrower
(or any person or party claiming by, through or under Borrower) shall be to Lender's interest under the Loan Documents. Neither
Borrower, nor any person claiming by, through or under Borrower, shall seek to obtain any deficiency or any money judgment against
Lender or any employee, agent, officer, director or shareholder of Lender.

 

Section 6.14 Counterparts
and Execution. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of
which shall constitute one (1) Agreement. The signature pages from such counterparts may be detached from and reattached to
other counterparts in order better to evidence the execution of this Agreement by all of the parties hereto.

 

Section 6.15 Demand
Note. THE BORROWER COVENANTS ACKNOWLEDGES AND AGREES that the Demand Note shall, at all times, be due and payable ON DEMAND,
notwithstanding anything to the contrary herein or in any other document.

 

    	15

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement under seal effective as of the day and year first above written.

 

	Witness:	 	PALMER-MAPLETREE, LLC
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Nickolas W. Jekogian	 
	 	 	 	Nickolas W. Jekogian, Manager	 
	 	 	 	 	 
	 	 	By:	/s/ Alexander Ludwig	 
	 	 	 	Alexander Ludwig, Manager	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	COUNTRY BANK FOR SAVINGS
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Phil B. Goncalves	 
	 	 	 	Phil B. Goncalves, First Vice President	 

 

    	16COMMERCIAL NOTE

 

FOR VALUE RECEIVED,
the Undersigned, Palmer-Mapletree LLC, a Delaware limited liability company with its principal place of business at 9 East 40th
Street, Suite 900, New York, New, York (the "Borrower") promises to pay to the order of Country Bank for Savings ("Lender"),
at the Lender's main office presently located at 75 Main Street, Ware, Hampshire County, Massachusetts, or at such other place
as Lender may designate in writing, the principal sum of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00), plus interest,
all as hereinafter set forth ("Note").

 

INTEREST

 

Interest from the date
hereof upon the unpaid principal balance from time to time outstanding shall accrue at an initial fixed rate of five and 00/100
percent (5.00%) per annum for an initial period of five (5) years, commencing from the date hereof (the “Initial Period”),
and thereafter, during each succeeding one (1) month period ("Adjustment Period"), at a fixed rate to be determined as
of the first day of each such Adjustment Period and equal to Lender's Prime Rate on that date plus one and 00/100 percent (1.00%)
per annum, provided, however, at no time, shall the interest rate charged in connection with this Note be less than five and 00/100
percent (5.00%) per annum. "Prime Rate" as used herein shall mean the "Prime Rate" as identified and published
by the Wall Street Journal under its listing of Money Rates (and where more than one "Prime Rate" is so
published, the highest rate shall be used herein). If the above Prime Rate index should no longer become available, Lender shall
select a new index which is based upon comparable information and shall notify the Undersigned of the change. Interest hereunder
shall be computed on the basis of a three hundred sixty (360) day year and shall accrue and be paid for the actual number of days
any principal hereunder remains unpaid.

 

REPAYMENT

 

Principal and interest
due Lender hereunder shall be repayable as follows:

 

		A.	Commencing one (1) month from the date hereof and on the same day of each month during the Initial
Period, payments of principal and interest in the amount of $3,972.92;

 

		B.	Thereafter, and on the same day of each succeeding month during each Adjustment Period, payments
of principal and interest in such amounts as are necessary to fully amortize the (then) unpaid principal hereunder existing on
the first day of each such Adjustment Period at the (then) applicable rate of interest and based upon an amortization period of
fifteen (15) years less the number of years elapsed from the date hereof;

 

    	1

    	 

    
 

		C.	Any remaining unpaid principal, and all accrued interest thereon, shall be due and payable IN FULL
fifteen (15) years from the date hereof.

 

Any payments received
by Lender with respect to this Note shall be applied first to any costs, charges or expenses (including reasonable attorneys’
fees) due Lender from the Undersigned, second to any unpaid accrued interest hereunder and third to the unpaid principal hereunder.

 

If any payment required
hereunder is more than fifteen (15) days overdue, (in addition to the interest accruing hereunder) a late charge of five percent
(5.00%) of the overdue payment shall be charged to the Undersigned and be immediately due and payable to Lender. Any payment having
a due date falling upon any day during which the Lender is not open for business shall be due and payable on the next business
day for which Lender is open for business and interest shall continue to accrue during the extended period.

 

If any payment received
by Lender with respect to this Note shall be deemed by a court of competent jurisdiction to have been a voidable preference or
fraudulent conveyance under federal or state law, or otherwise due any party other than Lender, then the obligation for which the
payment was made shall not be discharged by the payment and shall survive as an obligation due hereunder, notwithstanding the Lender's
return to the Undersigned or any other party of the original of this Note or other instrument evidencing the obligation for which
payment was made.

 

The Borrower shall
have the right to prepay this Note at any time, provided, however, in the event of any Prepayment the Borrower shall pay to the
Lender a Prepayment premium computed as follows:

 

		(a)	If Prepayment occurs during the first year of this Note, the premium shall be an amount equal to
five percent (5.00%) of the outstanding principal balance existing immediately prior to the Prepayment.

		(b)	If Prepayment occurs after the first year of this Note, but prior to commencement of the third
year of this Note, the premium shall be an amount equal to four percent (4.00%) of the outstanding principal balance existing immediately
prior to the Prepayment.

		(c)	If Prepayment occurs after the second year of this Note, but prior to commencement of the fourth
year of this Note, the premium shall be an amount equal to three percent (3.00%) of the outstanding principal balance existing
immediately prior to the Prepayment.

		(d)	If Prepayment occurs after the third year of this Note, but prior to commencement of the fifth
year of this Note, the premium shall be an amount equal to two percent (2.00%) of the outstanding principal balance existing immediately
prior to the Prepayment.

		(e)	If Prepayment occurs after the fourth year of this Note, but prior to commencement of the sixth
year of this Note, the premium shall be an amount equal to one percent (1.00%) of the outstanding principal balance existing immediately
prior to the Prepayment.

 

    	2

    	 

    
 

For purposes hereof, “Prepayment”
shall mean any payment of principal in advance of its due date. All Prepayments, whether by acceleration or otherwise, shall be
applied against the principal payments due hereunder in the inverse order of their maturity.

 

Upon the occurrence
of a default hereunder, interest upon the total unpaid principal hereunder shall thereafter, at Lender's option, without notice
to Undersigned, and until payment in full of all obligations hereunder, accrue at a rate ("Default Rate") equal to the
lesser of (a) the highest interest rate permitted by applicable law or (b) five percent (5.00%) per annum above the interest rate
then in effect hereunder at the time of the default.

 

It is not intended
under this Note to charge interest at a rate exceeding the maximum rate of interest permitted to be charged under applicable law,
but if interest exceeding said maximum rate should be paid hereunder, the excess shall, at Lender's option, be (a) deemed a voluntary
prepayment of principal not subject to the prepayment premium (if any) set forth herein or (b) refunded to the Undersigned.

 

The following described
property, in addition to all other collateral now or hereafter provided by the Undersigned to Lender, shall secure this Note and
all other present or future obligations of the Undersigned to Lender: Mortgage on property owned by the Borrower and located at
20 Wilbraham Street, Palmer, Hampden County, Massachusetts (the "Mortgaged Premises").

 

As additional collateral
for the payment and performance of this Note and all other obligations, whether now existing or hereafter arising, of the Undersigned
to Lender, Lender shall at all times have and is hereby granted a security interest in, and right of offset against, all cash,
deposit balances and/or accounts, instruments, securities or other property of the Undersigned, and of any endorser or guarantor
hereof, now or hereafter in the possession of Lender, whether for safekeeping or otherwise. This right of offset shall permit Lender
at any time and without notice to the Undersigned or any endorser or guarantor hereof, to transfer such funds or property as may
be deemed by Lender to be appropriate so as to reduce or satisfy any obligation of the Undersigned to the Lender, whether or not
such obligation is then due.

 

    	3

    	 

    
 

This Note shall be IN DEFAULT and the total
unpaid principal hereunder and all accrued interest thereon shall, at Lender's option, be immediately due and payable, without
prior notice, protest, or demand, upon the occurrence of any one or more of the following events of default (an “Event of
Default”): (a) the failure of the Undersigned to pay any amount when due hereunder within 10 days following written notice
from Lender; (b) the failure of the Undersigned to perform any other obligation to Lender as required hereunder or under any other
agreement between Lender and the Undersigned, after the expiration of any applicable grace or cure period; (c) the occurrence of
any default under, or the breach of, any term or condition of this or any other note, any mortgage, loan and/or security agreement,
guaranty, or any other agreement between Lender and the Undersigned, after the expiration of any applicable grace or cure period;
(d) Lender's determination that any representation made by the Undersigned to Lender at any time was not true or accurate in any
material respect when given;(e) the granting of any trust mortgage upon any assets of the Undersigned, the occurrence of any assignment
for the benefit of the Undersigned's creditors or the appointment of a custodian, trustee, or receiver with respect to any assets
of the Undersigned, or the filing of any petition by or against the Undersigned under the Bankruptcy Reform Act of 1978 (as amended)
or any other federal or state law by which the Undersigned is or may be relieved from its debts, provided however, the Undersigned
shall have forty five (45) days within which to obtain a final dismissal of any involuntary bankruptcy petition; (f) the service
of any process upon Lender by which any funds of the Undersigned being held by Lender may be attached if not dismissed or fully
bonded within 30 days; (g) the attachment of any other assets of the Undersigned, where such attachment is not released, terminated
or fully bonded within thirty (30) days of the order authorizing it; (h) the entry of any judgment against the Undersigned which
is not satisfied or appealed from within fifteen (15) days of its entry; (i) the death, incapacity, dissolution, termination of
existence or liquidation of any of the Undersigned; (j) the occurrence of any of the foregoing events of default with respect to
any endorser of any obligations of the Undersigned to Lender.

 

The Undersigned respectively
(a) waive presentment, demand, notice, protest and delay in connection with the delivery, acceptance, performance, collection and
enforcement of this Note, and (b) assent to any extension, renewal, modification or other indulgence permitted by Lender with respect
to this Note, including, without limitation, any release, substitution, or addition of co-makers, endorsers or guarantors of this
Note and any release, substitution or addition of collateral securing this Note or any other obligations of the Undersigned, or
any such endorsers or guarantors, to Lender, and (c) authorize Lender, in its sole and exclusive discretion and without notice
to the Undersigned, or any endorser or guarantor hereof, to complete this Note if delivered incomplete in any respect.

 

No indulgence, delay
or omission by Lender in exercising or enforcing any of its rights or remedies hereunder shall operate as a waiver of any such
rights or remedies or of the right to exercise them at any later time. No waiver of any default hereunder shall operate as a waiver
of any other default hereunder or as a continuing waiver. The Lender's acceptance of any payment hereunder, following any default,
shall not constitute a waiver of such default or of any of the Lender's rights or remedies hereunder (including charging interest
at the Default Rate), unless waived in writing by Lender.

 

All of the Lender's
rights and remedies hereunder, and under any other related loan documents, shall be cumulative and may be exercised singularly
or concurrently, at the Lender's sole and exclusive discretion.

 

    	4

    	 

    
 

The Undersigned jointly
and severally agree to pay on demand all costs and expenses, including, but not limited to, reasonable attorneys’ fees, incurred
by Lender in connection with the protection and/or enforcement of any of Lender's rights or remedies hereunder, whether or not
any suit has been instituted by Lender.

 

The word "Lender"
where used herein shall mean the named payee, its successors, assigns, affiliates and endorsees (and/or the holder of this Note
if, at any time, it is made payable to bearer), all of whom this Note shall inure to their benefit as holders in due course.

 

The word "Undersigned"
where used herein includes the Borrower, any and all makers and co-makers hereof, and their respective heirs, successors, assignees
and representatives, all of whom and their respective heirs, successors, assigns and representatives, shall be jointly and severally
liable hereunder. Any reference herein to the Undersigned is a reference to such party or parties individually as well as collectively.

 

The use of masculine
or neuter genders hereunder shall be deemed to include the feminine and the use of the singular or the plural herein shall be deemed
to include the other, as the context may require.

 

The Undersigned represents
that the proceeds of this Note will not be used for personal, family or household purposes and that this loan is strictly a commercial
transaction.

 

The Undersigned, at
its own expense, shall provide Lender with such financial statements and other information as Lender may from time-to-time require.

 

This Note shall be
governed by the laws of the Commonwealth of Massachusetts and the Undersigned submit to the jurisdiction of its courts with respect
to all claims concerning this Note or any collateral securing it.

 

ALL PARTIES TO THIS
NOTE, INCLUDING LENDER, HEREBY EXPRESSLY WAIVE ALL RIGHTS TO TRIAL BY JURY, AS TO ALL ISSUES, INCLUDING ANY COUNTERCLAIMS, WITHOUT
EXCEPTION, IN ANY ACTION OR PROCEEDING RELATING, DIRECTLY OR INDIRECTLY, TO THIS NOTE AND/OR OTHER INSTRUMENTS OR LOAN DOCUMENTS
(IF ANY) EXECUTED IN CONNECTION HEREWITH.

 

IN THE EVENT THAT UNDERSIGNED
SHALL BECOME A DEBTOR IN ANY BANKRUPTCY PROCEEDING PURSUANT TO USC 11 AND LENDER SHALL SEEK RELIEF FROM AUTOMATIC STAY PURSUANT
TO §362 THEREOF, UNDERSIGNED ACKNOWLEDGES AND AGREES THAT THE PARTIES INTEND, AS A NEGOTIATED CONDITION OF THE MAKING OF THE
LOAN REPRESENTED HEREBY, THAT LENDER BE GRANTED IMMEDIATE RELIEF FROM STAY UPON SUCH HAPPENING, AND THAT THIS WRITING MAY BE DEEMED
CONCLUSIVE EVIDENCE AS TO THE NEGOTIATED ONGOING INTENTION OF THE PARTIES AND IS INTENDED TO REMAIN THE PRINCIPAL BASIS UPON WHICH
ANY COURT SHALL MAKE SUCH DETERMINATION.

 

    	5

    	 

    
 

This Note constitutes
a final written expression of all of its terms and is a complete and exclusive statement of those terms. Any modification or waiver
of any of these terms must be in writing signed by the party against whom the modification or waiver is to be enforced.

 

The Undersigned agree
to be bound by the terms of this Note and acknowledge receipt of a signed copy hereof.

 

Signed as a sealed
instrument this 8th day of June, 2012.

 

	Witness:	 	Palmer-Mapletree LLC	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Nickolas W. Jekogian, III	 
	 	 	 	Nickolas W. Jekogian, III, Manager	 
	 	 	 	 	 
	 	 	By:	/s/ Alexander Ludwig	 
	 	 	 	Alexander Ludwig, Manager	 

 

    	6

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