Document:

Exhibit 10.22

 

ASSIGNMENT OF REAL ESTATE

PURCHASE AND SALE AGREEMENT

 

THIS ASSIGNMENT OF
REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Assignment”) is made this 3rd day of May
2018, by and between MEDALIST DIVERSIFIED HOLDINGS, L.P., a Delaware limited partnership (“Assignor”);
and MDR HANOVER SQUARE, LLC (“MDR Assignee”), and PMI HANOVER SQ. LLC (“PMI Assignee,”
and together with the MDR Assignee, the “Assignees”).

 

RECITALS:

 

1.          Assignor
entered into that certain Real Estate Purchase and Sale Agreement dated February 26, 2018 (as amended, the “Purchase Agreement”)
with COF NORTH, LLC and COF NORTH II, LLC, each a Virginia limited liability company (collectively, the “Seller”),
with respect to the real property and improvements located in Mechanicsville, Hanover County, Virginia (the “Property”),
all as more particularly described in the Purchase Agreement.

 

2.          Assignor
has the right to assign all its right, title, and interest in, to, and under the Purchase Agreement to Assignee as provided in
this Assignment.

 

3.          Assignor
now desires to assign all its right, title, and interest as “Buyer” under the Purchase Agreement to Assignees, and
Assignees desire to assume all of Assignor’s right, title, and interests as Buyer under the Purchase Agreement.

 

ASSIGNMENT:

 

NOW THEREFORE, in consideration
of the mutual covenants contained in this Assignment, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

1.          Incorporation
of Recitals. The foregoing Recitals are incorporated herein and by this reference made a part hereof. All capitalized terms
set forth herein shall have the meanings ascribed to such terms in the Purchase Agreement unless otherwise defined herein.

 

2.          Transfer;
Assignment and Designation; Assumption. Assignor hereby sells, transfers, assigns, delivers and conveys to Assignees and
their respective successors and assigns, and Assignees hereby accept from Assignor, all right, title and interest of Assignor in,
to and under the Purchase Agreement. Assignees hereby assume all of the obligations of the “Buyer” under the Purchase
Agreement. Assignor agrees to indemnify, defend and hold Assignees harmless with respect to all claims accruing under the Purchase
Agreement prior to the date hereof. Assignees agree to indemnify, defend and hold Assignor harmless with respect to all claims
accruing under the Purchase Agreement from and after the date hereof.

 

    	

     

    

 

3.          Tenants-In-Common.
The parties hereto acknowledge that the MDR Assignee and the PMI Assignee will own the Property as Tenants-In-Common (“TICs”)
in the percentages of ______% and ______%, respectively. Seller executes this Assignment for the sole purpose of acknowledging
the ownership percentages set forth in the preceding sentence, and hereby agrees to convey the Property to Assignees at Closing
accordingly.

 

4.          Governing
Law. This Assignment shall be construed and enforced in accordance with and governed by the same law that governs the Purchase
Agreement, without regard to the principles of conflicts of law.

 

5.          Binding
Effect. This Assignment shall be binding upon the parties hereto and their respective successors and assigns and shall
inure to the benefit of the parties hereto.

 

6.          Counterparts.
This Assignment may be executed in any number of counterparts and it shall be sufficient that the signature of each party appear
on one or more such counterparts. All counterparts shall collectively constitute a single agreement. Signatures to this Assignment
transmitted by facsimile or electronic mail shall be treated as originals in all respects.

 

[SIGNATURES FOLLOW]

 

    	

     

    

 

WITNESS the following signatures:

 

	ASSIGNOR:	MEDALIST DIVERSIFIED HOLDINGS, L.P., 
	 	a Delaware limited partnership

 

	 	By:	/s/William R. Elliott	(Seal)
	 	William R. Elliott, Authorized Signatory

 

	MDR ASSIGNEE:	MDR HANOVER SQUARE, LLC, a 
	 	Delaware limited liability company

 

	 	By:	/s/William R. Elliott	(Seal)
	 	 	William R. Elliott, Authorized Signatory

 

	PMI ASSIGNEE:	PMI HANOVER SQ. LLC 
	 	a Delaware limited liability company

 

	 	By:	Peter Mueller, Inc., a
	 	 	Virginia corporation
	 	Its:	Manager

 

	 	By:	/s/Kurt A. Schirm	(Seal)
	 	 	Kurt A. Schirm, PresidentExhibit 10.23

 

BUSINESS
LOAN AGREEMENT

 

	Principal	 	 	Loan Date	 	Maturity	 	Loan No.	 	Call/Coll	 	 	Account	 	 	Officer RP	 	 	Initials	 
	$	8,600,000.00	 	 	11-3-2017	 	12-1-2027	 	5510059503301	 	 		 	 	 		 	 	 		 	 	 		 

 

References in the boxes above are for lender’s
use only and do not limit the applicability of this document to any particular loan or item. Any Item above containing ****** has
been omitted due to text length limitations.

 

	
        Borrower: COF North LLC, a Virginia limited 

        liability company

        4198 Cox Road, Suite 200

        Glen Allen, VA 23060
	
        Lender: Langley Federal Credit Union

        721 Lakefront Commons

        Newport news, 23606

 

 

 

 

THIS BUSINESS LOAN AGREEMENT dated November 3, 2017, is made
and executed between COF North, LLC, a Virginia limited liability company (“Borrower”) and Langley Federal Credit Union
(“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied
to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit
or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan,
lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting;
renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgement and discretion; and
(C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. This Agreement shall apply to any
and all present and future loans, loan advances, extension of credit, financial accommodations and other agreements and undertakings
of every nature and kind that may be entered into by and between Borrower and Lender now and in the future.

 

TERM. This Agreement shall be effective as of November 3, 2017,
and shall continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid
in full, including principal, interest, costs, expenses, attorney’s fees, and other fees and charges, or until December 1,
2027.

 

CONDITIONS RECENDENT TO EACH ADVANCE. Lender’s obligation
to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s
satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

 

Loan Documents. Borrower shall provide to Lender the
following documents for the Loan: (1) the Note; (2) Security Agreements granting to lender security interest in the Collateral;
(3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of Insurance as required
below; (5) guaranties; (6) together with all such Related Documents as Lender may require for the Loan; all in form and substance
satisfactory to Lender and Lender’s counsel.

 

Borrower’s Authorization. Borrower shall provide
in form and substance satisfactory to Lender property certified resolutions, duly authorizing the execution and delivery of this
Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorization,
documents and Instruments as lender or its counsel may require.

 

Payment of Fees and Expenses. Borrower shall have
paid to lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or any Related
Document

 

Representations and Warranties. The representations
and warranties set forth in this Agreement, in the Related Documents, and in any documents or certificate delivered to Lender under
this Agreement are true and correct.

 

No Event of Default. There shall not exist at the
time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 2

 

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants
to lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as o the date of any renewal,
extension or modification of any Loan, and at all times and Indebtedness exists:

 

Organization. Borrower is a limited liability company
which is, and at all times shall be, dully organized, validity existing, and in good standing under and by virtue of the laws of
the Commonwealth of Virginia. Borrower is duly authorized to transact business in all other states in which Borrower is doing business,
having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business.
Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which
the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power
and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.
Borrower maintains an office at 4196 Cox Road, Suite 200, Glen Allen, 23060. Unless Borrower has designated otherwise in writing,
the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral.
Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s
name. Borrower shall do all things necessary to preserve and to keep in full force and affect its existence, rights and privileges,
and shall comply with all regulations, rules, ordinances, statues, orders and decrees of any governmental authority or court applicable
to Borrower and Borrower’s business activities.

 

Assumed Business Name. Borrower has filed or recorded
all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower,
the following is a complete list of all assumed business names under which Borrower does business: None.

 

Authorization. Borrower’s execution, delivery,
and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower,
do not require the consent or approval of any other person, regulatory, authority, or governmental body, and do not conflict with,
result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of organization o membership
agreements, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree,
or order applicable to Borrower or to Borrower’s properties. Borrower has the power and authority to enter into the Note
and the Related Documents and to grant collateral as security for the Loan. Borrower has the further power and authority to own
and to hold all of Borrower’s assets and properties, and to carry on Borrower’s business as presently conducted.

 

Financial Information. Each of Borrower’s financial
statements supplied to Lender truly and completely disclosed Borrower’s financial condition as of the date of the statement,
and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent
financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statement.

 

Legal Effect. This Agreement constitutes, and any
instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding
obligations of Borrower enforceable against Borrower in accordance with their respective terms.

 

Properties. Except as contemplated by this Agreement
or as previously disclosed in Borrower’s financial statements or in writing to Lender and as accepted by Lender, and except
for property tax liens for taxes not presently due and payable. Borrower owns and has good title to all of Borrower’s properties
free and clear of all Securities Interests, and has not executed any security documents or financing statements relating to such
properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a
financing statement relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name,
and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 3

 

Hazardous Substances. Except as disclosed to and acknowledged
by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower’s ownership of the Collateral,
there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance
by any person on, under, about or from any of the Collateral, (2) Borrower has no knowledge of, or reason to believe that there
has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal,
release or threatened release of any Hazardous Substances on, under, or about or from the personal relating to such matters, (3)
Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacturer’s
tore, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral, and any such activity
shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without
limitation Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections
and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of Agreement. Any inspections
or test made by Lender shall be at Borrower’s expenses and for Lender’s purposes only and shall not be construed to
create any responsibility or liability on part of Lender to Borrower or to any other person. The representations and warranties
contained herein are based on Borrower’s due diligence in Indemnity or contribution in the event Borrower becomes liable
for cleanup or other costs under any such laws, and (2) agrees to Indemnity, defend, and hold harmless Lender against any and all
claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting
from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release
of threatened release of a hazardous waste or substances on the Collateral. The provisions of this section of the Agreement, including
the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction
of this Agreement and shall not be affected by Lender’s acquisition of any interest in any of the Collateral, whether by
foreclosure or otherwise.

 

Litigation and Claims. No litigation, claim, investigation,
administrative proceedings or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and
no other event has occurred which may materially adversely affect Borrower’s financial condition or properties, other than
litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

 

Taxes. To the best of the Borrower’s knowledge,
all of Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments,
and other governmental charges have been paid in full; except those presently being or to be contested by Borrower in good faith
in the ordinary course of business and for which adequate reserves have been provided.

 

Lien Priority. Unless otherwise previously disclosed
to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of
any Security interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan
and Note, that would be prior or that may in any way be superior to Lender’s Security Interests and rights in and to such
Collateral.

 

Binding Effect. This Agreement, the Note, all Security
Agreements (if any), and all Related Documents are binding upon the singers thereof, as well as upon their successors, representatives
and assigns, and are legally enforceable in accordance with their respective terms.

 

Commercial Purpose. Borrower intents to use the Loan
proceeds solely for business or commercially related purposes.

 

Employee Benefit Plans. Each employee benefit plan
as to which Borrower may have any liability complies in all material respects with all applicable requirements of law and regulations,
and (1) no Reportable Event nor Prohibited Transaction (as defined in ERISA) has occurred with respect to any such plan, (2) Borrower
has not withdrawn from any such plan or initiated steps to do so, (2) no steps have been taken to terminate any such plan or to
appoint a trustee to administer such a plan, and ($) there are no unfunded liabilities other than those previously disclosed to
Lender in writing.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 4

 

Investment Company Act. Borrower is not an “investment
company” or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended.

 

Public Utility Holding Company Act. Borrower is not
a “holding company”, or a “subsidiary company” of a “holding company”, or an “affiliate”
of a “holding company” or of a “subsidiary company” of a “holding company”, within the meaning
of the Public Utility Holding Company Act of 1935, as amended.

 

Regulations T and U. Borrower is not engaged principally,
or as one of its important activities. In the business of extending credit for the purpose of purchasing or carrying margin stock
(within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System.)

 

Information. All information previously furnished
or which is now being furnished by Borrower to lender for the purposes of or in connection with its Agreement or any transaction
contemplated by this Agreement is, and all information furnished by or on behalf of Borrower to Lender in the future will be, true
and accurate in every material respect on the date as of which such information is dated or certified, and no such information
is or will be incomplete by omitting to state any material fact that omission of which would cause the information to be misleading.

 

Claims and Defenses. There are no defenses or counterclaims,
offsets, or other adverse claims, demands or actions of any kind, personal or otherwise, that Borrower and Grantor, or any Guarantor
could assert with respect to the Note, Loan, this Agreement, or the Related Documents.

 

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with lender
then, so long as the Agreement remains in effect, Borrower will:

 

Repayment. Repay the Loan in accordance with its terms
and the terms of this Agreement.

 

Notices of Claims and Litigation. Promptly inform
Lender in writing of (1) all material adverse changes in Borrower’s financial condition, and (2) all existing and all threatened
litigation, claims, investigations, administrative proceeds or similar actions affecting Borrower or any Guarantor which could
materially affect the financial condition of Borrower or its financial condition of any Guarantor. In addition, Borrower shall
provide Lender with written notice of the occurrence of any Event of Default, the occurrence of any Reportable Event under, or
the Institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan
as to which Borrower may have any liability.

 

Financial Records. Maintain its books and records
in accordance with GAAP, applied on a consistent basis, and permit lender to examine and audit Borrower’s books and records
at a reasonable time.

 

Financial Statements. Furnish Lender with the following:

 

Annual Statements. As soon as available, but in no event
later than one-hundred-twenty (120) days after the end of each fiscal year, Borrower’s balance sheet and income statement
for the year ended, prepared by Borrower.

 

Tax Returns. As soon as available, but in no event later
than one-hundred-twenty (120) days after the applicable filing date for the tax reporting period ended, Borrower’s Federal
and other governmental tax returns, prepared by a certified public accountant satisfactory to Lender.

 

Additional Requirements. Signed and dated Business Tax
Returns (including all schedules) of COF North, LLC.

Signed and dated Personal Tax
Returns (including all schedules) of Mark W. Claud.

Signed and dated Personal Financial
Statement of Mark W. Claud.

Signed and dated Real Estate Portfolio summaries reflecting
all properties owned by Mark W. Claud and Borrower.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 5

 

Signed and dated Current Rent Roll for property located
at 7320 Bell Creek Road, Mechanicsville, VA 23111.

Borrower and Guarantor must also provide additional
financial information when requested by LFCU.

 

All financial reports required to be provided under
this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true
and correct.

 

Additional Information. Furnish such additional information
and statements, as Lender may request from time to time.

 

Financial Covenants and Ratios. Comply with the following
covenants and ratios.

 

DSCR Ratio. Maintain a ration DSCR in excess of 1,350
to 1,000. Global Debt Service Coverage Ratio (DSCR) shall be calculated based on the Borrower(s) and Guarantor(s) filed Federal
Income Tax Returns, Personal Financial Statement(s) and Reports, as follows: (property/business cash flow plus personal cash flow)
divided by (property/business debt service plus personal debt service). This coverage will be evaluated as of year-end.

 

Additional Requirements. The Borrower will maintain
a loan- to value of real estate ratio of 75% for the duration of the Loans.

 

LFCU reserves the right to order additional appraisals
on the Real Property, as improved by the Project, at the Borrower’s expense during the life of the Loan if LCFU, it is sole
judgement, feels the loan-to-value may exceed 75%. If the loan-to-value exceeds 75% during the life of the Loan, it will be considered
an event of default under the Loan.

 

Except as provided above, all computations made to
determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting
principles, applied on a consistent basis, and certified by Borrower as being true and correct.

 

Insurance. Maintain fire and other risk insurance,
public liability insurance, and such other insurances as Lender may require with respect to Borrower’s properties and operations,
in form, amounts. Coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to
Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including allegations that coverages
will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission, or
default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a
security interest for the Loans, Borrower will provide Lender with such Lender’s loss payable or other endorsements as lender
may require.

 

Insurance Reports. Furnish to Lender, upon request
of Lender, reports on each existing insurance policy showing such information as Lender may reasonable request, including without
limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties
insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining
those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually),
Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement
cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

 

Guaranties. Prior to disbursement of any Loan proceeds,
furnish executed guaranties of the Loans in favor of Lender, executed by the guarantor named below on Lender’s forms, and
in the amount and under the conditions set forth in those guaranties.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 6

 

	
        Name of Guarantor
	Amount
	Mark W. Claud	Unlimited

 

Other Agreements. Comply with all terms and conditions
of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately
in writing of any default in connection with any other such agreements.

 

Loan Proceeds. Use all Loan proceeds solely for Borrower’s
business operations, unless specifically consented to the contrary by Lender in writing.

 

Taxes, Charges and Liens. Pay and discharge when due
all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and
liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties
would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s properties, income
or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or
claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall
have established on Borrower’s book adequate reserves with respect to such contested assessment, tax, charge, levy, lien
or claim in accordance with GAAP.

 

Performance. Perform and comply, in a timely manner,
with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments
and agreements between Borrower and Lender, and in all other loan agreements now or in the future existing between Borrower and
any other party. Borrower shall notify Lender immediately in writing of any default in connection with any agreement.

 

Operations. Maintain executive and management personnel
with substantially the same qualifications and experiences as the present executive and management personnel; provide written notice
to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.

 

Environmental Studies. Promptly conduct and complete,
at Borrower’s expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental
authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under
applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned,
leased or used by Borrower.

 

Compliance with Governmental Requirements. Comply
with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct
of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation,
the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance
during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and
so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may require
Borrower to post adequate security or a surety bond, satisfactory to Lender, to protect Lender’s interest.

 

Inspection. Permit employees or agents of Lender at
any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower’s other properties and to examine
or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books, accounts, and
records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records
and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of
Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with
copies of any records it may request, all at Borrower’s expense.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 7

 

Change of Location. Immediately notify Lender in writing
of any additions to or changes in the location of Borrower’s businesses.

 

Title to Assets and Property. Maintain good and marketable
title to all of Borrower’s assets and properties.

 

Notice of Default, Litigation and ERISA Matters. Forthwith
upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing
the same and the steps being taken by Borrower with respect thereto: (1) the occurrence of any Event of Default, or (2) the institution
of, or any adverse determination in, and litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of
a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate,
any employee benefit plan as to which Borrower may have any liability.

 

Other information. From time to time Borrower will
provide Lender with such other information as Lender may reasonable request.

 

Employee Benefit Plan. So long as this Agreement remains
in effect, Borrower will maintain each employee benefit plan as to which Borrower may have any liability, in compliance with all
applicable requirements of law and regulations.

 

Compliance Certificates. Unless waived in writing
by Lender, provide Lender with one hundred twenty (120) days after the end of each fiscal year, with a certificate executed by
Borrower’s chief financial officer, or other officer or person acceptable to Lender, certifying that the representations
and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that,
as of the date of the certificate, no Event of Default exists under this Agreement.

 

Environmental Compliance and Reports. Borrower shall
comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional
action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied by Borrower, any
environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance
with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender
promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive,
letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action
or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment
and/or other natural resources.

 

Additional Assurances. Make, execute and deliver to
Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents
and other agreements as Lender or its attorney may reasonably request to evidence and secure the Loan and to perfect all Security
interests.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 8

 

LENDER’S EXPENDITURES. If any action or proceeding is
commenced that would materially affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision
of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due
any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s
behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging
or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and
paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of
repayment by Borrower. All such expenses will become a part of the indebtedness and, at Lender’s option, will (A) be payable
on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as
a balloon payment which will be due and payable at the Note’s maturity.

 

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender
that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender:

 

Indebtedness and Liens. (1) Except for trade debt
incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness
for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in,
or encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s
accounts, except to Lender.

 

Continuity of Operations. (1) Engage in any business
activities substantially different than those in which Borrower is presently engaged, (2) cease operation, liquidate, merge, transfer,
acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course
of business, or (3) make any distribution with respect to any capital account, whether by reduction of capital or otherwise.

 

Loans, Acquisitions and Guaranties. (1) Loan invest
in or advance money or assets to any other person, enterprise or entity, (2) purchase, create or acquire any interest in any other
enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business.

 

Agreements. Enter into any agreement containing any
provisions which would be violated or breached by the performance of Borrower’s obligations under this Agreement or in connection
herewith.

 

CESSATION OF ADVANCES. If Lender has made any commitment to
make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan
Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any
of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies,
becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C)
there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or
in the value of any Collateral securing the Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or
revoke such Guarantor’s guaranty of the Loan or any other loan with Lender.

 

STATUTORY LIEN. Borrower agrees that all loan advances under
this Agreement are secured by all shares and deposits in all joint and individual accounts Borrower has with Lender now and in
the future. Borrower authorizes Lender, to the extent permitted by applicable law, to apply the balance in these accounts to pay
any amounts due under this Agreement when Borrower is in default under this Agreement. Shares and deposits in an Individual Retirement
Account and any other account that would lose special tax treatment under state or federal law if given as security are not subject
to the security interest Borrower has given in Borrower’s shares and deposits.

 

DEFAULT. Each of the following shall constitute an Event of
Default under this Agreement.

 

Payment Default. Borrower fails to make
any payment when due under the Loan.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 9

 

Other Defaults. Borrower fails to comply with or to
perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to
comply with or to perform any term, obligation, covenant, or conditions contained in any other agreement between Lender and Borrower.

 

Environmental Default. Failure of any party to comply
with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection
with any Loan.

 

False Statements. Any warranty, representation or
statement made or furnished to Lender by Borrower or on Borrower’s behalf, or made by Guarantor, under this Agreement or
the Related Documents in connection with the obtaining of the Loan evidenced by the Note or any security document directly or indirectly
securing repayment of the Note is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

 

Death or insolvency. This dissolution or termination
of Borrower’s existence as a going business or the death of any member, or a trustee or receiver is appointed for Borrower
or for all or a substantial portion of the assets of Borrower, or Borrower makes a general assignment for the benefit of Borrower’s
creditors, or Borrower files for bankruptcy, or an involuntary bankruptcy petition is file against Borrower and such involuntary
petition remains undismissed for sixty (60) days.

 

Defective Collateralization. This Agreement or any
of the Related Documents ceases to be in full force and effect (including failure of any collateral documents to create a valid
and perfected security interest or lien) at any time and for any reason.

 

Creditor or Forfeiture Proceedings. Commencement of
foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor
of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s
accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute
by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if
Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond
for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve
or bond for the dispute.

 

Execution Agreement. Any execution or attachment is
levied against the Collateral, and such execution or attachment is not set aside, discharged or stayed within thirty (30) days
after the same is levied.

 

Change in Zoning or Public Restriction. Any change
in any zoning ordinance or regulation or any other public restriction is enacted, adopted or implemented, that limits or defies
the uses which may be made of the Collateral such that the present or intended use of the Collateral, as specified in the Related
Documents, would be in violation of such zoning ordinance or regulation or public restriction, as changed.

 

Default Under Other Lien Documents. A default occurs
under any other mortgage, deed of trust or security agreement covering all or any portion of the Collateral.

 

Judgment. Unless adequately covered by insurance in
the opinion of Lender, the entry of a final judgment for the payment of money involving more than ten thousand dollars ($10,000.00)
against Borrower and the failure by Borrower to discharge the same, or cause it to be discharged, or bonded off to Lender’s
satisfaction, with in thirty (30) days from the date of the order, decree or process under which or pursuant to which such judgment
was entered.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 10

 

Events Affecting Guarantor. Any of the preceding events
occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes
the validity of, or liability under, any Guarantor of the indebtedness.

 

Adverse Change. A material adverse change occurs in
Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired

 

Right to Cure. If any default other than a default
on indebtedness is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar default within
the preceding six (6) month, it may be cured if Borrower or Grantor, as the case may be, after Lender sends written notice to Borrower
or Grantor, as the case may be, demanding cure of such default; (1) cure the default within thirty (30) days; or (2) if the cure
requires more than thirty (30) days, immediately initiate steps which Lender deems in Lender’s sole discretion to be sufficient
to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as
soon as reasonably practical.

 

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall
occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under
this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further
Loan Advances or disbursements), and, at Lender’s option, all sums owing in connection with the Loans, including all principal,
interest and all other fees, costs and charges, if any, will become immediately due and payable, all without notice of any kind
to Borrower, except that in the case of an Event of Default of the type described in the ‘insolvency’ subsection above,
such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the
Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s
rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy
shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation
of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies.

 

ADDITIONAL DOCUMENTS. Borrower shall provide Lender with the
following additional documents.

 

Articles of Organization and Company Resolutions.
Borrower has provided or will provide Lender with a certified copy of Borrower’s Articles of Organization, together with
a certified copy of resolutions properly adopted by the members of the company, under which the member authorized one or more designated
members or employees to execute this Agreement, the Note and any and all Security Agreements directly or indirectly securing repayment
of the same and to consummate the borrowings and other transactions as contemplated under this Agreement, and to consent to the
remedies following any default by Borrower as provided in this Agreement and in any Security Agreements.

 

Opinion of Counsel. When required by Lender, Borrower
has provided or will provide Lender with an option of Borrower’s counsel certifying to and that; (1) Borrower’s Note,
any Security Agreements and this Agreement constitute valid and biding obligations on Borrower’s part that are enforceable
in accordance with their respective terms; (2) Borrower is validly existing and in good standing; (3) Borrower has authority to
enter into this Agreement and to consummate the transactions contemplated under this Agreement; and (4) such other matters as may
have been requested by Lender or by Lender’s counsel.

 

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions
are a part of this Agreement.

 

Amendments. This Agreement, together with any Related
Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No
alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought
to be charged or bound by the alteration or amendment.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 11

 

Attorney’s Fees; Expenses. Borrower agrees that
if Lender hires an attorney to help enforce this Agreement, Borrower will pay, subject to any limits under applicable law, Lender’s
attorneys’ fees and all of Lender’s other collection expenses, whether or not there is a lawsuit and including without
limitation additional legal expenses for bankruptcy proceedings.

 

Borrower Information. Borrower consents to the release
of information on or about Borrower by Lender in accordance with any court order, law or regulation and in response to credit inquiries
concerning Borrower.

 

Caption Headings. Caption headings in this Agreement
are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

 

Consent to Loan Participation. Borrower agrees and
consents to Lender’s sale or transfer, whether now or later, of one more participation interest(s) in the Loan to one or
more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter
relating to the Loan, and Borrower hereby waives any rights to confidentiality and privacy Borrower may have with respect to such
matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase
of such participation interests. Borrower also agrees that the purchases or any such participation interests will be considered
as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or
agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that
it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that
either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency
of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interest may enforce
its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

 

Governing Law. This Agreement will be governed by
federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the Commonwealth of Virginia without
regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the Commonwealth of Virginia.

 

Choice of Venue. If there is a lawsuit, Borrower agrees
upon Lender’s request to submit to the jurisdiction of the applicable courts for the City of Newport News, Commonwealth of
Virginia.

 

Non-Liability of Lender. The relationship between
Borrower and Lender created by this Agreement is strictly a debtor and creditor relationship and not fiduciary in nature, nor is
the relationship to be construed as creating any partnership or joint venture between Lender and Borrower. Borrower is exercising
Borrower’s own judgment with respect Borrower’s business. All information supplied to Lender is for Lender’s
protection only and no other party is entitled to rely on such information. There is no duty for Lender to review, inspect, supervise
or inform Borrower of any matter with respect to Borrower’s business, Lender and Borrower intend that Lender may reasonably
rely on all information supplied by Borrower to Lender, together with all representations and warranties, given by Borrower to
Lender, without investigation or confirmation by Lender and that any investigation or failure to investigate will not diminish
Lender’s right to so rely.

 

Notice of Lender’s Breach. Borrower much notify
Lender in writing of any breach of this Agreement or the Related Documents by Lender and any other claim, cause of action or offset
against Lender within thirty (30) days after the occurrence of such breach or alter the accrual of such claim, cause of action
or offset. Borrower waives any claim, cause of action or offset for which notice is not given in accordance with this paragraph.
Lender is entitled to rely on any failure to give such notice.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 12

 

Indemnification of Lender. Borrower agrees to indemnify,
to defend and to save and hold Lender harmless from any and all claims, suits, obligations, damages, losses, costs, and expenses
(including, without limitation, Lender’s attorney’s fees), demands, liabilities, penalties, fines and forfeitures or
any nature whatsoever that may be asserted against or incurred by Lender, its officers, directors, employees, and agents arising
out of, relating to, or in any manner occasioned by this Agreement and the exercise of the rights and remedies granted Lender under
this, as well as by, (1) the ownership, use, operation, construction, renovation, demolition, preservation, management, repair,
condition, or maintenance of any part of the Collateral, (2) the exercise of any of Borrower’s rights collaterally assigned
and pledged to Lender hereunder; (3) any failure of Borrower to perform any of its obligations hereunder; and/or (4) any failure
of Borrower to comply with the environmental and ERISA obligations, representations and warranties set forth herein. The foregoing
indemnity provisions shall survive the cancellation of this Agreement as to all matters arising or accruing prior to such cancellation
and the foregoing indemnity shall service in the event that Lender elects to exercise any of the remedies as provided under this
Agreement following default hereunder. Borrower’s indemnity obligations under this section shall not in any way be affected
by the presence or absence of covering insurance, or by the amount of such insurance or by the failure or refusal of any insurance
carrier to perform any obligation on its party under any insurance policy or policies affecting the Collateral and/or Borrower’s
business activities. Should any claim, action or proceeding be made or brought against Lender by reason of any even as to which
Borrower’s indemnification obligations apply, then, upon Lenders demand, Borrower at its sole cost and expense, shall defend
such claim, action or proceeding in Borrower’s name, if necessary, by the attorneys for Borrower’s insurance carrier
(if such claim, action or proceeding is covered by insurance), or otherwise by such attorneys as Lender shall approve. Lender may
also engage its own attorney at its reasonable discretion to defend Borrower and to assist in its defense and Borrower agrees to
pay the fees and disbursements of such attorneys.

 

Counterparts. This Agreement may be executed in multiple
counterparts, each of which, when so executed, shall be deemed an original but all such counterparts taken together, shall constitute
one and the same Agreement.

 

No Waiver by Lender. Lender shall not be deemed to
have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender. No delay or omission on
the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a
provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right to otherwise to demand strict compliance
with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender
and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or of any of Borrower’s
or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement,
the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such
consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

 

Notices. Any notice required to be given under this
Agreement shall be given in writing, and shall be effective when actually delivered, if hand delivered, when actually received
by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed,
when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses
shown near the beginning of the Agreement. Any party may change its address for notices under this Agreement by giving formal written
notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes,
Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise provided or required
by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice give to all Borrowers.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 13

 

Severability. If a court of competent jurisdiction
finds any provision of this Agreement to be illegal, invalid or unenforceable as to any person or circumstance, that finding shall
not make the offending provision illegal, invalid or unenforceable as to any other person or circumstance. If feasible, the offending
provision shall be considered modified so that it become legal, valid and enforceable. If the offending provision cannot be so
modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.

 

Sole Discretion of Lender. Whenever Lender’s
consent or approval is required under this Agreement, the decision as to whether or not to consent or approve shall be in the sole
and exclusive discretion of Lender and Lender’s decision shall be final and conclusive.

 

Subsidiaries and Affiliates of Borrower. To the extent
the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty
or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates.
Notwithstanding the foregoing, however, under no circumstances shall this Agreement be construed to require Lender to many any
Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates.

 

Successors and Assigns. All covenants and agreements
by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower’s successions and assigns
and shall inure the benefit of lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s
rights under this Agreement or any interest therein, without the prior written consent of Lender.

 

Survival of Representations and Warranties. Borrower
understands and agrees that in making the Loan, Lender is relying on all representations, warranties, and covenants made by Borrower
in this Agreement or in any certificate or other instrument delivered by Borrower to lender under this Agreement and Related Documents.
Borrower further agrees that regardless of any investigation made by lender, all such representations, warrants, and covenants
will survive the making of the Loan and delivery to Lender of the Related Documents, shall be continuing in nature, and shall remain
in full force and affect until such time as Borrower’s Indebtedness shall be paid in full, or under this Agreement shall
be terminated in the manner provided above whichever is the best to occur.

 

Time is of the Essence. Time is of the essence in
the performance of this Agreement.

 

DEFINITIONS. The following capitalized words and terms shall
have the following meaning when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts
shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural,
and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement
shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined
in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect
on the date of this Agreement.

 

Advance. The word “Advance” means a disbursement
of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under
the terms and conditions of this Agreement.

 

Agreement. The word “Agreement” means
this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits
and schedules attached to this Business Loan Agreement from time to time.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 14

 

Borrower. The word “Borrower” means COF
North, LLC, a Virginia Limited Liability Company and includes all co-signers and co-makers signing the Note and all their successors
and assigns.

 

Collateral. The word “Collateral” means
all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly
or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral
mortgage, deed of trust, assignment, crop pledge, pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s
lien, equipment, trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended
as a security device or any other security or lien interest whatsoever, whether created by law, contract, or otherwise.

 

Environmental Laws. The words “Environmental
Laws” mean any and all state, federal, and local statutes, regulations and ordinances relating to the protection of human
health or the environment, including, without limitation the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended, 42 U.S.C. Section 9601, et. Sec (“CERCLA”), the Superfund Amendments and Reauthorization Act
of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 5901, et. Seq., or other applicable state or federal laws, rules,
or regulations adopted pursuant thereto.

 

ERISA. The word “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and including all regulations and published interpretations
of the act.

 

Event of Default. The words “Event of Default”
mean individually, collectively, and interchangeably any of th events of default set forth in this Agreement in the default section
of this Agreement.

 

GAAP. The word “GAAP” means generally
accepted accounting principles.

 

Grantor. The word “Grantor” means each
and all of the persons or entities granting a Security interest in any Collateral for the Loan, and their personal representatives,
successors and assigns.

 

Guarantor. The word “Guarantor” means
any guarantor, surety, or accommodation party of any or all of the Loan, and, in each case, Borrower’s successors, assigns,
heirs, personal representatives, executors and administrators of any guarantor, surety, or accommodation party.

 

Guaranty. The word “Guaranty” means the
guaranty from Guarantor to Lender, including without limitation a guaranty of all or party of the Note.

 

Hazardous Substance. The words “Hazardous Substances”
mean materials that, because of their quantity, concentration, or physical, chemical, or infectious characteristics, may cause
or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated,
manufactured, transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense
and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum and petroleum by-products
or any fraction thereof of asbestos.

 

Indebtedness. The word “Indebtedness”
means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other
indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.

 

Lender. The word “Lender” means Langley
Federal Credit Union, its successors and assigns.

 

Loan. The word “Loan” means any and all
loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including
without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to
this Agreement from time to time, and further including any and all subsequent amendments, additions, substitutions, renewals and
refinancings of any of the Borrower’s Loans.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 15

 

Note. The word “Note” means the Note dated
November 3, 2017, and executed by COF North, LLC, a Virginia Limited Liability Company in the principal amount of $8,600,000.00,
together with all modifications of and renewals, replacements, and substitutions for the note or credit agreement.

 

Permitted Liens. The words “Permitted Liens”
mean (1) liens and security interest securing Indebtedness owned by Borrower to Lender: (2) liens for taxes, assessments, or similar
changes either not yet due or being contested in good faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or
other like liens arising in the ordinary course of business an securing obligations which are not yet delinquent; (4) purchase
money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of
business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this
Agreement titled “Indebtedness of Liens”, (5) liens and security interests which, as of the date of this Agreement,
have been disclosed to and approved by the Lender in writing; and (6) those liens and security interests which in the aggregate
constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets.

 

Related Documents. The words “Related Documents”
mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages,
deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter
existing, executed in connection with the Loan.

 

Security Agreement. The words “Security Agreement”
mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether
created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.

 

Security Interest. The words “Security Interest”
mean, individually collectively, and interchangeably, without limitation, any and all types of collateral security, present and
future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge,
chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt,
lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever
whether created by law, contract, or otherwise.

 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED NOVEMBER 3, 2017.

 

THIS AGREEMENT IS GIVEN UNDER SEAL AND IT IS INTENDED THAT THIS
AGREEMENT IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING TO LAW.

 

Signatures appear on attached page.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 16

 

BORROWER:

 

COF NORTH, LLC, A VIRGINIA LIMITED LIABILITY COMPANY

By: COF NORTH MANGEMENT, LLC, A VIRGINIA LIMITED LIABILITY COMPANY,
ITS MANAGER

 

	By:	/s/Mark W. Claud	(Seal)	 
	Mark W. Claud, Manager	 	 
	 	 	 	 
	LENDER:	 
	LANGLEY FEDERAL CREDIT UNION	 
	By:	/s/Natasha Mertz	(SEAL)	 
	Authorized Signor	 	 

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 17

 

ADDENDUM TO LOAN DOCUMENTS

 

THIS ADDENDUM TO LOAN DOCUMENTS (“Addendum”) is
made as of this 3rd day of November 2017 by and among COF NORTH, LLC, a Virginia limited liability company (“Borrower”),
MARK W. CLAUD (“Guarantor”) and LANGLEY FEDERAL CREDIT UNION (“Lender”), and is attached to and made a
part of the Business Loan Agreement, Promissory Note, Credit Line Deed of Trust, Assignment of Rents, Commercial Security Agreement,
Hazardous Substances Certificate and Indemnity Agreement, and Commercial Guaranty more particularly described below (collectively,
the “Loan Documents”). The terms of this Addendum shall supplement the Loan Documents, and in the case of conflict,
the terms of this Addendum shall govern.

 

Recitals:

 

		A.	Borrower has executed the delivery to Lender a Business Loan Agreement, a $8,600,000.00 Promissory Note (the “Promissory
Note”), a Credit Line Deed of Trust, an Assignment of Rents, a Commercial Security Agreement, a Hazardous Substances Certificate
and Indemnity Agreement, and a Commercial Guaranty all dated as of the day and year first above written.

 

		B.	Borrower, Guarantor and Lender desire to amend and supplement the terms of the Loan Documents as set forth herein.

 

		C.	Capitalized terms, not otherwise defined in this Addendum, shall have the same meanings as in the Loan Documents.

 

NOW, THEREFORE, the parties hereto, in
consideration of the mutual promises and covenants contained herein and in the Loan Documents, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound herby, agree that the Loan Documents
are amended and supplemented as follows:

 

		1.	No Event of Default shall be deemed to have occurred with respect to a failure to make a payment
when due unless such failure continues for more than fifteen (15) days after the date due.

 

		2.	A new paragraph to the Business Loan Agreement, the Promissory Note, the Credit Line Deed of Trust,
the Assignment of Rents, and the Commercial Security Agreement designated “Right to Cure” is hereby added to all of
the Loan Documents incorporating the following language:

 

If any default, other than a
default in payment, is curable, it shall not constitute and Event of Default if (a) cured within thirty (30) days of written notice
of the default being given by Lender to Borrower and any defaulting party to the Loan Documents other than Borrow (the “Other
Defaulting Party”), (b) if the cure requires more than thirty (30 days, the Borrower or Other Defaulting Party, if any, diligently
initiates steps, on receipt of written notice of default from Lender, to cure the default and thereafter continues and completes
all reasonable and necessary steps to effect a cure as soon as reasonably practical.

 

		3.	The Loan Documents are hereby amended such that “attorneys’ fees” shall be revised
to read “reasonable attorneys’ fees” in all instances.

 

		4.	The Guaranty Agreement shall not provide for a confession of judgment, and such provision shall
not be operative.

 

		5.	Lender shall not exercise any right or remedy against Borrower under the Assignment of Rents or
under the provisions of the Credit Line Deed of Trust relating to assignment of rents, issues, and profits, including without limitation
revocation of the license granted to Borrower to manage and operate the Property and to collect, receive, and apply rents, issues,
and profits, unless and until an Event of Default has occurred.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 18

 

		6.	the “Environmental Studies” paragraph appearing in the Business Loan Agreement is hereby
amended by adding the following language after the phrase “requested by Lender” in the second line:

 

(but only in the event Lender
reasonably believes a release of Hazardous Substance(s) has occurred)

 

		7.	The indemnity or hold harmless obligations of Borrower under the Loan Documents shall not apply
to claims, actions, liabilities, suits, judgments, losses, fines, penalties, costs, expenses, or fees arising out of or caused
by the gross negligence or intentional misconduct of Lender or its employees or agents.

 

		8.	The “Financial Covenants and Ratios” paragraph in the Business Loan Agreement is hereby
amended to read as follows:

 

DSCR Ratio. Maintain a ratio
of DSCR in excess of 1.350 to 1.00. Global Debt Service Coverage Ratio (DSCR) shall be calculated based on the Borrower’s
filed Federal Income Tax Returns, Financial Statement(s) and Reports, as follows: cash flow divided by debt service. This coverage
ratio will be evaluated as of the year-end annually beginning with the year ending December 31, 2017.

 

		9.	Notwithstanding anything to the contrary set forth in the Loan Documents, the Borrower will maintain
its books and finances on a cash basis.

 

		10.	Provided that Borrower is not in default under the Loan Documents and provided that a loss does
not exceed the sum of $100,000, Borrower shall be entitled to receive all insurance proceeds and condemnation awards and proceeds
paid or payable as a result of a casualty or condemnation affecting the Property, so long as Borrower uses such sums to repair
or restore the Property in a commercially reasonable manner.

 

		11.	The “Power of Attorney” paragraph appearing in the Assignment of Rents is hereby amended
by adding the following sentence to the end of such paragraph:

 

The powers granted in the preceding
sentence shall not be exercised by Lender unless or until and Event of Default has occurred under this Agreement.

 

		12.	Any inspections of the Collateral or the Property, both as defined in the Loan Documents, to be
performed by Lender or its agents shall note unreasonably interfere with Borrower’s normal business operations Lender is
permitted to inspect the Collateral or the Property during Lender’s normal business hours.

 

		13.	The “Hazardous Substances” paragraph appearing in the “Representations”
section of the Hazardous Substances Certificate and Indemnity Agreement is hereby amended to delete the phrase “whenever
and whether owned by previous occupants, has ever contained” and replace it with the word “contains.”

 

		14.	The “Indemnitors Waiver and Indemnification” section of the Hazardous Substances Certificate
and Indemnity Agreement is hereby amended to insert the parenthetical phrase “(other than those arising solely out of the
gross negligence, willful misconduct, or bad faith of the party to whom the obligations in this paragraph are owed”) between
the word “person” and subsection (a) in the fourth line of the section.

 

		15.	The “Survival” sections of the Hazardous Substances Certificate and Indemnity Agreement
is hereby amended to insert the following at the end of the paragraph:

 

Notwithstanding anything to the
contrary contained herein, the obligations and liabilities of the Indemnitor under this Agreement shall terminate and be of no
further force and effect when all of the following conditions are satisfied in full: (a) there has been no change between the date
hereof and the Trigger Date in any Environmental Laws, the effect of which change may be to make a lender or mortgagee liable in
respect to any mater for which the Lender is entitled to indemnification pursuant to this Agreement, (b) Lender shall have received,
at Indemnitor’s expense, an environmental Report dated within ninety (90) days of the Trigger Date showing, to the reasonable
satisfaction of the Lender, that there exists no matter for which the Lender is entitled to indemnification pursuant to this Agreement,
and (c) seven (7) years have passed since the Trigger date.

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 19

 

		16.	The term “Trigger Date is hereby added to the “Definitions” section of the Hazardous
Substances Certificate and Indemnity Agreement:

 

Trigger Date. The term “Trigger
Date means either of the following as applicable: (i) the date on which the outstanding indebtedness under the Note shall have
been paid indefeasibly in full, whether at maturity, as a result of acceleration, in connection with any prepayment, or otherwise,
or (ii) the date on which the Property shall have been conveyed pursuant to a foreclosure of the deed of trust or deed in lieu
thereof.

 

		17.	In each instance in the Loan Documents where entry of judgment against the Borrower or Guarantor
constitutes an Event of Default, the amount of the judgment that constitutes and Event of Default is raised from $10,000 to $50,000.

 

		18.	The “Application of Insurance Proceeds” section of the Commercial Security Agreement
is hereby amended to increase the monetary amount of loss that requires notification from $1,000 to $10,000.

 

		19.	The “Guaranties” section of the Business Loan Agreement is amended to state that the
obligations of the Guarantor under the Guaranty Agreement are limited to losses and/or damages suffered by Lender which arise from
the Borrower’s and/or Guarantor’s: (a) voluntary or involuntary bankruptcy filing, (20) non-compliance with reporting
and budget approval covenants contained in the related documents, (3) fraudulent conduct, (40 material mis presentation, (5) criminal
acts, (6) misappropriation of funds or other property of the Borrower or (7) transfer or conveyance of all or a portion of the
lender’s collateral in violation of the provisions of the Related Documents.

 

		20.	Except as expressly amended and supplemented herein, the terms and conditions of the Loan Documents
shall remain unchanged and in full force and effect. Any other provisions of the Loan Documents, to the extent inconsistent with
this Addendum, are hereby deemed amended and restated to be consistent herewith in all respects.

 

[See Attached Signatures]

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 20

 

IN WITNESS WHEROF, the parties have executed this Addendum as
of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	COF NORTH, LLC
	 	 
	 	A Virginia limited liability company
	 	 	 	 
	 	By:	COF NORTH MANAGEMENT, LLC,
	 	 	 
	 	 	A Virginia limited liability company,
	 	 	 
	 	 	Its Manager
	 	 	 	 
	 	By:  	/s/ Mark W. Claud	(SEAL)
	 	 	 	 
	 	 	Mark W. Claud, manager

 

COMMONWEALTH OF VIRGINIA:

 

CITY/COUNTY OF Henrico:

 

I hereby certify that on this 2 day
of November 2017, before me, the undersigned Notary Public in and for the commonwealth of Virginia, at large, personally
appeared Mark W. Claud the Manager of COF North Management, LLC, a Virginia limited liability company, the Manager of COF North,
LLC, a Virginia limited liability company, known to me or satisfactorily proven to be the persona whose name is subscribed to the
foregoing instrument and acknowledged that he executed the foregoing on behalf of COF North, LLC, a Virginia limited liability
company, for the purposes set forth herein.

 

	 	/s/ Darci K Poole	 
	 	 	 
	 	Notary Public	[SEAL]

 

My Commission Expires: 3/31/2021

 

Registration Number: 7553162

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 21

 

	
        
	GUARANTOR:	 
	 	 	 
	 	MARK W. CLAUD	 
	 	 	 
	 	/s/ Mark W. Claud	(SEAL)

 

COMMONWEALTH OF VIRGINIA:

 

CITY/COUNTY OF Henrico:

 

I hereby certify that
on this 2 day of November 2017, before me, the undersigned Notary Public in and for the commonwealth of Virginia,
at large, personally appeared Mark W. Claud known to me or satisfactorily proven to be the persona whose name is subscribed to
the foregoing instrument and acknowledged that he executed the foregoing for the purposes set forth herein.

 

	 	/s/ Darci K Poole	 
	 	 	 
	 	Notary Public	[SEAL]

 

My Commission Expires: 3/31/2021

 

Registration Number: 7553162

 

     

     

    

 

BUSINESS LOAN AGREEMENT

 

	Loan. No. 5510059503301	(Continued)	Page 22

 

	 	LENDER:
	 	 
	 	LANGLEY FEDERAL CREDIT UNION
	 	 	 
	 	By:  	/s/ Natasha Mertz
	 	 	 
	 	 	Authorized Signer

 

COMMONWEALTH OF VIRGINIA:

 

CITY/COUNTY OF Newport News:

 

I hereby certify that
on this 3 day of November 2017, before me, the undersigned Notary Public in and for the commonwealth of Virginia,
at large, personally appeared Natasha Mertz the VP Comm Lending of Langley Federal Credit Union. known to me or satisfactorily
proven to be the persona whose name is subscribed to the foregoing instrument and acknowledged that he executed the foregoing for
the purposes set forth herein.

 

	 	/s/ Tracey E. Pesante	 
	 	 
	 	Notary Public    [SEAL]

 

My Commission Expires: 4/30/2018

 

Registration Number: 7595763

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