Document:

Exhibit 10.78

 

PROMISSORY NOTE

 

	$20,000,000.00	July 1, 2014

 

FOR VALUE RECEIVED,
the undersigned, BR T&C BLVD., LLC, a Delaware limited liability company, a Delaware limited partnership (“Borrower”),
hereby promises to pay to the order of PATRIOT BANK, a Texas banking association (together with its successors and
assigns and any subsequent holder of this Note, “Lender”), the principal sum of Twenty Million and No/100 Dollars
($20,000,000.00), or so much thereof as may be advanced by Lender from time to time hereunder to or for the benefit or account
of Borrower, together with interest thereon at the rate or rates provided for in the Loan Agreement (as hereinafter defined), and
otherwise in strict accordance with the terms and provisions hereof and in the Loan Agreement. All payments of principal and interest
shall be made in lawful money of the United States of America at the office of Compass Bank, 8333 Douglas Ave., Dallas, Texas 75225,
or such other address as may be specified from time to time pursuant to the Loan Agreement.

 

1.          Loan
Agreement; Defined Terms: This Note is executed and delivered pursuant to, and is subject to and governed by, the terms
and provisions of that certain Construction Loan Agreement dated as of July 1, 2014 (as the same may be amended, restated or modified
from time to time, the “Loan Agreement”), by and among Borrower, the Lenders a party thereto from time to time,
and Compass Bank, as Administrative Agent for the Lenders (in such capacity, “Administrative Agent”), and is
one of the promissory notes referred to in the Loan Agreement. Capitalized terms used in this Note and not otherwise defined in
this Note shall have the meaning assigned to such terms in the Loan Agreement. Reference also is made to the Loan Agreement for
a statement of terms and provisions relevant to this Note but not contained herein.

 

2.          Interest
and Payment Terms. Accrued unpaid interest shall be due and payable at the times and at the
interest rate as set forth in the Loan Agreement until all principal and accrued interest owing on this Note shall have been fully
paid and satisfied. In addition, payments of principal shall be payable at such times as provided in the Loan Agreement. Any amount
not paid when due and payable hereunder shall, to the extent permitted by applicable Requirements, bear interest at the Default
Rate and if applicable, a Late Charge, as set forth in the Loan Agreement. The outstanding principal balance of this Note, unless
accelerated in accordance with the Loan Agreement, if not sooner paid, will be due and payable, together with all accrued and unpaid
interest and other amounts due and unpaid under the Loan Documents, on the Maturity Date.

 

3.          Security.
This Note is secured, in part, by a Deed of Trust, Assignment of Leases and Rents, Security Agreement
and Fixture Filing (which, as it may have been or may be amended, restated, modified or supplemented from time to time, is herein
called the “Deed of Trust”), dated of even date with the Loan Agreement, from
Borrower to Lee Q. Vardaman, Trustee, for the benefit of Administrative Agent, on behalf of the Lenders, covering certain real
and personal property in Harris County, Texas, described therein (the “Property”),
to be filed of record in the Real Property Records of Harris County, Texas.

 

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4.          Usury
Savings. The provisions of Section 10.12
of the Loan Agreement are incorporated herein by reference.

 

5.          Costs
of Enforcement. Borrower promises to pay all costs of collection, including without limitation
all foreclosure fees and reasonable attorneys’ fees, whether or not suit is filed or other legal action is instituted, incurred
by Administrative Agent and the Lenders in enforcing the performance of Borrower’s obligations under this Note or any other
Loan Document.

 

6.          Waivers.
Except as otherwise specifically provided in the Loan Documents, Borrower and all endorsers, guarantors and sureties of this Note
and all other persons liable or to become liable on this Note severally waive all notices concerning presentment for payment, demand,
dishonor, nonpayment, intention to accelerate the maturity, protest together with Lender’s actions or inactions concerning
its diligence in collecting and the bringing of suit against any other party, and agree to all renewals, extensions, modifications,
partial payments, releases or substitutions of security, in whole or in part, with or without notice, before or after maturity.

 

7.          Event
of Default. If any Event of Default shall occur and remain uncured under the Loan Documents,
then Administrative Agent may, at its option, without further notice or demand except as provided in the Loan Agreement, declare
the unpaid principal balance and accrued interest on this Note at once due and payable, foreclose all liens and/or security interests
securing payment hereof and pursue any and all other rights, remedies and recourses it may have. The rights and remedies of Administrative
Agent and the Lenders under the Loan Documents and at law or in equity, or any one or more of them, shall be cumulative and concurrent,
and maybe pursued singly, successively, or together at the sole discretion of Administrative Agent, and may be exercised as often
as occasion therefore shall arise; and the failure to exercise any such right or remedy shall in no event be construed as a waiver
or release thereof or of any other right or remedy. Failure to exercise any of the foregoing options shall not constitute a waiver
of the right to exercise the same or any other option at any subsequent time in respect to any other event. The acceptance by Administrative
Agent and/or Lender of any payment hereunder that is less than payment in full of all amounts due and payable at the time of such
payment shall not constitute a waiver of the right to exercise any of the foregoing options at that time or at any subsequent time
or nullify any prior exercise of any such option without the express written consent of Administrative Agent and the Lenders.

 

8.          Applicable
Law. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE APPLICABLE LAWS OF THE STATE OF TEXAS FROM TIME TO TIME
IN EFFECT EXCEPT TO THE EXTENT PREEMPTED BY UNITED STATES FEDERAL LAW.

 

9.          Notices.
Unless expressly provided otherwise herein, all notices, demands, approvals and other communications provided for herein shall
be in writing and shall be delivered in accordance with the Loan Agreement.

 

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10.         General
Provisions. Time is of the essence with respect to every provision hereof. This Note shall inure to the benefit of Lender,
its successors and assigns and shall be binding on Borrower, its successors and assigns.

 

REMAINDER OF PAGE INTENTIONALLY BLANK

SIGNATURE PAGE FOLLOWS

 

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SIGNATURE PAGE OF BORROWER TO

PROMISSORY NOTE

 

	 	BR T&C Blvd., LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	HCH 106 Town and Country, L.P., a Delaware limited partnership, a manager
	 	 	 	 	 
	 	 	By:	Maple Multi-Family Development, L.L.C., a Texas limited liability company, its general partner
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

SIGNATURE PAGE TO PROMISSORY NOTE – Patriot BankExhibit 10.79

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT
AGREEMENT

 

THIS Assignment And
Subordination Of Development Agreement (this “Assignment”) is made and entered into effective as of July
1, 2014, by and among BR T&C BLVD., LLC, a Delaware limited liability company (“Borrower”)
and MAPLE MULTI-FAMILY OPERATIONS, L.L.C., a Delaware limited liability company (“Developer”),
for the benefit of COMPASS BANK, an Alabama banking corporation (“Compass”), and each of the financial
institutions from time to time party to the Loan Agreement herein described (including Compass, the “Lenders”).
Compass, in its capacity as Administrative Agent for itself and the other Lenders, is hereinafter referred to as “Agent”.
Unless otherwise expressly set forth herein, Agent shall be deemed in all respects to be acting in the capacity of Agent for itself
and all of the Lenders, as set forth in, and in accordance with, the Loan Agreement.

 

Recitals

 

A.           Borrower
is the owner of that certain real property described on Exhibit A attached hereto (the “Property”).

 

B.           Lenders
are making a loan (the “Loan”) to Borrower pursuant to the terms and conditions set forth in that certain Construction
Loan Agreement (the “Loan Agreement”) of even date herewith executed by and among Agent, Lenders and Borrower
and to be evidenced by one or more promissory notes in the aggregate principal amount of $57,000,000 (collectively, the “Notes”)
and secured by, among other things, a certain Deed of Trust, Assignment of Rents and Security Agreement (the “Security
Instrument”) which will encumber the Property (the Notes, the Security Instrument and all other instruments executed
by Borrower or Guarantor and evidencing or securing the Loan, including this Agreement, being collectively referred to as the “Loan
Documents”). Capitalized terms used but not defined in this Assignment shall have the meaning given to such capitalized
terms in the Loan Agreement.

 

C.           Borrower,
as owner, and Developer, as developer, have entered into that certain Development Agreement dated on or about the date hereof relating
to the construction and development of the Property (the “Development Agreement”).

 

D.           Borrower
has agreed to assign its rights under the Development Agreement to Agent, for the benefit of the Lenders, as additional security
for the Loan.

 

E.           Developer
has agreed to consent to this Assignment and to attorn to Agent, upon the occurrence of an Event of Default by Borrower under the
Loan Documents, and to perform its obligations under the Development Agreement for Agent and Lenders, or to permit Agent to terminate
the Development Agreement in accordance with the terms set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, Borrower, Agent and Developer agree as follows:

 

1.          Borrower
hereby transfers, assigns and sets over to Agent, for the benefit of the Lenders, all right, title and interest of Borrower in
and to the Development Agreement. Developer hereby consents to the foregoing assignment. The foregoing assignment is being made
by Borrower to Agent as collateral security for the full payment and performance by Borrower of all of its obligations under the
Loan Documents. However, except during the existence of an Event of Default (as defined in the Loan Agreement), Borrower may exercise
all rights as owner of the Property under the Development Agreement, except as otherwise provided in this Assignment. The foregoing
assignment shall remain in effect as long as the Loan, or any part thereof, remains unpaid, but shall automatically terminate upon
the release of the Security Instrument by Agent.

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT –
Page 1

 

    	 

    	 

    

 

2.          Borrower
and Developer represent and warrant to Agent and Lenders that (i) the Development Agreement is unmodified and is in full force
and effect, (ii) the Development Agreement is a valid and binding agreement enforceable against the parties in accordance with
its terms, and (iii) none of the parties thereto is in default in performing any of its obligations under the Development Agreement.

 

3.          Borrower
hereby covenants with Agent and Lenders that during the term of this Assignment: (a) Borrower shall not amend the Development Agreement
in any material manner without Agent’s prior written consent; (b) Borrower shall not terminate the Development Agreement
without Agent’s prior written consent; (c) Borrower shall give Agent written notice of any notice or information that Borrower
receives which indicates that Developer is terminating the Development Agreement or that Developer is otherwise discontinuing its
development of the Property; and (d) Borrower shall give Agent a copy of any written notice of default sent by Borrower to Developer
under the Development Agreement and any default notice received from Developer under the Development Agreement.

 

4.          Upon
receipt by Developer of written notice from Agent that an Event of Default has occurred and is continuing, Agent shall have the
right, but not the obligation, to exercise all rights as owner of the Property under the Development Agreement. In the event that
Agent exercises the rights of owner under the Development Agreement pursuant to this Assignment (i.e., Agent elects to continue
the Development Agreement), Agent shall also assume all of the obligations that arise under the Development Agreement from and
after (but not before) the date of Agent’s election to continue the Development Agreement. Such election shall only be evidenced
by writing from Agent of such election, and may be before or after a foreclosure of the Security Instrument; provided, however,
Developer shall not be obligated to continue to perform its obligations under the Development Agreement at any time that any amounts
or fees due to Developer under the Development Agreement are past due.

 

5.          After
the occurrence and during the continuance of an Event of Default, Agent (or its nominee) shall have the right at any time thereafter
to terminate the Development Agreement, without cause and without liability, by giving written notice to Developer of its election
to do so (the “Termination Notice”). The Termination Notice shall specify the date of termination, which shall
not be less than ten (10) days after the date of such notice; provided, however, if Agent has foreclosed on its lien under the
Security Instrument, Agent may immediately provide the Termination Notice without any restriction on the date of termination (i.e.,
the Development Agreement may be immediately terminated upon the date of the Termination Notice). Notwithstanding anything to the
contrary contained in this Assignment, in the event Agent elects to terminate the Development Agreement, such termination shall
not be construed as a release by Developer of Borrower’s obligations thereunder.

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT –
Page 2

 

    	 

    	 

    

 

6.          If
Agent terminates the Development Agreement following the occurrence of an Event of Default, then on the effective date of the termination
of the Development Agreement, Developer shall turn over to Agent, to the extent in Developer’s possession or reasonably available
to Developer, all books and records relating to the Property (copies of which may be retained by Developer, at Developer’s
expense), together with such authorizations and letters of direction addressed to contractors, tenants, suppliers, employees, banks
and other parties as Agent may reasonably require. Developer shall cooperate with Agent in the transfer of development responsibilities
to Agent or its designee. A final accounting of unpaid fees (if any) due to Developer under the Development Agreement shall be
made thirty (30) days after the effective date of termination, but neither Agent nor Lenders shall have any liability or obligation
to Developer for unpaid fees or other amounts payable under the Development Agreement which accrue before Agent or its designee
acquires title to the Property, or Agent or its designee becomes a mortgagee in possession, or if later, the date that Agent exercised
its rights under Section 4.

 

7.          Developer
agrees that that all rights and interests of Developer under the Development Agreement, including without limitation Developer's
rights to fees or other amounts to be paid by or on behalf of Borrower to Developer or Developer's employees, agents or contractors
pursuant to the Development Agreement, are hereby expressly subordinated and made secondary and inferior to the liens, security
interests, assignments, rights and remedies created or existing by virtue of the Loan Documents, including without limitation,
the Security Instrument, and that all such payments and fees due to Developer under the Development Agreement are subordinated
to payments due under the Loan Documents (provided, however, Developer shall be entitled to retain any fees and payments received
by Developer under the Development Agreement at any time that no Event of Default exists. This subordination shall extend to any
substitution for or any modification, increase, renewal or extension of all or any part of the indebtedness secured by the Security
Instrument and to any amendment or modification of any Loan Document and notice of any such substitution, modification, increase,
renewal, extension, amendment or modification to Developer, and the consent thereto of Developer, shall not be necessary.

 

8.          Developer’s
address for notice is 3819 Maple Avenue, Dallas, Texas 75219, Attention of Timothy J. Hogan. All notices to be given by Agent to
Developer shall be given in the same manner as notices to Borrower pursuant to the notice provisions contained in the Loan Agreement.

 

9.          This
Assignment may be executed in any number of counterparts, each of which shall be considered an original for all purposes; provided,
however, that all such counterparts shall constitute one and the same instrument.

 

10.         This
subordination shall be binding upon Developer, its successors and assigns, and shall inure to the benefit of Agent and Lenders
and their respective successors and assigns, including, without limitation, each and every subsequent owner and holder of the indebtedness
secured by the Security Instrument, or any purchaser of the Property or any part thereof at foreclosure of the lien of the Security
Instrument or by transfer in lieu of such foreclosure.

 

[The remainder of this
page is intentionally left blank]

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT –
Page 3

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrower, Agent and Developer have executed this Assignment effective as of the date first above written.

 

	 	BORROWER:
	 	 
	 	BR T&C BLVD., LLC, 
	 	a Delaware limited liability company
	 	 
	 	By:	HCH 106 Town and Country, L.P., a Delaware limited partnership, a manager
	 	 
	 	 	By:	Maple Multi-Family Development, L.L.C., a Texas limited liability company, its general partner
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	 	DEVELOPER:
	 	 
	 	MAPLE MULTI-FAMILY OPERATIONS, L.L.C.,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT - Signature
Page

 

    	 

    	 

    

 

	 	AGENT:
	 	 
	 	COMPASS BANK, an Alabama banking corporation, as Administrative Agent for the Lenders
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT - Signature
Page

 

    	 

    	 

    

 

EXHIBIT A

 

Being a tract or parcel, containing 2.3190
acres (101,014 square feet) of land, situated in the George Bellows Survey, Abstract Number 3, City of Houston, Harris County,
Texas, and consisting of four tracts: 1) all that certain called 25,244 square feet described in deed to TADI Investments, Inc.,
as recorded under Harris County Clerk’s File (H.C.C.F.) Number W388396; 2) all that certain called 1.0148 acres described
in deed to Performance Development L.P., as recorded under Harris County Clerk’s File (H.C.C.F.) Number 20120530439; 3) all
that certain called 0.475 acre described in deed to Alvin Wong Gee, as recorded under H.C.C.F. Number T207436; and 4) being part
of and out of Unrestricted Reserve "A", Block 1, CITYPOINT, a plat of subdivision recorded under Film Code Number 653107,
Harris County Map Records; also being part of and out of that certain tract described in deed to Memorial City Redevelopment Authority
(herein referred to as the "MCRA Tract"), as recorded under H.C.C.F. Number 20140105540; said 2.3190 acre tract being
more particularly described as follows (bearings herein are grid bearings based on the Texas Coordinate System, South Central Zone
Number 4204; NAD 83; distances are surface distances based on the U.S. Survey Foot and may be converted to grid by multiplying
by a combined scale factor of 0.999870017):

 

BEGINNING at the intersection of the south
right-of-way (R.O.W.) line of Interstate Highway 10, based on a varying width, with the west R.O.W. line of Town and Country Boulevard,
based on a 100-foot width and dedicated to City of Houston (public), under H.C.C.F. Number C703140; also being the northeast corner
of that certain called 25,244 square feet described in said deed to TADI Investments, Inc. and of the herein described tract, from
which a Texas Department of Transportation aluminum disk found for reference bears South 04°33 West, 0.90 feet;

 

THENCE, South 02°42’17”
East, with the west R.O.W. line of said Town and Country Boulevard, at a distance of 498.80 feet passing the northeast corner of
the aforesaid Unrestricted Reserve "A" of CITYPOINT, and continuing in all a total distance of 558.74 feet to a 5/8-inch
iron rod with plastic cap, stamped "TERRA SURVEYING", set marking the southeast corner of the herein described tract;

 

THENCE, South 87°17’43” West, departing said
west R.O.W. line and along a line 60.00 feet northerly of and parallel with the south line of said MCRA Tract, a distance of 180.09
feet to a 5/8-inch iron rod with plastic cap, stamped "TERRA SURVEYING", set in the east line of that certain called
3.1080 acres described in deed to SFP Hotel Partners, L.P., as recorded under H.C.C.F. Number 20130225814; said iron rod also being
in the west line of said Unrestricted Reserve "A" and said MCRA Tract, and marking the southwest corner of the herein
described tract;

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT –
Exhibit A

 

    	 

    	 

    

 

THENCE, North 02°42’17” West, with the east
line of said 3.1080 acre tract, and the west line of said Unrestricted Reserve "A" and said MCRA Tract, at 59.94 feet
pass the southwest corner of the aforesaid 0.475 acre tract, and the northwest corner of said Unrestricted Reserve "A"
and said MCRA Tract, from which an "X" in concrete found for reference bears North 02o42'17" West, 0.56 feet,
and from which another "X" in concrete found for reference bears North 19o43' West, 0.58 feet; continuing with said
east line and the west line of said 0.475 acre tract, at 175.28 feet pass a 1/2-inch iron rod found marking the southwest corner
of the aforesaid 1.0148 acre tract and the northwest corner of said 0.475 acre tract; continuing with said east line and the west
line of said 1.0148 acre tract, at a distance of 420.74 feet to a 5/8-inch iron rod with cap found marking the southwest corner
of the aforesaid 25,244 square foot tract, and the northwest corner of said 1.1048 acre tract, and continuing in all a total distance
of 563.08 feet to a point in the aforesaid south R.O.W. line of Interstate Highway 10, same being the northeast corner of said
3.1080 acre tract, the northwest corner of the said 25,244 square foot tract and of the herein described tract, from which a found
5/8-inch iron rod with cap bears North 38o26' East, 0.19 feet;

 

THENCE, North 88°40’43” East, with said south
R.O.W. line and the north line of said 25,244 square foot tract, a distance of 180.14 feet to the POINT OF BEGINNING and containing
2.3190 acres (101,014 square feet) of land.

 

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT –
Exhibit A

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