Document:

Exhibit 10.2

 

UNSECURED LINE OF CREDIT PROMISSORY NOTE

 

	$45,000,000.00	February 22, 2018

 

FOR VALUE RECEIVED,
LIMONEIRA LEWIS COMMUNITY BUILDERS, LLC, a Delaware limited liability company (“Borrower”), hereby promises
to pay to the order of BANK OF AMERICA, N.A., a national banking association (together with any and all of its successors and assigns
and/or any other holder of this Note, “Lender”), without offset, in immediately available funds in lawful
money of the United States of America, at 520 Newport Center Drive, Suite 1100, Newport Beach, California 92660, or at such other
place as the holder of this Note may from time to time designate in writing, the principal sum of Forty-Five Million and No/100
Dollars ($45,000,000.00) (or the unpaid balance of all principal advanced against this Note, if that amount is less), together
with interest on the unpaid principal balance of this Note from day to day outstanding as hereinafter provided.

 

Section 1 Payment
Schedule and Maturity Date. Prior to maturity, accrued and unpaid interest shall be calculated monthly and shall be due
and payable in arrears on the first day of each month, commencing on March 1, 2018, and continuing on the first day of each
month thereafter until the Maturity Date (as defined below). The entire principal balance of this Note then unpaid, together
with all accrued and unpaid interest and all other amounts payable hereunder and under the other Loan Documents (as
hereinafter defined), shall be due and payable in full on February 22, 2020 (the “Maturity Date”),
the final maturity of this Note, subject to Section 1A below.

 

Section
1A Extension Option. Lender shall grant a request by Borrower to extend the initial Maturity Date of this Note to
February 22, 2021 (the “Extended Maturity Date”), upon and subject to the following terms and
conditions:

 

(a) Basic Conditions. Unless otherwise agreed by Lender in writing:

 

(i) Borrower shall request the extension, if at all, by written notice to Lender not more than ninety (90) days, and not less
than thirty (30) days, prior to the initial Maturity Date.

 

(ii) At the time of the request, and at the time of the extension, there shall not exist any Default or Event of Default.

 

(iii) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in
all material respects as of the initial Maturity Date, except to the extent such representation and warranty is made as of a specified
date, in which case such representation and warranty shall have been true and correct as of such specified date.

 

(iv) There shall not have occurred, in the reasonable opinion of Lender, any material adverse change in the business or financial
condition of Borrower or any Guarantor or in any other state of facts submitted to Lender in connection with the Loan Documents,
from that which existed on the date of this Note. Notwithstanding the foregoing, if any events described in this subsection (iv)
shall occur with respect to Limoneira (as defined in the Loan Agreement defined and described below) only, then, so long as the
Lewis Guarantors (as defined in the Loan Agreement) then independently satisfy (i.e., excluding all assets of Limoneira) the financial
covenants set forth in the Loan Documents, the Borrower will remain eligible for the option to extend the Maturity Date in accordance
with Section 1A.

 

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(v) Whether or not the extension becomes effective, Borrower shall pay all out-of-pocket costs and expenses incurred by Lender
in connection with the proposed extension (pre- and post-closing), including appraisal fees, environmental audit (if required)
and reasonable attorneys’ fees actually incurred by Lender; all such costs and expenses incurred up to the time of Lender’s
written agreement to the extension shall be due and payable prior to Lender’s execution and delivery of that agreement (or
if the proposed extension does not become effective, then upon demand by Lender), and any future failure to pay such amounts shall
constitute a default under the Loan Documents.

 

(vi) All applicable regulatory requirements shall have been satisfied with respect to the extension.

 

(vii) Not later than the initial Maturity Date, (A) the extension shall have been consented to and documented to Lender’s
satisfaction by Borrower, Guarantor and Lender; and (B) Borrower shall have paid to Lender a non-refundable extension fee in an
amount equal to one-fifth of one percent (0.20%) of then current Commitment (as defined in the Loan Agreement).

 

If all of the foregoing conditions are
not satisfied strictly in accordance with their terms, the extension shall not be or become effective.

 

(b) Changes in Loan Terms. All terms and conditions of the Loan Documents shall continue to apply to the extended term
except to the extent changed as indicated below (such changes to be effective on and after the original Maturity Date, if the extension
becomes effective as provided herein):

 

(i) Definition of Maturity Date. The Maturity Date shall mean the Extended Maturity Date.

 

(ii) Payments. Borrower shall continue to make payments of interest on the first day of each month as set forth in Section
1 above.

 

Section 2
Unsecured Note. This Note is unsecured. The Line of Credit Loan Agreement between Borrower and Lender of even date
herewith (as the same may from time to time be amended, restated, modified or supplemented, the “Loan
Agreement”) and all other documents now or hereafter guaranteeing or executed in connection with the credit
evidenced by this Note (the “Loan”), as the same may from time to time be amended, restated,
modified or supplemented, are herein sometimes called individually a “Loan Document” and together
the “Loan Documents.”

 

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Section 3 Interest Rate.

 

(a) LIBOR
Daily Floating Rate. The unpaid principal balance of this Note from day to day outstanding which is not past due, shall bear
interest at a fluctuating rate of interest per annum equal to the LIBOR Daily Floating Rate for that day plus two hundred eighty-five
(285) basis points (the “Floating Rate”). For any day, the “LIBOR Daily Floating Rate”
means, for any day, a fluctuating rate of interest per annum equal to LIBOR, or a comparable or successor rate which rate is approved
by Lender, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations
as may be designated by Lender from time to time), at or about 11:00 a.m., London time, two (2) LIBOR Business Days prior to such
day, for U.S. Dollar deposits with a term of one (1) month commencing that day; provided that (i) to the extent a comparable or
successor rate is approved by Lender in connection herewith, the approved rate will be applied in a manner consistent with market
practice; provided, further that to the extent such market practice is not administratively feasible for Lender, such approved
rate will be applied in a manner as otherwise reasonably determined by Lender, and (ii) if the LIBOR Daily Floating Rate shall
be less than zero, such rate will be deemed zero for purposes of this Note. “LIBOR” means the London
Interbank Offered Rate. “LIBOR Business Day” means a Business Day which is also a London Banking Day.
“London Banking Day” means any day on which dealings in U.S. Dollar deposits are conducted by and between
banks in the London interbank eurodollar market. All computations of interest for the Alternative Rate (as hereinafter defined)
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest,
as applicable, being paid than if computed on the basis of a 365-day year). To the extent that any calculation of interest or any
fee required to be paid hereunder shall be less than zero, such rate shall be deemed zero for purposes of this Note.

 

(b) Illegality.
If Lender determines that for any reason, any Law has made it unlawful, or that any Governmental Authority (as defined in Section
7) has asserted that it is unlawful, for Lender to make, maintain or fund loans whose interest is determined by reference to the
LIBOR Daily Floating Rate, or to determine or charge interest rates based upon the LIBOR Daily Floating Rate, or any Governmental
Authority has imposed material restrictions on the authority of Lender to purchase or sell, or to take deposits of, U.S. Dollars
in the London interbank eurodollar market, then, on notice thereof by Lender to Borrower, any obligation of Lender to provide the
Floating Rate shall be suspended, until Lender notifies Borrower that the circumstances giving rise to such determination no longer
exist. During the period of any such suspension, the unpaid principal balance of this Note from day to day outstanding which is
not past due, shall bear interest at a fluctuating rate of interest per annum equal to the Alternative Rate for that day plus one
hundred eighty-five (185) basis points.

 

(c) Inability
to Determine Rate. If Lender determines that for any reason, (i) U.S. Dollar deposits are not being offered to banks in the
London interbank eurodollar market in the outstanding amount of the Loan for terms equal to one (1) month (in each case with respect
to subsection (c)(i), “Impacted Principal”), or (ii) adequate and reasonable means do not exist for determining
the LIBOR Daily Floating Rate with respect to the Loan, Lender will promptly so notify Borrower. Thereafter, the obligation of
Lender to provide the Floating Rate shall be suspended until Lender revokes such notice. During the period of any such suspension,
the unpaid principal balance of this Note from day to day outstanding which is not past due, shall bear interest at a fluctuating
rate of interest per annum equal to the Alternative Rate for that day plus one hundred eighty-five (185) basis points. Notwithstanding
the foregoing, if Lender has made the determination described in subsection (c)(i) of this Section and Borrower shall so request,
Lender and Borrower shall negotiate in good faith to amend the definition of “LIBOR Daily Floating Rate” and other
applicable provisions to preserve the original intent thereof in light of such change; provided that until so amended, such Impacted
Principal will be handled as otherwise provided pursuant to this subsection (c).

 

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(d) LIBOR
Successor Rate. Notwithstanding anything to the contrary in this Note or any other Loan Documents, if Lender determines (which
determination shall be conclusive absent manifest error), that:

 

		(i)	adequate and reasonable means do not exist for ascertaining LIBOR with respect to the Loan, including,
without limitation, because the LIBOR Screen Rate is not available or published on a current basis, and such circumstances are
unlikely to be temporary; or

 

		(ii)	the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over
Lender has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made
available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”);
or

 

		(iii)	bilateral portfolio commercial real property loans currently being executed, or that include language
similar to that contained in this Subsection, are being executed or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace LIBOR,

 

then, reasonably promptly after
such determination by Lender, Lender and Borrower may amend this Note to replace LIBOR with an alternative benchmark rate (including
any mathematical or other adjustments to the benchmark (if any) incorporated therein, giving due consideration to any evolving
or then existing convention for similar U.S. Dollar denominated bilateral portfolio commercial real property loans for such alternative
benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor
Rate Conforming Changes.

 

If
no LIBOR Successor Rate has been determined and the circumstances under Subsection (d)(i) above exist or the Scheduled
Unavailability Date has occurred (as applicable), Lender will promptly so notify Borrower. Thereafter, Lender’s obligation
to provide the Floating Rate shall be suspended, and the Loan shall bear interest at the Alternative Rate.

 

Notwithstanding
anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than zero for purposes of this Note.

 

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(e) Additional
Defined Terms. In addition to other terms defined herein, as used herein the following terms shall have the meanings indicated,
unless the context otherwise requires:

 

“Alternative
Rate” means, on any day, a fluctuating rate per annum equal to the higher of: (i) the Federal Funds Rate plus fifty
(50) basis points, and (ii) the rate of interest in effect for such day as publicly announced from time to time by Lender as its
“Prime Rate.” The “Prime Rate” is a rate set by Lender based upon various factors including
Lender’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such Prime Rate announced by Lender shall
take effect at the opening of business on the day specified in the public announcement of such change.

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York
on the Business Day next succeeding such day; provided that (i) if such day is not a Business Day, the Federal Funds Rate
for such day will be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day will be
the average rate (rounded upwards, if necessary, to a whole multiple of 1/100 of 1%) charged to Lender on such day on such transactions
as determined by Lender.

 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page Lender designates to determine LIBOR (or such other
commercially available source providing such quotations as may be designated by Lender from time to time).

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Alternative Rate, timing and frequency of determining rates and making payments of interest and other administrative
matters as may be appropriate, in the discretion of Lender, to reflect the adoption of such LIBOR Successor Rate and to permit
the administration thereof by Lender in a manner substantially consistent with market practice (or, if Lender determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such
LIBOR Successor Rate exists, in such other manner of administration as Lender determines in consultation with Borrower).

 

Section 4 Revolving
Loan. Prior to maturity, Borrower shall have the right to borrow, repay and reborrow, from time to time, the principal
amount evidenced by this Note, on the condition that (a) no Default or Event of Default (each as defined in the Loan
Agreement) exists, (b) Lender has not made demand under this Note that remains unpaid, (c) the unpaid principal balance due
under this Note at any one time does not exceed the original principal amount of this Note, and (d) all additional conditions
as set forth in the Loan Documents have been satisfied.

 

Section 5
Late Charges. If Borrower shall fail to make any payment under the terms of this Note (other than the payment due at
maturity or upon acceleration) within fifteen (15) days after the date such payment is due, Borrower shall pay to Lender on
demand a late charge equal to four percent (4%) of the amount of such payment. Such fifteen (15) day period shall not be
construed as in any way extending the due date of any payment. The “late charge” is imposed for the
purpose of defraying the expenses of Lender incident to handling such delinquent payment. This charge shall be in addition
to, and not in lieu of, any other remedy Lender may have and is in addition to any fees and charges of any agents or
attorneys which Lender may employ upon the occurrence of an Event of Default, whether authorized herein or by Law.

 

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Section 6
Default Rate. After the occurrence and during the continuance of an Event of Default (following the expiration of any
applicable cure period), Lender, in Lender’s sole discretion and without notice or demand, may raise the rate of
interest accruing on the outstanding principal balance of this Note by three hundred (300) basis points above the rate of
interest otherwise applicable (the “Default Rate”), independent of whether Lender elects to
accelerate the outstanding principal balance of this Note.

 

Section 7
Increased Costs. If any Change in Law shall:

 

(a) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, Lender (which shall include, for purposes of this
Section, any corporation Controlling Lender) (excluding any reserve requirement already reflected in the calculation of the interest
rate in this Note);

 

(b) subject Lender to any taxes (other than taxes imposed on or measured by net income, however denominated, franchise taxes
or branch profits taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or

 

(c) impose on Lender or the London interbank eurodollar market any other condition, cost or expense affecting this Note or any
outstanding amount of the Loan;

 

and the result of any of the foregoing
shall be to increase the cost to Lender, of providing, continuing or maintaining the Loan, or to reduce the amount of any sum received
or receivable by Lender hereunder (whether of principal, interest or any other amount) then, within ten (10) days after request
by Lender, Borrower will pay to Lender such additional amount or amounts as will compensate Lender for such additional costs incurred
or reduction suffered. Such additional costs and/or reduction shall be allocated to this Note or any outstanding amount of the
Loan as determined by Lender, using any reasonable method. No failure by Lender to immediately demand payment of any amounts hereunder
shall constitute a waiver of Lender’s right to demand payment of such amounts at any subsequent time. Notwithstanding the
foregoing, Borrower will not be required to compensate Lender for any such increased costs incurred or reduction suffered more
than nine (9) months before Lender’s request for compensation hereunder, provided that if the applicable Change in Law is
retroactive, the nine (9)-month period will be extended to include the period of retroactive effect thereof. Nothing herein contained
shall be construed or shall operate to require Borrower to pay any interest, fees, costs or charges greater than is permitted by
applicable Law.

 

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As used herein:

 

“Change
in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect
of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rule, guideline, or directive (whether or not having the force of Law)
by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform
and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted,
adopted, or issued.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).

 

Section 8 Capital
Requirements. If Lender (which shall include, for purposes of this Section, any corporation Controlling Lender)
determines that any Change in Law affecting Lender, regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on Lender’s capital, as allocated to this Note or the Loan, or to Lender’s
commitments under this Note or the Loan, to a level below that which Lender could have achieved but for such Change in Law
(taking into consideration Lender’s policies with respect to capital adequacy), then from time to time Borrower will
pay to Lender, within ten (10) days after request by Lender, such additional amount or amounts as will compensate Lender for
any such reduction suffered. The allocation shall be made as determined by Lender, using any reasonable method. No failure by
Lender to immediately demand payment of any amounts hereunder shall constitute a waiver of Lender’s right to demand
payment of such amounts at any subsequent time. Notwithstanding the foregoing, Borrower will not be required to compensate
Lender for any such increased costs incurred or reduction suffered more than nine (9) months before Lender’s request
for compensation hereunder, provided that if the applicable Change in Law is retroactive, the nine (9)-month period will be
extended to include the period of retroactive effect thereof. Nothing herein contained shall be construed or shall operate to
require Borrower to pay any interest, fees, costs or charges greater than is permitted by applicable Law.

 

Section 9 Certain
Provisions Regarding Payments. All payments made under this Note shall be applied, to the extent thereof, to late
charges, to accrued but unpaid interest (including interest at the Default Rate), to unpaid principal, and to any other sums
due and unpaid to Lender under the Loan Documents, in such manner and order as Lender may elect in its sole discretion, any
instructions from Borrower or anyone else to the contrary notwithstanding. Remittances shall be made without offset, demand,
counterclaim, deduction, or recoupment (each of which is hereby waived) and shall be accepted subject to the condition that
any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance
by Lender of any payment in an amount less than the amount then due on any indebtedness shall be deemed an acceptance on
account only, notwithstanding any notation on or accompanying such partial payment to the contrary, and shall not in any way
(a) waive or excuse the existence of an Event of Default (as hereinafter defined), (b) waive, impair or extinguish any right
or remedy available to Lender hereunder or under the other Loan Documents, or (c) waive the requirement of punctual payment
and performance or constitute a novation in any respect. Payments received after 2:00 p.m. Pacific Time shall be deemed to be
received on, and shall be posted as of, the following Business Day. Whenever any payment under this Note or any other Loan
Document falls due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day.

 

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Section 10 Events
of Default. The occurrence of any one or more of the following shall constitute an “Event of
Default” under this Note:

 

(a) Borrower
fails to pay (i) when and as due and payable any principal payable by Borrower to Lender under the terms of this Note, or (ii)
as and within five (5) days of the date when due and payable any amounts other than principal payable by Borrower to Lender under
the terms of this Note.

 

(b) Any
covenant, agreement or condition in this Note is not fully and timely performed, observed or kept, subject to any applicable grace
or cure period.

 

(c) An
Event of Default (as defined or otherwise described therein) occurs under any of the Loan Documents other than this Note (subject
to any applicable grace or cure period).

 

Section 11 Remedies.
Upon the occurrence and during the continuance of an Event of Default, Lender may at any time thereafter exercise any one or
more of the following rights, powers and remedies:

 

(a) Lender
may accelerate the maturity of the Loan and declare the unpaid principal balance and accrued but unpaid interest on this Note,
and all other amounts payable hereunder and under the other Loan Documents, at once due and payable, and upon such declaration
the same shall at once be due and payable.

 

(b) Lender
may set off the amount owed by Borrower to Lender, whether or not matured, against any and all accounts, credits, money, securities
or other property now or hereafter on deposit with, held by or in the possession of Lender to the credit or for the account of
Borrower, without demand of, or notice to, or the consent of Borrower (any such demand, notice, or consent being expressly waived
by Borrower).

 

(c) may exercise any of its other rights, powers and remedies under the Loan Documents or at Law or in equity.

 

Without limitation
of the foregoing, upon the occurrence of an actual or deemed entry of an order for relief with respect to Borrower under the Bankruptcy
Code (Title 11 of the United States Code, as in effect from time to time), any obligation of Lender to make advances shall automatically
terminate, and the unpaid principal amount of the Loan outstanding and all interest and other amounts payable hereunder and under
the other Loan Documents shall automatically become due and payable, in each case without further act of Lender.

 

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Section 12 Remedies
Cumulative. All of the rights and remedies of Lender under this Note and the other Loan Documents are cumulative of each
other and of any and all other rights at law or in equity, and the exercise by Lender of any one or more of such rights and
remedies shall not preclude the simultaneous or later exercise by Lender of any or all such other rights and remedies. No
single or partial exercise of any right or remedy shall exhaust it or preclude any other or further exercise thereof, and
every right and remedy may be exercised at any time and from time to time. No failure by Lender to exercise, nor delay in
exercising, any right or remedy, including but not limited to the right to accelerate the maturity of this Note, shall
operate as a waiver of such right or remedy or as a waiver of any Event of Default. Without limiting the generality of the
foregoing provisions, the acceptance by Lender from time to time of any payment under this Note which is past due or which is
less than the payment in full of all amounts due and payable at the time of such payment, shall not (i) constitute a waiver
of or impair or extinguish the right of Lender to accelerate the maturity of this Note or to exercise any other right or
remedy under this Note and/or any other Loan Document at the time or at any subsequent time, or nullify any prior exercise of
any such right or remedy, or (ii) constitute a waiver of the requirement of punctual payment and performance or a novation in
any respect.

 

Section 13 Costs
and Expenses of Enforcement. Borrower agrees to pay to Lender on demand all costs and expenses actually incurred by
Lender in seeking to collect this Note or to enforce any of Lender’s rights and remedies under the Loan Documents,
including court costs and reasonable attorneys’ fees and expenses, whether or not suit is filed hereon, or whether in
connection with arbitration, judicial reference, bankruptcy, insolvency or appeal.

 

Section 14 Service
of Process. Borrower hereby irrevocably designates and appoints John M. Goodman as Borrower’s authorized agent to
accept and acknowledge on Borrower’s behalf service of any and all process that may be served in any suit, action, or
proceeding instituted in connection with this Note in any state or federal court sitting in the State of California. If such
agent shall cease so to act, Borrower shall irrevocably designate and appoint without delay another such agent in the State
of California satisfactory to Lender and shall promptly deliver to Lender evidence in writing of such agent’s
acceptance of such appointment and its agreement that such appointment shall be irrevocable.

 

Borrower hereby consents
to process being served in any suit, action, or proceeding instituted in connection with this Note by (a) the mailing of a copy
thereof by certified mail, postage prepaid, return receipt requested, to Borrower and (b) serving a copy thereof upon the
agent hereinabove designated and appointed by Borrower as Borrower’s agent for service of process. Borrower irrevocably agrees
that such service shall be deemed to be service of process upon Borrower in any such suit, action, or proceeding. Nothing in this
Note shall affect the right of Lender to serve process in any manner otherwise permitted by Law and nothing in this Note will limit
the right of Lender otherwise to bring proceedings against Borrower in the courts of any jurisdiction or jurisdictions, subject
to any provision or agreement for arbitration, judicial reference or other dispute resolution set forth in the Loan Agreement.

 

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Section 15 Heirs,
Successors and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the
heirs, devisees, representatives, successors and assigns of the parties. The foregoing sentence shall not be construed to
permit Borrower to assign the Loan except as otherwise permitted under the Loan Documents.

 

Section 16 General
Provisions. Time is of the essence with respect to Borrower’s obligations under this Note. If more than one Person
executes this Note as Borrower, all of said parties shall be jointly and severally liable for payment of the indebtedness
evidenced hereby. Borrower and each party executing this Note as Borrower hereby severally (a) waive demand, presentment for
payment, notice of dishonor and of nonpayment, protest, notice of protest, notice of intent to accelerate, notice of
acceleration and all other notices (except any notices which are specifically required by this Note or any other Loan
Document), filing of suit and diligence in collecting this Note or enforcing any of the security herefor; (b) agree to any
substitution, subordination, exchange or release of any such security or the release of any party primarily or secondarily
liable hereon; (c) agree that Lender shall not be required first to institute suit or exhaust its remedies hereon against
Borrower or others liable or to become liable hereon or to perfect or enforce its rights against them or any security
herefor; (d) consent to any extensions or postponements of time of payment of this Note for any period or periods of time and
to any partial payments, before or after maturity, and to any other indulgences with respect hereto, without notice thereof
to any of them; and (e) waive the benefit of all homestead and similar exemptions as to this Note; (f) agree that their
liability under this Note shall not be affected or impaired by any determination that any title, security interest or lien
taken by Lender to secure this Note is invalid or unperfected; and (g) hereby subordinate to the Loan and the Loan Documents
any and all rights against Borrower and any security for the payment of this Note, whether by subrogation, agreement or
otherwise, until this Note is paid in full. A determination that any provision of this Note is unenforceable or invalid shall
not affect the enforceability or validity of any other provision and the determination that the application of any
provision of this Note to any Person or circumstance is illegal or unenforceable shall not affect the enforceability or
validity of such provision as it may apply to other Persons or circumstances. This Note may not be amended except in a
writing specifically intended for such purpose and executed by the party against whom enforcement of the amendment is sought.
Captions and headings in this Note are for convenience only and shall be disregarded in construing it. This Note and its
validity, enforcement and interpretation shall be governed by the Laws of the State of California (without regard to any
principles of conflicts of laws) and applicable United States federal Law. Whenever a time of day is referred to herein,
unless otherwise specified such time shall be the local time of the place where payment of this Note is to be made. The term “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where Lender’s office is located. Capitalized terms used herein
without definition shall have the meanings ascribed to such terms in the Loan Agreement. The words “include”
and “including” shall be interpreted as if followed by the words “without
limitation.”

 

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Section 17 Notices.
Any notice, request, or demand to or upon Borrower or Lender shall be deemed to have been properly given or made when
delivered in accordance with the terms of the Loan Agreement regarding notices.

 

Section 18 No
Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable
state Law or applicable United States federal Law (to the extent that it permits Lender to contract for, charge, take, reserve,
or receive a greater amount of interest than under state Law) and that this Section shall control every other covenant and agreement
in this Note and the other Loan Documents. If applicable state or federal Law should at any time be judicially interpreted so as
to render usurious any amount called for under this Note or under any of the other Loan Documents, or contracted for, charged,
taken, reserved, or received with respect to the Loan, or if Lender’s exercise of the option to accelerate the maturity of
the Loan, or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable
Law, then it is Lender’s express intent that all excess amounts theretofore collected by Lender shall be credited on the
principal balance of this Note and all other Obligations under the Loan Documents, and the provisions of this Note and the other
Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without
the necessity of the execution of any new documents, so as to comply with the applicable Law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Lender for the use, forbearance,
or detention of the Loan shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout
the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed
the maximum lawful rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 

Section 19 Lost
Note. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of this Note
or any other security document which is not of public record, and, in the case of any such loss, theft, destruction or
mutilation, upon cancellation of this Note or other security document, Borrower will issue, in lieu thereof, a replacement
note or other security document in the same principal amount thereof and otherwise of like tenor.

 

Section 20 Jurisdiction
and Venue. BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE
BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH
SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT FORUM.

 

 

[Signature on the Following Page}

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
Borrower has duly executed this Note as of the date first above written.

  

	 	BORROWER:
	 	 	 	 	 
	 	LIMONEIRA LEWIS COMMUNITY BUILDERS, LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:   	Lewis Santa Paula Member, LLC,
	 	 	a Delaware limited liability company,
	 	 	its Manager
	 	 	 	 	 
	 	 	By:   	Lewis Management Corp.,
	 	 	 	a Delaware corporation,
	 	 	 	its Manager
	 	 	 	 	 
	 	 	 	By:	/s/ John M. Goodman
	 	 	 	Name:  	John M. Goodman
	 	 	 	Title: 	Authorized Agent

  

    	 	S-1Exhibit 10.3

 

GUARANTY AGREEMENT

 

This Guaranty Agreement
(this “Guaranty”) is made as of the 22nd day of February, 2018, by Richard
A. Lewis, individually and as Trustee of the Richard A. Lewis Revocable Trust u/d/t dated August 16, 2004, as amended (in
each such capacity, “Richard Lewis”), Robert E. Lewis,
individually and as Trustee of the Robert E. Lewis Revocable Trust u/d/t dated August 17, 2004, as amended (in each such capacity,
“Robert Lewis”), Roger G. Lewis, individually and as Trustee
of the Roger G. Lewis Revocable Trust u/d/t dated August 20, 2004, as amended (in each such capacity, “Roger Lewis”),
Randall W. Lewis, individually and as Trustee of the Randall W. Lewis Revocable
Trust u/d/t dated September 1, 2006, as amended (in each such capacity, “Randall Lewis”), and Limoneira
Company, a Delaware corporation (“Limoneira,” and, together with Richard Lewis, Robert Lewis,
Roger Lewis and Randall Lewis, individually and collectively, using an interpretation most favorable to Lender, “Guarantor”),
in favor of BANK OF AMERICA, N.A., a national banking association (together with its successors, participants, and assigns, “Lender”).

 

Recitals

 

Pursuant to that certain
Line of Credit Loan Agreement of even date herewith (as amended, restated or otherwise modified, the “Loan Agreement”)
by and between Lender, Limoneira Lewis Community Builders, LLC, a Delaware limited liability company (“Borrower”),
Lender has agreed to make an unsecured revolving credit facility available to Borrower in the maximum amount of up to Forty-Five
Million and No/100 Dollars ($45,000,000.00) (the “Loan”). As a condition precedent to making the Loan
available to Borrower, Lender has required that Guarantor execute and deliver this Guaranty to Lender.

 

Any capitalized term
used and not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement. As used herein, the term
“Indebtedness” is broadly defined to mean and include all principal, interest (including interest accruing
after maturity and after the commencement of any bankruptcy or insolvency proceeding by or against Borrower, whether or not allowed
in such proceeding), prepayment premiums, fees, late charges, costs, expenses, indemnification indebtedness, and other sums of
money now or hereafter due and owing, or which Borrower is obligated to pay, pursuant to the terms of the Note, the Loan Agreement,
or any of the other Loan Documents, as the same may from time to time be amended, supplemented, restated or otherwise modified.
The Indebtedness includes all costs and expenses actually incurred by Lender in seeking to enforce Lender’s rights and remedies
with respect to the Indebtedness, including court costs, costs of alternative dispute resolution and reasonable attorneys’
fees, whether or not suit is filed or other proceedings are initiated thereon.

 

Agreements

 

For good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and in order to induce Lender to make the Loan available
to Borrower, pursuant to the terms and conditions herein set forth Guarantor hereby guarantees to Lender the prompt and full payment
and performance of the indebtedness and obligations described below in this Guaranty (collectively called the “Guaranteed
Obligations”).

 

    	 	1	 

     

    

 

Section 1. Guaranty of Payment.

 

Guarantor hereby unconditionally
and irrevocably guarantees to Lender the punctual payment when due, whether by lapse of time, by acceleration of maturity, or otherwise,
of all Indebtedness. This Guaranty covers the Indebtedness presently outstanding and the Indebtedness arising subsequent to the
date hereof, including all amounts advanced by Lender in stages or installments. The guaranty of Guarantor as set forth in this
Section is a continuing guaranty of payment and not a guaranty of collection.

 

Section 2. Absolute, Irrevocable and Unconditional Guaranty.

 

(a) This Guaranty is an absolute, irrevocable and unconditional guaranty of payment and performance. This Guaranty shall be
effective as a waiver of, and Guarantor hereby expressly waives, any right to which Guarantor may otherwise have been entitled,
whether existing under statute, at Law or in equity, to require Lender to take prior recourse or proceedings against any collateral,
security or Person. It shall not be necessary for Lender, in order to enforce such payment or performance by Guarantor, first to
institute suit or pursue or exhaust any rights or remedies against Borrower or other Person liable on such indebtedness or for
such performance, or to enforce any rights against any security given to secure such indebtedness or performance, or to join Borrower
or any other Person liable for the payment or performance of the Guaranteed Obligations or any part thereof in any action to enforce
this Guaranty, or to resort to any other means of obtaining payment or performance of the Guaranteed Obligations; provided, however,
that nothing herein contained shall prevent Lender from exercising any rights under the Loan Documents.

 

(b) Suit may be brought or demand may be made against Borrower or against any or all parties who have signed this Guaranty or
any other guaranty covering all or any part of the Guaranteed Obligations, or against any one or more of them, separately or together,
without impairing the rights of Lender against any party hereto.

 

Section 3. Certain Agreements and Waivers by Guarantor.

 

(a) Guarantor agrees that neither Lender’s rights or remedies nor Guarantor’s obligations under the terms of this
Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts,
or circumstances, Guarantor waives any rights, claims or defenses arising from any such events, actions, facts, or circumstances,
and the liability of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of:

  

(i) any limitation on the liability of, or recourse against, any other Person in any Loan Document or arising under any Law;

 

(ii) any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration or
that the obligations of Guarantor hereunder exceed or are more burdensome than those of Borrower under the other Loan Documents;

 

    	 	2	 

     

    

 

(iii) the release or taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all
of the Guaranteed Obligations;

 

(iv) the operation of any statutes of limitations or other Laws regarding the limitation of actions, all of which are hereby
waived as a defense to any action or proceeding brought by Lender against Guarantor, to the fullest extent permitted by Law;

 

(v) any homestead exemption or any other exemption under applicable Law, all of which are waived by Guarantor to the fullest
extent permitted by Law;

 

(vi) any release, surrender, abandonment, exchange, alteration, sale or other disposition, subordination, deterioration, waste,
failure to protect or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with
respect to, or any other dealings with, any collateral or security at any time existing or purported, believed or expected to exist
in connection with any or all of the Guaranteed Obligations, or any impairment of Guarantor’s recourse against any Person
or collateral;

 

(vii) whether express or by operation of Law, any partial release of the liability of Guarantor hereunder (except to the extent
expressly so released) or any complete or partial release of Borrower or any other Person liable, directly or indirectly, for the
payment or performance of any or all of the Guaranteed Obligations;

 

(viii) the death, insolvency, bankruptcy, disability, incapacity, dissolution, liquidation, termination, receivership, reorganization,
merger, consolidation, change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power
of Borrower or any other Person at any time liable for the payment or performance of any or all of the Guaranteed Obligations;

 

(ix) either with or without notice to or consent of Guarantor, any renewal, extension, modification, supplement, subordination
or rearrangement of the terms of any or all of the Guaranteed Obligations and/or any of the Loan Documents (excluding, however,
any such modification or rearrangement of, or supplement to, this Guaranty), including material alterations of the terms of payment
(including changes in maturity date(s) and interest rate(s)) or performance or any other terms thereof, or any waiver, termination,
or release of, or consent to departure from, any of the Loan Documents or any other guaranty of any or all of the Guaranteed Obligations,
or any adjustment, indulgence, forbearance, or compromise that may be granted from time to time by Lender to Borrower or any other
Person at any time liable for the payment or performance of any or all of the Guaranteed Obligations;

 

    	 	3	 

     

    

 

(x) any neglect, lack of diligence, delay, omission, failure, or refusal of Lender to take or prosecute (or in taking or prosecuting)
any action for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action
to foreclose (or in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to exercise (or
in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting)
any action in connection with any Loan Document, or any failure to sell or otherwise dispose of in a commercially reasonable manner
any collateral securing any or all of the Guaranteed Obligations;

 

(xi) any failure of Lender to notify Guarantor of any creation, renewal, extension, rearrangement, modification, supplement,
subordination, or assignment of the Guaranteed Obligations or any part thereof, or of any Loan Document (excluding, however, any
such modification or rearrangement of, or supplement to, this Guaranty), or of any release of or change in any security, or of
the occurrence or existence of any Default or Event of Default, or of any other action taken or refrained from being taken by Lender
against Borrower or any security or other recourse, or of any new agreement between Lender and Borrower, it being understood that
Lender shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection
with the Guaranteed Obligations (other than as may be expressly required under this Guaranty), any and all rights to notice Guarantor
may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself information
regarding Borrower and any collateral, including any changes in the business or financial condition of Borrower or any collateral,
and Guarantor acknowledges and agrees that Lender shall have no duty to notify Guarantor of any information which Lender may have
concerning Borrower or any collateral;

 

(xii) the existence of any claim, counterclaim, set-off or other right that Guarantor may at any time have against Borrower, Lender,
or any other Person, whether or not arising in connection with this Guaranty, the Loan Agreement or any other Loan Document;

 

(xiii) the unenforceability of all or any part of the Guaranteed Obligations against Borrower, whether because the Guaranteed Obligations
exceed the amount permitted by Law or violate any usury law, or because the Persons creating the Guaranteed Obligations acted in
excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents,
or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower’s obligation ceases
to exist by operation of Law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable
hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations, or any part thereof,
for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of
any or all of the Guaranteed Obligations);

 

    	 	4	 

     

    

 

(xiv) any order, ruling or plan of reorganization emanating from proceedings under Title 11 of the United States Code with respect
to Borrower or any other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations,
whether or not consented to by Lender, or any action taken or omitted by Lender in any such proceedings, including any election
to have Lender’s claim allowed as being secured, partially secured or unsecured, any extension of credit by Lender in any
such proceedings or the taking and holding by Lender of any security for any such extension of credit; or

 

(xv) any other condition, event, omission, action or inaction that would in the absence of this Subsection result in the release
or discharge of Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Guaranty
or any other agreement.

 

(b) Guarantor waives notice of receipt and acceptance of this Guaranty by Lender.

 

(c) In the event any payment by Borrower or any other Person to Lender is held to constitute a preference, fraudulent transfer
or other voidable payment under any bankruptcy, insolvency or similar Law, or if for any other reason Lender is required to refund
such payment or pay the amount thereof to any other party, such payment by Borrower or any other party to Lender shall not constitute
a release of Guarantor from any liability hereunder, and this Guaranty shall continue to be effective or shall be reinstated (notwithstanding
any prior release, surrender or discharge by Lender of this Guaranty or of Guarantor), as the case may be, with respect to, and
this Guaranty shall apply to, any and all amounts so refunded by Lender or paid by Lender to another Person (which amounts shall
constitute part of the Guaranteed Obligations), and any interest paid by Lender and any reasonable attorneys’ fees, costs
and expenses actually paid or incurred by Lender in connection with any such event.

 

(d) It is the intent of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute, irrevocable
and unconditional under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed,
and not subject to refund or disgorgement, the obligations and liabilities of Guarantor hereunder shall not be discharged or released,
in whole or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable
discharge or release of a guarantor.

 

(e) Guarantor’s obligations shall not be affected, impaired, lessened or released by loans, credits or other financial
accommodations now existing or hereafter advanced by Lender to Borrower in excess of the Guaranteed Obligations. All payments,
repayments and prepayments of the Indebtedness, whether voluntary or involuntary, received by Lender from Borrower, any other Person
or any other source (other than from Guarantor pursuant to a demand by Lender hereunder), and any amounts realized from any collateral
for the Indebtedness, shall be deemed to be applied first to any portion of the Indebtedness which is not covered by this Guaranty,
and last to the Guaranteed Obligations, and this Guaranty shall bind Guarantor to the extent of any Guaranteed Obligations that
may remain owing to Lender. Lender shall have the right to apply any sums paid by Guarantor to any portion of the Indebtedness
in Lender’s sole and absolute discretion.

 

    	 	5	 

     

    

 

(f) If acceleration of the time for payment of any amount payable by Borrower under the Note, the Loan Agreement or any other
Loan Document is stayed or delayed by any Law or tribunal, all such amounts shall nonetheless be payable by Guarantor on demand
by Lender.

 

(g) Intentionally omitted.

 

(h) Intentionally omitted.

 

(i) Guarantor waives all rights and defenses arising out of an election of remedies by Lender, even though that election of
remedies may have destroyed Guarantor’s rights of subrogation and reimbursement against Borrower.

 

(j) Guarantor waives Guarantor’s rights of subrogation and reimbursement, including any defenses Guarantor may have by
reason of an election of remedies by Lender.

 

(k) Guarantor waives notice of acceptance of this Guaranty, any rights, defenses and benefits that may be derived from Sections
2787 to 2855, inclusive, of the California Civil Code or comparable provisions of the Laws of any other jurisdiction, and all other
suretyship defenses Guarantor would otherwise have under the Laws of California or any other jurisdiction.

 

(l) No provision or waiver in this Guaranty shall be construed as limiting the generality of any other provision or waiver contained
in this Guaranty. All of the waivers contained herein are irrevocable and unconditional and are intentionally and freely made by
Guarantor.

 

Section 4. Subordination.

 

If, for any reason
whatsoever, Borrower is now or hereafter becomes indebted to Guarantor:

 

(a) such indebtedness and all interest thereon and all liens, security interests and rights now or hereafter existing with respect
to property of Borrower securing such indebtedness shall, at all times, be subordinate in all respects to the Guaranteed Obligations
and to all liens, security interests and rights now or hereafter existing to secure the Guaranteed Obligations;

 

(b) Guarantor shall not be entitled to enforce or receive payment, directly or indirectly, of any such indebtedness of Borrower
to Guarantor until the Guaranteed Obligations have been fully and finally paid and performed; provided, however, that so long as
no Default or Event of Default shall have occurred and be continuing, Guarantor shall not be prohibited from receiving such (i)
reasonable management fees or reasonable salary from Borrower as Lender may find acceptable from time to time in its sole and absolute
discretion, and (ii) distributions from Borrower;

 

    	 	6	 

     

    

 

(c)
Guarantor hereby assigns and grants to Lender a security interest in all such indebtedness and security therefor, if any, of
Borrower to Guarantor now existing or hereafter arising, including any dividends and payments pursuant to debtor relief or
insolvency proceedings referred to below. In the event of receivership, bankruptcy, reorganization, arrangement or other
debtor relief or insolvency proceedings involving Borrower as debtor, Lender shall have the right to prove its claim in any
such proceeding so as to establish its rights hereunder and shall have the right to receive directly from the receiver,
trustee or other custodian (whether or not an Event of Default shall have occurred or be continuing under any of the Loan
Documents), dividends and payments that are payable upon any obligation of Borrower to Guarantor now existing or hereafter
arising, and to have all benefits of any security therefor, until the Guaranteed Obligations have been fully and finally paid
and performed. If, notwithstanding the foregoing provisions, Guarantor should receive any payment, claim or distribution that
is prohibited as provided above in this Section, Guarantor shall pay the same to Lender immediately, Guarantor hereby
agreeing that it shall receive the payment, claim or distribution in trust for Lender and shall have absolutely no dominion
over the same except to pay it immediately to Lender; and

 

(d) Guarantor shall promptly upon request of Lender from time to time execute such documents and perform such acts as Lender
may require to evidence and perfect its interest and to permit or facilitate exercise of its rights under this Section, including
execution and delivery of proofs of claim, further assignments and security agreements, and delivery to Lender of any promissory
notes or other instruments evidencing indebtedness of Borrower to Guarantor. All promissory notes, accounts receivable ledgers
or other evidences, now or hereafter held by Guarantor, of obligations of Borrower to Guarantor shall contain a specific written
notice thereon that the indebtedness evidenced thereby is subordinated under and is subject to the terms of this Guaranty.

 

Section 5. Other Liability of Guarantor or Borrower.

 

If Guarantor is or
becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Lender other than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby, and the rights of Lender hereunder shall be cumulative of any
and all other rights that Lender may have against Guarantor. If Borrower is or becomes indebted to Lender for any indebtedness
other than or in excess of the Guaranteed Obligations, any payment received or recovery realized upon such other indebtedness of
Borrower to Lender may be applied to such other indebtedness. This Guaranty is independent of (and shall not be limited by) any
other guaranty now existing or hereafter given. Further, Guarantor’s liability under this Guaranty is in addition to any
and all other liability Guarantor may have in any other capacity, including, if applicable, its capacity as a general partner.

 

    	 	7	 

     

    

 

Section 6. Lender Assigns; Disclosure of Information.

 

This Guaranty is for
the benefit of Lender and Lender’s successors, participants and assigns, and in the event of an assignment of the Guaranteed
Obligations, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Obligations so
assigned, may be transferred with such Guaranteed Obligations. Guarantor waives notice of any transfer or assignment of the Guaranteed
Obligations or any part thereof. Lender may sell or offer to sell the Indebtedness or interests therein to one or more assignees
or participants. Guarantor shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection
therewith, and to the extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall
have the same rights and benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender
hereunder. Lender may disclose to any such assignee or participant or prospective assignee or participant, to Lender’s affiliates,
including Merrill Lynch, Pierce, Fenner & Smith Incorporated, to any regulatory body having jurisdiction over Lender and to
any other parties as necessary or appropriate in Lender’s reasonable judgment, any information Lender now has or hereafter
obtains pertaining to the Guaranteed Obligations, this Guaranty, or Guarantor, including information regarding any security for
the Guaranteed Obligations or for this Guaranty, and/or credit or other information on Guarantor and/or any other Person liable,
directly or indirectly, for any part of the Guaranteed Obligations.

 

Section 7. Binding Effect; Joint and Several Liability.

 

This Guaranty is binding
not only on Guarantor, but also on Guarantor’s heirs, personal representatives, successors and assigns. Upon the death of
Guarantor, if Guarantor is a natural person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed
Obligations, including that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s
estate, whether or not the Guaranteed Obligations are then due and payable. If this Guaranty is signed by more than one Person,
then all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and
their respective heirs, personal representatives, successors and assigns, and the term “Guarantor” shall
mean all of such Persons and each of them individually.

 

Section 8. Governing Law.

 

The validity, enforcement,
and interpretation of this Guaranty, shall for all purposes be governed by and construed in accordance with the Laws of the State
of California (without regard to its conflicts of law principles) and applicable United States federal Law, and is intended to
be performed in accordance with, and only to the extent permitted by, such Laws. All obligations of Guarantor hereunder are payable
and performable at the place or places where the Guaranteed Obligations are payable and performable.

 

Section 9. Invalidity of Certain Provisions.

 

If any provision of
this Guaranty or the application thereof to any Person or circumstance shall, for any reason and to any extent, be declared to
be invalid or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other
Person or circumstance shall be affected thereby, and the remaining provisions of this Guaranty, or the applicability of such provision
to other Persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted by
applicable Law.

 

    	 	8	 

     

    

 

Section 10. Costs and Expenses of Enforcement.

 

Guarantor agrees to
pay to Lender on demand all costs and expenses actually incurred by Lender in seeking to enforce Lender’s rights and remedies
under this Guaranty, including court costs, costs of alternative dispute resolution and reasonable attorneys’ fees, whether
or not suit is filed or other proceedings are initiated hereon. All such costs and expenses actually incurred by Lender shall constitute
a portion of the Guaranteed Obligations hereunder, shall be subject to the provisions hereof with respect to the Guaranteed Obligations
and shall be payable by Guarantor on demand by Lender.

 

Section 11. No Usury.

 

It is not the intention
of Lender or Guarantor to obligate Guarantor to pay interest in excess of that lawfully permitted to be paid by Guarantor under
applicable Law. Should it be determined that any portion of the Guaranteed Obligations or any other amount payable by Guarantor
under this Guaranty constitutes interest in excess of the maximum amount of interest that Guarantor, in Guarantor’s capacity
as guarantor, may lawfully be required to pay under applicable Law, the obligation of Guarantor to pay such interest shall automatically
be limited to the payment thereof in the maximum amount so permitted under applicable Law. The provisions of this Section shall
override and control all other provisions of this Guaranty and of any other agreement between Guarantor and Lender.

 

Section 12. Representations, Warranties, and Covenants of Guarantor.

 

Until the Guaranteed
Obligations are paid and performed in full and each and every term, covenant and condition of this Guaranty is fully performed,
Guarantor hereby represents, warrants, and covenants that: (a) Guarantor has a financial interest in Borrower and will derive a
material and substantial benefit, directly or indirectly, from Lender making the Loan available to Borrower and from the making
of this Guaranty by Guarantor; (b) this Guaranty is duly authorized and valid, and is binding upon and enforceable against Guarantor,
subject to bankruptcy, creditors’ rights and equitable principles; (c) Guarantor is not, and the execution, delivery and
performance by Guarantor of this Guaranty will not cause Guarantor to be, in violation of or in default with respect to any Law
or in default (or at risk of acceleration of indebtedness) under any agreement or restriction by which Guarantor is bound or affected;
(d) unless Guarantor is a natural person, Guarantor is duly organized, validly existing, and in good standing under the Laws of
the state of its organization and has full power and authority to enter into and perform this Guaranty; (e) there is no litigation
pending or, to the knowledge of Guarantor, threatened by or before any tribunal against or affecting Guarantor, which, if adversely
determined, would have a material adverse effect on Guarantor’s ability to perform its obligations hereunder; (f) all financial
statements and information heretofore furnished to Lender by Guarantor do, and all financial statements and information hereafter
furnished to Lender by Guarantor will, fully and accurately present the condition (financial or otherwise) of Guarantor in all
material respects as of their dates and the results of Guarantor’s operations for the periods therein specified, and, since
the date of the most recent financial statements of Guarantor heretofore furnished to Lender, no material adverse change has occurred
in the financial condition of Guarantor, nor, except as heretofore disclosed in writing to Lender, has Guarantor incurred any material
liability, direct or indirect, fixed or contingent; (g) immediately after giving effect to this Guaranty, Guarantor is solvent,
is not engaged or about to engage in business or a transaction for which the property of Guarantor is an unreasonably small capital,
and does not intend to incur or believe that it will incur debts that will be beyond its ability to pay as such debts mature; (h)
Guarantor has read and fully understands the provisions contained in the Loan Agreement and the other Loan Documents; and (i) Guarantor
shall comply with all financial covenants set forth in the Loan Agreement which are applicable to or relate to Guarantor.

 

    	 	9	 

     

    

 

Section 13. Notices.

 

All notices, requests,
consents, demands and other communications required or which any party desires to give hereunder or under any other Loan Document
shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given
or furnished if delivered by personal delivery, by nationally recognized overnight courier service, or by certified United States
mail, postage prepaid, addressed to the party to whom directed at the addresses specified in this Guaranty (unless changed by similar
notice in writing given by the particular party whose address is to be changed) or by facsimile. Any such notice or communication
shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail, as of the date of
first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile, upon receipt; provided
that service of a notice required by any applicable statute shall be considered complete when the requirements of that statute
are met. Notwithstanding the foregoing, no notice of change of address shall be effective except upon actual receipt. This Section
shall not be construed in any way to affect or impair any waiver of notice or demand provided in this Guaranty or in any other
Loan Document or to require giving of notice or demand to or upon any Person in any situation or for any reason.

 

Section 14. Cumulative Rights.

 

All of the rights and
remedies of Lender under this Guaranty and the other Loan Documents are cumulative of each other and of any and all other rights
at law or in equity, and the exercise by Lender of any one or more of such rights and remedies shall not preclude the simultaneous
or later exercise by Lender of any or all such other rights and remedies. No single or partial exercise of any right or remedy
shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and
from time to time. No failure by Lender to exercise, nor delay in exercising, any right or remedy shall operate as a waiver of
such right or remedy or as a waiver of any Event of Default. No notice to or demand on Guarantor in any case shall of itself entitle
Guarantor to any other or further notice or demand in similar or other circumstances. No provision of this Guaranty or any right
or remedy of Lender with respect hereto, or any default or breach, can be waived, nor can this Guaranty or Guarantor be released
or discharged in any way or to any extent, except specifically in each case by a writing intended for that purpose (and which refers
specifically to this Guaranty) executed and delivered by Lender to Guarantor.

 

    	 	10	 

     

    

 

Section 15. Term of Guaranty.

 

This Guaranty shall
continue in effect until all the Guaranteed Obligations and Indebtedness of Borrower, and all of the obligations of Guarantor to
Lender under this Guaranty are fully and finally paid, performed and discharged and are not subject to any bankruptcy preference
period or any other disgorgement.

 

Section 16. Financial Statements.

 

Guarantor agrees to
provide to Lender, as and when required, the Financial Statements and other financial information required to be delivered to Lender
with respect to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents, in the form and detail required
by the Loan Documents. Guarantor also agrees to provide to Lender such other and further financial information with respect to
Guarantor as Lender shall from time to time reasonably request. All assets shown on the Financial Statements provided by Guarantor,
unless clearly designated to the contrary (in accordance with accounting principles generally accepted in the real estate industry,
consistently applied) shall, be conclusively deemed to be free and clear of any exemption or any claim of exemption of Guarantor
at the date of the Financial Statements and at all times thereafter. Acceptance of any Financial Statement by Lender, whether or
not in the form prescribed herein, shall be relied upon by Lender in the administration, enforcement, and extension of the Guaranteed
Obligations.

 

Section 17. Subrogation.

 

Guarantor shall not
have any right of subrogation under any of the Loan Documents or any right to participate in any security for the Guaranteed Obligations
or any right to reimbursement, exoneration, contribution, indemnification or any similar rights, until all Guaranteed Obligations
and Indebtedness of Borrower have been fully and finally paid, performed and discharged in accordance with ‎Section 15
hereof, and Guarantor hereby waives all of such rights.

 

Section 18. Time of Essence.

 

Time shall be of the
essence in this Guaranty with respect to all of Guarantor’s obligations hereunder.

 

Section 19. Entire Agreement; Counterparts; Construction.

 

This Guaranty embodies
the entire agreement between Lender and Guarantor with respect to the guaranty by Guarantor of the Guaranteed Obligations. This
Guaranty supersedes all prior agreements and understandings, if any, with respect to the guaranty by Guarantor of the Guaranteed
Obligations. This Guaranty shall be effective upon execution by Guarantor and delivery to Lender. This Guaranty may not be modified,
amended or superseded except in a writing signed by Lender and Guarantor referencing this Guaranty by its date and specifically
identifying the portions hereof that are to be modified, amended or superseded. If this Guaranty has been executed in one or more
identical counterparts, then each such counterpart shall be deemed an original for all purposes, and all will constitute, collectively,
one agreement. The lack of genuineness or authority of any signature or signator of or for any Guarantor shall not affect the obligations
hereunder of any other Guarantor. As used herein, the words “include” and “including”
shall be interpreted as if followed by the words “without limitation.” Guarantor acknowledges and agrees
that the recitals set forth at the beginning of this Guaranty are true and correct and are incorporated herein by this reference.

 

    	 	11	 

     

    

 

Section 20. Forum.

 

Guarantor hereby irrevocably
submits generally and unconditionally for itself and in respect of its property to the jurisdiction of any state court or any United
States federal court sitting in the State specified in the governing law section of this Guaranty and to the jurisdiction of any
state court or any United States federal court sitting in the State of California, over any Dispute. Guarantor hereby irrevocably
waives, to the fullest extent permitted by Law, any objection that Guarantor may now or hereafter have to the laying of venue in
any such court and any claim that any such court is an inconvenient forum. Guarantor hereby agrees and consents that, in addition
to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding
in any state court or any United States federal court sitting in the state specified in the governing law section of this Guaranty
may be made by certified or registered mail, return receipt requested, directed to Guarantor at its address for notice set forth
in this Guaranty, or at a subsequent address of which Lender received actual notice from Guarantor in accordance with the notice
section of this Guaranty, and service so made shall be complete five (5) days after the same shall have been so mailed. Nothing
herein shall affect the right of Lender to serve process in any manner permitted by Law or limit the right of Lender to bring proceedings
against Guarantor in any other court or jurisdiction.

 

Section 21. Dispute Resolution Provision.

 

This Section is referred
to as the “Dispute Resolution Provision.” Lender and Guarantor (and any other party to this Guaranty)
agree that this Dispute Resolution Provision is a material inducement for their entering into this Guaranty.

 

(a) Scope. This Dispute Resolution Provision concerns the resolution of any disputes, controversies, claims, counterclaims,
allegations of liability, theories of damage, or defenses (collectively, a “Claim” or “Claims”)
between Lender, on the one hand, and Guarantor and/or any obligor, on the other hand (each side being, for the purposes of this
Dispute Resolution Provision, a “Party” and the two sides together being the “Parties”),
regardless of whether based on federal, state, or local law, statute, ordinance, regulation, contract, common law, or any other
source, and regardless of whether foreseen or unforeseen, suspected or unsuspected, or fixed or contingent at the time of this
Guaranty, including but not limited to Claims that arise out of or relate to: (i) this Guaranty (including any renewals, extensions,
or modifications); or (ii) any document related to this Guaranty. For purposes of this Dispute Resolution Provision only, the terms
“Lender” or “Party” or “Parties” (to the extent referring
to or including Lender) shall include any parent corporation, subsidiary or affiliate of Lender, and the terms “Guarantor”
or “Party” or “Parties” (to the extent referring to or including Guarantor)
shall include any parent corporation, subsidiary or affiliate of Guarantor, as applicable.

 

    	 	12	 

     

    

 

(b) Judicial Reference. Any Claim brought by any Party in a California state court shall be resolved by a general reference
to a referee (or a panel of referees) as provided in California Code of Civil Procedure Section 638. The referee (or presiding
referee of the panel) shall be a retired Judge or Justice of the California state court system. The referee(s) shall be selected
by mutual written agreement of the Parties. If the Parties do not agree, the referee(s) shall be selected by the Presiding Judge
of the Court (or his or her representative) as provided in California Code of Civil Procedure Section 640. The referee(s) shall
hear and determine all issues relating to the Claim, whether of fact or of law, and shall do so in accordance with the Laws of
the State of California, and shall report a statement of decision. The referee(s) shall be empowered to enter equitable as well
as legal relief, provide all temporary or provisional remedies, enter equitable and legal orders that will be binding on the Parties,
and rule on any motion which would be authorized in court litigation, including without limitation motions to dismiss, for summary
judgment, or for summary adjudication. The referee(s) shall award legal fees and costs (including the fees of the referee(s)) relating
to the judicial reference proceeding, and to any related litigation or arbitration, in accordance with the terms of this Guaranty.
The award that results from the decision of the referee(s) shall be entered as a judgment in the court that appointed the referee(s),
in accordance with the provisions of California Code of Civil Procedure Sections 644(a). Pursuant to California Code of Civil Procedure
Sections 645, the Parties reserve the right to seek appellate review of any judgment or order, including but not limited to, orders
pertaining to class certification, to the same extent permitted in a court of law.

 

(c) Arbitration Provisions. The Parties agree that judicial reference pursuant to Subsection (b) above is the
preferred method of dispute resolution of all Claims, when available. The Parties therefore agree that injunctive relief, including
a temporary restraining order, without the posting of any bond or security, shall be appropriate to enjoin the prosecution of any
arbitration proceeding where the Claims at issue become subject to (and as long as they remain subject to) judicial reference pursuant
to Subsection (b) above, provided that, subject to the provisions of Subsection (g) below, a Party moves for such
relief within thirty (30) days of its receipt of a demand for arbitration of a Claim. However, with respect to any Claim brought
in a forum other than a California state court, or brought in a California state court but judicial reference pursuant to Subsection
(b) above is not available or enforced by the court, subject to the provisions of Subsection (g) below, the arbitration
provisions in this Subsection (collectively, the “Arbitration Provisions”) shall apply to the Claim.
In addition, if either of the Parties serves demand for arbitration of a Claim in accordance with these Arbitration Provisions,
and the other Party does not move to enjoin the arbitration proceeding within thirty (30) days of receipt of the demand, the right
to judicial reference shall be waived and, subject to the provisions of Subsection (g) below, the Claim shall remain subject
to these Arbitration Provisions thereafter. The inclusion of these Arbitration Provisions in this Guaranty shall not otherwise
be deemed as any limitation or waiver of the judicial reference provisions. The Arbitration Provisions are as follows:

 

(i) For any Claim for which these Arbitration Provisions apply, the Parties agree that at the request of any Party to this Guaranty,
such Claim shall be resolved by binding arbitration. The Claims shall be governed by the Laws of the State of California without
regard to its conflicts of law principles. The Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. (the “Act”),
shall apply to the construction, interpretation, and enforcement of these Arbitration Provisions, as well as to the confirmation
of or appeal from any arbitration award.

 

    	 	13	 

     

    

 

(ii) Arbitration proceedings will be determined in accordance with the Act, the then-current Commercial Finance rules and procedures
of the American Arbitration Association or any successor thereof (“AAA”) (or any successor rules for
arbitration of financial services disputes), and the terms of these Arbitration Provisions. In the event of any inconsistency,
the terms of these Arbitration Provisions shall control. The arbitration shall be administered by the Parties and not the AAA and
shall be conducted, unless otherwise required by Law, at a location selected solely by Lender in any U.S. state where real or tangible
personal property collateral for this credit is located or where Guarantor has a place of business. If there is no such state,
Lender shall select a location in California.

 

(iii) If aggregate Claims are One Million Dollars ($1,000,000) or less:

 

(A) All issues shall be heard and determined by one neutral arbitrator. The arbitrator shall have experience with commercial
financial services disputes and, if possible, prior judicial experience, and shall be selected pursuant to the AAA “Arbitrator
Select: List and Appointment” process, to be initiated by Lender. If the AAA “Arbitrator Select: List and Appointment”
process is unavailable, Lender shall initiate any successor process offered by the AAA or a similar process offered by any other
nationally recognized alternative dispute resolution organization.

 

(B) Unless the arbitrator has a dispositive motion under advisement or unforeseeable and unavoidable conflicts arise (as determined
by the arbitrator), all arbitration hearings shall commence within ninety (90) days of the appointment of the arbitrator, and under
any circumstances the award of the arbitrator shall be issued within one hundred twenty (120) days of the appointment of the arbitrator.

 

(C) A Party shall be entitled to take no more than two (2) fact depositions, one or both of which may be taken in accordance
with Fed. R. Civ. P. 30(b)(6), plus depositions of any experts designated by the other Party, each of seven (7) hours or less,
during pre-hearing discovery.

 

(D) There shall be no written discovery requests except a Party may serve document requests on the other Party not to exceed
twenty (20) in number, including subparts. The requests shall be served within forty-five (45) days of the appointment of the arbitrator
and shall be responded to within twenty-one (21) days of service.

 

    	 	14	 

     

    

 

(iv) If aggregate Claims exceed One Million Dollars ($1,000,000):

 

(A) The issues shall be heard and determined by one neutral arbitrator selected as above unless either Party requests that all
issues be heard and determined by three (3) neutral arbitrators. In that event, each Party shall select an arbitrator with experience
with commercial financial services disputes, and the two arbitrators shall select a third arbitrator, who shall have prior judicial
experience. If the arbitrators cannot agree, the third arbitrator shall be selected pursuant to the AAA “Arbitrator Select:
List and Appointment” process, to be initiated by Lender.

 

(B) Unless the arbitrator(s) have a dispositive motion under advisement or other good cause is shown (as determined by the arbitrator(s)),
all arbitration hearings shall commence within one hundred twenty (120) days of the appointment of the arbitrator(s), and under
any circumstances the award of the arbitrator(s) shall be issued within one hundred eighty (180) days of the appointment of the
arbitrator(s).

 

(C) A Party shall be entitled to take no more than five (5) fact depositions, one or more of which may be taken in accordance
with Fed. R. Civ. P. 30(b)(6), plus depositions of any experts designated by the other Party, each of seven (7) hours or less,
during pre-hearing discovery.

 

(D) There shall be no written discovery requests except a Party may serve document requests on the other Party not to exceed
thirty (30) in number, including subparts. The requests shall be served within forty-five (45) days of the appointment of the arbitrator(s)
and shall be responded to within twenty-one (21) days of service.

 

(v) Where a Party intends to rely upon the testimony of an expert on an issue for which the Party bears the burden of proof,
the expert(s) must be disclosed within thirty (30) days following the appointment of the arbitrator(s), including a written report
in accordance with Fed. R. Civ. P. 26(a)(2)(B). The arbitrator(s) shall exclude any expert not disclosed strictly in accordance
herewith. The other Party shall have the right within thirty (30) days thereafter to take the deposition of the expert(s) (upon
payment of the expert’s reasonable fees for the in-deposition time), and to identify rebuttal expert(s), including a written
report in accordance with Fed. R. Civ. P. 26(a)(2)(B).

 

    	 	15	 

     

    

 

(vi) The arbitrator(s) shall consider and rule on motions by the Parties to dismiss for failure to state a claim; to compel;
and for summary judgment, in a manner substantively consistent with the corresponding Federal Rules of Civil Procedure. The arbitrator(s)
shall enforce the “Apex” doctrine with regard to requested depositions of high-ranking executives of both Parties.
The arbitrator(s) shall exclude any Claim not asserted within thirty (30) days following the demand for arbitration. This shall
not prevent a Party from revising the calculation of damages on any existing theory. All discovery shall close at least one (1)
week before any scheduled hearing date, and all hearing exhibits shall have been exchanged by the same deadline or they shall not
be given weight by the arbitrator(s).

 

(vii) The arbitrator(s) will give effect to applicable statutes of limitations in determining any Claim and shall dismiss the
Claim if it is barred by the statutes of limitations. For purposes of the application of any statutes of limitations, the service
of a written demand for arbitration or counterclaim pursuant to the notice section of this Guaranty is the equivalent of the filing
of a lawsuit. At the request of any Party made at any time, including at confirmation of an award, the resolution of a statutes
of limitations defense to any Claim shall be decided de novo by a court of competent jurisdiction rather than by the arbitrator(s).
Otherwise, any dispute concerning these Arbitration Provisions or whether a Claim is arbitrable shall be determined by the arbitrator(s),
except as otherwise set forth in this Dispute Resolution Provision.

 

(viii) The arbitrator(s) shall have the power to award legal fees and costs relating to the arbitration proceeding and any related
litigation or arbitration, pursuant to the terms of this Guaranty. The arbitrator(s) shall provide a written statement of reasons
for the award. The arbitration award may be submitted to any court having jurisdiction to be confirmed and have judgment entered
and enforced.

 

(ix) The filing of a court action is not intended to constitute a waiver of the right of any Party, including the suing Party,
thereafter to require submittal of the Claims to arbitration.

 

(x) The arbitration proceedings shall be private. All documents, transcripts, and filings received by any Party shall not be
disclosed by the recipient to any third parties other than attorneys, accountants, auditors, and financial advisors acting in the
course of their representation, or as otherwise ordered by a court of competent jurisdiction. Any award also shall be kept confidential,
although this specific requirement shall be void once the award must be submitted to a court for enforcement. The Parties agree
that injunctive relief, including a temporary restraining order, from a trial court is the appropriate relief for breach of this
Subsection, and they waive any security or the posting of a bond as a requirement for obtaining such relief.

 

(d) Self-Help. This Dispute Resolution Provision does not limit the right of any Party to: (i) exercise self-help remedies,
such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property collateral;
(iii) exercise any judicial or power of sale rights; or (iv) act in a court of law to obtain an interim remedy, such as but not
limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies.

 

    	 	16	 

     

    

 

(e) Class Action Waiver. Any arbitration or court trial (whether before a judge or jury or pursuant to judicial reference)
of any Claim will take place on an individual basis without resort to any form of class or representative action (the “Class
Action Waiver”). THE CLASS ACTION WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING IN OR BEING REPRESENTED IN ANY CLASS
OR REPRESENTATIVE ACTION REGARDING A CLAIM. Regardless of anything else in this Dispute Resolution Provision, the validity and
effect of the Class Action Waiver may be determined only by a court or referee and not by an arbitrator. The Parties to this Guaranty
acknowledge that the Class Action Waiver is material and essential to the arbitration of any disputes between the Parties and is
nonseverable from the agreement to arbitrate Claims. If the Class Action Waiver is limited, voided, or found unenforceable, then
the Parties’ agreement to arbitrate shall be null and void with respect to such proceeding, subject to the right to appeal
the limitation or invalidation of the Class Action Waiver. THE PARTIES ACKNOWLEDGE AND AGREE THAT UNDER NO CIRCUMSTANCES WILL A
CLASS ACTION BE ARBITRATED.

 

(f) Jury Waiver. By agreeing to judicial reference or binding arbitration, the Parties irrevocably and voluntarily waive
any right they may have to a trial by jury as permitted by Law in respect of any Claim. Furthermore, without intending in any way
to limit the provisions hereof, to the extent any Claim is not submitted to judicial reference or arbitration, the Parties irrevocably
and voluntarily waive any right they may have to a trial by jury to the extent permitted by Law in respect of such Claim. This
waiver of jury trial shall remain in effect even if the Class Action Waiver is limited, voided, or found unenforceable. WHETHER
THE CLAIM IS DECIDED BY JUDICIAL REFERENCE, BY ARBITRATION, OR BY TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT
OF THIS DISPUTE RESOLUTION PROVISION IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW. EACH
PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER DOCUMENTS CONTEMPLATED HEREBY BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION, AND (iii) CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY, AND
VOLUNTARILY MADE.

 

(g) Real Property Secured Claim. Notwithstanding any provision in this Guaranty or any other Loan Document to the contrary,
in no event shall the Arbitration Provisions apply to any Claim if the Claim, at the time of the proposed submission to arbitration,
arises from or relates to an obligation to Lender secured by real property. In this case, Lender and all of the parties to this
Guaranty, in their sole and absolute discretion, must consent to submission of the Claim to arbitration.

 

Section 22. Separate Indemnity.

 

Guarantor acknowledges
and agrees that Lender’s rights (and Guarantor’s obligations) under this Guaranty shall be in addition to all of Lender’s
rights (and all of Guarantor’s obligations) under any indemnity agreement or other guaranty executed and delivered to Lender
by Borrower and/or any Guarantor and any payments made under this Guaranty shall not reduce any obligations and liabilities under
any such indemnity agreement or other guaranty.

 

    	 	17	 

     

    

 

Section 23. Credit Verification.

 

Each legal entity and
individual obligated on this Guaranty, whether as a Guarantor, a general partner of a Guarantor or in any other capacity, hereby
authorizes Lender to check any credit references, verify his/her employment and obtain credit reports from credit reporting agencies
of Lender’s choice in connection with any monitoring, collection or future transaction concerning the Indebtedness, including
any modification, extension or renewal of the Loan. Also in connection with any such monitoring, collection or future transaction,
Lender is hereby authorized to check credit references, verify employment and obtain a third party credit report for the spouse
of any married person obligated on this Guaranty, if such person lives in a community property state.

 

Section 24. Reinstatement.

 

This Guaranty shall
continue to be effective, or be reinstated automatically, as the case may be, if at any time payment, in whole or in part, of any
of the obligations guaranteed hereby are rescinded or otherwise must be restored or returned by Lender (whether as a preference,
fraudulent conveyance or otherwise) upon or in connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization
of Borrower, Guarantor or any other Person, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, Borrower, Guarantor or any other Person or for a substantial part of Borrower’s, Guarantor’s
or any of such other Person’s property, as the case may be, or otherwise, all as though such payment had not been made. Guarantor
further agrees that in the event any such payment is rescinded or must be restored or returned, all costs and expenses (including
reasonable legal fees and expenses) actually incurred by or on behalf of Lender in defending or enforcing such continuance or reinstatement,
as the case may be, shall constitute costs of enforcement, the payment of which is guaranteed by Guarantor pursuant to ‎Section
10 hereof.

  

 

[Signature on the Following Page]

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF,
Guarantor has duly executed this Guaranty as of the date first written above.

 

	Address of Guarantor:	 	GUARANTOR:
	 	 	 
	
        c/o Lewis Management Corp.

        1156 N. Mountain Avenue

        Upland, California 91786

        Attn: David Linden

        Facsimile: (909) 946-7535
	 	/s/ Richard A. Lewis
	 	RICHARD A. LEWIS, individually and as Trustee of the Richard A. Lewis Revocable Trust u/d/t dated August 16, 2004, as amended
	 	 	 
	 	/s/ Robert E. Lewis
	 	ROBERT E. LEWIS, individually and as Trustee of the Robert E. Lewis Revocable Trust u/d/t dated August 17, 2004, as amended
	 	 	 	 
	 	 	Roger G. Lewis
	 	 	ROGER G. LEWIS, individually and as Trustee of the Roger G. Lewis Revocable Trust u/d/t dated August 20, 2004, as amended
	 	 	 	 
	 	 	/s/ Randall W. Lewis
	 	 	RANDALL W. LEWIS, individually and as Trustee of the Randall W. Lewis Revocable Trust u/d/t dated September 1, 2006, as amended

  

	 	 	LIMONEIRA COMPANY,
	 	 	a Delaware corporation 
	 	 	 	 
	 	 	By:	/s/ Mark Palamountain
	 	 	Name: 	Mark Palamountain
	 	 	Title:	Chief Financial Officer,
    Treasurer and Corporate Secretary

 

Address of Lender:

 

Bank of America, N.A.

520 Newport Center Drive, Suite 1100

Newport Beach, California 92660

Attn: Anne L. Pedron

Fax No.: (949) 287-0717  

 

    	 	S-1

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