Document:

EX-10.14

 Exhibit 10.14 

 

RENT THE RUNWAY, INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I. 
 PURPOSE

 The purpose of this Plan is to assist Eligible Employees of the Company and its Designated Subsidiaries in acquiring a stock
ownership interest in the Company. 
 The Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and construed
in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not qualify as rights granted pursuant to an “employee
stock purchase plan” under Section 423 of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such
sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Employees and Designated Subsidiaries but shall
not be intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423
Component will operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the
Administrator at or prior to the time of such Offering. 
 For purposes of this Plan, the Administrator may designate separate Offerings
under the Plan in which Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation are
the same within each separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for
simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

ARTICLE II. 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. 
 2.1 “Administrator” means the entity that conducts the general administration of the
Plan as provided in Article XI. The term “Administrator” shall refer to the Committee unless the Board has assumed the authority for administration of the Plan as provided in Article XI. 

2.2 “Agent” means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged,
retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 
 2.3
“Applicable Law” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of
any stock exchange or quotation system on which Shares are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where rights under this Plan are granted. 

 2.4 “Board” means the Board of Directors of the Company. 

2.5 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 

2.6 “Common Stock” means Class A common stock of the Company and such other securities of the Company that may be
substituted therefore. 
 2.7 “Company” means Rent the Runway, Inc., a Delaware corporation, or any successor. 

2.8 “Compensation” of an Eligible Employee means, unless otherwise determined by the Administrator, the gross base
compensation received by such Eligible Employee as compensation for services to the Company or any Designated Subsidiary, including prior week adjustment and overtime payments but excluding vacation pay, holiday pay, jury duty pay, funeral leave
pay, military leave pay, commissions, incentive compensation, one-time bonuses (e.g., retention or sign on bonuses), education or tuition reimbursements, travel expenses, business and moving reimbursements,
income received in connection with any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity awards, fringe benefits, other special payments and all contributions made by the Company or any
Designated Subsidiary for the Employee’s benefit under any employee benefit plan now or hereafter established. 
 2.9
“Designated Subsidiary” means any Subsidiary designated by the Administrator in accordance with Section 11.2(b), such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may participate in either the Section 423 Component or Non-Section 423 Component, but not both; provided that a
Subsidiary that, for U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the Section 423 Component shall automatically constitute a Designated Subsidiary that participates in the Section 423 Component.

 2.10 “Effective Date” means the day prior to the Public Trading Date. 

2.11 “Eligible Employee” means: 

(a) an Employee who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing
5% or more of the total combined voting power or value of all classes of Common Stock (including Class B Common Stock) and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For
purposes of the foregoing, the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee may purchase under outstanding
options shall be treated as stock owned by the Employee. 
 (b) Notwithstanding the foregoing, the Administrator may provide in an Offering
Document that an Employee shall not be eligible to participate in an Offering Period under the Section 423 Component if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code;
(ii) such Employee has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years); (iii) such Employee’s customary employment is for
twenty hours per week or less; (iv) such Employee’s customary employment is for less than five months in any calendar year; and/or (v) such Employee is a citizen or resident of a foreign jurisdiction and the grant of a right to
purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of a right to purchase Shares under the Plan to such Employee in compliance with the laws of such foreign jurisdiction would
cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion; provided, further, that any exclusion in clauses (i), (ii), (iii), (iv) or (v) shall be applied
in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e). 

  
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 (c) Further notwithstanding the foregoing, with respect to the Non-Section 423 Component, the first sentence in this definition shall apply in determining who is an “Eligible Employee,” except (i) the Administrator may limit eligibility further within the Company
or a Designated Subsidiary so as to only designate some Employees of the Company or a Designated Subsidiary as Eligible Employees, and (ii) to the extent the restrictions in the first sentence in this definition are not consistent with
applicable local laws, the applicable local laws shall control. 
 2.12 “Employee” means any individual who renders
services to the Company or any Designated Subsidiary in the status of an employee, and, with respect to the Section 423 Component, a person who is an employee within the meaning of Section 3401(c) of the Code. For purposes of an
individual’s participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a contrary determination.
For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements of Treasury
Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment
relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period. 
 2.13
“Enrollment Date” means the first Trading Day of each Offering Period. 
 2.14 “Fair Market
Value” means, as of any date, the value of Shares determined as follows: (i) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such
exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Shares are not
traded on a stock exchange but are quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported
in The Wall Street Journal or another source the Administrator deems reliable; or (iii) without an established market for the Shares, the Administrator will determine the Fair Market Value in its discretion. 

2.15 “Non-Section 423 Component” means those Offerings under the Plan, together
with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be
granted to Eligible Employees that need not satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 

2.16 “Offering” means an offer under the Plan of a right to purchase Shares that may be exercised during an Offering
Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall be deemed a separate Offering, even if the dates and other
terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1),
the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. §
1.423-2(a)(2) and (a)(3). 

  
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 2.17 “Offering Document” has the meaning given to such term in
Section 4.1. 
 2.18 “Offering Period” has the meaning given to such term in Section 4.1. 

2.19 “Parent” means any corporation, other than the Company, in an unbroken chain of corporations ending with the
Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

2.20 “Participant” means any Eligible Employee who has executed a subscription agreement and been granted rights to
purchase Shares pursuant to the Plan. 
 2.21 “Payday” means the regular and recurring established day for payment of
Compensation to an Employee of the Company or any Designated Subsidiary. 
 2.22 “Plan” means this 2021
Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended from
time to time. 
 2.23 “Public Trading Date” means the first date upon which the Class A Common Stock is
listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. 

2.24 “Purchase Date” means the last Trading Day of each Purchase Period or such other date as determined by the
Administrator and set forth in the Offering Document. 
 2.25 “Purchase Period” means one or more periods within an
Offering Period, as designated in the applicable Offering Document; provided, however, that, in the event no Purchase Period is designated by the Administrator in the applicable Offering Document, the Purchase Period for each
Offering Period covered by such Offering Document shall be the same as the applicable Offering Period. 
 2.26 “Purchase
Price” means the purchase price designated by the Administrator in the applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of a Share on
the Enrollment Date or on the Purchase Date, whichever is lower); provided, however, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering
Periods covered by such Offering Document shall be 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the
Administrator pursuant to Article VIII and shall not be less than the par value of a Share. 
 2.27
“Section 423 Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the
Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be granted to Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares granted
pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 
 2.28 “Securities
Act” means the U.S. Securities Act of 1933, as amended. 
 2.29 “Share” means a share of Common Stock.

  
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 2.30 “Subsidiary” means any corporation, other than the Company, in
an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain; provided, however, that a limited liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a
disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the sole owner of such entity, or (b) such entity
elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary. In addition, with respect to the Non-Section 423 Component, Subsidiary shall include any corporate or non-corporate entity in which the Company has a direct or indirect equity interest or significant business
relationship. 
 2.31 “Trading Day” means a day on which national stock exchanges in the United States are open for
trading. 
 2.32 “Treas. Reg.” means U.S. Department of the Treasury regulations. 

ARTICLE III. 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. Subject to Article VIII, the aggregate number of Shares that may be issued
pursuant to rights granted under the Plan shall be 870,308 Shares. In addition to the foregoing, subject to Article VIII, on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031, the
number of Shares available for issuance under the Plan shall be increased by that number of Shares equal to the lesser of (a) 1 % of the aggregate number of shares of Common Stock of the Company outstanding on the final day of the immediately
preceding calendar year and (b) such smaller number of Shares as determined by the Board. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again
become available for issuance under the Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to the rights granted under the Section 423 Component of the Plan
shall not exceed an aggregate of 8,703,080 Shares, subject to Article VIII. 
 3.2 Shares Distributed. Any Shares distributed
pursuant to the Plan may consist, in whole or in part, of authorized and unissued Shares, treasury shares or Shares purchased on the open market. 

ARTICLE IV. 
 OFFERING
PERIODS; OFFERING DOCUMENTS; PURCHASE DATES 
 4.1 Offering Periods. The Administrator may from time to time grant or provide for
the grant of rights to purchase Shares under the Plan to Eligible Employees during one or more periods (each, an “Offering Period”) selected by the Administrator. The terms and conditions applicable to each Offering Period
shall be set forth in an “Offering Document” adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem appropriate and shall be
incorporated by reference into and made part of the Plan and shall be attached hereto as part of the Plan. The Administrator shall establish in each Offering Document one or more Purchase Periods during such Offering Period during which rights
granted under the Plan shall be exercised and purchases of Shares carried out during such Offering Period in accordance with such Offering Document and the Plan. The provisions of separate Offering Periods under the Plan need not be identical. 

  
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 4.2 Offering Documents. Each Offering Document with respect to an Offering Period
shall specify (through incorporation of the provisions of this Plan by reference or otherwise): 
 (a) the length of the Offering Period,
which period shall not exceed twenty-seven months; 
 (b) the length of the Purchase Period(s) within the Offering Period; 

(c) in connection with each Offering Period that contains only one Purchase Period the maximum number of Shares that may be purchased by any
Eligible Employee during such Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 2,000 Shares; 

(d) in connection with each Offering Period that contains more than one Purchase Period, the maximum aggregate number of Shares which may be
purchased by any Eligible Employee during each Purchase Period, which, in the absence of a contrary designation by the Administrator, shall be 2,000 Shares; and 

(e) such other provisions as the Administrator determines are appropriate, subject to the Plan. 

ARTICLE V. 
 ELIGIBILITY
AND PARTICIPATION 
 5.1 Eligibility. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a
given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, for the Section 423 Component, the limitations imposed by
Section 423(b) of the Code. 
 5.2 Enrollment in Plan. 

(a) Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant in
the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and in
such form as the Company provides. 
 (b) Each subscription agreement shall designate a whole percentage of such Eligible Employee’s
Compensation to be withheld by the Company or the Designated Subsidiary employing such Eligible Employee on each Payday during the Offering Period as payroll deductions under the Plan. The percentage of Compensation designated by an Eligible
Employee may not be less than 1% and may not be more than the maximum percentage specified by the Administrator in the applicable Offering Document (which percentage shall be 15% in the absence of any such designation) as payroll deductions. The
payroll deductions made for each Participant shall be credited to an account for such Participant under the Plan and shall be deposited with the general funds of the Company. 

  
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 (c) A Participant may increase or decrease the percentage of Compensation designated in his
or her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll deductions, at any time during an Offering Period; provided, however, that the Administrator may limit the number of
changes a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator, a Participant shall be allowed to decrease
and/or suspend (but not increase) his or her payroll deduction elections one time during each Offering Period). Any such change or suspension of payroll deductions shall be effective with the first full payroll period following five business days
after the Company’s receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). In the event a Participant suspends his or her payroll deductions,
such Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he
or she withdraws from participation in the Plan pursuant to Article VII. 
 (d) Except as otherwise set forth in an Offering Document or
determined by the Administrator, a Participant may participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period. 

5.3 Payroll Deductions. Except as otherwise provided in the applicable Offering Document, payroll deductions for a Participant shall
commence on the first Payday following the Enrollment Date and shall end on the last Payday in the Offering Period to which the Participant’s authorization is applicable, unless sooner terminated by the Participant as provided in
Article VII or suspended by the Participant or the Administrator as provided in Section 5.2 and Section 5.6, respectively. Notwithstanding any other provisions of the Plan to the contrary, in
non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to the
Participant’s account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the Section 423 Component, the Administrator
shall take into consideration any limitations under Section 423 of the Code when applying an alternative method of contribution. 
 5.4
Effect of Enrollment. A Participant’s completion of a subscription agreement will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new
subscription agreement, withdraws from participation under the Plan as provided in Article VII or otherwise becomes ineligible to participate in the Plan. 

5.5 Limitation on Purchase of Shares. An Eligible Employee may be granted rights under the Section 423 Component only if
such rights, together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by Section 423(b)(8) of the Code, do not permit such
employee’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the fair market value of such stock (determined as of the first day of the Offering Period during which such rights are
granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code. 

5.6 Suspension of Payroll Deductions. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 5.5 (with respect to the Section 423 Component) or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator at any time during an Offering Period. The
balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code, Section 5.5 or the other limitations set forth in this Plan shall be paid to
such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 

  
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 5.7 Foreign Employees. In order to facilitate participation in the Plan, the
Administrator may provide for such special terms applicable to Participants who are citizens or residents of a foreign jurisdiction, or who are employed by a Designated Subsidiary outside of the United States, as the Administrator may consider
necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such special terms may not be more favorable than the terms
of rights granted under the Section 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or
sub-plan (which appendix or sub-plan may be designed to govern Offerings under the Section 423 Component or the Non-Section
423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 11.2(g). Without limiting the foregoing, the Administrator is
specifically authorized to adopt rules and procedures, with respect to Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from
participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax,
withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions. 
 5.8 Leave of Absence.
During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, a Participant may continue participation in the Plan by making cash
payments to the Company on his or her normal Payday equal to the Participant’s authorized payroll deduction. 
 ARTICLE VI. 

GRANT AND EXERCISE OF RIGHTS 

6.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall
be granted a right to purchase the maximum number of Shares specified under Section 4.2, subject to the limits in Section 5.5, and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase
Price), such number of whole Shares as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of the Purchase Date, by (b) the
applicable Purchase Price (rounded down to the nearest Share). The right shall expire on the earliest of: (x) the last Purchase Date of the Offering Period, (y) the last day of the Offering Period, and (z) the date on which the
Participant withdraws in accordance with Section 7.1 or Section 7.3. 
 6.2 Exercise of Rights. On each Purchase Date, each
Participant’s accumulated payroll deductions and any other additional payments specifically provided for in the applicable Offering Document will be applied to the purchase of whole Shares, up to the maximum number of Shares permitted pursuant
to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any cash in
lieu of fractional Shares remaining after the purchase of whole Shares upon exercise of a purchase right will be credited to a Participant’s account and carried forward and applied toward the purchase of whole Shares for the next following
Offering Period. Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry procedures. 

  
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 6.3 Pro Rata Allocation of Shares. If the Administrator determines that, on a given
Purchase Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the
number of Shares available for issuance under the Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date or
Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this
Article VI on such Purchase Date, and shall either (i) continue all Offering Periods then in effect, or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of
the Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to
such Enrollment Date. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the
Purchase Date or such earlier date as determined by the Administrator. 
 6.4 Withholding. At the time a Participant’s rights
under the Plan are exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan is disposed of, the Participant must make adequate provision for the Company’s federal, state, or other tax withholding
obligations, if any, that arise upon the exercise of the right or the disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s compensation or Shares received pursuant to the Plan
the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares by the
Participant.  
 6.5 Conditions to Issuance of Shares. The Company shall not be required to issue or deliver any certificate or
certificates for, or make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges, if
any, on which the Shares are then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other
governmental regulatory body, that the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator
shall, in its absolute discretion, determine to be necessary or advisable; (d) the payment to the Company of all amounts that it is required to withhold under federal, state or local law upon exercise of the rights, if any; and (e) the
lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience. 

ARTICLE VII. 

WITHDRAWAL; CESSATION OF ELIGIBILITY 

7.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions credited to his or her account and not
yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than one week prior to the end of the Offering Period or, if earlier, the end of the Purchase
Period (or such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). All of the Participant’s payroll deductions credited to his or her account during an Offering Period shall be paid to such
Participant as soon as reasonably practicable after receipt of notice of withdrawal without any interest thereon (except as may be required by applicable local laws) and such Participant’s rights for the Offering Period shall be automatically
terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period
unless the Participant timely delivers to the Company a new subscription agreement. 

  
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 7.2 Future Participation. A Participant’s withdrawal from an Offering Period
shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods that commence after the termination of the Offering
Period from which the Participant withdraws. 
 7.3 Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible
Employee for any reason, he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant’s account during the Offering Period shall be paid to such
Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 12.4, as soon as reasonably practicable without any interest thereon (except as may be required by applicable local laws), and such
Participant’s rights for the Offering Period shall be automatically terminated. If a Participant transfers employment from the Company or any Designated Subsidiary participating in the Section 423 Component to any Designated Subsidiary
participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the Section 423 Component;
however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then-current
Offering under the Non-Section 423 Component upon the same terms and conditions in effect for the Participant’s participation in the Section 423 Component, except for such modifications otherwise
applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary participating in the Non-Section 423 Component to the Company or any Designated Subsidiary
participating in the Section 423 Component shall not be treated as terminating the Participant’s employment and shall remain a Participant in the Non-Section 423 Component until the earlier of
(i) the end of the current Offering Period under the Non-Section 423 Component or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following
such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between entities participating in the Section 423 Component and the
Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code. 

ARTICLE VIII. 

ADJUSTMENTS UPON CHANGES IN SHARES 

8.1 Changes in Capitalization. Subject to Section 8.3, in the event that the Administrator determines that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or
sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of
the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect such change with
respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations established in
each Offering Document pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with respect to any
outstanding rights. 

  
 10 

 8.2 Other Adjustments. Subject to Section 8.3, in the event of any transaction
or event described in Section 8.1 or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in Applicable Law or
accounting principles, the Administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is
appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or events or to give effect
to such changes in laws, regulations or principles: 
 (a) To provide for either (i) termination of any outstanding right in exchange
for an amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights or property selected
by the Administrator in its sole discretion; 
 (b) To provide that the outstanding rights under the Plan shall be assumed by the successor
or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number
and kind of shares and prices; 
 (c) To make adjustments in the number and type of Shares (or other securities or property) subject to
outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future; 

(d) To provide that Participants’ accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase Date
on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall be terminated; and 

(e) To provide that all outstanding rights shall terminate without being exercised. 

8.3 No Adjustment Under Certain Circumstances. Unless determined otherwise by the Administrator, no adjustment or action described in
this Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Section 423 Component of the Plan to fail to satisfy the requirements of Section 423 of the Code.

 8.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number of Shares subject to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights. 

ARTICLE IX. 
 AMENDMENT,
MODIFICATION AND TERMINATION 
 9.1 Amendment, Modification and Termination. The Administrator may amend, suspend or terminate
the Plan at any time and from time to time; provided, however, that approval of the Company’s stockholders shall be required to amend the Plan to: (a) increase the aggregate number, or change the type, of shares that
may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as provided by Article VIII) or (b) change the corporations or classes of corporations whose employees may be granted rights under the Plan.

  
 11 

 9.2 Certain Changes to Plan. Without stockholder consent and without regard to
whether any Participant rights may be considered to have been adversely affected (and, with respect to the Section 423 Component of the Plan, after taking into account Section 423 of the Code), the Administrator shall be entitled to change
or terminate the Offering Periods, limit the frequency and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars,
permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of payroll withholding elections, establish reasonable waiting and adjustment periods and/or
accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or
procedures as the Administrator determines in its sole discretion to be advisable that are consistent with the Plan. 
 9.3 Actions In the
Event of Unfavorable Financial Accounting Consequences. In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and,
to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(a) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; 

(b) shortening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time
of the Administrator action; and 
 (c) allocating Shares. 

Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

9.4 Payments Upon Termination of Plan. Upon termination of the Plan, the balance in each Participant’s Plan account shall be
refunded as soon as practicable after such termination, without any interest thereon, or the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan. 

ARTICLE X. 
 TERM OF PLAN

 The Plan shall become effective on the Effective Date. The effectiveness of the Section 423 Component of the Plan shall be
subject to approval of the Plan by the Company’s stockholders within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Section 423 Component of the Plan prior to such stockholder
approval. The Plan shall remain in effect until terminated under Section 9.1. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan. 

ARTICLE XI. 

ADMINISTRATION 
 11.1
Administrator. Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the
Plan). The Board may at any time vest in the Board any authority or duties for administration of the Plan. The Administrator may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of
the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant. 

  
 12 

 11.2 Authority of Administrator. The Administrator shall have the power, subject to,
and within the limitations of, the express provisions of the Plan: 
 (a) To determine when and how rights to purchase Shares shall be
granted and the provisions of each offering of such rights (which need not be identical). 
 (b) To designate from time to time which
Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without the approval of the stockholders of the Company. 

(c) To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer Shares purchased under the Plan for a
period of time determined by the Administrator in its discretion. 
 (d) To construe and interpret the Plan and rights granted under it, and
to establish, amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective. 
 (e) To amend, suspend or terminate the Plan as provided in Article IX. 

(f) Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests
of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code for the Section 423 Component. 

(g) The Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or
locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions
of this Plan, with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

11.3 Decisions Binding. The Administrator’s interpretation of the Plan, any rights granted pursuant to the Plan, any subscription
agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE XII. 

MISCELLANEOUS 
 12.1
Restriction upon Assignment. A right granted under the Plan shall not be transferable other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the
Participant. Except as provided in Section 12.4 hereof, a right under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of
the Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights thereunder. 

  
 13 

 12.2 Rights as a Stockholder. With respect to Shares subject to a right granted under
the Plan, a Participant shall not be deemed to be a stockholder of the Company, and the Participant shall not have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participant or his or her nominee
following exercise of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution or other rights for which the record date
occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the Administrator. 
 12.3
Interest. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan. 
 12.4 Designation
of Beneficiary. 
 (a) A Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who
is to receive any Shares and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the Participant’s rights are exercised but prior to delivery
to such Participant of such Shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior
to exercise of the Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary shall not be effective
without the prior written consent of the Participant’s spouse. 
 (b) Such designation of beneficiary may be changed by the Participant
at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such
Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash
to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

12.5 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

12.6 Equal Rights and Privileges. Subject to Section 5.7, all Eligible Employees will have equal rights and privileges under the
Section 423 Component so that the Section 423 Component of this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 5.7, any provision of the
Section 423 Component that is inconsistent with Section 423 of the Code will, without further act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges requirement of
Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the same rights and privileges as other Eligible Employees participating in the Non-Section 423 Component or as Eligible Employees participating in the Section 423 Component. 
 12.7
Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

  
 14 

 12.8 Reports. Statements of account shall be given to Participants at least annually,
which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of Shares purchased and the remaining cash balance, if any. 

12.9 No Employment Rights. Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant)
the right to remain in the employ of the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary to terminate the employment of any person (including any Eligible Employee or Participant) at any time, with
or without cause. 
 12.10 Notice of Disposition of Shares. Each Participant shall give prompt notice to the Company of any
disposition or other transfer of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan if such disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in
which the Shares were purchased or (b) within one year after the Purchase Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property,
assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 
 12.11 Governing Law.
The Plan and any agreements hereunder shall be administered, interpreted and enforced in accordance with the laws of the State of Delaware, disregarding any state’s choice of law principles requiring the application of a jurisdiction’s
laws other than the State of Delaware. 
 12.12 Electronic Forms. To the extent permitted by Applicable Law and in the discretion of
the Administrator, an Eligible Employee may submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering Period, the Administrator shall prescribe the time limits
within which any such electronic form shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election. 

* * * * * 

  
 15Exhibit
10.1

 

LOAN
AGREEMENT

 

Dated
as of October 18, 2021

 

between

 

REAL
LIVING PROPERTY HOLDINGS – TEXAS, LLC

as Borrower

 

and

 

ARENA
LIMITED SPV, LLC

as Lender

 

    	 

     

    

 

	 	TABLE
    OF CONTENTS	
	 	 	 
	 	 	Page
	 	 	 	 
	ARTICLE
    I	DEFINITIONS;
    PRINCIPLES OF CONSTRUCTION	1
	Section
    1.1	Definitions	1
	Section
    1.2	Principles
    of Construction	16
	 	 	 	
	ARTICLE
    II	GENERAL
    TERMS	16
	Section
    2.1	Loan
    Commitment; Disbursement to Borrower	16
	 	2.1.1	Agreement
    to Lend and Borrow	16
	 	2.1.2	Single
    Disbursement to Borrower	16
	 	2.1.3	The
    Note, Security Instruments and Loan Documents	16
	 	2.1.4	Use
    of Proceeds	16
	 	2.1.5	Upfront
    Payment	17
	Section
    2.2	Interest
    Rate	17
	 	2.2.1	Interest
    Rate	17
	 	2.2.2	Interest
    Calculation	17
	 	2.2.3	Default
    Rate	17
	 	2.2.4	Usury
    Savings	17
	Section
    2.3	Debt
    Service Payments	17
	 	2.3.1	Payments
    Generally	17
	 	2.3.2	Monthly
    Debt Service Payment	17
	 	2.3.3	Payment
    on Maturity Date	17
	 	2.3.4	Late
    Payment Charge	17
	 	2.3.5	Method
    and Place of Payment	18
	Section
    2.4	Prepayments	18
	 	2.4.1	Voluntary
    Prepayments	18
	 	2.4.2	Mandatory
    Prepayments	18
	 	2.4.3	Prepayments
    After Default	18
	Section
    2.5	Release
    of Property	19
	Section
    2.6	Extension
    Options	19
	 	2.6.1	Extension
    Options	19
	 	2.6.2	Extension
    Documentation	20
	Section
    2.7	Exit
    Fee	20
	 	 	 	 
	ARTICLE
    III	CLEARING
    ACCOUNT	20
	Section
    3.1	Clearing
    Account	20
	 	3.1.1	Establishment	20
	 	3.1.2	Deposit
    of Rents	20
	 	3.1.3	Transfers	20
	 	3.1.4	Event
    of Default	20
	 	3.1.5	No
    Commingling	21
	 	3.1.6	Further
    Encumbrances	21
	 	3.1.7	Indemnification	21
	 	 	 	
	ARTICLE
    IV	REPRESENTATIONS
    AND WARRANTIES	21
	Section
    4.1	Borrower
    Representations	21
	 	4.1.1	Organization	21
	 	4.1.2	Proceedings	21
	 	4.1.3	No
    Conflicts	21
	 	4.1.4	Litigation	22
	 	4.1.5	Agreements	22
	 	4.1.6	Title	22
	 	4.1.7	Solvency	22
	 	4.1.8	Full
    and Accurate Disclosure	22
	 	4.1.9	No
    Plan Assets	23

 

    	i

     

    

 

	 	4.1.10	Compliance	23
	 	4.1.11	Financial
    Information	23
	 	4.1.12	Condemnation	23
	 	4.1.13	Federal
    Reserve Regulations	23
	 	4.1.14	Public
    Access	24
	 	4.1.15	Not
    a Foreign Person	24
	 	4.1.16	Separate
    Lots	24
	 	4.1.17	Assessments	24
	 	4.1.18	Enforceability	24
	 	4.1.19	No
    Prior Assignment	24
	 	4.1.20	Insurance	24
	 	4.1.21	Use
    of Property	24
	 	4.1.22	Flood
    Zone	24
	 	4.1.23	Physical
    Condition	24
	 	4.1.24	Boundaries	25
	 	4.1.25	Leases	25
	 	4.1.26	Intentionally
    Omitted	25
	 	4.1.27	Principal
    Place of Business; State of Organization	25
	 	4.1.28	Filing
    and Recording Taxes	25
	 	4.1.29	Special
    Purpose Entity/Separateness	25
	 	4.1.30	Management
    Agreements	25
	 	4.1.31	Illegal
    Activity	25
	 	4.1.32	No
    Change in Facts or Circumstances; Disclosure	26
	 	4.1.33	Investment
    Company Act	26
	 	4.1.34	Embargoed
    Person	26
	 	4.1.35	Clearing
    Account	26
	 	4.1.36	Filing
    of Returns	26
	 	4.1.37	Operations
    Agreements	27
	 	4.1.38	Anti-Money
    Laundering, Anti-Bribery and Anti-Corruption	27
	 	4.1.39	Healthcare
    Matters	27
	Section
    4.2	Survival
    of Representations	29
	 	 	 	 
	ARTICLE
    V	BORROWER
    COVENANTS	29
	Section
    5.1	Affirmative
    Covenants	29
	 	5.1.1	Existence;
    Compliance with Legal Requirements	29
	 	5.1.2	Taxes
    and Other Charges	29
	 	5.1.3	Litigation	30
	 	5.1.4	Access
    to Property	30
	 	5.1.5	Notice
    of Default	30
	 	5.1.6	Cooperate
    in Legal Proceedings	30
	 	5.1.7	Perform
    Loan Documents	30
	 	5.1.8	Award
    and Insurance Benefits	30
	 	5.1.9	Further
    Assurances	30
	 	5.1.10	Mortgage
    Taxes	31
	 	5.1.11	Financial
    Reporting	31
	 	5.1.12	Business
    and Operations	32
	 	5.1.13	Title
    to each Property	32
	 	5.1.14	Costs
    of Enforcement	33
	 	5.1.15	Estoppel
    Statement	33
	 	5.1.16	Loan
    Proceeds	33
	 	5.1.17	Performance
    by Borrower	33
	 	5.1.18	No
    Joint Assessment	33
	 	5.1.19	Hospital
    Leasing Matters	33
	 	5.1.20	Alterations	34
	 	5.1.21	Operation
    of Properties	34
	 	5.1.22	Changes
    in the Legal Requirements Regarding Taxation	35

 

    	ii

     

    

 

	 	5.1.23	No
    Credits on Account of the Obligations	35
	 	5.1.24	Personal
    Property	35
	Section
    5.2	Negative
    Covenants	36
	 	5.2.1	Operation
    of Properties	36
	 	5.2.2	Liens	36
	 	5.2.3	Dissolution	36
	 	5.2.4	Change
    in Business	36
	 	5.2.5	Debt
    Cancellation	36
	 	5.2.6	Zoning	36
	 	5.2.7	No
    Joint Assessment	36
	 	5.2.8	Principal
    Place of Business and Organization	36
	 	5.2.9	ERISA	36
	 	5.2.10	Transfers;
    Assumptions	37
	 	5.2.11	Operations
    Agreements	38
	 	5.2.12	Special
    Purpose Entity/Separateness	38
	 	5.2.13	Embargoed
    Person; OFAC	38
	 	5.2.14	Affiliate
    Agreements	38
	 	5.2.15	Distributions	38
	 	5.2.16	PACE
    Loans	38
	Section
    5.3	Additional
    Financial Covenants	38
	 	5.3.1	Delinquent
    Accounts Receivable	38
	 	5.3.2	Accounts
    Payable	38
	 	5.3.3	Working
    Capital	38
	 	 	 	
	ARTICLE
    VI	INSURANCE;
    CASUALTY; CONDEMNATION	39
	Section
    6.1  	Insurance	39
	Section
    6.2  	Casualty	41
	Section
    6.3  	Condemnation	41
	Section
    6.4  	Restoration	41
	 	 	 	 
	ARTICLE
    VII	RESERVES	44
	Section
    7.1  	Required
    Repair Reserve	44
	 	7.1.1	Deposits	44
	 	7.1.2	Release
    of Required Repair Funds	45
	 	7.1.3	Balance
    in Required Repair Account	45
	Section
    7.2  	Tax
    and Insurance Escrow	45
	 	7.2.1	Tax
    and Insurance Escrow Funds	45
	 	7.2.2	Disbursements
    from Tax and Insurance Escrow Funds	46
	Section
    7.3  	Intentionally
    omitted	46
	Section
    7.4  	Intentionally
    omitted	46
	Section
    7.5  	Debt
    Service Reserve	46
	Section
    7.6  	Reserve
    Funds, Generally	46
	 	 	 	 
	ARTICLE
    VIII	DEFAULTS	47
	Section
    8.1  	Event
    of Default	47
	 	8.1.1	Generally	47
	 	8.1.2	Remedies	49
	 	8.1.3	Remedies
    Cumulative; Waivers	50
	 	 	 	 
	ARTICLE
    IX	SPECIAL
    PROVISIONS	50
	Section
    9.1  	Transfer
    of Loan	50
	Section
    9.2  	Severed
    Loan Documents	50
	Section
    9.3  	Servicer	51
	Section
    9.4  	Cooperation	51

 

    	iii

     

    

 

	ARTICLE X	MISCELLANEOUS	51
	Section 10.1	Survival	51
	Section 10.2	Lender’s Discretion	51
	Section 10.3	Governing Law	51
	Section 10.4	Modification, Waiver in Writing	52
	Section 10.5	Delay Not a Waiver	53
	Section 10.6	Notices	53
	Section 10.7	Waiver of Trial by Jury	54
	Section 10.8	Headings	54
	Section 10.9	Severability	54
	Section 10.10	Preferences	54
	Section 10.11	Waiver of Notice	54
	Section 10.12	Remedies of Borrower	54
	Section 10.13	Expenses; Indemnity	55
	Section 10.14	Exhibits and Schedules Incorporated	55
	Section 10.15	Offsets, Counterclaims and Defenses	55
	Section 10.16	No Joint Venture or Partnership; No Third Party Beneficiaries	55
	Section 10.17	Publicity	56
	Section 10.18	Waiver of Marshalling of Assets; Homestead Waiver	56
	Section 10.19	Waiver of Counterclaim	56
	Section 10.20	Conflict; Construction of Documents; Reliance	56
	Section 10.21	Brokers and Financial Advisors	56
	Section 10.22	Prior Agreements	56
	Section 10.23	Cumulative Rights	57
	Section 10.24	Counterparts; Electronic Delivery	57
	Section 10.25	Time is of the Essence	57
	Section 10.26	Consent of Holder	57
	Section 10.27	Successor Laws	57
	Section 10.28	Reliance on Third Parties	57
	Section 10.29	Borrower’s Waiver	57

 

SCHEDULES
AND EXHIBITS

 

	1.	Organizational
    Chart
	2.	Required
    Repairs
	 	 
	Exhibit
    A	Initial
    Approved Annual Budget

 

    	iv

     

    

 

LOAN
AGREEMENT

 

This
LOAN AGREEMENT, dated as of October 18, 2021 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this
“Agreement”), between ARENA LIMITED SPV, LLC, a Delaware limited liability company (“Lender”),
having an address at 405 Lexington Avenue, 59th Floor, New York, New York 10174 and REAL LIVING PROPERTY HOLDINGS – TEXAS, LLC,
a Texas limited liability company (“Borrower”), having its principal place of business at c/o Assisted 4 Living,
Inc., 5115 FL-64, Bradenton, Florida 34208.

 

W
I T N E S S E T H:

 

WHEREAS,
Borrower desires to obtain a loan (the “Loan”) in the original principal amount of Six Million Six Hundred
Thousand and No/100 Dollars ($6,600,000.00) (the “Loan Amount”) from Lender pursuant to this Agreement; and

 

WHEREAS,
Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents
(as hereinafter defined).

 

NOW
THEREFORE, in consideration of the making of the Loan by Lender to Borrower and the covenants, agreements, representations and warranties
set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows:

 

ARTICLE
I

 

DEFINITIONS;
PRINCIPLES OF CONSTRUCTION

 

Section
1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates
a contrary intent:

 

“Accrued
Interest” shall mean all accrued and unpaid interest on the outstanding principal balance of the Loan from time to time.

 

“Affiliate”
shall mean, as to any Person, (a) any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common
Control with such Person or is a director or officer of such Person or of an Affiliate of such Person or (b) whose assets, liabilities,
equity, income, expenses and cash flows are, in accordance with applicable law and IFRS, consolidated with those of the other Person
in the consolidated financial statements of such Person.

 

“Agreement”
shall mean this Loan Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“ALTA”
shall mean American Land Title Association or any successor thereto.

 

“Approved
Annual Budget” shall have the meaning set forth in Section 5.1.11(f) hereof.

 

“Assignments
of Management Agreements” shall mean collectively, the Henrietta Assignment of Management Agreement, the Nocona Assignment
of Management Agreement, and the Olney Assignment of Management Agreement, each of which is an “Assignment of Management
Agreement”.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or part of any Property.

 

    	1

     

    

 

“Bankruptcy
Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or
any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy
Code or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any
involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any
involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency
law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition from any Person; (d) such Person consenting
to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, assignee, sequestrator (or similar
official), liquidator, or examiner for such Person or any portion of any Property; (e) the filing of a petition against a Person seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Bankruptcy Code or any other
applicable law, (f) under the provisions of any other law for the relief or aid of debtors, an action taken by any court of competent
jurisdiction that allows such court to assume custody or Control of a Person or of the whole or any substantial part of its property
or assets or (g) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding,
its insolvency or inability to pay its debts as they become due.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et seq., as the same may be amended from
time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable
foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or state bankruptcy or insolvency law.

 

“Basic
Carrying Costs” shall mean, for any period, the sum of the following costs: (a) Taxes, (b) Other Charges and (c) Insurance
Premiums.

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with its permitted successors and assigns.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which any of the following institutions is not
open for business: (i) banks and savings and loan institutions in New York, New York, (ii) the financial institution that maintains any
collection account for or on behalf of any Reserve Funds, (iii) the New York Stock Exchange or (iv) the Federal Reserve Bank of New York.

 

“Casualty”
shall have the meaning set forth in Section 6.2 hereof.

 

“Casualty
Consultant” shall have the meaning set forth in Section 6.4(b)(iii) hereof.

 

“Clearing
Account” shall have the meaning set forth in Section 3.1.1(a) hereof.

 

“Clearing
Account Agreement (Borrower)” shall mean that certain Deposit Account Control Agreement, dated the date hereof among Borrower,
Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Clearing
Account Agreements” shall mean the Clearing Account Agreement (Borrower), the Henrietta Clearing Account Agreement, the
Nocona Clearing Account Agreement, and the Olney Clearing Account Agreement, each of which is a “Clearing Account Agreement”.

 

“Clearing
Bank” shall mean Regions Bank, or any successor or permitted assigns thereof.

 

“Closing
Date” shall mean the date of this Agreement.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes
thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

 

“Collateral”
shall have the meaning ascribed to such term in each Security Instrument, collectively.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of the Properties, or any interest therein or right accruing thereto,
including any right of access thereto or any change of grade affecting the Properties or any part thereof.

 

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“Condemnation
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Control”
shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management, policies or activities of such Person, whether through ownership of voting securities, by contract or otherwise. “Controlled”
and “Controlling” shall have correlative meanings.

 

“Debt”
shall mean the Outstanding Principal Balance together with all Accrued Interest and all other sums (including any Yield Maintenance Premium
and Exit Fee) due to Lender in respect of the Loan under the Note, this Agreement, the Security Instruments or any other Loan Document.

 

“Debt
Service” shall mean, with respect to any particular period of time, scheduled principal and interest payments due under
this Agreement and the Note.

 

“Debt
Service Reserve” shall mean a reserve of funds from the proceeds of the Loan in the amount of $198,000.00 for the purpose
of funding Monthly Interest Deficiencies.

 

“Debt
Service Reserve Account” shall have the meaning set forth in Section 7.5 hereof.

 

“Debt
Yield” shall mean, as of a particular date, the ratio calculated by Lender of (i) the Net Operating Income for the six
(6) month period ending with the most recently completed calendar month to (ii) the Outstanding Principal Balance of the Loan.

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time,
or both, would be an Event of Default.

 

“Default
Rate” shall mean the lesser of (a) twenty-four percent (24%) per annum or (b) the Maximum Legal Rate.

 

“Distribution”
means as to any Person, (i) any dividend, distribution or other payment of any kind on any shares of capital stock or other securities
or partnership, membership, economic or other interests of such Person, or (ii) any fee, payment, bonus or other remuneration of any
kind, or (iii) repayment of or debt service on loans or other indebtedness other than the Loan and other than any other indebtedness
expressly permitted by the Loan Documents.

 

“Dollars”
and the sign “$” shall mean lawful money of the United States of America.

 

“Eligible
Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is either
(a) an account or accounts maintained with a Federal or state-chartered depository institution or trust company which complies with the
definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a Federal or state chartered depository
institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust
company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus
of at least $50,000,000.00 and subject to supervision or examination by Federal and state authority. An Eligible Account will not be
evidenced by a certificate of deposit, passbook or other instrument.

 

“Eligible
Expenses” shall mean ordinary and necessary operating expenses of each Property during the preceding month which are reasonably
incurred in the ordinary course of Borrower’s business and approved by Lender pursuant to the Approved Annual Budget, excluding
any expenses paid to Borrower or any Affiliate of Borrower, unless expressly permitted by Lender in writing, and any such expenses not
included in the Approved Annual Budget subject to Lender’s approval, not to be unreasonably withheld. For the avoidance of doubt,
Borrower may incur operating expenses (unless prohibited hereby) outside the Approved Annual Budget without the prior written consent
of Lender; the only purpose of the consent in this paragraph is to determine if such operating expenses are deemed to be Eligible Expenses.

 

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“Embargoed
Person” shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but not limited
to, The USA Patriot Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C.
§§ 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated
thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that
the investment in Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by
Lender is in violation of law.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement (Unsecured), dated as of the date hereof, executed
by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Environmental
Statutes” shall mean any present and future Federal, state and local laws, statutes, ordinances, rules, regulations and
the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Statutes” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage
tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water
Act; the Occupational Safety and Health Act (solely to the extent the same relates to environmental concerns or human health); the Federal
Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental
Policy Act; and the River and Harbors Appropriation Act. The term “Environmental Statutes” also includes, but is not limited
to, any present and future Federal, state and local laws, statutes ordinances, rules, regulations, permits or authorizations and the
like, as well as common law, that (a) condition transfer of property upon a negative declaration or other approval of a Governmental
Authority of the environmental condition of any Property; (b) require notification or disclosure of releases of Hazardous Substances
or other environmental condition of a property to any Governmental Authority or other Person, whether or not in connection with any transfer
of title to or interest in such property; (c) impose conditions or requirements in connection with permits or other authorization for
lawful activity relating to Hazardous Substances; (d) relate to nuisance, trespass or other causes of action relating to Hazardous Substances
in connection with any Property; and/or (e) relate to wrongful death, personal injury, or property or other damage in connection with
any physical condition or use relating to Hazardous Substances in connection with any Property.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the
ruling issued thereunder.

 

“ERISA
Affiliate” shall mean each person (as defined in section 3(9) of ERISA) that together with Borrower would be deemed to
be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Event
of Default” shall have the meaning set forth in Section 8.1.1(a) hereof.

 

“Exit
Fee” shall mean, in connection with any repayment or prepayment of principal, a non-refundable fee equal to one-half of
one percent (0.5%) of the principal amount of such repayment or prepayment.

 

“Extended
Maturity Date” shall have the meaning set forth in Section 2.6.1 hereof.

 

“Extension
Fee” shall mean a non-refundable fee equal to one percent (1.0%) of the Outstanding Principal Balance in connection with
Borrower’s exercise of each Extension Option.

 

“Extension
Notice” shall have the meaning set forth in Section 2.6.1 hereof.

 

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“Facilities”
shall mean, collectively, the Henrietta Facility, the Nocona Facility, and the Olney Facility, each of which is a “Facility”.

 

“Facility
EBITDAR” means, for any Test Period, the sum without duplication of the following (determined in accordance with GAAP unless
otherwise defined in this Agreement), on a consolidated basis: Net Operating Income, plus, to the extent included in the determination
of Net Operating Income, (a) interest on the Loan, (b) income tax expense (to the extent assessed on Net Operating Income), (c) depreciation
expense, (d) amortization expense, (e) rent expense pursuant to each Hospital Lease, minus, to the extent included in the determination
of Net Operating Income, (a) gains from any sale of assets, other than sales in the ordinary course of business, (b) income tax benefit,
and (c) non-cash revenue, extraordinary or non-recurring revenue and gains.

 

“First
Extension Option” shall have the meaning set forth in Section 2.6.1 hereof.

 

“First
Payment Date” shall have the meaning set forth in Section 2.3.2 hereof.

 

“Fiscal
Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the
term of the Loan.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial report.

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any
governmental unit (Federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Gross
Income from Operations” shall mean, for any period, all Rents received applicable to such period from each Manager under
the Management Agreements as management fees.

 

“Guarantor”
shall mean, jointly and severally, and, as the context requires, individually and collectively, Assisted 4 Living, Inc., a Nevada corporation,
and each of the Managers.

 

“Guaranty”
shall mean that certain Guaranty dated as of the date hereof, from Guarantor in favor of Lender, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time.

 

“Hazardous
Substances” shall include, but is not limited to, (a) any and all substances (whether solid, liquid or gas) defined, listed,
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words
of similar meaning or regulatory effect under any present or future Environmental Statutes or that may have a negative impact on human
health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing materials,
polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but excluding substances of kinds and in amounts
ordinarily and customarily used or stored in properties similar to each Property for the purposes of cleaning or other maintenance or
operations and otherwise in compliance with all Environmental Statutes, and (b) mold, mycotoxins, microbial matter, and/or airborne pathogens
(naturally occurring or otherwise) which pose a threat (imminent or otherwise) to human health or the environment or adversely affect
any Property.

 

“Henrietta
Assignment of Management Agreement” shall mean that certain Lease Subordination and Attornment, dated as of the date hereof,
among Lender, Borrower, Nocona Hospital District and Henrietta Manager, with respect to the Henrietta Property, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

“Henrietta
Clearing Account Agreement” shall mean that certain Deposit Account Control Agreement, dated the date hereof among Henrietta
Manager, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

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“Henrietta
Facility” shall mean the skilled nursing facility commonly known as Grace Care Center of Henrietta located at the Henrietta
Property.

 

“Henrietta
Hospital Lease” shall mean that certain Lease and Operating Agreement entered into by and between Borrower’s predecessor-in-interest
and Nocona Hospital District, date as of September 1, 2014, with respect to the Henrietta Property.

 

“Henrietta
Management Agreement” shall mean that certain Management Agreement entered into by and between Henrietta Manager’s
predecessor-in-interest and Nocona Hospital District, pursuant to which Henrietta Manager is to provide management and other services
with respect to the Henrietta Property, and any successor property management approved by Lender, in writing, in Lender’s sole
discretion.

 

“Henrietta
Manager” shall mean Henrietta Health and Rehab Center, LLC, a Texas limited liability company, and any successor manager
for the Henrietta Property approved by Lender in writing, in Lender’s sole discretion.

 

“Henrietta
Property” shall mean each parcel of real property containing the Henrietta Facility, and located at 807 W Bois D’Arc
Street, Henrietta, Texas, the Improvements thereon and all personal property owned by Borrower and encumbered by the Henrietta Security
Instrument, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clause
of the Henrietta Security Instrument and referred to therein as the “Property”.

 

“Henrietta
Security Instrument” shall mean that certain first priority Deed of Trust, Security Agreement, Assignment of Leases and
Fixture Filing, of even date herewith, made by Borrower for the benefit of Lender as security for the Obligations and encumbering the
Henrietta Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Henrietta
Subordination of Lease Agreement” shall mean that certain Lease Subordination and Attornment Agreement, dated as of the
date hereof, among Lender, Borrower, Nocona Hospital District and Henrietta Manager, with respect to the Henrietta Hospital Lease, as
the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Hospital
Leases” shall mean, collectively, the Henrietta Hospital Lease, the Nocona Hospital Lease and the Olney Hospital Lease,
each of which is a “Hospital Lease”.

 

“Hospitals”
means, collectively, the Nocona Hospital District and the Olney Hospital District, each of which is a “Hospital”.

 

“Improvements”
shall have the meaning set forth in the granting clause of each Security Instrument, collectively.

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.

 

“Indemnified
Parties” shall mean Lender and any of its Affiliates and any servicer and any of their officers, directors, members, partners,
employees, representatives and consultants.

 

“Indemnifying
Person” shall mean Borrower and each Guarantor, on a joint and several basis.

 

“Initial
Insurance Premiums Deposit” shall mean $0.

 

“Initial
Tax Deposit” shall mean $25,681.83.

 

“Insurance
Premiums” shall have the meaning set forth in Section 6.1(b) hereof.

 

“Insurance
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

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“Interest
Period” shall mean (i) initially, the period commencing on and including the date of the funding of the Loan and ending
on the First Payment Date, and (ii) thereafter, for any specified Payment Date including the Maturity Date, the period commencing on
and including the fifteenth (15th) day of the calendar month prior to such Payment Date and ending on the fifteenth (15th)
day of the calendar month in which such Payment Date occurs. The accrual period for calculating interest due on each Monthly Payment
Date shall be the Interest Period in which such Monthly Payment Date occurs.

 

“Interest
Rate” shall mean with respect to each Interest Period, an interest rate per annum equal to the sum of the Prime Rate plus
the Spread with respect to any Interest Period (which, for the avoidance of doubt, is a minimum interest rate per annum of not less than
7.875%).

 

“Lease”
shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now
or hereafter in effect), including without limitation each Hospital Lease, pursuant to which any Person is granted a possessory interest
in, or right to use or occupy all or any portion of any space in any Property by or on behalf of Borrower, and (a) every modification,
amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease,
sublease, subsublease, or other agreement, and (b) every guarantee of the performance and observance of the covenants, conditions and
agreements to be performed and observed by the other party thereto.

 

“Legal
Requirements” shall mean all Federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations,
ordinances, judgments, decrees and injunctions of Governmental Authorities affecting any Property or any part thereof, or the construction,
use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation,
any Environmental Statutes, the Americans with Disabilities Act of 1990, as amended, and all Permits, Licenses and authorizations and
regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record
or known to Borrower, at any time in force affecting Borrower, any Property or any part thereof, including, without limitation, any which
may (a) require repairs, modifications or alterations in or to any Property or any part thereof, or (b) in any way limit the use and
enjoyment thereof.

 

“Lender”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns.

 

“Leverage
Ratio” means, at any date of determination, the ratio of (i) total Debt on such date to (ii) annualized Facility EBITDAR
for the Test Period ending on such date.

 

“Liability
Event” means any event, fact, condition or circumstance or series thereof (i) in or for which Borrower or any Manager becomes
liable or otherwise responsible for any amount owed or owing to any Medicaid or Medicare program by a provider owned by Borrower or any
Manager pursuant to any applicable law, ordinance, rule, decree, order or regulation of any Governmental Authority after the failure
of any such provider to pay any such amount when owed or owing, (ii) in which Medicaid or Medicare payments to Borrower or any Manager
are lawfully set off against payments to Borrower or any Manager to satisfy any liability of or for any amounts owed or owing to any
Medicare or Medicaid program by a provider owned by Borrower or any Manager pursuant to any applicable law, ordinance, rule, decree,
order or regulation of any Governmental Authority, or (iii) any of the foregoing under clauses (i) or (ii) in each case pursuant to statutory
or regulatory provisions that are similar to any applicable law, ordinance, rule, decree, order or regulation of any Governmental Authority
referenced in clauses (i) and (ii) above or successor provisions thereto, in each case where the existence of such fact, condition or
circumstance could, individually or in the aggregate, reasonably be expected to have or result in a Materially Adverse Effect. A Liability
Event shall only occur if related to one or more of the Properties.

 

“Licenses”
means all certificates, certifications, permits, licenses and approvals, including certificates of completion and occupancy, required
for the legal use, occupancy and operation of each Facility for its intended use.

 

“Lien”
shall mean any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien (statutory or otherwise), pledge, hypothecation,
easement, restrictive covenant, preference, assignment, security interest, PACE Loan or any other encumbrance, charge or transfer of,
or any agreement to enter into or create any of the foregoing, on or affecting Borrower, any Property, or any portion thereof or any
interest therein, or any direct or indirect interest in Borrower, including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing
statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

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“Loan”
shall have the meaning set forth in the recitals hereof.

 

“Loan
Amount” shall have the meaning set forth in the recitals hereof.

 

“Loan
Documents” shall mean, collectively, this Agreement, the Note, the Pledges, Security Instruments, the Environmental Indemnity,
the Assignments of Management Agreements, the Guaranty, the Clearing Account Agreements, the Subordinations of Lease Agreements, the
Manager Security Agreement, the Subordination of Management Consulting Fees Agreement, and all other documents executed and/or delivered
in connection with the Loan.

 

“Loan
Parties” shall mean, collectively, Borrower, Guarantor, Pledgors and Managers, each of which is a “Loan Party”.

 

“Loan
to Value Ratio” shall mean, as of the date of its calculation, the ratio of (i) the sum of the Outstanding Principal Balance
as of the date of such calculation to (ii) the as-is value of the Properties, as determined by Lender in its sole and absolute discretion
exercised in good faith based on an appraisal obtained by Lender (at Borrower’s cost and expense).

 

“Management
Agreements” shall mean, collectively, the Henrietta Management Agreement, the Nocona Management Agreement and the Olney
Management Agreement, each of which is a “Management Agreement”.

 

“Managers”
shall mean, collectively, the Henrietta Manager, the Nocona Manager and the Olney Manager, each of which is a “Manager”.

 

“Manager
Security Agreement” shall mean that certain Manager Security Agreement, dated as of the date hereof, entered into by Managers
for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Material
Adverse Change” or “Materially Adverse Effect” shall mean that the business, operations, property,
assets, liabilities or financial condition of any of the Loan Parties, or the ability of any of the Loan Parties to perform any of their
obligations under the Loan Documents, has changed in a manner which could materially impair the value of Lender’s security for
the Loan or prevent timely repayment of the Loan or otherwise prevent any Loan Party from timely performing any of its material obligations
under the Loan Documents.

 

“Material
Agreements” shall have the meaning set forth in Section 5.1.21 hereof.

 

“Maturity
Date” shall mean the Stated Maturity Date, or such earlier date on which the final payment of principal of the Note becomes
due and payable as herein or therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

“Maximum
Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents,
under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions
of the Loan.

 

“Money
Laundering, Anti-Corruption and Anti-Bribery Laws” means money laundering and anti- corruption statutes of all jurisdictions
(including, the Foreign Corrupt Practices Act of 1977, the OECD Convention on Bribery of Foreign Public Officials in International Business
Transactions, and any similar national or local law or regulation in the United Kingdom or elsewhere where the Issuer and each other
Subsidiary conducts business), the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency or any such jurisdiction.

 

    	8

     

    

 

“Monthly
Cash Flow Amount” shall mean, for any month in question, the amount of Rents and all other revenue received (excluding
disbursements of any Reserve Funds) during the preceding month, reduced only by that amount of money expended to pay Eligible Expenses
including Basic Carrying Costs. If the Properties do not generate Rents or other revenues, the Monthly Cash Flow Amount shall be zero.

 

“Monthly
Debt Service Payment Amount” shall mean, beginning on December 15, 2021 and continuing thereafter on each subsequent Payment
Date up to and including the Maturity Date, a payment of Accrued Interest only.

 

“Monthly
Interest Deficiency” shall mean the excess of Accrued Interest for any calendar month over the Monthly Cash Flow Amount
for such month.

 

“Multiemployer
Plan” shall mean a multiemployer plan, as defined in Section 4001(a)(3) of ERISA to which Borrower or any ERISA Affiliate
is making or accruing an obligation to make contributions or has within any of the preceding three plan years made or accrued an obligation
to make contributions.

 

“Multiple
Employer Plan” shall mean an employee benefit plan, other than a Multiemployer Plan, to which Borrower or any ERISA Affiliate,
and one or more employers other than Borrower or an ERISA Affiliate, is making or accruing an obligation to make contributions or, in
the event that any such plan has been terminated, to which Borrower or an ERISA Affiliate made or accrued an obligation to make contributions
during any of the five plan years preceding the date of termination of such plan.

 

“Net
Operating Income” shall mean, for any period, the amount obtained by subtracting Operating Expenses for such period from
Gross Income from Operations for such period.

 

“Net
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Net
Proceeds Account” shall have the meaning set forth in Section 6.4(b)(ii) hereof.

 

“Net
Proceeds Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof.

 

“Nocona
Assignment of Management Agreement” shall mean that certain Lease Subordination and Attornment, dated as of the date hereof,
among Lender, Borrower, Nocona Hospital District and Nocona Manager, with respect to the Nocona Property, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

“Nocona
Clearing Account Agreement” shall mean that certain Deposit Account Control Agreement, dated the date hereof among Nocona
Manager, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Nocona
Facility” shall mean the skilled nursing facility commonly known as Grace Care Center of Nocona located at the Nocona Property.

 

“Nocona
Hospital District” shall mean Nocona Hospital District, a body politic and corporate and a political subdivision of the
State of Texas.

 

“Nocona
Hospital Lease” shall mean that certain Lease and Operating Agreement entered into by and between Borrower’s predecessor-in-interest
and Nocona Hospital District, date as of September 1, 2014, with respect to the Nocona Property.

 

“Nocona
Management Agreement” shall mean that certain Management Agreement entered into by and between Nocona Manager’s predecessor-in-interest
and Nocona Hospital District, pursuant to which Nocona Manager is to provide management and other services with respect to the Nocona
Property, and any successor property management approved by Lender, in writing, in Lender’s sole discretion.

 

    	9

     

    

 

“Nocona
Manager” shall mean Nocona Health and Rehab Center, LLC, a Texas limited liability company, and any successor manager for
the Nocona Property approved by Lender in writing, in Lender’s sole discretion.

 

“Nocona
Property” shall mean each parcel of real property containing the Nocona Facility, and located at 306 Carolyn Road, Nocona,
Texas, the Improvements thereon and all personal property owned by Borrower and encumbered by the Nocona Security Instrument, together
with all rights pertaining to such property and Improvements, as more particularly described in the granting clause of the Nocona Security
Instrument and referred to therein as the “Property”.

 

“Nocona
Security Instrument” shall mean that certain first priority Deed of Trust, Security Agreement, Assignment of Leases and
Fixture Filing, of even date herewith, made by Borrower for the benefit of Lender as security for the Obligations and encumbering the
Nocona Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Nocona
Subordination of Lease Agreement” shall mean that certain Lease Subordination and Attornment Agreement, dated as of the
date hereof, among Lender, Borrower, Nocona Hospital District and Nocona Manager, with respect to the Nocona Hospital Lease, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Note”
shall mean that certain Promissory Note of even date herewith in the principal amount of up to the Loan Amount made by Borrower in favor
of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Obligations”
shall mean, collectively, Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations.

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of (i) Borrower,
or (ii) any direct or indirect general partner or member of Borrower with authority to act on behalf of and bind Borrower.

 

“Olney
Assignment of Management Agreement” shall mean that certain Lease Subordination and Attornment, dated as of the date hereof,
among Lender, Borrower, Olney Hospital District and Olney Manager, with respect to the Olney Property, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time.

 

“Olney
Clearing Account Agreement” shall mean that certain Deposit Account Control Agreement, dated the date hereof among Henrietta
Manager, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Olney
Facility” shall mean the skilled nursing facility commonly known as Grace Care Center of Olney located at the Olney Property.

 

“Olney
Hospital District” shall mean Olney-Hamilton Hospital District, a body politic and county hospital authority formed under
the laws of the State of Texas.

 

“Olney
Hospital Lease” shall mean that certain Lease and Operating Agreement entered into by and between Borrower’s predecessor-in-interest
and Olney Hospital District, date as of September 1, 2014, with respect to the Olney Property.

 

“Olney
Management Agreement” shall mean that certain Management Agreement entered into by and between Nocona Manager’s predecessor-in-interest
and Olney Hospital District, pursuant to which Olney Manager is to provide management and other services with respect to the Olney Property,
and any successor property management approved by Lender, in writing, in Lender’s sole discretion.

 

    	10

     

    

 

“Olney
Manager” shall mean Olney Health and Rehab Center, LLC, a Texas limited liability company, and any successor manager for
the Olney Property approved by Lender in writing, in Lender’s sole discretion.

 

“Olney
Property” shall mean each parcel of real property containing the Olney Facility, and located at 1402 W Elm, Olney, Texas,
the Improvements thereon and all personal property owned by Borrower and encumbered by the Olney Security Instrument, together with all
rights pertaining to such property and Improvements, as more particularly described in the granting clause of the Olney Security Instrument
and referred to therein as the “Property”.

 

“Olney
Security Instrument” shall mean that certain first priority Deed of Trust, Security Agreement, Assignment of Leases and
Fixture Filing, of even date herewith, made by Borrower for the benefit of Lender as security for the Obligations and encumbering the
Olney Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Olney
Subordination of Lease Agreement” shall mean that certain Lease Subordination and Attornment Agreement, dated as of the
date hereof, among Lender, Borrower, Olney Hospital District and Olney Manager, with respect to the Olney Hospital Lease, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Operating
Expenses” shall mean, for any period, the total of all expenditures, computed in accordance with GAAP, of whatever kind
relating to the operation, maintenance and management of the Properties incurred by Borrower or by any Manager, including without limitation,
utilities, ordinary repairs and maintenance, insurance, license fees, Taxes, Other Charges, advertising expenses, payroll and related
taxes, computer processing charges, operational equipment or other lease payments as approved by Lender, and other similar costs.

 

“Operations
Agreements” shall mean any covenants, restrictions, easements, declarations or agreements of record relating to the construction,
operation or use of each Property, together with all amendments, modifications or supplements thereto (including the Management Agreements).

 

“Other
Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, any “common expenses”
or expenses allocated to and required to be paid by Borrower under any Operations Agreements and any other charges, including, without
limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied
or assessed or imposed against any Property or any part thereof.

 

“Other
Obligations” shall mean (a) the performance of all obligations of Borrower contained herein; (b) the performance of each
obligation of Borrower or any Guarantor contained in any other Loan Document; (c) the payment of all costs, expenses, legal fees and
liabilities incurred by Lender in connection with the enforcement of any of Lender’s rights or remedies under the Loan Documents,
or any other instrument, agreement or document which evidences or secures any other Obligations or collateral therefor, whether now in
effect or hereafter executed; and (d) the payment, performance, discharge and satisfaction of all other liabilities and obligations of
Borrower and/or Guarantor to Lender, whether now existing or hereafter arising, direct or indirect, absolute or contingent, and including,
without limitation, each liability and obligation of Borrower and each Guarantor under any one or more of the Loan Documents and any
amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred
to herein or therein or executed in connection with the transactions contemplated hereby or thereby.

 

“Outstanding
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan.

 

“PACE
Loan” shall mean (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard
to the name given to such indebtedness, which is (i) incurred for improvements to any Property for the purpose of increasing energy efficiency,
increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year
assessments against such Property.

 

    	11

     

    

 

“Payment
Date” shall mean, commencing with the First Payment Date, the fifteenth (15th) da of each calendar month during
the term of the Loan until and including the Maturity Date or, for purposes of making payments hereunder, but not for purposes of calculating
Interest Periods, if such day is not a Business Day, the immediately preceding Business Day.

 

“Permit”
means, collectively, all Licenses, powers, permits, franchise agreements, certificates, authorizations, approvals, certificates of need,
provider numbers and other rights necessary or useful for the operation of each Facility for its intended purpose.

 

“Permitted
Encumbrances” shall mean, collectively (a) the Liens and security interests created by the Loan Documents, (b) all Liens,
encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority
which are not yet due or delinquent, (d) any workers’, mechanics’, construction or other similar Liens on a Property provided
that any such Lien is bonded or discharged within ten (10) days after Borrower first receives written notice of such Lien, (e) easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Borrower and are approved in writing by Lender in its sole and absolute discretion, (f) operating
leases of equipment which are entered into in the ordinary course of business but not in excess of $50,000, (g) Liens provided at law
in favor of Banks holding deposit accounts; (h) such other title and survey exceptions as Lender has approved or may approve in writing
in Lender’s sole discretion, which Permitted Encumbrances in the aggregate do not materially adversely affect the value or use
of any Property or Borrower’s ability to repay the Loan.

 

“Permitted
Transfer” means any of the following: (a) any Transfer, directly as a result of the death of a natural person, of stock,
membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or
Persons lawfully entitled thereto; (b) any Transfer, directly as a result of the legal incapacity of a natural person, of stock, membership
interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully
entitled thereto; (c) any Transfer expressly permitted by and completed strictly in accordance with Section 5.2.10; (d) any Transfer
arising from the granting of a Lien that constitutes a Permitted Encumbrance; and (e) any Transfer of obsolete or worn out personalty
or fixtures that are contemporaneously replaced by items of equal or better function and quality, which are free of liens, encumbrances
and security interests other than those permitted by the Loan Documents or consented to by Lender. A Permitted Transfer shall also include
an initial public offering for Assisted 4 Living, Inc. 9 (and any transfers therein thereafter), provided that Assisted 4 Living, Inc.
is listed and traded on a recognized stock exchange or traded over the counter and listed in the National Association of Securities Dealers
Automatic Quotations and provided further that neither the initial public offering nor any subsequent transfers of shares in Assisted
4 Living, Inc. would change the Control, direct or indirect, in Borrower or would otherwise cause a default to occur hereunder.

 

“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any Governmental Authority, and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Personal
Property” shall have the meaning set forth in the granting clause of each Security Instrument, collectively.

 

“Pledges”
shall mean, collectively, that certain Pledge and Security Agreement of even date herewith by Real Living Property Holdings, LLC, a Florida
limited liability company (“Borrower Pledgor”), in favor of Lender, and that certain Pledge and Security Agreement
of event date herewith by LOGAN Healthcare Properties, LLC, a Florida limited liability company (“Manager Pledgor”
and together with Borrower Pledgor, each a “Pledgor” and collectively, “Pledgors”),
in favor of Lender, each of which is a “Pledge”.

 

“Policies”
shall have the meaning specified in Section 6.1(b) hereof.

 

“Prime
Floor” shall mean three and three-quarters percent (3.75%).

 

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“Prime
Rate” shall mean the greater of (i) the Prime Floor and (ii) the rate of interest published in The Wall Street Journal
from time to time as the “Prime Rate” for United States commercial banks. If The Wall Street Journal ceases to publish the
“Prime Rate,” the Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such
“Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental
body, then Lender shall select a comparable interest rate index.

 

“Prohibited
Transaction” shall mean any action or transaction which would cause any obligation, or action taken or to be taken, hereunder
(or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under
a statutory or administrative class exemption) prohibited transaction under the ERISA or Section 4975 of the Code.

 

“Properties”
shall mean, collectively, the Henrietta Property, the Nocona Property and the Olney Property, each of which is a “Property”.

 

“Rents”
shall mean all rents (including additional rents of any kind and percentage rents), rent equivalents, moneys payable as damages (including
payments by reason of the rejection of a Lease in a Bankruptcy Action) or in lieu of rent or rent equivalents, royalties (including,
without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including
security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other payments and consideration
of whatever form or nature received by or paid to or for the account of or benefit of Borrower or any of its agents or employees from
any and all sources arising from or attributable to any Property, and the Improvements, including charges for oil, gas, water, steam,
heat, ventilation, air-conditioning, electricity, license fees, maintenance fees, charges for Taxes, operating expenses or other amounts
payable to Borrower (or for the account of Borrower), revenues from telephone services, vending and all receivables, customer obligations
now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the
use and occupancy of any Property or rendering of services by Borrower, or any of its agents or employees and proceeds, if any, from
business interruption or other loss of income insurance.

 

“Required
Repair Account” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required
Repair Funds” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required
Repairs” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required
Repairs Amount” shall mean the amount set forth on Schedule 2.

 

“Reserve
Accounts” shall mean, collectively, the Debt Service Reserve Account, the Tax and Insurance Escrow Account, the Required
Repair Account, the Net Proceeds Account, and any other escrow or reserve account established pursuant to the Loan Documents

 

“Reserve
Funds” shall mean, collectively, the Debt Service Reserve Funds, the Tax and Insurance Escrow Funds, the Required Repair
Funds, and any other escrow or reserve funds established pursuant to the Loan Documents.

 

“Restoration”
shall mean the repair and restoration of any Property after a Casualty or Condemnation as nearly as possible to the condition such Property
was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender.

 

“Retention
Amount” shall have the meaning set forth in Section 6.4(b)(iv) hereof.

 

“Sanctions”
means any laws or regulations or restrictive measures relating to economic or financial sanctions or trade embargoes imposed, administered
or enforced from time to time by a Sanctions Authority.

 

“Sanctions
Authority” means (i) the United Nations Security Council; (ii) the United States government; (iii) the European Union;
(iv) the United Kingdom government; (v) the respective governmental institutions and agencies of any of the foregoing, including without
limitation, OFAC, the United States Department of State and Department of Commerce, and Her Majesty’s Treasury; and (vi) any other
governmental institution or agency with responsibility for imposing, administering or enforcing Sanctions with jurisdiction over the
Issuer or any of its subsidiaries.

 

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“Sanctions
List” means the Specially Designated Nationals and Blocked Persons List maintained by OFAC, the Denied Persons List maintained
by the U.S. Department of Commerce, the Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury,
or any other list issued or maintained by any Sanctions Authority of persons subject to Sanctions (including investment or related restrictions),
each as amended, supplemented or substituted from time to time.

 

“Second
Extension Option” shall have the meaning set forth in Section 2.6.1 hereof.

 

“Securities”
shall have the meaning set forth in Section 9.1 hereof.

 

“Security
Instruments” shall mean, collectively, the Henrietta Security Instrument, the Nocona Security Instrument, and the Olney
Security Instrument, each of which is a “Security Instrument”.

 

“Servicer”
shall have the meaning set forth in Section 9.3 hereof.

 

“Servicing
Agreement” shall have the meaning set forth in Section 9.3 hereof.

 

“Severed
Loan Documents” shall have the meaning set forth in Section 9.2 hereof.

 

“Special
Purpose Entity” shall mean a corporation, limited partnership or limited liability company which, at all times since its
formation and thereafter: (a) has not and will not engage in any business or activity other than the ownership, operation and maintenance
of the Properties and activities incidental thereto; (b) has not and will not acquire or own any assets other than the Properties, other
than the personal property necessary or incidental to its ownership, leasing, financing and operation of the Properties; (c) has not
and will not merge or consolidate with any other entity or person; (d) has not and will not own any subsidiary or make any investment
in, any other entity or person; (e) has not and will not commingle its assets with the assets of any other entity or person (it being
acknowledged that this covenant shall not apply to any funds that are being held by Lender pursuant to the Loan Documents, including,
without limitation, under the Clearing Account Agreement (Borrower) and in connection with the Clearing Account); (f) has not and will
not incur any debt, secured or unsecured, direct or contingent (including, without limitation, guaranteeing any obligation), other than
the Loan and customary unsecured trade payables incurred in the ordinary course of owning and operating the Properties (but not in excess
of two percent of the outstanding principal balance of the Note) and in no event may any payables be outstanding for more than sixty
(60) days from the date incurred; (g) except to the extent such Person is (A) required to file consolidated tax returns by law; or (B)
treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law, has and
will maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate
from those of any other entity or person; (h) has not and will not maintain its assets in a manner that will be costly or difficult to
segregate, ascertain or identify its individual assets from those of any other entity or person; (i) has not and will not assume or guarantee
the debts of any other entity or person, hold itself out to be responsible for the debts of another entity or person, otherwise pledge
its assets for the benefit of any other entity or person, or hold out its credit as being available to satisfy the obligations of any
other entity or person; (j) has not and will not make any loans or advances to any other entity or person; (k) except to the extent such
Person is (A) required to file consolidated tax returns by law; or (B) treated as a “disregarded entity” for tax purposes
and is not required to file tax returns under applicable law, has and will file its own tax returns as required under federal and state
law; (l) has and will hold itself out to the public as a legal entity separate and distinct from any other entity or person and conduct
its business solely in its own name and will correct any known misunderstanding regarding its separate identity and (m) has and will
remain solvent and has paid and shall pay its debts and liabilities from its then available assets (including a fairly-allocated portion
of any personnel and overhead expenses that it shares with any Affiliate) as the same shall become due, and has maintained and shall
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its
contemplated business (but this clause (m) shall not require any capital contributions to Borrower by members of Borrower).

 

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“Spread”
shall mean 4.125% per annum.

 

“State”
shall mean the State or Commonwealth in which each Property or any part thereof is located.

 

“Stated
Maturity Date” shall mean April 18, 2023, provided that (a) in the event of the exercise by Borrower of the First Extension
Option pursuant to Section 2.6, the Stated Maturity Date shall be the First Extended Maturity Date, and (b) in the event of the
exercise by Borrower of the Second Extension Option pursuant to Section 2.6, the Stated Maturity Date shall be the Second Extended
Maturity Date.

 

“Subordination
of Management Consulting Fees Agreement” shall mean that certain Subordination and Attornment Agreement, dated as of the
date hereof, among Lender, Borrower, Managers and Assisted 4 Living Consulting, LLC, a Florida limited liability company, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Subordinations
of Lease Agreements” shall mean collectively, the Henrietta Subordination of Lease Agreement, the Nocona Subordination
of Lease Agreement, and the Olney Subordination of Lease Agreement, each of which is a “Subordination of Lease Agreement”.

 

“Survey”
shall mean a survey of each Property prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies
issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. The Surveys for each Property
shall be collectively referred to as the “Surveys”.

 

“Tax
and Insurance Escrow Account” shall have the meaning set forth in Section 7.2.1 hereof.

 

“Tax
and Insurance Escrow Funds” shall have the meaning set forth in Section 7.2.1 hereof.

 

“Taxes”
shall mean all taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against (a) any Property
or part thereof, together with all interest and penalties thereon and (b) against the rents, issues, income or profits thereof or upon
the lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly or indirectly or as excise
taxes or ad valorem real estate or personal property taxes or as income taxes. In no event shall any PACE Loan be considered a Tax for
purpose of this Agreement.

 

“Tenant”
shall mean Nocona Hospital District, Olney Hospital District, or the lessee of all or any portion of a Property under a Lease.

 

“Test
Period” means a period ending on the last day of each calendar month and comprised of the three (3) most recent calendar
months then ended (taken as one accounting period); provided that, the first Test Period shall consist of the first full calendar month
following the Closing Date and the second Test Period shall consist of the first and second full calendar months following the Closing
Date.

 

“Title
Company” shall mean the title insurance company which issued the Title Insurance Policy.

 

“Title
Insurance Policy” shall mean an ALTA mortgagee title insurance policy in a form acceptable to Lender (or, if the State
does not permit the issuance of such ALTA policy, such form as shall be permitted in the State and acceptable to Lender) with respect
to the Properties and insuring the lien of the Security Instruments encumbering the Properties.

 

“Transfer”
shall mean the sale, transfer, hypothecation, pledge, encumbrance, mortgage, conveyance, lease, alienation, assignment, disposition,
divestment, or leasing with option to purchase, or assignment of any Property, or any portion thereof or interest therein or in Borrower
(whether direct or indirect, legal or equitable including the issuance, sale, assignment, alienation, conveyance, divestment, transfer,
disposition, hypothecation, pledge, mortgage or encumbrance of any ownership interest in Borrower or in any entity having an ownership
interest in Borrower, whether direct or indirect); any division of Borrower into any two or more separate entities (or any allocation
of Borrower’s assets, rights or obligations to any other entities); or entering into any agreement or contract to do any of the
foregoing which is not conditioned on compliance with the terms of the Loan Documents with respect to Transfers, or undertaking, suffering
or causing any of the foregoing to occur voluntarily, involuntarily or by operation of law.

 

    	15

     

    

 

“UCC”
shall mean the Uniform Commercial Code as in effect in the State in which the Properties are located, as the same may be amended from
time to time; provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection
or non-perfection or priority of the security interest in any item or portion of the collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State in which the Properties are located (“Other UCC State”),
then “UCC” means the Uniform Commercial Code as in effect in such Other UCC State, as the same may be amended
from time to time, for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or priority.

 

“U.S.
Obligations” shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a
full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged, or (b) to the extent acceptable to the Lender, in its sole and absolute discretion, other “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended.

 

“Yield
Maintenance Premium” shall mean, with respect to any payment or prepayment of principal (or acceleration of the Loan) an
amount (not less than zero) equal to $526,968.75 less any interest received by Lender on the Outstanding Principal Balance at the Interest
Rate (and not at the Default Rate). If the First Extension Option is exercised, then with respect to any payment or prepayment of principal
(or acceleration of the Loan) an amount (not less than zero) equal to $131,742.19 less any interest received by Lender on the Outstanding
Principal Balance at the Interest Rate (and not at the Default Rate) from and after the original Stated Maturity Date. If the Second
Extension Option is exercised, then with respect to any payment or prepayment of principal (or acceleration of the Loan) an amount (not
less than zero) equal to $131,742.19 less any interest received by Lender on the Outstanding Principal Balance at the Interest Rate (and
not at the Default Rate) from and after the original First Extended Maturity Date.

 

Section
1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement
unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless
the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the
singular and plural forms of the terms so defined.

 

ARTICLE
II

 

GENERAL
TERMS

 

Section
2.1 Loan Commitment; Disbursement to Borrower.

 

2.1.1
Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make, and Borrower
hereby agrees to borrow, the Loan on the Closing Date.

 

2.1.2
Single Disbursement to Borrower. Borrower may request and receive only one disbursement hereunder in respect of the Loan and any
amount borrowed and repaid in respect of the Loan may not be re-borrowed. Borrower acknowledges and agrees that the Loan has been fully
funded as of the Closing Date.

 

2.1.3
The Note, Security Instruments and Loan Documents. The Loan shall be evidenced by the Note and secured by the Security Instruments,
and the other Loan Documents.

 

2.1.4
Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire the Properties, (b) make deposits of Reserve Funds
into the Reserve Accounts on the Closing Date in the amounts provided herein, and (c) pay costs and expenses incurred in connection with
the closing of the Loan, as approved by Lender.

 

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2.1.5
Upfront Payment. On the date hereof, Borrower shall pay to Lender an upfront payment (the “Upfront Payment”)
in an amount equal to two percent (2.0%) of the maximum principal amount of the Loan. The Upfront Payment is fully earned and non-refundable.

 

Section
2.2 Interest Rate.

 

2.2.1
Interest Rate. Subject to Section 2.2.3 hereof, interest on the Outstanding Principal Balance shall accrue from the date
of the funding of the Loan to but excluding the Maturity Date at the Interest Rate.

 

2.2.2
Interest Calculation. With respect to any applicable period, interest on the Outstanding Principal Balance shall be calculated
by multiplying (a) the actual number of days elapsed in the Interest Period for which the calculation is being made by (b) a daily rate
based on the Interest Rate and a three hundred sixty (360) day year by (c) the average Outstanding Principal Balance in effect for the
applicable period as calculated by Lender (which calculation shall be binding absent manifest error).

 

2.2.3
Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding
Principal Balance and, to the extent permitted by law, all accrued and unpaid interest in respect thereof and any other amounts due pursuant
to the Loan Documents, shall accrue interest at the Default Rate, calculated from the date such payment was due without regard to any
grace or cure periods contained herein.

 

2.2.4
Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall
Borrower be obligated or required to pay interest and/or loan charges on the principal balance of the Loan at a rate which could subject
Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement
or the other Loan Documents, Borrower is at any time required or obligated to pay interest and/or loan charges on the principal balance
due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed
to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to
have been payments in reduction of principal and not on account of the interest and/or loan charges due hereunder. All sums paid or agreed
to be paid to Lender for the use, forbearance, or detention of the sums due under 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 Legal Rate of interest and/or loan charges from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding.

 

Section
2.3 Debt Service Payments.

 

2.3.1
Payments Generally. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the day
on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business
Day. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or
any other deduction whatsoever.

 

2.3.2
Monthly Debt Service Payment. On the Closing Date, Borrower shall make a payment of interest only (which shall be paid out of
the Debt Service Reserve Funds) for the period commencing on and including the date of the funding of the Loan through and including
November 15, 2021. Beginning on December 15, 2021 (the “First Payment Date”) and each subsequent Payment Date
up to and including the Maturity Date, Borrower shall make a payment to Lender of the Monthly Debt Service Payment Amount, which payments
shall be applied to accrued and unpaid interest.

 

2.3.3
Payment on Maturity Date. Borrower shall pay to Lender not later than 3:00 P.M., New York City time, on the Maturity Date the
Outstanding Principal Balance, all accrued and unpaid interest, the Exit Fee a and all other amounts due hereunder and under the Note,
the Security Instruments and the other Loan Documents.

 

2.3.4
Late Payment Charge. If any principal, interest or any other sums due under the Loan Documents, (other than the payment of principal
due on the Maturity Date), is not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand
an amount equal to the lesser of (a) five percent (5%) of such unpaid sum, and (b) the Maximum Legal Rate, in order to defray the expense
incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent
payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents to the extent permitted by applicable
law.

 

    	17

     

    

 

2.3.5
Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this Agreement
and the Note shall be made to Lender not later than 3:00 P.M., New York City time, on the date when due and shall be made in Dollars
in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after such
time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Any prepayments required to be
made hereunder shall be deemed to have been timely made for purposes of this Section 2.3.5.

 

Section
2.4 Prepayments.

 

2.4.1
Voluntary Prepayments.

 

(a)
Except as otherwise provided in this Section 2.4, Borrower shall not have the right to prepay the Loan in whole or in part. Provided
no Event of Default has occurred and is continuing, Borrower may prepay the Loan in whole (but not in part) upon the satisfaction of
the following conditions:

 

(i)
Borrower shall provide a written notice to Lender (which notice may be revoked at least ten (10) days prior to the date specified, but
Borrower shall be responsible for any of Lender’s resulting out of pocket costs)) of such prepayment no less than thirty (30) days,
and no more than sixty (60) days, prior to the date of such prepayment, specifying the Business Day on which a prepayment of the Debt
(the “Prepayment Date”) is to be made; and

 

(ii)
Borrower shall pay to Lender on the Prepayment Date, together with any portion of the Outstanding Principal Balance being repaid:

 

(1)
all accrued and unpaid interest on the amount of the Outstanding Principal Balance being prepaid, which, for the avoidance of doubt,
shall include interest on such amount calculated at the applicable Interest Rate through the end of the Interest Period in which such
prepayment occurs; and

 

(2)
without duplication of any of the foregoing, all other sums, then due under the Note, this Agreement, the Security Instruments, and the
other Loan Documents including the Exit Fee and, if applicable, the Yield Maintenance Premium.

 

(b)
If for any reason Borrower fails to prepay the Loan on the Prepayment Date (including if such notice is revoked), Borrower shall pay
to Lender any actual out-of-pocket losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses) incurred
by Lender in connection therewith.

 

2.4.2
Mandatory Prepayments. On the Payment Date immediately succeeding the date on which Lender actually receives any Net Proceeds,
and if Lender is not required to make such Net Proceeds available to Borrower for a Restoration in accordance with the terms of this
Agreement, Borrower shall prepay or authorize Lender to apply the Net Proceeds as a prepayment of the Outstanding Principal Balance in
an amount equal to one hundred percent (100%) of such Net Proceeds provided that Borrower shall simultaneously therewith pay to Lender
all accrued and unpaid interest on the principal amount being repaid (which, for the avoidance of doubt, shall include interest accruing
on such amounts through the last day of the Interest Period in which such repayment occurs). Notwithstanding anything herein to the contrary,
so long as no Event of Default has then occurred and is continuing, the Yield Maintenance Premium shall not be due in connection with
any prepayment made pursuant to this Section 2.4.2 (but, for the avoidance of doubt, the Exit Fee will be payable).

 

2.4.3
Prepayments After Default. If, during the continuance of an Event of Default, payment of all or any part of the Debt is tendered
by Borrower and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender
or recovery shall be deemed to be a voluntary prepayment by Borrower in violation of the prohibition against prepayment set forth in
Section 2.4.1 hereof, and Borrower shall pay, as part of the Debt, all of: (i) interest calculated at the Interest Rate on the
amount of principal being prepaid through and including the end of the Interest Period in which such prepayment occurs, and (ii) an amount
equal to the Exit Fee or Yield Maintenance Prepayment payable in connection therewith.

 

    	18

     

    

 

Section
2.5 Release of Property. No repayment, prepayment of all or any portion of the Note shall cause, give rise to a right to require,
or otherwise result in, the release of the Lien of any Security Instrument. Lender shall, upon the written request and at the expense
of Borrower, upon payment in full of the Debt in accordance with the terms of this Agreement and the other Loan Documents, execute such
instruments and agreements as needed in order to release the Lien of the Security Instrument.

 

Section
2.6 Extension Options.

 

2.6.1
Extension Options. Subject to the provisions of this Section 2.6.1, Borrower shall have the option (the “First
Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to
Lender no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to October 15, 2023 (the “First
Extended Maturity Date”). In the event Borrower shall have exercised the First Extension Option, Borrower shall have the
option (the “Second Extension Option”), by irrevocable written notice (the “Second Extension Notice”;
and together with the First Extension Notice, each an “Extension Notice”) delivered to Lender no later than
thirty (30) days prior to the First Extended Maturity Date, to extend the Maturity Date to April 15, 2024 (the “Second Extended
Maturity Date”). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the following
conditions precedent prior to the effectiveness of any such extension:

 

(a)
(i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice or the Second
Extension Notice, as applicable, and (ii) no Default or Event of Default shall have occurred and be continuing on the Stated Maturity
Date and the First Extended Maturity Date, as applicable;

 

(b)
Borrower shall pay to Lender the applicable Extension Fee concurrently with delivery of the Extension Notice (which amount shall be nonrefundable);

 

(c)
All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Stated
Maturity Date or the First Maturity Date (other than the Original Principal Balance), as applicable, and all costs and expenses of Lender,
including fees and expenses of Lender’s counsel, in connection with the Loan and/or the extension shall have been paid in full;

 

(d)
Borrower shall have deposited into the Debt Service Reserve Account an amount estimated by Lender to be equal to three (3) months’
Debt Service on the Loan in accordance with Section 7.5, all of which such amounts shall be a part of the Debt Service Reserve Account;

 

(e)
Borrower shall have deposited into the Tax and Insurance Escrow Account such amounts as are reasonably required by Lender to assure compliance
with Section 7.2;

 

(f)
Lender shall have determined that the Loan to Value Ratio is less than or equal to eighty percent (65%) and Lender may require a new
appraisal, at Borrower’s cost and expense, from an appraiser designated by Lender to assist Lender in making such determination);

 

(g)
Lender shall have determined, in its sole and absolute discretion, that the Debt Yield is at least fifteen percent (15%);

 

(h)
Lender shall have determined, in its sole and absolute discretion, that the Leverage Ratio is no greater than 5.00 to 1.00;

 

(i)
Borrower shall deliver an Officer’s Certificate to Lender (i) certifying that all representations and warranties set forth in this
Agreement remain true, correct and complete in all material respects as of the commencement of the applicable Extension Option (except
to the extent such representations and warranties relate to an earlier date, in which case it is true and correct in all material respects
only as of such earlier date), and (ii) waiving any claims, counterclaims, rights of rescission, set-offs or defenses, known or unknown,
against Lender as of the commencement of the applicable Extension Option.

 

If
Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation
to extend the Stated Maturity Date hereunder.

 

    	19

     

    

 

2.6.2
Extension Documentation. If requested by Lender, Borrower shall execute and deliver an agreement in form and substance reasonably
acceptable to Lender commemorating the extension of the Maturity Date upon the exercise of an Extension Option and satisfaction of all
applicable conditions to such extension as provided in Section 2.6.1; provided that no such agreement shall materially increase
or alter the obligations of Borrower pursuant to the Loan Documents (it being acknowledged that a ratification by Borrower or any Guarantor
of its respective obligations under the Loan Documents to which it is a party or a certification by Borrower and/or any Guarantor that
its respective representations and warranties set forth in the Loan Documents to which it is a party remain true and correct in all material
respects shall not constitute an increase in Borrower’s obligations for such purpose).

 

Section
2.7 Exit Fee. Upon any repayment or prepayment of the Loan or required repayment of the Loan (including in connection with an
acceleration of the Loan), Borrower shall pay to Lender on the date of such repayment or prepayment (or acceleration of the Loan), the
Exit Fee applicable thereto. The Exit Fee shall be deemed to be earned by Lender upon the funding of the Loan.

 

ARTICLE
III

 

CLEARING
ACCOUNT

 

Section
3.1 Clearing Account.

 

3.1.1
Establishment. Borrower shall establish and maintain a segregated Eligible Account (the “Clearing Account”)
with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender.
The Clearing Account shall be entitled “REAL LIVING PROPERTY HOLDINGS – TEXAS, LLC, as pledgor, for the benefit of ARENA
LIMITED SPV, LLC as Secured Party – Clearing Account,” or such other name as required by Lender from time to time. Borrower
(i) hereby grants to Lender a first priority security interest in the Clearing Account and all deposits at any time contained therein
and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security
interest in the Clearing Account, including, without limitation, the execution of any account control agreement required by Lender. Borrower
will not in any way alter, modify or close the Clearing Account and will notify Lender of the account number thereof. Lender and Servicer
shall have the right to make withdrawals from the Clearing Account and all costs and expenses for establishing and maintaining the Clearing
Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Account shall be deemed additional security
for the Debt.

 

3.1.2
Deposit of Rents. Borrower shall, and shall cause Managers or its Affiliate Assisted 4 Living Consulting, LLC, as applicable,
to, deposit into the Clearing Account within one (1) Business Day after receipt all amounts received by Borrower or any Manager constituting
Rents or other payments under the Leases or management fees under each of the Management Agreements. The Clearing Account Agreement (Borrower)
and Clearing Account shall remain in effect until the Loan has been repaid in full.

 

3.1.3
Transfers. Borrower may cause the Clearing Bank to transfer all such amounts to Borrower, by such means and with such frequency
as may be provided in (and otherwise subject to and in accordance with) the Clearing Account Agreement (Borrower).

 

3.1.4
Event of Default. Upon the occurrence and during the continuation of an Event of Default, Lender may, in addition to any and all
other rights and remedies available to Lender, direct Clearing Bank to immediately pay over all funds on deposit in the Clearing Account
to Lender and to apply any such funds to the payment of the Debt in any order in its sole and absolute discretion.

 

    	20

     

    

 

3.1.5
No Commingling. Funds deposited into the Clearing Account shall not be commingled with other monies held by Borrower, any Manager
or Clearing Bank.

 

3.1.6
Further Encumbrances. Borrower shall not further pledge, assign or grant any security interest in the Clearing Account or the
monies deposited therein or permit any lien or encumbrance to attach thereto (except for Permitted Encumbrances), or any levy to be made
thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto.

 

3.1.7
Indemnification. Borrower shall indemnify Lender and Clearing Bank and hold Lender and Clearing Bank harmless from and against
any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs
and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Clearing Account, the Clearing Account
Agreement (Borrower) or the performance of the obligations for which the Clearing Account was established (unless arising from the gross
negligence or willful misconduct of Lender or Clearing Bank, as applicable, or the breach of the account control agreement governing
the Clearing Account by Lender or Clearing Bank, as applicable).

 

ARTICLE
IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section
4.1 Borrower Representations. Borrower represents and warrants as of the Closing Date that:

 

4.1.1
Organization. Borrower and each Manager has been duly organized and is validly existing and in good standing with requisite power
and authority to own its properties and to transact the business in which it is now engaged and as contemplated by this Agreement, including,
without limitation, the power and authority to do business in the State. Borrower and each Manager is duly qualified to do business and
is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations.
Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties
and to transact the businesses in which it is now engaged. The sole business of Borrower is the ownership, management and operation of
the Properties. The ownership interests of Borrower are as set forth on the organizational chart attached hereto as Schedule 1.
Borrower (a) has complied in all respects with its articles of organization or limited liability company agreement; (b) has maintained
complete books and records and bank accounts separate from those of its Affiliates; and (c) has obeyed all formalities required to maintain
its status as, and at all times has held itself out to the public as, a legal entity separate and distinct from any other entity (including,
but not limited to, any Affiliate thereof). The signatory hereto has all necessary power, authority and legal right to execute this Agreement,
the Note and the other Loan Documents on Borrower’s behalf to which Borrower is a party. Guarantor has the necessary power, authority
and legal right to execute, deliver and perform its obligations under the Guaranty.

 

4.1.2
Proceedings. Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and
the other Loan Documents. This Agreement and the other Loan Documents to which it is a party have been duly executed and delivered by
or on behalf of Borrower and constitute the legal, valid and binding obligations of Borrower enforceable against Borrower in accordance
with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally,
and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law).

 

4.1.3
No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower, Managers and/or
Guarantor, as applicable, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any Lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any
of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement,
management agreement or other agreement or instrument to which Borrower is a party or by which any of Borrower’s property or assets
is subject, nor will such action result in any violation of the provisions of any Legal Requirements of any Governmental Authority having
jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration
or qualification of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower,
Managers and/or any Guarantor, as applicable, of this Agreement or any other Loan Documents has been obtained and is in full force and
effect.

 

    	21

     

    

 

4.1.4
Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency
now pending or, to the knowledge of Borrower, threatened in writing against or affecting Borrower, any Manager, Guarantor, any Facility
or any Property

 

4.1.5
Agreements. Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be expected
to materially and adversely affect Borrower or any Property, or Borrower’s business, properties or assets, operations or condition,
financial or otherwise. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or any Property
are bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which Borrower is a party or by which Borrower or any Property is otherwise bound, other than as permitted by this Agreement.

 

4.1.6
Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Properties and
good title to the balance of the Properties, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens
as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Each Security Instrument, when properly
recorded in the appropriate records, together with any UCC-1 financing statements required to be filed in connection therewith, when
properly recorded or filed in the appropriate offices or records, will create (a) a valid, perfected first priority lien on the applicable
Property, subject only to applicable Permitted Encumbrances and the Liens created by the Loan Documents, and (b) perfected security interests
in and to, and perfected collateral assignments of, all personalty, solely to the extent such security interests can be perfected by
the filing of a UCC-1 financing statement, all in accordance with the terms thereof, in each case subject only to any applicable Permitted
Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. To Borrower’s
knowledge, there are no claims for payment for work, labor or materials affecting any Property which are or may become a Lien prior to,
or of equal priority with, the Liens created by the Loan Documents.

 

4.1.7
Solvency. Borrower has (a) not entered into the transaction contemplated by this Agreement or executed the Note, this Agreement
or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value
in exchange for its obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of Borrower’s
assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without
limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and
will, immediately following the making of the Loan, be greater than Borrower’s liabilities (including contingent liabilities, if
any), including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s
assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business
as conducted or as proposed to be conducted. Borrower does not intend to incur debts and liabilities (including contingent liabilities
and other commitments) beyond its ability to pay such debts and liabilities as they mature (taking into account the timing and amounts
of cash to be received by Borrower and the amounts to be payable on or in respect of the obligations of Borrower). No Bankruptcy Action
exists against Borrower and Borrower has never been a debtor party in a Bankruptcy Action. No Bankruptcy Action exists against any Guarantor,
and neither Borrower nor has any Guarantor has ever been a debtor party in a Bankruptcy Action. Neither Borrower nor any Guarantor is
contemplating either a Bankruptcy Action or the liquidation of all or a major portion of Borrower’s or Guarantor’s respective
assets or properties, and Borrower has no knowledge of any Person contemplating the filing of any petition against Borrower or any Guarantor.

 

4.1.8
Full and Accurate Disclosure. No statement of fact made by or on behalf of Borrower in this Agreement or in any of the other Loan
Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained
herein or therein not materially misleading. There is no material information that has not been disclosed to Lender which adversely affects,
nor as far as Borrower can reasonably foresee, might materially adversely affect, any Property or the business, operations or condition
(financial or otherwise) of Borrower, any Manager or Guarantor.

 

    	22

     

    

 

4.1.9
No Plan Assets. Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title
I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets” of
one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. Compliance by Borrower, Managers and Guarantor with the provisions
hereof will not involve any Prohibited Transaction. None of Managers, Guarantor or Borrower has any pension, profit sharing, stock option,
insurance or other arrangement or plan for employees covered by Title IV of ERISA, and no “Reportable Event” as defined in
ERISA has occurred and is now continuing with respect to any such plan. The performance by Borrower of its obligations under the Loan
Documents and Borrower’s conducting of its operations do not violate any provisions of ERISA. In addition, (a) Borrower is not
a “governmental plan” within the meaning of Section 3(32) of ERISA, (b) transactions by or with Borrower are not subject
to any state statute or regulation regulating investments of, or fiduciary obligations with respect to, governmental plans within the
meaning of Section 2(32) of ERISA which is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in
effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement, and (c) none of Borrower, Managers, Guarantor
or ERISA Affiliate is at the date hereof, or has been at any time within the two years preceding the date hereof, an employer required
to contribute to any Multiemployer Plan or Multiple Employer Plan, or a “contributing sponsor” (as such term is defined in
Section 4001 of ERISA) in any Multiemployer Plan or Multiple Employer Plan; and none of Borrower, Managers, Guarantor or any ERISA Affiliate
has any contingent liability with respect to any post-retirement “welfare benefit plan” (as such term is defined in ERISA)
except as disclosed to Lender in writing.

 

4.1.10
Compliance. To the knowledge of Borrower, Borrower and each Property (including the use thereof) comply in all material respects
with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes. Borrower is not in default
or violation of any order, writ, injunction, decree or demand of any Governmental Authority, including, without limitation, any order
of a bankruptcy court or plan approved thereby. There has not been committed by Borrower (or any other Person), any act or omission affording
any Governmental Authority the right of forfeiture as against any Property or any part thereof or any monies paid in performance of Borrower’s
obligations under any of the Loan Documents. To the knowledge of Borrower, neither the Improvements, if any, as constructed, nor the
use of any Property or any contemplated accessory uses, will violate (a) any Legal Requirements (including subdivision, zoning, building,
environmental protection and wetland protection Legal Requirements), or (b) any building permits, restrictions or records, or agreements
affecting any Property or any part thereof. To the knowledge of Borrower, neither the zoning authorizations, approvals or variances nor
any other right to construct or to use any Property is to any extent dependent upon or related to any real estate other than such Property.

 

4.1.11
Financial Information. All financial data with respect to each Property and Guarantor, including, without limitation, the statements
of cash flow and income and operating expense, that have been delivered to Lender prior to the date hereof in connection with the Loan
(a) are true, complete and correct in all material respects, (b) fairly and accurately represent the financial condition of each Property
and each Guarantor as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting
firm, have been prepared in accordance with GAAP (or such other accounting basis acceptable to Lender) throughout the periods covered,
except as disclosed therein. Except for Permitted Encumbrances or as otherwise disclosed to Lender in writing by Borrower in its financial
statements, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized
or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a Materially Adverse
Effect on any Property. Since the date of such financial statements, there has been no Material Adverse Change in the financial condition,
operation or business of Borrower, any Manager or Guarantor from that set forth in said financial statements.

 

4.1.12
Condemnation. No Condemnation or other similar proceeding has been commenced or, to Borrower’s knowledge, is threatened
with respect to all or any portion of any Property or for the relocation of any roadway providing direct access to any Property.

 

4.1.13
Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin
stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which
would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by any
Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.

 

    	23

     

    

 

4.1.14
Public Access. Each Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain
facilities adequate to service such Property for its intended uses. All public utilities necessary or convenient to the full use and
enjoyment of each Property are located either in the public right-of-way abutting such Property (which will be connected so as to serve
such Property without passing over other property) or in recorded easements serving such Property and such easements are set forth in
and insured by the Title Insurance Policy. All roads necessary for the use of each Property for its current purpose have been completed
and dedicated to public use and accepted by all Governmental Authorities. There is no on-site sewage disposal system and each Property
is served by a sewer system maintained by a Governmental Authority or property owners association.

 

4.1.15
Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

 

4.1.16
Separate Lots. Each Property is comprised of one or more parcels that each constitutes a separate tax lot or lots and does not
constitute a portion of any other tax lot not a part of such Property.

 

4.1.17
Assessments. To the knowledge of Borrower, there are no pending or, to Borrower’s knowledge, proposed special or other assessments
for public improvements or otherwise affecting any Property, nor are there any contemplated improvements to any Property that may result
in such special or other assessments.

 

4.1.18
Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their respective
terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and
the enforcement of debtors’ obligations. The Loan Documents are not subject to any right of rescission, set-off, counterclaim or
defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents,
or the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency
and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and none of Borrower,
Managers or Guarantor have asserted any right of rescission, set-off, counterclaim or defense with respect thereto.

 

4.1.19
No Prior Assignment. There are no prior assignments of any Leases or any portion of the Rents due and payable or to become due
and payable which are presently outstanding.

 

4.1.20
Insurance. Borrower has obtained and has delivered to Lender evidence of all Policies, with all premiums paid thereunder, reflecting
the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are currently pending,
outstanding or otherwise remain unsatisfied under any such Policies, and neither Borrower nor any other Person, has done, by act or omission,
anything which would impair the coverage of any such Policies.

 

4.1.21
Use of Property. Each Property is used exclusively as a skilled nursing facility and other appurtenant and related uses.

 

4.1.22
Flood Zone. To the knowledge of Borrower, none of the Improvements on any Property are located in an area as identified by the
Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant
to Section 6.1(a)(i) hereof is in full force and effect with respect to each such Property.

 

4.1.23
Physical Condition. To Borrower’s knowledge, each Property, including, without limitation, all buildings, improvements,
parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems,
equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components are, to the knowledge
of Borrower, in good and adequate condition, order and repair in all material respects. There exists no structural or other material
defects or damages in any Property, whether latent or otherwise, and Borrower has not received written notice from any insurance company
or bonding company of any defects or inadequacies in any Property, or any part thereof, which would adversely affect the insurability
of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any
policy of insurance or bond.

 

    	24

     

    

 

4.1.24
Boundaries. Except as may be shown on the survey furnished to Lender, all of the Improvements which were included in determining
the appraised value of each Property lie wholly within the boundaries and building restriction lines of such Property, and no improvements
on adjoining properties encroach upon any Property, and no easements or other encumbrances upon any Property encroach upon any of the
Improvements, so as to adversely affect the value or marketability of any Property except those easements or other encumbrances with
respect to which the Title Insurance Policy insures against any losses resulting therefrom.

 

4.1.25
Leases. No Property is subject to any Leases other than the applicable Hospital Lease, the Management Agreements, the applicable
Lease with the Manager, resident agreements and third parties providing services to residents or patients of the skilled nursing facility.
No Person has any possessory interest in any Property or right to occupy the same other than the applicable Hospital, the applicable
Manager, residents and patients of the skilled nursing facility and third parties providing services to residents or patients of the
skilled nursing facility. The Hospital Leases provided to Lender are true, complete and correct in all material respects. Each Hospital
Lease is in full force and effect and, to the knowledge of Borrower, there is no default thereunder by any party thereto and no event
has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. Except as expressly set
forth in any Hospital Lease, there are no security deposits held or required under any Hospital Lease. No base rent payment under any
Lease has been paid more than thirty (30) days in advance. No rents or charges payable under any Lease have been waived, released, or
otherwise discharged or compromised. No Property forms any part of any property owned, used or claimed by Borrower as a residence or
business homestead and is not exempt from forced sale under the laws of the state in which such Property is located. Borrower hereby
disclaims and renounces each and every claim to all or any portion of each Property as a homestead.

 

4.1.26
Intentionally Omitted.

 

4.1.27
Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is the
address set forth in the introductory paragraph of this Agreement. Borrower is organized under the laws of the State of Texas and is
qualified to do business in the State of Texas.

 

4.1.28
Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes
required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of each Property
to Borrower have been paid or will be paid simultaneously with or promptly after such transfer of each Property to Borrower. All mortgage,
mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently
in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan
Documents, including, without limitation, the Security Instruments, have been paid or are being paid simultaneously with the disbursement
of the proceeds of the Loan to Borrower.

 

4.1.29
Special Purpose Entity/Separateness.

 

(a)
Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants that Borrower is, shall be and shall continue
to be a Special Purpose Entity.

 

(b)
The representations, warranties and covenants set forth in Section 4.1.29(a) shall survive for so long as any amount remains payable
to Lender under this Agreement or any other Loan Document.

 

4.1.30
Management Agreements. The Management Agreements provided to Lender are true, complete and correct in all material respects. Each
Management Agreement is in full force and effect and, to the knowledge of Borrower, there is no default thereunder by any party thereto
and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

 

4.1.31
Illegal Activity. No portion of any Property has been or will be purchased with proceeds of any illegal activity.

 

    	25

     

    

 

4.1.32
No Change in Facts or Circumstances; Disclosure. All information submitted by Borrower, Managers and Guarantor to Lender as of
the Closing Date including, but not limited to, all financial statements, rent rolls, reports, certificates and other documents submitted
in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower, Managers and Guarantor
in this Agreement or in any other Loan Document are accurate, complete and correct in all material respects. There has been no Material
Adverse Change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise
misleading in any material respect or that otherwise materially and adversely affects or might materially and adversely affect the use,
operation or value of any Property or the business operations and/or the financial condition of Borrower, any Manager or Guarantor. To
Borrower’s knowledge, Borrower, Managers and Guarantor have disclosed to Lender all material facts and have not failed to disclose
any material fact that could cause any information provided to Lender or representation or warranty made herein to be materially misleading.

 

4.1.33
Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary
company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary
company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other Federal
or state law or regulation which purports to restrict or regulate its ability to borrow money.

 

4.1.34
Embargoed Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any
Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and any Guarantor constitute property
of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature
whatsoever in Borrower or any Guarantor, as applicable, with the result that the investment in Borrower or any Guarantor, as applicable
(whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or any
Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower or any Guarantor,
as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law.

 

4.1.35
Clearing Account.

 

(a)
This Agreement, together with the other Loan Documents, creates a valid and continuing security interest (as defined in the UCC) in the
Clearing Account in favor of Lender, as and when each such account may be established, which security interest is prior to all other
Liens, other than Permitted Encumbrances. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower
has not sold, pledged, transferred or otherwise conveyed its interest in the Clearing Account;

 

(b)
The Clearing Account shall constitute a “deposit account” within the meaning of the UCC;

 

(c)
Pursuant and subject to the terms hereof and of the other Loan Documents, Borrower agrees that the Clearing Bank shall comply with all
instructions originated by Lender (provided that Lender shall not provide such instructions other than upon the occurrence and during
the continuation of an Event of Default), without further consent by Borrower, directing disposition of the Clearing Account and all
sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof
(including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments,
documents or securities;

 

(d)
The Clearing Account shall not be held in the name of any Person other than Borrower, as pledgor, for the benefit of Lender, as secured
party; and

 

(e)
No Property is subject to any cash management system (other than pursuant to the Loan Documents and Management Agreements).

 

4.1.36
Filing of Returns. Borrower and each Guarantor have filed all Federal income tax returns and all other material tax returns, domestic
and foreign, or extensions, as the case may be, required to be filed by it and have paid all material taxes and assessments payable by
it that have become due, other than those not yet delinquent and except for those being contested in good faith. Borrower and each Guarantor
have each established on its books such charges, accruals and reserves in respect of taxes, assessments, fees and other governmental
charges for all fiscal periods as are required by sound accounting principles consistently applied. Neither Borrower, nor any Guarantor
knows of any proposed assessment for additional Federal, foreign or state taxes for any period, or of any basis therefor, that, individually
or in the aggregate, taking into account such charges, accruals and reserves in respect thereof as such Person has made, could reasonably
be expected to cause a Material Adverse Change with respect to Borrower, Guarantor or any Property.

 

    	26

     

    

 

4.1.37
Operations Agreements. Each Operations Agreement is in full force and effect and neither Borrower nor, to the best of Borrower’s
knowledge, any other party to any such Operations Agreement, is in default thereunder, and to the best of Borrower’s knowledge,
there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder

 

4.1.38
Anti-Money Laundering, Anti-Bribery and Anti-Corruption. Each of Borrower, any of its Affiliates and their respective directors,
officers, employees and, to the knowledge of Borrower, agents and any other person or entity acting on behalf of Borrower, has complied
with the Money Laundering, Anti-Corruption and Anti-Bribery Laws, in each case as applicable to them, and no action, suit or proceeding
by or before any court or any arbitrator or any governmental agency, authority or body involving Borrower and any of its Affiliates or
their respective directors or officers and, to the knowledge of Borrower, the employees, agents, or representatives of each of them,
is pending or threatened with respect to Money Laundering, Anti-Corruption and Anti-Bribery Laws.

 

Neither
Borrower nor any of its Affiliates nor their respective directors or officers, nor, to the knowledge of Borrower, the employees or agents
of any of them has:

 

(a)
used any corporate funds (nor will it use any proceeds from the issuance of the Loan) for any unlawful contribution, gift, entertainment
or unlawful expense relating to political activity;

 

(b)
taken any action in furtherance of an unlawful offer, payment, promise to pay, or authorization or approval of the payment or giving
of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any
officer or employee of a government or government owned or controlled entity or of a public international organization, or any person
acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for public
office) or made any other bribe, rebate, payoff, influence payment or kickback intended to improperly influence official action or secure
an improper advantage; and

 

(c)
nor will it use any proceeds from the issuance of the Loan in furtherance of any such unlawful payment or violation of Sanctions or Money
Laundering, Anti-Corruption and Anti-Bribery Laws.

 

Borrower
and each Affiliate has instituted and maintained and Borrower and each Affiliate will continue to maintain policies, procedures designed
to promote and ensure compliance with Money Laundering, Anti-Corruption and Anti-Bribery Laws in all jurisdictions where they operate
and with the representations and warranties contained herein.

 

4.1.39
Healthcare Matters.

 

(a)
All Licenses and Permits necessary for the management and operation of the Facilities have been obtained and are in full force and effect.
Borrower, Manager, or Hospital owns or possesses, and holds free from restrictions or conflicts with the rights of others, such Licenses
and Permits;

 

(b)
Neither Borrower nor any Manager has applied to reduce the number of licensed or certified beds in the Facilities or to move the right
to any and all of the licensed or certified beds to any other location and there are no proceedings pending or contemplated to move or
reduce the number of licensed or certified beds.

 

(c)
Borrower and, if applicable, each Manager (and, in any event, the operation of each Facility) is or are in compliance in all material
respects with all applicable provisions of the laws, ordinances, statutes, regulations, orders, standards, policies, restrictions or
rules of any Governmental Authority having jurisdiction over the operation of any Facility, including (1) health and fire safety codes
and (2) Medicare, Medicaid, or other federal, state, local or intermediary laws, rules, regulations or published interpretations or policies
relating to the prevention of fraud, abuse, false claims, neglect or mistreatment. To the extent required, Borrower and Managers are
in compliance with the requirements for participation in the Medicare and Medicaid programs, are in conformance with all insurance, reimbursement
and cost reporting requirements, and have a current provider agreement under Title XVIII and/or XIX of the Social Security Act or any
other applicable laws or regulations for reimbursement for the types of care or services provided at each Facility.

 

    	27

     

    

 

(d)
Neither Borrower nor any Manager is a target of, participant in, or subject to any action, proceeding, suit, audit, investigation or
sanction by any Governmental Authority or any other administrative or investigative body or entity or any other third party or any patient
or resident (including whistleblower suits, or suits brought pursuant to federal or state False Claims Acts, and Medicaid/Medicare/State
fraud/abuse laws) that may result in the imposition of a fine, penalty, alternative, interim or final sanction, a lower rate certification,
recoupment, recovery, suspension or discontinuance of all or part of reimbursement from any Governmental Authority, third-party payor,
insurance carrier or private payor, a lower reimbursement rate for services rendered to eligible patients, or any other civil or criminal
remedy, or that could have a Materially Adverse Effect on any Loan Party or the operation of any Facility, or which could result in the
appointment of a receiver or manager, or in the revocation, transfer, surrender, suspension or other impairment of a License or Permit,
nor has any such action, proceeding, suit, investigation proceeding or audit been threatened.

 

(e)
There are no agreements with residents of any Facility, or with any other Persons that deviate in any adverse respect from, or that conflict
with, any legal requirements. All resident records at each Facility, including patient and/or resident account records, are maintained
by the subject Facility and are true and correct in all material respects.

 

(f)
Neither the execution and delivery of the Loan Documents, nor the Borrower’s or an Manager’s performance under the Loan Documents,
the recordation of any Security Instrument nor the exercise of any remedies by Lender (i) will adversely affect the Borrower or any Manager’s
right to receive Medicaid, Medicare, insurance company, managed care company, or other third-party insurance payments or reimbursements
or to receive, directly or indirectly, private payor payments or reimbursements, (ii) will materially reduce the Medicaid, Medicare,
insurance company, managed care company, or other third-party insurance payments or reimbursements or materially reduce private payor
payments or reimbursements that Borrower or any Manager is directly or indirectly receiving as of the date of this Loan Agreement, or
(iii) will adversely affect the Licenses or Permits.

 

(g)
Neither Borrower nor any Manager is a participant in any federal, state or local program whereby any federal, state or local government
or quasi-governmental body, or any intermediary, agency, board or other authority or entity may have the right to recover funds by reason
of the advance of federal, state or local funds, including those authorized under the Hill-Burton Act (42 U.S.C. 291, et seq.), other
than the Medicare and Medicaid programs. Neither Borrower nor any Manager has received notice of, and Neither Borrower nor any Manager
is aware of, any violation of applicable antitrust laws.

 

(h)
Manager’s private payor, Medicaid, Medicare, and/or managed care company, insurance company or other third-party insurance accounts
receivable are free of any liens. To the Borrower’s knowledge, any Hospital’s private payor, Medicaid, Medicare, and/or managed
care company, insurance company or other third-party insurance accounts receivable relating to any of the Properties are free of any
liens.

 

(i)
Neither Borrower nor any Manager is a party to any collective bargaining agreement or other labor contract applicable to persons employed
by it and there are no threatened or pending labor disputes at any Facility. Neither Borrower nor any Manager is or has been involved
in any labor dispute, strike, walkout or union organization that could reasonably be expected to have a Materially Adverse Effect.

 

(j)
Borrower and each Manager has maintained in all material respects all records required to be maintained by the Joint Commission, the
Food and Drug Administration, Drug Enforcement Agency and State Boards of Pharmacy and the federal and state Medicare and Medicaid programs
as required by the Healthcare Laws and there are no presently existing circumstances that could reasonably be expected to result in material
violations of applicable healthcare laws, except where any of the foregoing could not reasonably be expected to result in or have a Materially
Adverse Effect. No event has occurred that constitutes or could constitute a Liability Event.

 

    	28

     

    

 

Section
4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in Section
4.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender
under this Agreement or any of the other Loan Documents by Borrower (other than contingent indemnification obligations for which no claim
has been made). All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower
shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its
behalf.

 

ARTICLE
V

 

BORROWER
COVENANTS

 

Section
5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all Obligations (other than contingent
indemnification obligations for which no claim has been made), Borrower hereby covenants and agrees with Lender that:

 

5.1.1
Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its existence, rights, Licenses, Permits and franchises and comply with all Legal Requirements applicable
to Borrower and each Property. There shall never be committed by Borrower, and Borrower shall not permit any other Person in occupancy
of or involved with the operation or use of any Property to commit, any act or omission affording any Governmental Authority the right
of forfeiture against any Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of
the Loan Documents. Borrower shall not commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower
shall at all times maintain, preserve and protect all franchises and trade names, preserve all the remainder of its property used or
useful in the conduct of its business, and shall keep each Property in good working order and repair, and from time to time make, or
cause to be made, all reasonably necessary repairs, renewals and replacements thereto, all as more fully provided in the Security Instruments.
Borrower shall keep each Property insured at all times by financially sound and reputable insurers, to such extent and against such risks,
and maintain liability and such other insurance, as is more fully provided in this Agreement. After prior notice to Lender, Borrower,
at its own expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence,
the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or any Property or any alleged violation
of any Legal Requirement, provided, that: (a) no Event of Default has occurred and is continuing; b) such proceeding shall be permitted
under, and be conducted in accordance with, the provisions of any instrument to which Borrower is subject and shall not constitute a
default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) no Property
or any part thereof or interest therein is reasonably expected to be in danger of being sold, forfeited, terminated, cancelled or lost;
(d) Borrower shall, upon final determination thereof, promptly comply with any such Legal Requirement determined to be valid or applicable
or cure any violation of any Legal Requirement; (e) such proceeding shall suspend the enforcement of the contested Legal Requirement
against Borrower and each Property; and (f) Borrower shall furnish such security as may be required in the proceeding, or as may be requested
by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith
or Borrower shall maintain reserves as are prudently required under GAAP. Lender may apply any such security, if any, as necessary to
cause compliance with such Legal Requirement at any time when, in the judgment of Lender, the validity, applicability or violation of
such Legal Requirement is finally established or any Property (or any part thereof or interest therein) shall reasonably be expected
to be in danger of being sold, forfeited, terminated, cancelled or lost.

 

5.1.2
Taxes and Other Charges. Unless being properly contested in accordance with this Section 5.1.2, Borrower shall pay, all
Taxes and Other Charges now or hereafter levied or assessed or imposed against each Property, or any part thereof, prior to delinquency.
Borrower will deliver or cause to be delivered to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes
and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or
Other Charges would otherwise be delinquent if not paid; provided, however, Borrower is not required to furnish such receipts
for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 7.2 hereof. Borrower shall not
suffer and shall promptly pay or cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge
against any Property, and shall promptly pay or cause to be paid all utility services provided to each Property. After prior notice to
Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and
with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (a) no Default
or Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under, and be conducted in accordance with,
the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding
shall be conducted in accordance with all applicable statutes, laws and ordinances; (b) no Property or any part thereof or interest therein
is reasonably expected to be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall promptly upon final
determination thereof pay or cause to be paid the amount of any such Taxes or Other Charges, together with all costs, interest and penalties
which may be payable in connection therewith; (e) such proceeding shall suspend the collection of such contested Taxes or Other Charges
from each Property (except that if such Taxes or Other Charges must be paid sooner in order to avoid being delinquent, then Borrower
shall pay or cause the same to be paid prior to delinquency, and upon making such payment or causing such payment to be made prior to
delinquency Borrower may continue such contest); and (f) Borrower shall furnish such security as may be required in the proceeding, or
as may be requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon.
Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment
of Lender, the entitlement of such claimant is established or any Property (or part thereof or interest therein) shall be in danger of
being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Security Instrument being primed
by any related Lien.

 

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5.1.3
Litigation. Borrower shall give prompt notice to Lender of any litigation or proceedings by any Governmental Authority pending
or threatened in writing against Borrower and/or any Guarantor which might have a Materially Adverse Effect on Borrower’s or any
Guarantor’s financial condition or business or any Property.

 

5.1.4
Access to Property. Borrower shall permit agents, representatives and employees of Lender to inspect each Property or any part
thereof at reasonable hours upon reasonable advance notice (which may be given verbally), subject to the rights of tenants under the
Leases.

 

5.1.5
Notice of Default. Borrower shall promptly advise Lender of the occurrence of any Default or Event of Default of which Borrower
has knowledge.

 

5.1.6
Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board
or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any
of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings.

 

5.1.7
Perform Loan Documents. Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and
shall pay when due all costs, fees and expenses to the extent required under the Loan Documents. Payment of the costs and expenses associated
with any of the foregoing shall be in accordance with the terms and provisions of this Agreement, including, without limitation, the
provisions of Section 10.13 hereof.

 

5.1.8
Award and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or Insurance
Proceeds lawfully or equitably payable in connection with any Property in accordance with this Agreement, and Lender shall be reimbursed
for any out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the
payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Property or
any part thereof) out of such Insurance Proceeds.

 

5.1.9
Further Assurances. Borrower shall, at Borrower’s sole cost and expense:

 

(a)
furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument,
in each case to the extent required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested
by Lender in connection therewith;

 

    	30

     

    

 

(b)
authorize the filing or recording of or execute and deliver to Lender such documents, instruments, certificates, assignments, financing
statements and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the collateral at
any time securing or intended to secure the Obligations under the Loan Documents, as Lender may reasonably require; and

 

(c)
do and execute all and such further lawful and reasonable acts, conveyances and assurances for the effective carrying out of the intents
and purposes of this Agreement and the other Loan Documents, as Lender may reasonably require from time to time. In furtherance hereof,
, Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose of protecting, perfecting, preserving
and realizing upon the interests granted pursuant to this Agreement and to effect the intent hereof, all as fully and effectually as
Borrower might or could do; and Borrower hereby ratifies all that Lender shall lawfully do or cause to be done by virtue hereof; provided,
however, that Lender will not exercise the power of attorney unless an Event of Default exists. Upon receipt of an affidavit of an officer
of Lender as to the loss, theft, destruction or mutilation of the Note or any other Loan Document which is not of public record, and,
in the case of any such mutilation, upon surrender and cancellation of such Note or other applicable Loan Document, and in the case of
the Note, receipt of an indemnity from Lender, Borrower will issue, in lieu thereof, a replacement Note or other applicable Loan Document,
dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document in the same principal amount thereof and otherwise
of like tenor. Borrower hereby authorizes Lender to file an “all assets” financing statement with respect to the Collateral
without need of signature by Borrower.

 

5.1.10
Mortgage Taxes. Borrower shall simultaneously with the disbursement of the proceeds of the Loan pay all state, county and municipal
recording and all other taxes imposed upon the execution and recordation of the Security Instruments.

 

5.1.11
Financial Reporting.

 

(a)
Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis in accordance with GAAP (or such other
accounting basis selected by Borrower and reasonably acceptable to Lender), proper and accurate in all material respects books, records
and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation
of each Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice (which
may be verbal) to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books, records
and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower
shall pay any costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the Properties, as
Lender shall reasonably determine to be necessary or appropriate in the protection of Lender’s interest. Upon Lender’s request,
Borrower shall furnish to Lender such other information reasonably necessary to fairly represent the financial condition of Borrower
and the Properties.

 

(b)
Borrower will furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower, and
within forty-five (45) days of the end of each calendar quarter, a complete copy of Borrower’s and each Guarantor’s annual
(or quarterly, as applicable) financial statements (including a breakdown of funds received through state reimbursements from the upper
payment limit, as well as any fee for services paid by residents, monthly census and revenue information of each Facility in sufficient
detail to show by patient-mix and revenue-mix and the average monthly census of each Facility and an aged accounts receivables report
for each Facility in sufficient detail to show amounts due from each class of patient-mix by the account age classification of 30 days,
60 days, 90 days, 120 days and over 120 days) certified as true and correct in all material respects pursuant to an Officer’s Certificate
(and, for the annual of statements of Borrower prepared by an independent certified public accountant acceptable to Lender) in accordance
with GAAP (or such other accounting basis acceptable to Lender, consistently applied) covering each Property for such Fiscal Year (or
calendar quarter) and containing statements of profit and loss for Borrower, Guarantor and each Property and a balance sheet for Borrower
and each Guarantor. Such statements of Borrower shall set forth the financial condition and the results of operations for each Property
for such Fiscal Year (or calendar quarter), and an Officer’s Certificate certifying that each annual financial statement of Borrower
fairly presents the financial condition and the results of operations of Borrower and each Property subject to such reporting, and that
such financial statements have been prepared in accordance with GAAP and as of the date thereof whether there exists an event or circumstance
which constitutes a Default or Event of Default by Borrower under the Loan Documents, and if such Default or Event of Default exists,
the nature thereof, the period of time it has existed and the action then being taken to remedy the same. Guarantor’s annual financial
statements shall be accompanied by a certificate executed and delivered by Guarantor (if such Guarantor is a natural person) or an officer
or other duly authorized representative of Guarantor (if such Guarantor is an entity) certifying that each annual financial statement
presents fairly the financial condition and the results of operations of Guarantor being reported upon and that such financial statements
have been prepared in accordance with GAAP (or such other accounting basis acceptable to Lender, and, for Guarantors, Lender hereby approves
sound and prudent cash based financial statements consistently applied) and as of the date thereof whether there exists an event or circumstance
which constitutes a Default or Event of Default by Guarantor under the Loan Documents, and if such Default or an Event of Default exists,
the nature thereof, the period of time it has existed and the action then being taken to remedy the same. Without limitation, the Officer’s
Certificate for all quarterly and annual reports shall confirm that Borrower is in compliance with all requirements of the Texas Department
of Aging and Disability Services and affirms that no notices of noncompliance have been issued or received by Borrower or any Guarantor
and shall further confirm that no breach has occurred under Section 5.3 of this Agreement (with supporting materials reasonably
acceptable to Lender). Further, any notices of noncompliance received shall be immediately forwarded to Lender.

 

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(c)
Borrower shall also provide such monthly reports and statements as are reasonably required by Lender within forty-five (45) days after
the end of each calendar month.

 

(d)
Borrower shall furnish to Lender, within forty-five (45) days after request (or as soon thereafter as may be reasonably possible), such
further detailed information with respect to the operation of each Property and the financial affairs of Borrower as may be reasonably
requested by Lender.

 

(e)
Any reports, statements or other information required to be delivered under this Agreement shall be delivered in electronic form (or
such other form as required by Lender) and Borrower agrees that Lender may disclose information regarding any Property and Borrower that
is provided to Lender pursuant to this Section 5.1.11 in connection with any Lender Assignment to such parties requesting such
information in connection with such Lender Assignment.

 

(f)
Borrower shall submit to Lender an Annual Budget not later than forty-five (45) days after the end of each calendar year in form reasonably
satisfactory to Lender. The Annual Budget shall be subject to Lender’s reasonable approval (each such Annual Budget, an “Approved
Annual Budget”). In the event that Lender objects to a proposed Annual Budget submitted by Borrower which requires the
approval of Lender hereunder, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver
to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit
the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof
(and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance
with the process described in this subsection until Lender approves the Annual Budget. Until such time that Lender approves a proposed
Annual Budget which requires the approval of Lender hereunder, the most recently Approved Annual Budget shall apply; provided that, such
Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums and Other Charges. The initial Approved
Annual Budget is attached hereto as Exhibit A.

 

(g)
Without limitation on other requirements of this Agreement, Lender may require, at Borrower’s cost and expense, quarterly valuations
of the Loan and Borrower shall cooperate in connection therewith; provided, however, so long as no Event of Default exists, Borrower
shall not be required to reimburse Lender more than $3,750 for the cost of any such quarterly valuation.

 

5.1.12
Business and Operations. Borrower will continue to engage in the businesses presently conducted by it as and to the extent the
same are necessary for the ownership, maintenance, management and operation of each Property. Borrower will qualify to do business and
will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance,
management and operation of each Property or ownership and management of an interest in Borrower (as applicable).

 

5.1.13
Title to each Property. Borrower will warrant and defend (a) the title to each Property and every part thereof, subject only to
Permitted Encumbrances, and (b) the validity and priority of the Lien of each Security Instrument, subject only to Permitted Encumbrances,
in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any actual losses, costs, damages or expenses
(including reasonable attorneys’ fees and expenses, and court costs) incurred by Lender if an interest in any Property, other than
as permitted hereunder, is claimed by another Person, without duplication of any amounts recovered as a result of a claim against the
applicable title company under the Title Insurance Policies.

 

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5.1.14
Costs of Enforcement. In the event (a) that any Security Instrument is foreclosed in whole or in part or that any Security Instrument
is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or
subsequent to any Security Instrument in which proceeding Lender is made a party, or (c) of a Bankruptcy Action related to Borrower or
an assignment by Borrower for the benefit of its creditors, Borrower, on behalf of itself and its successors and assigns, agrees that
it/they shall be chargeable with and shall pay all out-of-pocket costs of collection and defense, including reasonable attorneys’
fees and expenses, and court costs, incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding
or post-judgment action involved therein, together with all required service or use taxes.

 

5.1.15
Estoppel Statement.

 

(a)
After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement, duly acknowledged and certified, setting
forth (i) the original principal amount of the Loan, (ii) the Outstanding Principal Balance, (iii) the Interest Rate of the Loan, (iv)
the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the performance of the Obligations,
if any, and (vi) that the Note, this Agreement, the Security Instruments and the other Loan Documents are valid, legal and binding obligations
of Borrower and have not been modified or if modified, giving particulars of such modification.

 

(b)
Borrower shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each Hospital
Tenant, in form and substance reasonably satisfactory to Lender provided that Borrower shall not be required to deliver such certificates
more frequently than once in any calendar year.

 

5.1.16
Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth
in Section 2.1.4.

 

5.1.17
Performance by Borrower. Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision
of each Loan Document executed and delivered by, or applicable to, Borrower and shall not enter into or otherwise suffer or permit any
amendment, waiver, supplement, termination or other modification of any Loan Document without the prior written consent of Lender.

 

5.1.18
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of any Property (a) with any other real
property constituting a tax lot separate from any Property, and (b) which constitutes real property with any portion of any Property
which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against
such personal property shall be assessed or levied or charged to such real property portion of any Property.

 

5.1.19
Hospital Leasing Matters. Borrower shall not execute any Lease for possession or occupancy of any portion of any Property, except
for the applicable Hospital Lease, the Management Agreements, the applicable Lease with the Manager, resident agreements and third parties
providing services to residents or patients of the skilled nursing facility. Borrower shall at all times promptly and faithfully perform,
or cause to be performed, all of the covenants, conditions and agreements contained in each Hospital Lease on the part of the landlord,
lessor or licensor to be kept and performed. Borrower shall not do or suffer to be done any act that might result in a default by the
landlord, lessor, licensor or other party under any Hospital Lease or allow any Hospital Tenant to withhold payment of rent payable pursuant
to such Hospital Lease. Borrower shall not further assign any Hospital Lease or any such rents or payments. Borrower, at no cost or expense
to Lender, shall enforce, short of termination, the performance and observance of each and every condition and covenant of the tenant
under each Hospital Lease. Borrower shall not, without the prior written consent of Lender, modify any Hospital Lease, terminate or accept
the surrender of any Hospital Lease, or waive or release any other party from the performance or observance of any obligation or condition
under any Hospital Lease, the prepayment of any rents payable under any Hospital Lease for more than one month prior to the due date
thereof. Borrower shall immediately deliver to Lender a copy of any default notice received or delivered by Borrower in connection with
each Hospital Lease. Borrower shall cause Manager to deliver to Lender any and all material reports, statements, inspections contemporaneously
with the delivery thereof by Manager to any Hospital or Borrower.

 

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5.1.20
Alterations. Borrower shall obtain Lender’s prior written consent to any alterations to any Improvements which consent shall
not be unreasonably withheld. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any alterations
that will not have a Materially Adverse Effect on Borrower’s financial condition, the value of any Property or the Net Operating
Income, provided that (1) such alterations (a) are either work performed pursuant to the terms of any Hospital Lease approved or deemed
approved in accordance with the terms hereof, (b) do not adversely affect any structural component of any Improvements, any utility or
HVAC system contained in any Improvements or the exterior of any building constituting a part of any Improvements, and (c) the aggregate
cost thereof does not exceed $250,000, or (2) such alterations are performed in connection with Restoration after the occurrence of a
Casualty in accordance with the terms and provisions of this Agreement. If the total unpaid amounts due and payable with respect to alterations
to the Improvements at the Properties (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall at any time
exceed $250,000, Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security for
the Obligations any of the following an amount equal to the excess of the total unpaid amounts with respect to alterations to the Improvements
on any Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) over $250,000 and Lender may apply such
security from time to time at the option of Lender to pay for such alterations.

 

5.1.21
Operation of Properties.

 

(a)
Borrower shall, and shall cause each Manager to: (i) promptly perform and/or observe all of the covenants and agreements required to
be performed and observed by Borrower or each Manager under any of the Operations Agreements and do all things necessary to preserve
and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under any Operations Agreement
of which it is aware; and (iii) enforce the performance and observance of all of the covenants and agreements required to be performed
and/or observed by any party (other than Borrower) under the Operations Agreements, in a commercially reasonable manner.

 

(b)
All Material Agreements shall be subject to the prior review and approval, not to be unreasonably withheld, of Lender. As used herein,
“Material Agreements” shall mean each contract and agreement relating to the ownership, management, development,
use, operation, leasing, maintenance, repair or improvement of any Property, as to which either (a) there is an obligation of Borrower
to pay more than $250,000 in the aggregate, or (b) the term thereof extends beyond one year (unless cancelable on thirty (30) days or
less notice without requiring the payment of termination fees or payments of any kind).

 

(c)
Borrower shall cause the operations conducted or to be conducted at each Facility to be conducted at all times in a manner consistent
with or better than the level of operation of each Facility as of the date of this Loan Agreement, and with the level of operation of
other respected facilities in the industry. Without limitation, Borrower shall:

 

(i)
maintain or cause to be maintained the standard of care for the residents of each Facility at all times at a level necessary to ensure
a level of quality care for the residents of each Facility comparable to or better than that existing on the Closing Date;

 

(ii)
maintain or cause to be maintained a standard of care in the storage, use, transportation and disposal of all medical equipment, medical
supplies, medical products or gases, and medical waste, of any kind and in any form, that is in accordance with that of the highest prudent
industry standard and in conformity with all applicable regulations and laws;

 

(iii)
operate or cause to be operated each Facility in a prudent manner in material compliance with applicable laws and regulations relating
thereto and cause all Licenses, reimbursement or care contracts, and any other agreements necessary for the certification, licensure,
accreditation or operation of each Facility as may be necessary for participation in the Medicare or Medicaid reimbursement programs,
managed care company, insurance company, or other third-party payor reimbursement programs to remain in effect without reduction in the
number of licensed beds or beds authorized for use in Medicare or Medicaid reimbursement programs, managed care company, insurance company,
or other third-party payor reimbursement programs;

 

    	34

     

    

 

(iv)
furnish Lender, within 30 days of the receipt by Borrower or any other Loan Party, with complete copies of the annual Medicaid and Medicare
provider agreement(s) and the annual Medicaid and Medicare reimbursement rate sheets related to each Facility;

 

(v)
take no, nor permit to be taken any, action that will or could reasonably be expected to result in a material reduction, suspension,
or elimination of reimbursement for services from Medicare or Medicaid, or any managed care company, insurance company, or other third-party
payor; and

 

(vi)
furnish Lender, within ten (10) days after receipt by Borrower or any other Loan Party, with complete copies of any other notices or
charges issued relating to the non-compliance by any Loan Party or any Facility with any Governmental Authority, insurance company, managed
care company, or other third-party payor laws, regulations, requirements, Licenses, Permits, and any other reports, materials or other
information regarding or otherwise relating to Medicaid or Medicare prepared by, for, or on behalf of Borrower or any other Loan Party
or relating to any Facility; and

 

(vii)
not, and shall not permit any Manager to, assign, transfer or remove any records pertaining to any Facility, including resident records,
medical and clinical records (except for removal of patient records as directed by the patients or residents that own those records)maintain
or cause to be maintained all deposits, including deposits relating to residents or residency agreements. If such deposits are in cash
such deposits are to be deposited and held by Borrower or any Manager, as the case may be, in accordance with applicable law, at such
commercial or savings bank or banks as may be reasonably satisfactory to Lender. If such deposits are in any other form, such deposits
are to be maintained as Lender may expressly permit. Any bond or other instrument that Borrower or any Manager, as the case may be, is
permitted to hold in lieu of cash deposits under any applicable legal requirements shall be maintained in full force and effect unless
replaced by cash deposits as described above, shall be issued by an institution reasonably satisfactory to Lender, shall, if permitted
pursuant to any legal requirements, name Lender as payee or Lender thereunder (or at Lender’s option, be fully assignable to Lender)
and shall, in all respects, comply with any applicable legal requirements and otherwise be reasonably satisfactory to Lender. Borrower
shall, upon request, provide Lender with evidence reasonably satisfactory to Lender of compliance with the foregoing.

 

(d)
Within ninety (90) days of the Closing Date, Borrower shall install new backup generators at each Property and provided evidence reasonably
satisfactory to Lender that such generators have been installed.

 

5.1.22
Changes in the Legal Requirements Regarding Taxation. If any Legal Requirement or other law, order, requirement or regulation
of any Governmental Authority is enacted or adopted or amended after the date the Loan is funded which imposes a tax, either directly
or indirectly, on the Obligations or Lender’s interest in any Property, Borrower must pay or cause to be paid such tax, with interest
and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of such tax or interest and penalties by
Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event,
Lender may, by written notice to Borrower of not less than one hundred twenty (120) days, declare the Obligations immediately due and
payable.

 

5.1.23
No Credits on Account of the Obligations. Borrower will not claim or demand or be entitled to any credit or credits on account
of the Obligations for any payment of Taxes assessed against any Property and no deduction shall otherwise be made or claimed from the
assessed value of any Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or
other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrower of
not less than one hundred twenty (120) days, declare the Obligations immediately due and payable.

 

5.1.24
Personal Property. Borrower shall cause all of its personal property, fixtures, attachments and equipment delivered upon, attached
to or used in connection with the operation of any Property to always be located at such Property and shall be kept free and clear of
all Liens, encumbrances and security interests, except Permitted Encumbrances.

 

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Section
5.2 Negative Covenants. From the date hereof until payment and performance in full of the Obligations (other than contingent indemnification
obligations for which no claim has been made), Borrower covenants and agrees with Lender that it will not do, directly or indirectly,
any of the following:

 

5.2.1
Operation of Properties. Borrower shall not, without Lender’s prior consent (which consent shall be in Lender’s sole
and absolute discretion): enter into, amend, surrender, terminate, waive any rights under or cancel any Management Agreement.

 

5.2.2
Liens. Borrower shall not create, incur, assume, permit or suffer to exist any Lien on any portion of any Property or permit any
such action to be taken, except for Permitted Encumbrances.

 

5.2.3
Dissolution. Borrower shall not (a) engage in any dissolution, liquidation, consolidation or merger of Borrower with or into any
other business entity, (b) engage in any business activity not related to the ownership and operation of the Properties, (c) transfer,
lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets
of Borrower except to the extent permitted by the Loan Documents, or (d) modify, amend, waive or terminate its organizational documents
or its qualification and good standing in any jurisdiction.

 

5.2.4
Change in Business. Borrower shall not enter into any line of business other than the ownership and operation of the Properties,
or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in
activities other than the continuance of its present business.

 

5.2.5
Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases
in accordance with the Loan Documents) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of
Borrower’s business.

 

5.2.6
Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of any Property or seek any variance
under any existing zoning ordinance, or use or permit the use of any portion of any Property in any manner that could result in such
use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, in each case,
without the prior written consent of Lender.

 

5.2.7
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of all or any portion of any Property
with (a) any other real property constituting a tax lot separate from any Property, or (b) any portion of any Property which may be deemed
to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied against such personal property
shall be assessed or levied or charged to any Property.

 

5.2.8
Principal Place of Business and Organization. Borrower shall not change its principal place of business set forth in the introductory
paragraph of this Agreement without first giving Lender at least thirty (30) days prior notice. Borrower shall not change the place of
its organization as set forth in Section 4.1.24 without the consent of Lender, which consent shall not be unreasonably withheld.
Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements and other instruments
which may be necessary to effectively evidence or perfect Lender’s security interest in each Property as a result of such change
of principal place of business or place of organization.

 

5.2.9
ERISA.

 

(a)
Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise
by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative
class exemption) prohibited transaction under ERISA.

 

    	36

     

    

 

(b)
Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term
of the Loan, as requested by Lender in its sole and absolute discretion, that (1) Borrower is not an “employee benefit plan”
as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of
Section 3(32) of ERISA; (2) Borrower is not subject to any state statute regulating investments of, or fiduciary obligations with respect
to, governmental plans and (3) one or more of the following circumstances is true: (i) Equity interests in Borrower are publicly offered
securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2); (ii) Less than twenty-five percent (25%) of each outstanding class
of equity interests in Borrower is held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2);
(iii) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of
29 C.F.R. §2510.3-101(c) or (e); or (iv) The Loan meets the requirements of PTE 95-60, 90-1, 84-14 or similar exemption.

 

5.2.10
Transfers; Assumptions.

 

(a)
Without the prior written consent of Lender and except to the extent otherwise set forth in this Section 5.2.10, no Transfer may occur
without the prior written consent of Lender in its sole and absolute discretion.

 

(b)
Notwithstanding the provisions of this Section 5.2.10, Lender’s consent shall not be required in connection with a Permitted Transfer;
provided, however, that all of the following conditions are satisfied with respect to any such Transfers: (1) Borrower shall provide
Lender written notice of such Transfer within thirty (30) days after such Transfer, (2) such Transfer shall not result in a change in
the day-to-day management and operations of any Property, (3) Borrower shall continue to be a Special Purpose Entity, and (4) such Transfer
shall not result in a breach of Section 5.2.9 or 5.2.13. Notwithstanding anything set forth herein, and without limiting
any restrictions on any Transfer set forth herein, if any proposed transfer of any direct or indirect interests in Borrower would otherwise
be a Permitted Transfer (other than a Permitted Transfer resulting from an initial public offering of Assisted 4 Living, Inc or any subsequent
transfers of shares of Assisted 4 Living, Inc., that are included in the definition of Permitted Transfer). or not require Lender’s
consent but shall result in any Person owning more than twenty percent (20%) of the direct or indirect legal, beneficial or economic
interest in Borrower (other than Persons currently owning more than twenty percent (20%) of the direct or indirect legal, beneficial
or economic interest in Borrower), approval of such transferee is required so that Lender can confirm the transfer and transferee complies
with all legal and regulatory requirements and Lender policies relating to such transfer and transferee, including, without limitation,
the Patriot Act and federal regulations issued with respect thereto and to ensure compliance with the representations in Section 4.1.34
hereof.

 

(c)
Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon a Transfer without Lender’s consent. This provision shall apply to every Transfer
regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer.

 

(d)
Borrower shall not consent to or permit any direct or indirect transfer of any Hospital Lease (other than the landlord’s indirect
interest as a result of a Permitted Transfer), or any ownership interest, whether direct or indirect, in any Manager (other than as a
result of a Permitted Transfer), or suffer or permit any direct or indirect sale, conveyance, transfer, disposition, alienation, hypothecation,
pledge or encumbering of any Hospital Lease. Borrower shall use commercially reasonable efforts to prevent any direct or indirect sale,
conveyance, transfer, disposition, alienation, hypothecation, pledge or encumbering of any ownership interest in any Manager or Borrower
that would be in violation of any Hospital Lease. If any direct or indirect sale, conveyance, transfer, disposition, alienation, hypothecation,
pledge or encumbering of any ownership interest (direct or indirect) in Borrower or any Manager occurs in violation of any Hospital Lease,
Borrower shall pursue all rights and remedies against Manager (but the pursuit of any such rights or remedies shall be subject to Lender’s
prior written approval, which approval shall be in Lender’s sole and absolute discretion).

 

(e)
Notwithstanding the foregoing provisions of this Section 5.2.10, provided that no Default or Event of Default exists, Lender shall
not unreasonably withhold its consent to the encumbrance of any amounts to be paid to the Managers under the Management Agreements and
any and all other accounts receivable, provided that (i) the encumbrance secures an asset-based line of credit on market rate terms,,
(ii) the asset-based financing is with a lender that is commonly in the business of making funds available under asset-based lines of
credit, (iii) such lender signs an intercreditor agreement in form reasonably acceptable to Lender and under loan documents reasonably
acceptable to Lender. Any default beyond any notice or cure periods under such receivables financing shall constitute an Event of Default
hereunder.

 

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5.2.11
Operations Agreements. Borrower shall not, without the prior written consent of Lender, modify or permit any Manager to modify
any of the Operations Agreements.

 

5.2.12
Special Purpose Entity/Separateness. Borrower shall not cease to be a Special Purpose Entity.

 

5.2.13
Embargoed Person; OFAC. As of the date hereof and at all times throughout the term of the Loan, including after giving effect
to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and any Guarantor constitute
property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of
any nature whatsoever in Borrower or any Guarantor, as applicable, with the result that the investment in Borrower or any Guarantor,
as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of
Borrower or any Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower
or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. Neither Borrower
nor any Guarantor is (or will be) a Person with whom Lender is restricted from doing business under OFAC regulations (including those
persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September
24, 2001 #13224 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with
such Persons. In addition, to help the US Government fight the funding of terrorism and money laundering activities, The USA Patriot
Act (and the regulations thereunder) requires Lender to obtain, verify and record information that identifies its customers. Borrower
shall provide Lender with any additional information that Lender deems necessary from time to time in order to ensure compliance with
The USA Patriot Act and any other applicable Legal Requirements concerning money laundering and similar activities.

 

5.2.14
Affiliate Agreements. Borrower shall not enter into any agreement with an Affiliate without Lender’s prior written consent,
in its sole and absolute discretion.

 

5.2.15
Distributions. While an Event of Default exists, Borrower shall not make or permit any Distribution.

 

5.2.16
PACE Loans. Borrower shall not incur or accept a PACE Loan, and shall not permit or suffer the existence of any Lien in connection
therewith on all or any portion of any Property, in either case without Lender’s prior written consent thereto in its sole and
absolute discretion.

 

Section
5.3 Additional Financial Covenants.

 

5.3.1
Delinquent Accounts Receivable. From and after the date that is six (6) months from the date hereof, at no time shall accounts
receivable for operations at any Facility that are unpaid for more than ninety (90) days exceed 30% of such Facility’s total outstanding
accounts receivable.

 

5.3.2
Accounts Payable. From and after the date that is six (6) months from the date hereof, at no time shall accounts payable for operations
at any Facility that are unpaid for more than ninety (90) days exceed 30% of such Facility’s total outstanding gross revenues.

 

5.3.3
Working Capital. Borrower shall, at all times, have minimum cash on hand equal to at least $45,000. Each Manager shall, at all
times, have minimum cash on hand equal to at least $0.00.

 

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ARTICLE
VI

 

INSURANCE;
CASUALTY; CONDEMNATION

 

Section
6.1 Insurance.

 

(a)
Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Properties providing at least the following
coverages:

 

(i)
comprehensive “All Risk” or “Special Form” insurance on the Improvements and the Personal Property (A) in an
amount equal to one hundred percent (100%) of the full replacement cost, which for purposes of this Agreement shall mean actual replacement
value (exclusive of costs of excavations) with no depreciation; (B) containing an agreed amount endorsement with respect to the Improvements
and Personal Property waiving all co-insurance provisions, or confirmation that co-insurance does not apply; and (C) providing for no
deductible in excess of Twenty-Five Thousand and No/100 Dollars ($25,000.00) for all such insurance coverage. In addition, Borrower shall
obtain: (x) if any portion of the Improvements is currently, or at any time in the future, located in a Federally designated “special
flood hazard area”, flood hazard insurance in an amount equal to the Outstanding Principal Balance or such other amount as Lender
shall require; (y) earthquake insurance in amounts and in form and substance satisfactory to Lender in the event any Property is located
in an area with a high degree of seismic activity; and (z) windstorm insurance in amounts and in form and substance satisfactory to Lender
in the event such windstorm coverage is excluded under the Special Form Coverage, provided that the insurance pursuant to clauses (x),
(y) and (z) hereof shall be on terms consistent with the comprehensive “All Risk” or “Special Form” insurance
policy required under this subsection (i);

 

(ii)
commercial general liability insurance, including a broad form comprehensive general liability endorsement and coverage against claims
for personal injury, bodily injury, death or property damage occurring upon, in or about each Property, such insurance (A) to be on the
so-called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000.00) in the
aggregate and One Million and No/100 Dollars ($1,000,000.00) per occurrence (and, if on a blanket policy, containing an “Aggregate
Per Location” endorsement); (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing
by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises
and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual
liability for all insured contracts; and (5) contractual liability covering the indemnities contained in Article VIII of each Security
Instrument to the extent the same is available;

 

(iii)
if there are tenants of any Property, rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be covered
by the insurance provided for in subsection (i) above; and (C) for loss of Rents in an amount equal to one hundred percent (100%) of
the projected rents for a period of twelve (12) months from the date of such Casualty (assuming such Casualty had not occurred) and notwithstanding
that the policy may expire prior to or at the end of such period. The amount of such loss of Rents or business income insurance shall
be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of income
to be derived from each Property for the succeeding twelve (12) month period. Notwithstanding anything to the contrary set forth herein,
all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied at Lender’s sole discretion
to (I) the Debt, or (II) operating expenses for each Property approved by Lender in its sole and absolute discretion; provided, however,
that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Debt, except to the extent such amounts
are actually paid out of the proceeds of such business income insurance;

 

(iv)
at all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only if
each Property coverage forms do not otherwise apply, (A) owner’s and contractor’s protective liability insurance covering
claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy; and (B)
the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form (1) on a non-reporting
basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy each Property, and
(4) with an agreed amount endorsement waiving co-insurance provision, or confirmation that co-insurance does not apply;

 

    	39

     

    

 

(v)
if Borrower ever has any direct employees, worker’s compensation insurance with respect to any employees of Borrower, as required
by any Governmental Authority or Legal Requirement;

 

(vi)
comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent
with the commercial property insurance policy required under subsection (i) above;

 

(vii)
if Borrower ever has any direct employees or owns any motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles,
including rented and leased vehicles containing minimum limits per occurrence of not less than One Million and No/100 Dollars ($1,000,000.00);

 

(viii)
umbrella or excess liability insurance in an amount not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence and not
less than Three Million and No/100 Dollars ($3,000,000.00) in the aggregate on terms consistent with the commercial general liability
insurance policy required under subsection (ii) above;

 

(ix)
if any Property is or becomes a legal “non-conforming” use or structure, ordinance or law coverage to compensate for the
value of the undamaged portion of such Property, the cost of demolition and increased cost of construction in amounts as requested by
Lender;

 

(x)
if applicable, the commercial property, business income, general liability and umbrella or excess liability insurance required under
Sections 6.1(a)(i), (ii), (iii) and (viii) above shall cover perils of terrorism and acts of terrorism and Borrower
shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including
amounts) consistent with those required under Sections 6.1(a)(i), (ii), (iii) and (viii) above at all times during
the term of the Loan so long as Lender determines that either (I) prudent owners of real estate comparable to each Property are maintaining
same or (II) prudent institutional lenders (including, without limitation, investment banks) to such owners are requiring that such owners
maintain such insurance; and

 

(xi)
upon sixty (60) days’ notice, such other insurance and in such amounts as Lender from time to time may request against such other
insurable hazards which at the time are commonly insured against for properties similar to each Property located in or around the region
in which each Property is located.

 

(b)
All insurance provided for in Section 6.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies,
amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies
authorized to do business in the State and having a claims paying ability rating of “A-” or better by S&P or “A-X”
or better by AM Best or “A3” or better by Moody’s Investor Service, Inc. Prior to the expiration dates of the Policies
theretofore furnished to Lender, certificates of insurance evidencing the renewal or successor Policies accompanied by evidence satisfactory
to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower
to Lender. Borrower shall supply an original or certified copy of the original policy within ten (10) days of request by Lender, provided
that the policy is available.

 

(c)
Any blanket insurance Policy shall specifically allocate to each Property the amount of coverage from time to time required hereunder
and shall otherwise provide the same protection as would a separate Policy insuring only such Property in compliance with the provisions
of Section 6.1(a).

 

(d)
All Policies provided for or contemplated by Section 6.1(a), except for the Policy referenced in Section 6.1(a)(v), shall
name Borrower as the insured and Lender (and its successors and assigns) as Mortgagee, Loss Payee and Additional Insured, as its interests
may appear, and in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a standard non-contributing
mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.

 

(e)
All Policies provided for in this Section 6.1 shall contain clauses or endorsements to the effect that: (i) no act or negligence
of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure to comply with the provisions of any Policy,
which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability
of the insurance insofar as Lender is concerned; (ii) the Policies on which Lender is listed as a Mortgagee shall not be canceled without
at least thirty (30) days’ notice to Lender; (iii) Lender shall not be liable for any Insurance Premiums thereon or subject to
any assessments thereunder; and (iv) shall contain a waiver of subrogation in favor of Lender.

 

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(f)
If at any time Lender is not in receipt of written evidence that all Policies are in full force and effect, Lender shall have the right,
without notice to Borrower, to take such action as Lender deems necessary to protect its interest in each Property, including, without
limitation, the obtaining of such insurance coverage as Lender in its sole and absolute discretion deems appropriate and that is in accordance
with Section 6.1(a). All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping
it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instruments and shall
bear interest at the Default Rate. Without limitation, Borrower shall continue to maintain all insurance that is in effect as of the
date hereof.

 

Section
6.2 Casualty. If any Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower shall (a) give prompt notice of such damage to Lender, and (b) promptly commence and diligently prosecute the completion of
Restoration so that such Property resembles, as nearly as possible, the condition such Property was in immediately prior to such Casualty,
with such alterations as may be reasonably approved by Lender and otherwise in accordance with Section 6.4. Borrower shall pay
all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof
of loss if not made promptly by Borrower. In addition, Lender may participate in (and have approval rights over) any settlement discussions
with any insurance companies with respect to any Casualty in which the Net Proceeds or the costs of completing Restoration are equal
to or greater than ten percent (10%) of the Outstanding Principal Balance and Borrower shall deliver to Lender all instruments required
by Lender to permit such participation.

 

Section
6.3 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding in respect
of Condemnation, and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate
in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by Lender to permit such participation.
Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts,
and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public
authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise
of such taking), Borrower shall continue to perform the Obligations at the time and in the manner provided in this Agreement and the
other Loan Documents and the Outstanding Principal Balance shall not be reduced until any Award shall have been actually received and
applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Obligations. Lender shall not
be limited to the interest paid on the Award by the applicable Governmental Authority but shall be entitled to receive out of the Award
interest at the rate or rates provided herein or in the Note. If any Property or any portion thereof is taken by a Governmental Authority,
Borrower shall promptly commence and diligently prosecute Restoration and otherwise comply with the provisions of Section 6.4.
If any Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right,
whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof
sufficient to pay the Debt.

 

Section
6.4 Restoration. If there are any Improvements on any Property, the following provisions shall apply:

 

(a)
If the Net Proceeds and the costs of completing Restoration shall each be less than ten percent (10%) of the original principal balance
of the Loan, then the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth
in Section 6.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete
with due diligence Restoration in accordance with the terms of this Agreement.

 

(b)
If the Net Proceeds are equal to or greater than ten percent (10%) of the original principal balance of the Loan, but less than thirty
percent (30%) of the original principal balance of the Loan, or the costs of completing Restoration are equal to or greater than ten
percent (10%) of the original principal balance of the Loan, but less than thirty percent (30%) of the original principal balance of
the Loan, then, in either case, the Net Proceeds will be held by Lender and Lender shall make the Net Proceeds available for Restoration
in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of this Section
6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i), (iv),
(vi), (ix), (x) and (xi) as a result of such damage or destruction, after deduction of Lender’s reasonable
out-of-pocket costs and expenses (including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Insurance
Proceeds”), or (ii) the net amount of the Award, after deduction of Lender’s reasonable out-of-pocket costs and expenses
(including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Condemnation Proceeds”),
whichever the case may be.

 

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(i)
The Net Proceeds shall be made available to Borrower for Restoration upon the determination of Lender in its sole and absolute discretion
exercised in good faith that the following conditions are met:

 

(A)
no Event of Default shall have occurred and be continuing (other than an Event of Default resulting solely from such Casualty or Condemnation
that will be cured upon Restoration);

 

(B)
in the event the Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting the applicable Property
is taken, and such land is located along the perimeter or periphery of such Property, and no portion of the Improvements is located on
such land;

 

(C)
if applicable, Leases demising in the aggregate a percentage amount equal to or greater than eighty percent (80%) of the total rentable
space in the applicable Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence
of such Casualty or Condemnation, whichever the case may be, shall remain in full force and effect during and after the completion of
Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and will make all necessary
repairs and restorations thereto at their sole cost and expense;

 

(D)
Borrower shall commence Restoration as soon as reasonably practicable (but in no event later than sixty (60) days after Borrower’s
receipt of the Net Proceeds, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion;

 

(E)
Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which
will be incurred with respect to any Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case
may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii), if applicable,
or (3) by other funds of Borrower;

 

(F)
Lender shall be satisfied that Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity
Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as may be required under all applicable
Legal Requirements in order to repair and restore the applicable Property to the condition it was in immediately prior to such Casualty
or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or (4) the expiration of the
insurance coverage referred to in Section 6.1(a)(iii);

 

(G)
the applicable Property and the use thereof after Restoration will be in compliance in all material respects with and permitted under
all applicable Legal Requirements;

 

(H)
Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance in all material respects
with all applicable Legal Requirements;

 

(I)
such Casualty or Condemnation, as applicable, does not result in the loss of access to the applicable Property or the related Improvements;

 

(J)
the Debt Yield for the Properties, after giving effect to Restoration, shall be at least fifteen percent (15%);

 

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(K)
the Loan to Value Ratio after giving effect to Restoration, shall be equal to or less than sixty-five percent (65%);

 

(L)
Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect
or engineer stating the entire cost of completing Restoration, which budget shall be acceptable to Lender in its reasonable discretion;
and

 

(M)
the Net Proceeds together with any cash or cash equivalent of Borrower are sufficient in Lender’s reasonable discretion to cover
the cost of Restoration.

 

(ii)
The Net Proceeds shall be paid directly to Lender for deposit in an interest-bearing account (the “Net Proceeds Account”)
and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt
and the Other Obligations. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the
course of Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed
(except to the extent that they are to be paid for out of the requested disbursement, and except to the extent of any required Retention
Amount) in connection with Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s
or materialman’s liens or notices of intention to file same, or any other liens or encumbrances (other than Permitted Encumbrances)
of any nature whatsoever on the applicable Property which have not either been fully bonded to the satisfaction of Lender and discharged
of record or in the alternative fully insured to the satisfaction of Lender by the Title Company.

 

(iii)
All plans and specifications required in connection with Restoration shall be subject to prior review and acceptance in all respects
by Lender in its reasonable discretion and by an independent consulting engineer selected by Lender (the “Casualty Consultant”).
Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection
with Restoration. The identity of the contractor engaged in Restoration, as well as the contracts under which it has been engaged, shall
be subject to prior review and acceptance by Lender in its reasonable discretion and the Casualty Consultant. All out-of-pocket costs
and expenses incurred by Lender in connection with making the Net Proceeds available for Restoration including, without limitation, reasonable
counsel fees and disbursements and the reasonable Casualty Consultant’s fees, shall be paid by Borrower.

 

(iv)
In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred
from time to time for work in place as part of Restoration, as certified by the Casualty Consultant, minus the Retention Amount. The
term “Retention Amount” shall mean, as to each contractor, subcontractor or materialman engaged in Restoration,
an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of Restoration, as certified by the Casualty
Consultant, until Restoration has been completed. The Retention Amount shall in no event, and notwithstanding anything to the contrary
set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors
and materialmen engaged in Restoration. The Retention Amount shall not be released until the Casualty Consultant certifies to Lender
that Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary
for the re-occupancy and use of the applicable Property have been obtained from all appropriate Governmental Authorities, and Lender
receives evidence satisfactory to Lender that the costs of Restoration have been paid in full or will be paid in full out of the Retention
Amount; provided, however, that Lender will release the portion of the Retention Amount being held with respect to any contractor,
subcontractor or materialman engaged in Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor,
subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of
the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers
the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably
requested by Lender or by the Title Company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance
Policy insuring the continued priority of the lien of the related Security Instrument and evidence of payment of any premium payable
for such endorsement. If required by Lender, the release of any such portion of the Retention Amount shall be approved by the surety
company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.

 

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(v)
Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 

(vi)
If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in consultation with the Casualty
Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection
with the completion of Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with
Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be
held by Lender and shall be disbursed for costs actually incurred in connection with Restoration on the same conditions applicable to
the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute additional security
for the Debt and the Other Obligations.

 

(vii)
The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after
the Casualty Consultant certifies to Lender that Restoration has been completed in accordance with the provisions of this Section
6.4(b), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with Restoration have
been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing.

 

(c)
If Net Proceeds are (i) equal to or greater than thirty percent (30%) of the original principal amount of the Loan, (ii) not required
to be made available for Restoration (due to Borrower’s inability to satisfy the conditions set forth in Section 6.4(b)(i)),
or (iii) not to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(vii), then in any such event all Net
Proceeds may be retained and applied by Lender in accordance with Section 2.4.2 hereof toward reduction of the Outstanding Principal
Balance whether or not then due and payable in such order, priority and proportions as Lender in its sole and absolute discretion shall
deem proper, or, in the sole discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes as
Lender shall approve, in its sole and absolute discretion. No prepayment charge (including the Yield Maintenance Premium ) shall be payable
by Borrower by reason of a Casualty or Condemnation (but, for the avoidance of doubt, the Exit Fee shall be payable).

 

(d)
In the event of foreclosure of any Security Instrument, or other transfer of title to any Property in extinguishment in whole or in part
of the Debt, all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning
such Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee
in the event of such other transfer of title.

 

ARTICLE
VII

 

RESERVES

 

Section
7.1 Required Repair Reserve.

 

7.1.1
Deposits. Borrower shall perform the repairs at the Properties as more particularly set forth on Schedule 2 hereto (such repairs
hereinafter collectively referred to as “Required Repairs”). Borrower shall complete the Required Repairs on
or before the required deadline for each repair as set forth on Schedule 3 hereto. It shall be an Event of Default if (a) Borrower
does not complete the Required Repairs by the required deadline for each repair as set forth on Schedule 2, or (b) Borrower does
not satisfy each condition contained in Section 7.1.2 hereof. Upon the occurrence of such an Event of Default, Lender, at its
option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion
of the Required Repairs or toward reduction of the Outstanding Principal Balance in such order, proportion and priority as Lender may
determine in its sole and absolute discretion. Lender’s right to withdraw and apply Required Repair Funds shall be in addition
to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. On the Closing Date, Borrower
shall deposit with Lender the Required Repairs Amount for payment of the cost of the Required Repairs. Amounts so deposited shall hereinafter
be referred to as Borrower’s “Required Repair Funds” and the account in which such amounts are held shall
hereinafter be referred to as Borrower’s “Required Repair Account”.

 

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7.1.2
Release of Required Repair Funds.

 

(a)
Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time, but not more frequently
than once in any thirty (30) day period, upon satisfaction by Borrower of each of the following conditions with respect to each disbursement:
(i) Borrower shall submit a written request for payment to Lender (with a copy to the Title Company) at least ten (10) Business Days
prior to the date on which Borrower requests such payment be made, which request specifies the Required Repairs to be paid or reimbursed,
(ii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall
exist and remain uncured, (iii) Lender shall have received an Officer’s Certificate (A) stating that all Required Repairs to be
funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Federal,
state and local laws, rules and regulations, such Officer’s Certificate to be accompanied by a copy of any license, permit or other
approval by any Governmental Authority required to commence and/or complete the Required Repairs, (B) identifying each Person that supplied
materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (C) stating that each such
Person has been paid in full or will be paid in full upon such disbursement, for work completed and/or materials furnished to date, such
Officer’s Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) Lender shall
have received a title search indicating that the applicable Property is free from all liens, claims and other encumbrances not previously
approved by Lender, and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs
to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender
shall not be required to make disbursements from the Required Repair Account unless such requested disbursement is in an amount greater
than $5,000 (or a lesser amount if the total amount in the Required Repair Account is less than $5,000, in which case only one disbursement
of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained
in this Section 7.1.2.

 

(b)
Nothing in this Section 7.1 shall (i) make Lender responsible for performing or completing any Required Repairs; (ii) require
Lender to expend funds in addition to the Required Repairs Funds to complete any Required Repairs; (iii) obligate Lender to proceed with
any Required Repairs; or (iv) obligate Lender to demand from Borrower additional sums to complete any Required Repairs.

 

(c)
Borrower shall permit Lender and Lender’s agents and representatives (including Lender’s engineer, architect or inspector)
or third parties to enter onto each Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect
the progress of any Required Repairs and all materials being used in connection therewith and to examine all plans and shop drawings
relating to such Required Repairs. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s
representatives or such other Persons described above in connection with inspections described in this Section 7.1.2(c).

 

(d)
If a disbursement will exceed $25,000.00, Lender may require an inspection of the applicable Property at Borrower’s expense prior
to making a disbursement of Required Repairs Funds in order to verify completion of the Required Repairs for which reimbursement is sought.
Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may
require a certificate of completion by an independent qualified professional architect acceptable to Lender prior to the disbursement
of Required Repairs Funds. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted
by Lender or by an independent qualified professional architect.

 

7.1.3
Balance in Required Repair Account. The insufficiency of any balance in the Required Repair Account shall not relieve Borrower
from its obligation to perform the Required Repairs in a good and workmanlike manner and in accordance with all Legal Requirements.

 

Section
7.2 Tax and Insurance Escrow.

 

7.2.1
Tax and Insurance Escrow Funds. On the date hereof, Borrower shall deposit with Lender the Initial Tax Deposit on account of the
Taxes next coming due and the Initial Insurance Premiums Deposit on account of the Insurance Premiums next coming due. Additionally,
Borrower shall pay to Lender on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes that Lender estimates will be payable
during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty
(30) days prior to their respective due dates, and (ii) one-twelfth (1/12) of the Premiums that Lender estimates will be payable for
the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds
to pay all such Premiums at least thirty (30) days prior to the expiration of the Policies (the foregoing amounts so deposited with Lender
are hereinafter called the “Tax and Insurance Escrow Funds” and the account in which such amounts are held
shall hereinafter be referred to as the “Tax and Insurance Escrow Account”).

 

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7.2.2
Disbursements from Tax and Insurance Escrow Funds. Provided no Event of Default has occurred and is continuing, Lender will reimburse
Borrower from the Tax and Insurance Escrow Funds for payments of Taxes or Insurance Premiums required to be made by Borrower pursuant
to Section 5.1.2 and Article VI hereof, as applicable, and under the Security Instruments. In making any payment to Borrower relating
to the Tax and Insurance Escrow Funds, Lender may require evidence of payment satisfactory to Lender, including copies any cancelled
checks, and any bill or statement from the appropriate public office (with respect to Taxes). Any amount remaining in the Tax and Insurance
Escrow Funds after the Debt has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the
Person shown on the records of Lender to be the owner of the applicable Property. If at any time Lender reasonably determines that the
Tax and Insurance Escrow Funds are not or will not be sufficient to pay Taxes or Insurance Premiums by the due dates thereof, Lender
shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates
is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Taxes or Insurance Premiums.

 

Section
7.3 Intentionally omitted.

 

Section
7.4 Intentionally omitted.

 

Section
7.5 Debt Service Reserve. On the date hereof, Borrower shall deposit with Lender an amount equal to the Debt Service Reserve,
and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Debt Service Reserve
Account”, and the amounts in the Debt Service Reserve Account are referred to as the “Debt Service Reserve
Funds”. Upon written request by Borrower (which may be by email) received by no later than the tenth day of a calendar
month, Lender shall release funds to itself solely for the payment of Accrued Interest from the Debt Service Reserve Account in the amount
that Lender determines is the Monthly Interest Deficiency for the prior calendar month; provided, however, that Lender shall have no
such obligation if an Event of Default exists or if Borrower has failed to provide to Lender by the tenth day of the current calendar
month a detailed calculation in form satisfactory to Lender of the Monthly Interest Deficiency for the prior calendar month. If Lender
ever estimates that the amount in the Debt Service Reserve may be less than three (3) months of Accrued Interest, then Borrower, on five
(5) days’ advance written notice from Lender, shall deposit into the Debt Service Reserve Account the amount estimated by Lender
to be necessary so that at least three (3) months of the Accrued Interest shall be therein (but not more Accrued Interest than estimated
by Lender to be payable through the Maturity Date).

 

Section
7.6 Reserve Funds, Generally.

 

(a)
Borrower (i) hereby grants to Lender a first priority security interest in all of the Reserve Funds and any and all monies now or hereafter
deposited in each Reserve Account as additional security for payment and performance of the Obligations and (ii) will take all actions
necessary to maintain in favor of Lender a perfected first priority security interest in the Reserve Funds, including, without limitation,
filing or authorizing Lender to file UCC-1 financing statements and continuations thereof. Until expended or applied in accordance herewith,
the Reserve Funds shall constitute additional security for the Obligations.

 

(b)
Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply
any sums then present in any or all of the Reserve Funds to the reduction of the Outstanding Principal Balance or the payment of any
other amounts then due and owing under this Agreement or any of the other Loan Documents in any order in its sole and absolute discretion.

 

(c)
Borrower shall not, without obtaining the prior written consent of Lender in Lender’s sole and absolute discretion, further pledge,
assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach
thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed
with respect thereto.

 

    	46

     

    

 

(d)
The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. No earnings or interest on
the Reserve Funds shall be payable to Borrower. Neither Lender nor any Servicer that at any time holds or maintains the Reserve Funds
shall have any obligation to keep or maintain such Reserve Funds or any funds deposited therein in interest bearing accounts.

 

(e)
Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses,
damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) (collectively,
“Claims”) arising from or in any way connected with the Reserve Funds or the performance of the obligations
for which the Reserve Funds were established; provided, however, Borrower shall not be obligated to indemnify Lender for any such Claims
to the extent arising from Lender’s gross negligence or willful misconduct. Borrower shall assign to Lender all rights and claims
Borrower may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the Reserve
Funds; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains
uncured.

 

(f)
Upon payment in full of the Debt in accordance with the terms of this Agreement and the other Loan Documents, Lender shall return any
remaining Reserve Funds to Borrower.

 

ARTICLE
VIII

 

DEFAULTS

 

Section
8.1 Event of Default.

 

8.1.1
Generally.

 

(a)
Each of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)
If (A) any Monthly Debt Service Payment Amount or deposit to any Reserve Funds is not paid on or before the date it is due, or (B) the
Debt is not paid in full on the Maturity Date,

 

(ii)
any other portion of the Debt not specified in the foregoing clause (i) is not paid on or prior to the date when same is due (but if
no specific due date is provided then such failure is continuing for five (5) days after notice that the same is due and payable;

 

(iii)
if any of the Taxes or Other Charges are not paid prior to the same becoming delinquent (unless Lender is paying such Taxes pursuant
to Section 7.2), subject to the provisions of Section 5.1.2 hereof;

 

(iv)
if the Policies are not kept in full force and effect (unless Lender is paying such Premiums pursuant to Section 7.2, or if copies
of the certificates evidencing the Policies are not delivered to Lender within thirty (30) days after written request therefor;

 

(v)
the occurrence of any Transfer (other than a Permitted Transfer) or other encumbrance with respect to any portion of any Property or
the Collateral in violation of the provisions of this Agreement (including, without limitation, under Section 5.2.10 of this Agreement)
or Article 6 of each Security Instrument;

 

(vi)
if any representation or warranty made by Borrower herein or in any other Loan Document, or in any report, certificate, financial statement
or other instrument, agreement or document furnished to Lender in connection with the Loan shall have been false or misleading in any
material respect as of the date the representation or warranty was made or deemed remade;

 

    	47

     

    

 

(vii)
if Borrower or any Guarantor shall (i) make an assignment for the benefit of creditors or (ii) generally not be paying its debts as they
become due;

 

(viii)
if a receiver, liquidator or trustee shall be appointed for Borrower, or if Borrower shall be adjudicated bankrupt or insolvent, or if
any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy law, or any similar Federal or state law, shall
be filed by or against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution or liquidation of Borrower
shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented
to by Borrower, the foregoing shall only constitute an Event of Default upon the same not being discharged, stayed or dismissed within
ninety (90) days;

 

(ix)
if a receiver, liquidator or trustee shall be appointed for any Guarantor or if any Guarantor shall be adjudicated a bankrupt or insolvent,
or if any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy law, or any similar Federal or state
law, shall be filed by or against, consented to, or acquiesced in by, any Guarantor, or if any proceeding for the dissolution or liquidation
of any Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary
and not consented to by the applicable Guarantor, the foregoing shall only constitute an Event of Default upon the same not being discharged,
stayed or dismissed within ninety (90) days; provided, further, however, it shall be at Lender’s option to determine whether any
of the foregoing shall be an Event of Default;

 

(x)
if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in
contravention of the Loan Documents;

 

(xi)
if Borrower breaches any representation, warranty or covenant contained in Section 4.1.29 or any of its respective negative covenants
contained in Section 5.2;

 

(xii)
with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if
Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period;

 

(xiii)
Borrower breaches any covenant contained in Section 5.1.11 and such breach continues for ten (10) days after notice from Lender;

 

(xiv)
if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in
subsections (i) to (xiii) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which
can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided,
however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period
and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently
and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for
Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days; or

 

(xv)
if there shall be a Default under any of the other Loan Documents beyond any applicable cure periods contained in such documents, whether
as to Borrower, Guarantor or any Property.

 

(b)
Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (vii), (viii)
or (ix) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and
the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to
protect and enforce its rights against Borrower and in and to each Property, including, without limitation, declaring the Obligations
to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents
against Borrower and each Property, including, without limitation, all rights or remedies available at law or in equity; and upon any
Event of Default described in clauses (vii), (viii) or (ix) above, the Debt and all Other Obligations of Borrower hereunder and under
the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly
waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

 

    	48

     

    

 

8.1.2
Remedies.

 

(a)
Upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to
Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower
or at law or in equity may be exercised by Lender at any time and from time to time (including, without limitation, Lender may accelerate
the Loan and declare the Outstanding Principal Balance and all other amounts under the Loan Documents due and payable and institute foreclosure
proceedings), whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced
any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents. Any such actions
taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise,
at such time and in such order as Lender may determine in its sole and absolute discretion, to the fullest extent permitted by law, without
impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein
or in the other Loan Documents. To the fullest extent permitted by law or equity, without limiting the generality of the foregoing, Borrower
agrees that if an Event of Default is continuing (i) Lender shall not be subject to any “one action” or “election of
remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force
and effect until Lender has exhausted all of its remedies against each Property and each Security Instrument has been foreclosed, sold
and/or otherwise realized upon in satisfaction of the Debt or the Obligations have been paid in full.

 

(b)
With respect to Borrower and the Properties, nothing contained herein or in any other Loan Document shall be construed as requiring Lender
to resort to any Property for the satisfaction of any of the Debt in any preference or priority, and Lender may seek satisfaction out
of any Property, or any part thereof, in its absolute discretion in respect of the Debt. In addition, Lender shall have the right from
time to time to partially foreclose any Security Instrument in any manner and for any amounts secured by each Security Instrument then
due and payable as determined by Lender in its sole and absolute discretion, including, without limitation, the following circumstances:
(i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and
interest, Lender may foreclose any Security Instrument to recover such delinquent payments or (ii) in the event Lender elects to accelerate
less than the entire Outstanding Principal Balance, Lender may foreclose any Security Instrument to recover so much of the principal
balance of the Loan as Lender may accelerate and such other sums secured by each Security Instrument as Lender may elect. Notwithstanding
one or more partial foreclosures, each Property shall remain subject to the applicable Security Instrument to secure payment of sums
secured by such Security Instrument and not previously recovered.

 

(c)
Lender shall have the right from time to time to partially foreclose any Security Instrument in any manner and for any amounts secured
by each Security Instrument then due and payable as determined by Lender in its sole and absolute discretion, including the following
circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments
of principal and/or interest, Lender may foreclose any Security Instrument to recover such delinquent payments, or (ii) in the event
Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose any Security Instrument to recover
so much of the Debt as Lender may accelerate and such other sums secured by each Security Instrument as Lender may elect. Notwithstanding
one or more partial foreclosures, each Property shall remain subject to the applicable Security Instrument to secure payment of sums
secured by such Security Instrument and not previously recovered.

 

(d)
To the fullest possible extent permitted by applicable law or equity, any amounts recovered from each Property or any other collateral
for the Loan after an Event of Default may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or
any other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole and absolute discretion
shall determine.

 

(e)
If an Event of Default exists, Lender may (directly or by its agents, employees, contractors, engineers, architects, nominees, attorneys
or other representatives), but without any obligation to do so and without notice to Borrower and without releasing Borrower from any
obligation hereunder, cure the Event of Default in such manner and to such extent as Lender may deem necessary to protect the security
hereof. Subject to Tenants’ rights under the Leases, Lender (and its agents, employees, contractors, engineers, architects, nominees,
attorneys or other representatives) are authorized to enter upon each Property to cure such Event of Default, and Lender is authorized
to appear in, defend, or bring any action or proceeding reasonably necessary to maintain, secure or otherwise protect each Property or
the priority of the Lien granted by each Security Instrument.

 

    	49

     

    

 

(f)
Lender may appear in and defend any action or proceeding brought with respect to any Property and may bring any action or proceeding,
in the name and on behalf of Borrower, which Lender, in its sole and absolute discretion, decides should be brought to protect its interest
in each Property. Lender shall, at its option, be subrogated to the Lien of any mortgage or other security instrument discharged in whole
or in part by the Obligations, and any such subrogation rights shall constitute additional security for the payment of the Obligations.

 

(g)
As used in this Section 8.1.2, a “foreclosure” shall include, without limitation, a power of sale.

 

8.1.3
Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive
of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or
existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise,
at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy,
right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof,
but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default
or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower
or to impair any remedy, right or power consequent thereon.

 

ARTICLE
IX

 

SPECIAL
PROVISIONS

 

Section
9.1 Transfer of Loan. Lender may, at any time, sell, transfer or assign this Agreement, the Note, the Security Instruments and
the other Loan Documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through
certificates or other securities (the “Securities”) evidencing a beneficial interest in a rated or unrated
public offering or private placement (such sales, participation, offering and/or placement, collectively, a “Lender Assignment”).
Lender agrees that it shall use reasonable efforts to hold confidential all non-public information obtained from the Borrower, the Guarantors
or Properties, if any, that has been identified in writing as confidential by any of them, and shall use reasonable efforts to not disclose
such information to any other Person (other than servicers, Affiliates of Lender, and their officers, directors, members, agents, consultants
and representatives (including legal counsel), , it being understood and agreed that, notwithstanding the foregoing, a Lender may may
forward to each purchaser, transferee, assignee, servicer, participant or investor in such participations or Securities (collectively,
the “Investor”), and each prospective Investor, so long as each such Investor or potential Investor agrees
to maintain the confidentiality of all such documents and information in accordance with this Section 9.1, all documents and information
which Lender now has or may hereafter acquire relating to the Loan or to Borrower, any Guarantor or the Properties, whether furnished
by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable, including, without limitation, financial statements
relating to Borrower, Guarantor, the Properties and any Tenant at a Property. Borrower irrevocably waives any and all rights it may have
under law or in equity to prohibit such disclosure, including but not limited to any right of privacy.

 

Section
9.2 Severed Loan Documents. Lender shall have the right from time to time to sever the Note and the other Loan Documents into
one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations
as Lender shall determine in its sole and absolute discretion for purposes of evidencing and enforcing its rights and remedies provided
hereunder. Borrower shall execute and deliver (and cause other parties who executed any of the Loan Documents to execute and deliver
to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender may reasonably
request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender
and Borrower. The Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents
and any such representations and warranties contained in the Severed Loan Documents will be given by the parties thereto only as of the
Closing Date.

 

    	50

     

    

 

Section
9.3 Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or
trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees,
are collectively referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of
its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing
agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the
“Servicing Agreement”) between Lender and Servicer. Borrower shall not be responsible for any set up fees or
other initial costs relating to or arising under the Servicing Agreement, the regular monthly master servicing fee or trustee fee due
to Servicer under the Servicing Agreement or any fees or expenses required to be borne by, and not reimbursable to, Servicer. Notwithstanding
the foregoing, Borrower shall promptly reimburse Lender on demand for the following costs and expenses payable by Lender to Servicer
as a result of the Loan becoming specially serviced: (i) any liquidation fees that are due and payable to Servicer under the Servicing
Agreement in connection with the exercise of any or all remedies permitted under this Agreement, (ii) any workout fees and special servicing
fees that are due and payable to Servicer under the Servicing Agreement, which fees may be due and payable under the Servicing Agreement
on a periodic or continuing basis, and (iii) the costs of all property inspections and/or appraisals of the Properties (or any updates
to any existing inspection or appraisal) that Servicer may be required to obtain (other than the cost of regular annual inspections required
to be borne by Servicer under the Servicing Agreement).

 

Section
9.4 Cooperation. Borrower and Guarantor agree to reasonably cooperate with Lender (and agree to cause their respective officers
and representatives to cooperate) in connection with any Lender Assignment or potential Lender Assignment.

 

ARTICLE
X

 

MISCELLANEOUS

 

Section
10.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall
continue in full force and effect so long as all or any of the Obligations are outstanding and unpaid unless a longer period is expressly
set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in
this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender.

 

Section
10.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove,
or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements
or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole and absolute
discretion of Lender and shall be final and conclusive.

 

Section
10.3 Governing Law.

 

(a)
THIS AGREEMENT WAS NEGOTIATED BY LENDER IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF
NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN
DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT
OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE SECURITY INSTRUMENTS AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED
BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTIES ARE LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL
LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND/OR THE OTHER LOAN
DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	51

     

    

 

(b)
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH
COURT IN ANY SUIT, ACTION OR PROCEEDING.

 

(c)
EXCEPTIONS. NOTWITHSTANDING THE FOREGOING CHOICE OF LAW:

 

(i)
THE PROCEDURES GOVERNING THE ENFORCEMENT BY LENDER OF ITS FORECLOSURE AND OTHER REMEDIES AGAINST BORROWER AND GUARANTOR UNDER THE
SECURITY INSTRUMENTS AND UNDER THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE REAL PROPERTY ASSETS OF BORROWER, INCLUDING BY WAY OF ILLUSTRATION,
BUT NOT IN LIMITATION, ACTIONS FOR FORECLOSURE, FOR INJUNCTIVE RELIEF OR FOR THE APPOINTMENT OF A RECEIVER SHALL BE GOVERNED BY THE LAWS
OF THE STATE WHERE SUCH PROPERTY OR OTHER ASSETS ARE LOCATED;

 

(ii)
LENDER SHALL COMPLY WITH APPLICABLE LAW IN THE STATE WHERE THE PROPERTIES OR OTHER ASSETS ARE LOCATED TO THE EXTENT REQUIRED BY THE
LAW OF SUCH JURISDICTION IN CONNECTION WITH THE FORECLOSURE OF THE SECURITY INTERESTS AND LIENS CREATED UNDER THE SECURITY INSTRUMENT;

 

(iii)
PROVISIONS OF FEDERAL LAW AND THE LAW OF THE STATE WHERE THE PROPERTIES ARE LOCATED SHALL APPLY IN DEFINING THE TERMS HAZARDOUS SUBSTANCES,
ENVIRONMENTAL STATUTES, AND LEGAL REQUIREMENTS AS SUCH TERMS ARE USED IN THIS LOAN AGREEMENT, AND THE OTHER LOAN DOCUMENTS, WITH RESPECT
TO THE PROPERTIES, BORROWER AND GUARANTOR; AND

 

(iv)
MATTERS OF REAL ESTATE, LANDLORD-TENANT AND PROPERTY LAW SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE PROPERTIES ARE SITUATED.

 

Section
10.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision
of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event
be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent
shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein,
no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.

 

    	52

     

    

 

Section
10.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term,
condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other
Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single
or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular,
and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other
Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due
under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such
other amount.

 

Section
10.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall
be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail,
postage prepaid, return receipt requested, (b) expedited prepaid delivery service, either commercial or United States Postal Service,
with proof of attempted delivery, or (c) facsimile (with answer back acknowledged) or as a PDF or similar attachment to an e-mail, provided
that such facsimile or email attachment shall be followed within one (1) business day by delivery of such notice pursuant to clause (a)
or (b) above, in each case addressed as follows (or at such other address and Person as shall be designated from time to time by any
party hereto, as the case may be, in a notice to the other parties hereto in the manner provided for in this Section 10.6):

 

	 	If
    to Lender:	 	Arena
    Limited SPV, LLC
	 	 	 	405
    Lexington Avenue
	 	 	 	59th
    Floor
	 	 	 	New
    York, New York 10174
	 	 	 	Attn:
    Real Estate Notices LN: 7067 (Grace Care Center Skilled Nursing Facilities)
	 	 	 	Email:
    jfelletter@arenaco.com and eanchipolovsky@arenaco.com and reporting@arenaco.com
	 	 	 	 
	 	with
    a copy to:	 	Pircher,
    Nichols & Meeks LLP
	 	 	 	1901
    Avenue of the Stars, Suite 1200
	 	 	 	Los
    Angeles, California 90067
	 	 	 	Attn:
    Real Estate Notices (DLP/DGM: 5772.74)
	 	 	 	Facsimile
    No.: (310) 201-8922
	 	 	 	Email:
    realestatenotices@pircher.com
	 	 	 	 
	 	If
    to Borrower:	 	Real
    Living Property Holdings – Texas, LLC
	 	 	 	c/o
    Assisted 4 Living, Inc
	 	 	 	5115
    FL-64
	 	 	 	Bradenton,
    Florida 34208
	 	 	 	Attn:
    Louis Collier
	 	 	 	Email:
    LCollier@assisted4living.com
	 	 	 	 
	 	with
    a copy to:	 	Bass
    Berry & Sims PLC
	 	 	 	150
    Third Avenue South, Suite 2800
	 	 	 	Nashville,
    Tennessee 37201
	 	 	 	Attn:
    Angela Humphreys
	 	 	 	Facsimile
    No.: (615) 742-7852
	 	 	 	Email:
    ahumphreys@bassberry.com

 

A
notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified
mail, when delivered or the first attempted delivery on a Business Day; in the case of expedited prepaid delivery, upon the first attempted
delivery on a Business Day; or in the case of facsimile or PDF or similar attachment to an e-mail, upon sender’s receipt of a machine-generated
confirmation of successful transmission after advice by telephone to recipient that a facsimile or e-mail notice is forthcoming. Any
failure to deliver a notice by reason of a change of address not given in accordance with this Section 10.6, or any refusal to
accept a notice, shall be deemed to have been given when delivery was attempted. Any notice required or permitted to be given by any
party hereunder or under any other Loan Document may be given by its respective counsel.

 

    	53

     

    

 

Section
10.7 Waiver of Trial by Jury. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND LENDER HEREBY AGREE NOT TO ELECT
A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY HERETO IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

Section
10.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any other purpose.

 

Section
10.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

Section
10.10 Preferences. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or
any other party under any bankruptcy law, state or Federal law, common law or equitable cause, then, to the extent of such payment or
proceeds received, the Obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and
effect, as if such payment or proceeds had not been received by Lender.

 

Section
10.11 Waiver of Notice. Borrower hereby expressly waives, and shall not be entitled to any notices of any nature whatsoever from
Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the
giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements,
permitted to waive the giving of notice.

 

Section
10.12 Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably
or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as
the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable
for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory
judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined
by an action seeking declaratory judgment. Further, it is agreed Lender shall not be in default under this Agreement, or under any other
Loan Document, unless a written notice specifically setting forth the claim of Borrower shall have been given to Lender within thirty
(30) days after Borrower first had knowledge of the occurrence of the event which Borrower alleges gave rise to such claim and Lender
does not remedy or cure the default, if any there be, promptly thereafter. Failure to give such notice shall constitute a waiver of such
claim.

 

    	54

     

    

 

Section
10.13 Expenses; Indemnity.

 

(a)
Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for
all out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection
with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of
the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without
limitation any opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect
to the Properties); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants
contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including,
without limitation, confirming compliance with environmental and insurance requirements (but not for Lender’s internal overhead);
(iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other
Loan Documents on its part to be performed or complied with after the Closing Date (but not for Lender’s internal overhead); (iv)
the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this
Agreement and the other Loan Documents and any other documents or matters requested by Borrower; (iii) enforcing Borrower’s compliance
with any requests made pursuant to the provisions of this Agreement; (iv) the filing and recording fees and expenses, title insurance
and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred
in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (v) enforcing or preserving
any rights, either in response to third party claims or in prosecuting or defending any action or proceeding or other litigation, in
each case against, under or affecting Borrower, this Agreement, the other Loan Documents, any Property, or any other security given for
the Loan; and (vi) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents
or with respect to any Property, or in connection with any refinancing or restructuring of the credit arrangements provided under this
Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings or any other amounts required under
Section 9.3; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent
the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and
payable to Lender may be paid by Lender from any Reserve Account.

 

(b)
Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including,
without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative
or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto), that may be imposed on, incurred
by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any breach by Borrower of its Obligations
under, or any misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use
of the proceeds of the Loan (the liabilities, losses, costs, expenses and other matters described in this subparagraph (b), collectively,
the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to an
Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful
misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding
sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted
to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties.

 

Section
10.14 Exhibits and Schedules Incorporated. Any Exhibits and Schedules annexed hereto are hereby incorporated herein as a part
of this Agreement with the same effect as if set forth in the body hereof.

 

Section
10.15 Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the
other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses solely to the extent such offsets,
counterclaims or defenses are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and
no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such
assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such
action or proceeding is hereby expressly waived by Borrower.

 

Section
10.16 No Joint Venture or Partnership; No Third Party Beneficiaries.

 

(a)
Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and
lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship
between Borrower and Lender nor to grant Lender any interest in any Property other than that of mortgagee, beneficiary or lender.

 

(b)
This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement
or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce
the performance or observance of any of the Obligations contained herein or therein. All conditions to the obligations of Lender to make
the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction
of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of
strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions,
any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable
or desirable to do so.

 

    	55

     

    

 

Section
10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach
the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any of its Affiliates
shall be subject to the prior approval of Lender.

 

Section
10.18 Waiver of Marshalling of Assets; Homestead Waiver. To the fullest extent permitted by law, Borrower, for itself and its
successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests
in Borrower, and of any Property, or to a sale in inverse order of alienation in the event of foreclosure of any Security Instrument,
and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead
exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender
under the Loan Documents to a sale of any Property for the collection of the Debt without any prior or different resort for collection
or of the right of Lender to the payment of the Debt out of the net proceeds of any Property in preference to every other claimant whatsoever.
To the extent permitted by applicable law, Borrower hereby waives any homestead protections that may be available to Borrower under the
law of the state in which the Properties are located.

 

Section
10.19 Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim,
in any action or proceeding brought against it by Lender or its agents.

 

Section
10.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and
any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented
by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall
not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect
to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any
statements, representations or recommendations of Lender or any Affiliate of Lender. Lender shall not be subject to any limitation whatsoever
in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which
govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them
may acquire in Borrower, and to the fullest possible extent permitted by applicable law or equity, Borrower hereby irrevocably waives
the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights
or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and
investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.

 

Section
10.21 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement other than Carnegie Capital, which
arranged the Loan. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities,
costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a
claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The
provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt.

 

Section
10.22 Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto
in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral
or written, including, without limitation, the Loan Application and Term Sheet dated August 13, 2021 between Borrower (or an agent or
representative of Borrower) and Lender, are superseded by the terms of this Agreement and the other Loan Documents.

 

    	56

     

    

 

Section
10.23 Cumulative Rights. All of the rights of Lender under this Agreement hereunder and under each of the other Loan Documents
and any other agreement now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly,
together, or in such combination as Lender may determine in its sole judgment.

 

Section
10.24 Counterparts; Electronic Delivery. This Agreement and all of the other Loan Documents may be executed in several counterparts,
each of which when executed and delivered is an original, but all of which together shall constitute one instrument. In making proof
of this Agreement, it shall not be necessary to produce or account for more than one such counterpart which is executed by the party
against whom enforcement of this Agreement is sought. The delivery of an executed counterpart of this Agreement or any other Loan Document
(other than Note) by facsimile or as a PDF or similar attachment to an email shall constitute effective delivery of such counterpart
for all purposes with the same force and effect as the delivery of an original, executed counterpart.

 

Section
10.25 Time is of the Essence. Time is of the essence of each provision of this Agreement and the other Loan Documents.

 

Section
10.26 Consent of Holder. Wherever this Agreement refers to Lender’s consent or discretion or other rights, such references
to Lender shall be deemed to refer to any holder of the Loan. The holder of the Loan may from time to time appoint a trustee or Servicer,
and Borrower shall be entitled to rely upon written instructions executed by a purported officer of the holder of the Loan as to the
extent of authority delegated to any such trustee or Servicer from time to time and determinations made by such trustee or servicer to
the extent identified as within the delegated authority of such trustee or Servicer, unless and until such instructions are superseded
by further written instructions from the holder of the Loan.

 

Section
10.27 Successor Laws. Any reference in this Agreement to any statute or regulation shall be deemed to include any successor statute
or regulation.

 

Section
10.28 Reliance on Third Parties. Lender may perform any of its responsibilities hereunder through one or more agents, attorneys
or independent contractors. In addition, Lender may conclusively rely upon the advice or determinations of any such agents, attorneys
or independent contractors in performing any discretionary function under the terms of this Agreement.

 

Section
10.29 Borrower’s Waiver. Borrower hereby waives all of its rights under any applicable law which substantially provides
as follows: “(a) The acceptance, by a creditor, of anything in partial satisfaction of an obligation, reduces the obligation of
a surety thereof, in the same measure as that of the principal, but does not otherwise affect it. However, if the surety is liable upon
only a portion of an obligation and the principal provides partial satisfaction of the obligation, the principal may designate the portion
of the obligation that is to be satisfied; and (b) an agreement by a creditor to accept from the principal debtor a sum less than the
balance owed on the original obligation, without the prior consent of the surety and without any other change to the underlying agreement
between the creditor and principal debtor, shall not exonerate the surety for the lesser sum agreed upon by the creditor and principal
debtor.”

 

[The
Remainder of the Page is Intentionally Blank]

 

    	57

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of
the day and year first above written.

 

	 	BORROWER:
	 	 
	 	REAL
    LIVING PROPERTY HOLDINGS – TEXAS, LLC,
	 	a
    Texas limited liability company
	 	 
	 	By:
     	/s/
    Louis Collier
	 	Name: 	Louis
    Collier
	 	Title:	CEO
    & President

 

(Signatures
continue on following page)

 

Signature Page – Loan
Agreement 

 

    	 

     

    

 

	 	LENDER:
	 	 
	 	ARENA
    LIMITED SPV, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
    Lawrence Cutler
	 	Name: 	Lawrence
    Cutler
	 	Title:	Authorized
    Signatory

 

Signature
Page – Loan Agreement

 

    	 

     

    

 

SCHEDULE
1

 

ORGANIZATIONAL
CHART

 

 

    	Schedule 1

     

    

 

SCHEDULE
2

 

REQUIRED
REPAIRS

 

 

    	Exhibit A

     

    

 

 

ALL
IMMEDIATE REPAIRS TO BE COMPLETED WITHIN NINETY DAYS FROM THE DATE OF THIS AGREEMENT.

 

    	Exhibit A

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