Document:

Exhibit 10.2

 

MORTGAGE, ASSIGNMENT OF RENTS AND LEASES, SECURITY
AGREEMENT AND FIXTURE FILING

 

[This
is a construction mortgage as defined in Sections 409.334 and 706.11(1m) of the Wisconsin Statutes.]

 

THIS MORTGAGE, ASSIGNMENT
OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING (this “Instrument”) is made and entered into as of this
22nd day of December, 2021, by______________, LLC, a Delaware limited liability company (“Mortgagor”),
having an address of 940 South Coast Drive, Suite 200, Costa Mesa, California 92626, Attn: David J. Katzoff, as Mortgagor, in favor of
______________, LLC, a Delaware limited liability company, as Mortgagee (together with its successors and assigns, “Mortgagee”),
Mortgagee having a business address of One Alliance Center, Suite 625, 3500 Lenox Road NE, Atlanta, Georgia 30326, this Instrument being
given to secure the Secured Indebtedness (as hereinafter defined), which includes a loan in a principal amount not to exceed _______________
AND NO/100 DOLLARS ($______________) at any one time outstanding (the “Loan”), having a maturity date of January 1, 2025 (“Scheduled
Maturity Date”), subject to extension to January 1, 2026 and January 1, 2027, as set forth in Section 10.27 of the Loan
Agreement (as defined below). “Maturity Date” means the earlier of (i) the Scheduled Maturity Date, or (ii) the date
on which the unpaid principal balance of the Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents
(as hereinafter defined) or the exercise by Mortgagee of any right or remedy under any Loan Document.

 

W I T N E S S E T H:

 

WHEREAS, the Mortgagor, Mortgagee
and certain other parties have entered into that certain Loan Agreement, dated of even date herewith (together with all amendments, extensions,
modifications, restatements, and supplements thereto, being referred to hereinafter as the “Loan Agreement”; all capitalized
terms used herein and not otherwise defined shall have the same meanings given to such terms in the Loan Agreement);

 

WHEREAS, pursuant and
subject to the Loan Agreement, the Mortgagee has agreed to lend the Mortgagor the Loan as evidenced by that certain Real Estate Note
dated of even date herewith in the face principal amount of  ______________ AND NO/100 DOLLARS ($_____________) maturing on the
Maturity Date, or such earlier date as may be provided under the Loan Agreement, together with any renewals, modifications,
consolidations and extensions thereof and amendments thereto (the “Note”);

 

WHEREAS, Mortgagor is the owner
of a fee simple interest in the real property described on Exhibit “A” attached hereto and incorporated herein by reference;
and

 

WHEREAS, Mortgagee has required
the execution of this Instrument as a condition to the Loan;

 

NOW, THEREFORE, Mortgagor, in
consideration of the Secured Indebtedness herein recited and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, does hereby grant, mortgage, bargain, sell, alien, remise, release, convey, assign, transfer, deliver, set over,
warrant and confirm unto Mortgagee, its successors and assigns, subject to the further terms of this Instrument, all of the following
property (collectively, the “Secured Property”):

 

    	 	 	 

    	 

    

 

ALL OF MORTGAGOR’S RIGHTS,
TITLES, AND INTERESTS IN AND TO THOSE TRACTS OR PARCELS OF LAND being more particularly described in Exhibit “A” attached
hereto and incorporated herein by this reference, together with all right, title, and interest of Mortgagor, including any after-acquired
title or reversion, in and to the rights-of-ways, streets, and alleys adjacent thereto, all easements, and licenses, appertaining thereto,
all strips and gores of land adjacent thereto, all vaults, sewers, sewer rights, waters, water courses, water rights and powers, pumps,
pumping plants, pipes, flumes, and ditches appertaining thereto, all oil, gas, and other minerals located thereunder, all shrubs, crops,
trees, timber and other emblements now or hereafter located thereon, and all estates, rights, titles, interests, privileges, liberties,
tenements, hereditaments, and appurtenances whatsoever, in any way belonging, relating to, or appertaining to any of the foregoing (collectively
hereinafter referred to as the “Land”);

 

TOGETHER WITH all of Mortgagor’s
rights, titles, and interests in and to fixtures, buildings, structures, parking areas, landscaping, and other improvements of every nature
now or hereafter situated, erected, or placed on the Land and all appurtenances and additions thereto and substitutions or replacements
thereof, including, without limitation, all vehicles, books, gas and electric fixtures, radiators, heaters, furnaces, engines and machinery,
boilers, ranges, ovens, elevators and motors, bathtubs, sinks, commodes, basins, pipes, faucets and other plumbing, heating and air conditioning
equipment, mirrors, refrigerating plant, refrigerators, iceboxes, dishwashers, carpeting, floor coverings, furniture, light fixtures,
signs, lawn equipment, water heaters, cooking apparatus and appurtenances, china, glassware, tableware, uniforms, linen, guest ledgers,
books, vehicles, telephone systems, televisions and television systems, computer systems, and all other fixtures and equipment (collectively
hereinafter referred to as the “Improvements”);

 

TOGETHER WITH all machinery,
equipment, and other personal property of Mortgagor either located on or used in connection with the Land (the “Personal Property”);

 

TOGETHER WITH all right, title
and interest of Mortgagor in and to all policies of insurance and all condemnation proceeds, which in any way now or hereafter belong,
relate, or appertain to the Land, the Improvements, or the Personal Property, or any part thereof;

 

TOGETHER WITH all present and
future leases, tenancies, occupancies, and licenses, and guaranties thereof, whether written or oral (“Leases”), of
the Land or the Improvements or any part thereof, and all income, rents, accounts receivable, food and beverage deposits, room deposits,
credit card receivables and payments, issues, royalties, profits, revenues, security deposits, and other benefits of the Land or the Improvements,
from time to time accruing, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest
rooms, restaurants, bars (including, without limitation, service charges for employees and staff), mini-bars, meeting rooms, banquet rooms,
apartments, parking, and recreational facilities, health club membership fees, food and beverage wholesale and retail sales, service charges,
convention services, special events, audio-visual services, boat cruises, travel agency fees, telephone charges, laundry services, vending
machines and otherwise, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter
arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the possession, use and occupancy
of all or any portion of the Land or Improvements or personalty located thereon, or rendering of services by Mortgagor or any operator
or manager of the hotel or the commercial space located in the Improvements or acquired from others (including, without limitation, from
the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations
of such space, and charges for services such as room service, telecommunication and video, electronic mail, internet connection and other
communications and entertainment services), license, lease, sublease and concession fees and rentals, and proceeds, if any, from business
interruption or other loss of income insurance and any other items of revenue which would be included in operating revenues under the
Uniform System of Accounts for Lodging Industry, current edition (hereinafter collectively referred to as the “Revenues”);

 

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TOGETHER WITH all of Mortgagor’s
rights, titles and interests in and to contracts and agreements for the construction, operation or inspection of the Improvements (including
but not limited to franchise and licensing agreements and liquor licenses) and other contracts and general intangibles (including but
not limited to trademarks, trade names, goodwill and symbols) related solely to the Land and Improvements or the operation thereof;

 

TOGETHER WITH all deposits (including
but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Land
and Improvements, and any deposits or reserves hereunder or under any other Loan Documents (as defined in the Loan Agreement) for taxes,
insurance, repairs, renovations or otherwise), rebates or refunds of impact fees, taxes, assessments or charges, and all other contracts,
purchase agreements, instruments and documents as such may arise from or be related to the Land and Improvements;

 

TOGETHER WITH all permits, licenses,
franchises, certificates, development rights, commitments and rights for utilities, and other rights and privileges obtained in connection
with the Land and Improvements;

 

TOGETHER WITH Mortgagor’s
rights, titles and interests in and to all oil, gas and other hydrocarbons and other minerals produced from or allocated to the Land and
all products processed or obtained therefrom, and the proceeds thereof;

 

TOGETHER WITH all proceeds,
products, substitutions, and accessions of the foregoing of every type.

 

TO HAVE AND TO HOLD the Secured
Property and all parts, rights, members, and appurtenances thereof, in fee simple, to the use, benefit and behoove of Mortgagee , its
successors or assigns, IN FEE SIMPLE forever.

 

THIS CONVEYANCE is given to
secure the following obligations (collectively, the “Secured Indebtedness”) in such order of priority as may be determined
pursuant to the Loan Agreement:

 

(i)       all
indebtedness of the Mortgagor under the Note and the Loan Agreement which amount shall be secured hereby with priority effective as of
the date hereof;

 

(ii)       all
of the foregoing indebtedness as may from time to time be evidenced by one or more other promissory notes in favor of the Mortgagee;

 

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(iii)       any
and all future advances made pursuant to the Note, the Loan Agreement, this Instrument and any of the other Loan Documents by the Mortgagee
to or for the benefit of the Mortgagor, direct or indirect, together with interest, fees, costs, and other amounts hereafter arising;

 

(iv)       the
full and prompt payment and performance of any and all other obligations and covenants of the Mortgagor to Mortgagee under the terms of
any other Loan Documents;

 

(v)       any
and all additional advances made by the Mortgagee to protect or preserve the Secured Property or the lien hereof on the Secured Property,
or to pay taxes, to pay premiums on insurance on the Secured Property or to repair or maintain the Secured Property, or to complete improvements
on the Secured Property (whether or not the original Mortgagor remains the owner of the Secured Property at the time of such advances
and whether or not the original Mortgagee remain the owner of the Secured Indebtedness and this Instrument); and

 

(vi)       any
and all out of pocket expenses incident to the collection of the Secured Indebtedness and the foreclosure hereof by action in any court
or by exercise of the power of sale herein contained, including, without limitation, reasonable attorneys’ fees and costs of collection
actually incurred.

 

Provided, however, upon repayment
of the entire Secured Indebtedness, the Secured Property shall be released from the lien of this Instrument and the Instrument satisfied
of record.

 

Mortgagor further covenants
and agrees with Mortgagee as follows:

 

Article
1

Covenants of Mortgagor

 

Section 1.1      Title to
the Secured Property. Mortgagor warrants that: (i) it has title to the Secured Property in fee simple subject only to the those matters
(the “Permitted Encumbrances”) expressly set forth in Mortgagee’s lender title policies and by this reference
incorporated herein and as otherwise permitted under the Loan Documents; (ii) it has full power and lawful authority to encumber the Secured
Property in the manner and form herein set forth; (iii) it owns or will own all Improvements; (iv) this Instrument creates a valid and
enforceable security title, security interest, and lien on the Secured Property; and (v) it will preserve such title, and will forever
warrant and defend the same to Mortgagee and will forever warrant and defend the validity and priority of the lien hereof against the
claims of all persons and parties whomsoever, except as to the Permitted Encumbrances.

 

Section 1.2      Maintenance
of the Secured Property.

 

(a)       Mortgagor
will keep the buildings, parking areas, roads and walkways, recreational facilities, landscaping and all other improvements of any kind
now or hereafter erected on the Secured Property or any part thereof in good condition and repair, will not commit or suffer any material,
physical waste or will not do or suffer to be done anything which would or could increase the risk of fire or other hazard to the Secured
Property or any other part thereof or which would or could reasonably result in the cancellation of any insurance policy carried with
respect to the Secured Property.

 

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(b)       Mortgagor
will not materially remove, demolish or alter the structural character of the Secured Property without the written consent of Mortgagee.
Except as otherwise permitted under the Loan Documents, Mortgagor shall not remove or permit to be removed from the Secured Property any
item or items referred to in this Instrument which are or may hereafter be in any way attached or affixed to the Land or to any improvement
thereon.

 

(c)       If
the Secured Property or any part thereof is damaged by fire or other cause, Mortgagor will give prompt written notice thereof to Mortgagee.

 

(d)       Mortgagee
and any persons authorized by Mortgagee shall have the right during business hours on business days to enter upon and inspect the Secured
Property and to make or cause to be made such investigations and analyses thereof as Mortgagee deems necessary at all reasonable times
and upon reasonable prior notice, and access thereto shall be permitted for such purposes.

 

(e)       Mortgagor
will promptly comply with all present and future laws, ordinances, orders, rules and regulations of any governmental authority affecting
the Secured Property or any part thereof.

 

(f)       If
all or any part of the Secured Property shall be damaged by fire or other casualty, Mortgagor will promptly restore the Secured Property
to the equivalent of its original condition or payoff the Secured Indebtedness in accordance with the Loan Documents; and if a part of
the Secured Property shall be damaged through condemnation, Mortgagor will promptly restore, repair or alter the remaining portions of
the Secured Property in a manner reasonably satisfactory to Mortgagee in accordance with the Loan Documents.

 

(g)       Mortgagor
shall not, directly or indirectly, initiate, join in or consent to any change in any private restrictive covenant, zoning ordinance or
other public or private restrictions applicable to the Secured Property or any part thereof or interest therein without the prior written
consent of Mortgagee, such consent not to be unreasonably withheld, conditioned or delayed, and no such action, vote, consent or the like
taken or given by Mortgagor with respect to the Secured Property or any part thereof or interest therein shall be effective without such
prior written consent.

 

Section 1.3       Insurance;
Restoration.

 

(a)       Mortgagor
shall obtain and maintain, or cause to be obtained and maintained, for the benefit of Mortgagee during the term of this Instrument, insurance
policies or certificates thereof providing the following types of insurance relating to the Secured Property; issued by such insurance
companies rated at least “A- VIII” by A.M. Best; with a waiver of subrogation in favor of Mortgagee; and in such amounts,
in such form and substance, and with such expiration dates as are reasonably acceptable to Mortgagee; in the case of property insurance,
such policies to provide that the insurer shall give Mortgagee at least thirty (30) days prior written notice of cancellation, and to
provide that no act or thing done by the insured shall invalidate or diminish the insurance provided to Mortgagee; in the case of liability
insurance, Mortgagor shall give Mortgagee at least thirty (30) days prior written notice of cancellation; and containing clauses reasonably
satisfactory to Mortgagee listing Mortgagee as mortgagee and lender loss payable on all property insurance policies and as additional
insured on all liability policies:

 

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(1)        Special
form or “All risk” commercial property insurance covering the Secured Property against all hazards, including, without limitation,
wind, hail, named windstorm and collapse, the amount of which insurance shall be not less than one hundred percent (100%) of the full
replacement cost of the Secured Property without deduction for depreciation unless Mortgagee agrees in writing to accept coverage in a
lesser amount; and

 

(2)        Rent/business
interruption insurance against loss of income arising out of any hazard against which the Secured Property are required to be insured
under Subparagraph 1.3(a)(1) above in an amount not less than one hundred percent (100%) of twelve (12) months’ payments
due under the Note, plus a six-month extended period of indemnity; and

 

(3)        Commercial
general liability insurance covering all liabilities incident to the construction, ownership, possession and operation of the Secured
Property, in amounts equal to or greater than $1,000,000.00 per accident or occurrence and $2,000,000 in the aggregate on a "per
location" basis; and

 

(4)       Umbrella
or excess liability in an amount not less than $15,000,000 per occurrence and in the aggregate on terms consistent with the commercial
general liability insurance policy required under subsection (3) above; and

 

(5)       If
applicable, equipment breakdown or boiler and machinery insurance, in amounts as shall be reasonably required by Mortgagee on terms consistent
with the commercial property insurance policy required under subsection (1) above; and

 

(6)       If
the Secured Property is or becomes a legal “non-conforming” use or structure, ordinance or law insurance covering the value
of the undamaged portion of the Secured Property, the cost of demolition and debris removal, and increased cost of construction in amounts
as requested by Mortgagee; and

 

(7)       The
commercial property, rent/business interruption, commercial general liability and umbrella or excess liability insurance required under
this section shall cover acts of terrorism or Mortgagor shall maintain such coverage on a standalone basis; and

 

(8)       at
all times during which construction (including repairs, restoration, alterations or structural work) are being made to the Secured Property
and the insurance policies required elsewhere in Section 1.3 do not provide coverage for the construction, (A) the insurance required
in Subsection (1) above written on a builder’s risk completed value form (i) on a non-reporting basis, (ii) against all
risks insured against pursuant to Subsection (1) above, (iii) with policy limits sufficient to cover all repeatable hard costs and
soft costs, (iv) including permission to occupy the Property, and (v) to include coverage for the insurance required in Subsections
(2) and (7), Subsections (5) and (6) if applicable, and any relevant portions of Subsection (9) above; (B) construction operations liability
insurance provided by parties, with limits, and in form and substance acceptable to Mortgagee (i) on terms equivalent to Subsections (3)
and (4) above, (ii) with an extended reporting period for completed operations through the statute of repose for construction defect claims,
or with completed operations coverage to be maintained through such statute of repose, and (iii) with Mortgagor as a named insured unless
agreed to in writing by Mortgagee; (D) liability insurance from any general contractor, construction manager, and/or contractor with a
contract directly with Mortgagor, and in compliance with the contract governing the work of each such party, and (E) liability insurance
from the architect and prime engineer(s) in compliance with the contract governing the work of each such party; and

 

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(9)        Such
other insurance on the Secured Property or any replacements or substitutions therefor and in such amounts as may from time to time be
reasonably required by Mortgagee against other insurable casualties which at the time are commonly insured against in the case of properties
of similar character and location, due regard being given to the height and type of the improvements, their construction, location, use
and occupancy, or any replacements or substitutions therefor.

 

If Mortgagor fails to procure
and maintain any of the insurance required herein, Mortgagee may, at Mortgagee’s option (without any obligation to do so), obtain
such insurance coverage to protect Mortgagee’s interest in the Secured Property as Mortgagee shall so determine in Mortgagee’s
sole discretion. Mortgagor shall reimburse Mortgagee upon demand for all costs incurred by Mortgagee hereunder.

 

(b)       Mortgagee
is hereby authorized and empowered, at its option after consulting with Mortgagor and subject to the terms and conditions of any applicable
lease or similar agreement, to adjust or compromise any loss under any insurance policies maintained pursuant to this Section 1.3,
and to collect and receive the proceeds from any such policy or policies. Each insurance company is hereby authorized and directed to
make payment for all such losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly. In the event any insurance company
fails to disburse directly and solely to Mortgagee but disburses instead either solely to Mortgagor or to Mortgagor and Mortgagee jointly,
Mortgagor agrees immediately to endorse and transfer such proceeds to Mortgagee. Upon the failure of Mortgagor to endorse and transfer
such proceeds as aforesaid, Mortgagee may execute such endorsements or transfers for and in the name of Mortgagor and Mortgagor hereby
irrevocably appoints Mortgagee as Mortgagor’s agent and attorney-in-fact so to do. Subject to the terms and conditions of Section
3.14(c) and Section 3.15 and any applicable lease or similar agreement, including, without limitation, any obligation of Mortgagor
to repair or replace property, after deducting from said insurance proceeds all of its expenses incurred in the collection and administration
of such sums, including reasonable attorneys’ fees, Mortgagee may apply the net proceeds or any part thereof, at its option, (i)
to the payment of the Secured Indebtedness, whether or not due and in whatever order Mortgagee elects, (ii) to the repair and/or restoration
of the Secured Property, and/or (iii) for any other purposes or objects for which Mortgagee is entitled to advance funds under this Instrument,
all without affecting the security interest created by this Instrument; and any balance of such moneys then remaining shall be paid to
Mortgagor or the person or entity lawfully entitled thereto. Mortgagee shall not be held responsible for any failure to collect any insurance
proceeds due under the terms of any policy regardless of the cause of such failure.

 

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(c)       At
least thirty (30) days prior to the expiration date of each policy maintained pursuant to this Section 1.3, a renewal or replacement
insurance certificate reasonably satisfactory to Mortgagee shall be delivered to Mortgagee. Upon receipt of written request of Mortgagee,
Mortgagor shall deliver to Mortgagee receipts evidencing the payment for all such insurance policies and renewals or replacements.

 

Section 1.4       Taxes and
Other Charges. Except as otherwise provided by the Loan Agreement, Mortgagor shall pay and discharge prior to the delinquency date
thereof all taxes of every kind and nature, all water charges, sewer rents and assessments, levies, permits, inspection and license fees,
and all other charges imposed upon or assessed against the Secured Property or any part thereof or upon the revenues, rents, issues, income,
and profits of the Secured Property and, unless Mortgagor is making monthly deposits with Mortgagee in accordance with Section 1.11
hereof, Mortgagor shall exhibit to Mortgagee validated receipts (or other commercially reasonable evidence of payment) showing the payment
of such taxes, assessments, water charges, sewer rents, levies, fees, and other charges which may be or become a lien on the Secured Property
within ten (10) days after Mortgagee’s request therefor. Should Mortgagor default in the payment of any of the foregoing taxes,
assessments, water charges, sewer rents, or other charges, Mortgagee may, but shall not be obligated to, pay the same or any part thereof,
and amounts so paid shall be secured by this Instrument, and Mortgagor shall, within ten (10) days following receipt of reasonably detailed
written demand therefor, reimburse Mortgagee for all amounts so paid.

 

Section 1.5       Mechanics’
and Other Liens. Except as otherwise provided by the Loan Agreement, Mortgagor shall pay, from time to time when the same shall become
due, all lawful claims and demands of mechanics, materialmen, laborers, and others which, if unpaid, might result in, or permit the creation
of, a lien or claim of lien on the Secured Property or any part thereof and, in general, Mortgagor shall do, or cause to be done, at the
cost of Mortgagor and without expense to Mortgagee, everything necessary to fully preserve the priority and the lien of this Instrument.
In the event Mortgagor fails to make payment of such claims and demands, Mortgagee may, but shall not be obligated to, make payment thereof,
and all sums so expended shall be secured by this Instrument, and Mortgagor shall, within ten (10) days following receipt of reasonably
detailed written demand therefor, reimburse Mortgagee for all sums so expended.

 

Section 1.6       Condemnation
Awards. Mortgagor, promptly after receipt of written notice of the institution of any proceedings for the condemnation of the Secured
Property or any portion thereof, will notify Mortgagee of the pendency of such proceedings. Mortgagee may participate in any such proceedings
and Mortgagor from time to time will deliver to Mortgagee all instruments requested by it to permit such participation. All awards and
compensation for condemnation or other taking or purchase in lieu thereof, of the Secured Property or any part thereof, are hereby assigned
to and shall be paid to Mortgagee. Mortgagor hereby authorizes Mortgagee to collect and receive such awards and compensation and to give
proper receipts and acquittances therefor. Unless otherwise approved by Mortgagee, all such awards and compensation shall be applied in
the manner as provided in Section 3.14 of this Instrument. Mortgagor, upon request by Mortgagee, shall make, execute, and deliver
any and all instruments requested for the purpose of confirming the assignment of the aforesaid awards and compensation to Mortgagee free
and clear of any liens, charges, or encumbrances of any kind or nature whatsoever.

 

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Section 1.7       Reasonable
Costs of Defending and Upholding the Lien. If any action or proceeding is commenced to which action or proceeding Mortgagee is made
a party or in which it becomes necessary for Mortgagee to defend or uphold the lien or security title of this Instrument, Mortgagor shall,
within ten (10) days following Borrower’s receipt of written demand therefor (including the substantiation of such costs and expenses),
reimburse Mortgagee for all reasonable, out of pocket expenses (including, without limitation, reasonable attorneys’ fees and appellate
attorneys’ fees) actually incurred by Mortgagee in any such action or proceeding and all such expenses shall be secured by this
Instrument.

 

Section 1.8       Additional
Advances and Disbursements. Mortgagor shall pay when due all payments and charges on all mortgages, deeds of trust, security agreements,
liens, encumbrances, ground and other leases, and security interests which may be or become superior or inferior to the lien of this Instrument,
and in default thereof, Mortgagee shall have the right, but shall not be obligated, to pay, without notice to Mortgagor, such payments
and charges, and Mortgagor shall, within ten (10) days following Borrower’s receipt of written demand therefor (including the substantiation
of such costs and expenses), reimburse Mortgagee for amounts so paid. In addition, upon default of Mortgagor in the performance of any
other terms, covenants, conditions, or obligations by it to be performed under any such prior or subordinate lien, encumbrance, lease,
or security interest, Mortgagee shall have the right, but shall not be obligated, to cure such default in the name and on behalf of Mortgagor.
All out of pocket sums advanced and expenses incurred at any time by Mortgagee pursuant to this Section 1.8 or as otherwise provided
under the terms and provisions of this Instrument or under applicable law shall be reimbursed by Mortgagor within ten (10) days following
Mortgagor’s receipt of written demand therefor (including the substantiation of such costs and expenses) and, if unpaid within such
time period, shall bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement,
computed at the Default Rate (as defined in the Note).

 

Section 1.9       Costs of
Enforcement. Mortgagor agrees to bear and pay all out of pocket expenses (including reasonable attorneys’ fees and costs of
collection) of or incidental to the perfection and enforcement of any provision hereof, or the enforcement, compromise, or settlement
of this Instrument or the Secured Indebtedness, and for the curing thereof, or for defending or asserting the rights and claims of Mortgagee
in respect thereof, by litigation or otherwise. All rights and remedies of Mortgagee shall be cumulative and may be exercised singly or
concurrently. Notwithstanding anything herein contained to the contrary, but subject to applicable law, Mortgagor: (a) will not (i) at
any time insist upon, or plead, or in any manner whatsoever claim or take any benefit or advantage of any stay or extension or moratorium
law, any exemption from execution or sale of the Secured Property or any part thereof, wherever enacted, now or at any time hereafter
in force, which may affect the covenants and terms of performance of this Instrument, nor (ii) claim, take, or insist upon any benefit
or advantage of any law now or hereafter in force providing for the valuation or appraisal of the Secured Property, or any part thereof,
prior to any sale or sales thereof which may be made pursuant to any provision herein, or pursuant to the decree, judgment, or order of
any court of competent jurisdiction, nor (iii) after any such sale or sales, claim or exercise any right under any statute heretofore
or hereafter enacted to redeem the property so sold or any part thereof; (b) hereby expressly waives all benefit or advantage of any such
law or laws; and (c) covenants not to hinder, delay, or impede the execution of any power herein granted or delegated to Mortgagee, but
to suffer and permit the execution of every power as though no such law or laws had been made or enacted; provided Mortgagor’s raising
a good faith defense shall not be deemed to hinder, delay or impede. Mortgagor, for itself and all who may claim under it, waives, to
the extent that it lawfully may, all right to have the Secured Property marshaled upon any foreclosure hereof.

 

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Section 1.10       Intangible
and Other Taxes. Mortgagor shall pay any and all taxes, charges, filing, registration and recording fees, excises, and levies imposed
upon Mortgagee by reason of its ownership of this Instrument and the other Loan Documents, or by reason of the recording or filing thereof,
or any security instrument supplemental hereto, any security instrument or Uniform Commercial Code financing statement with respect to
any fixtures or personal property owned by Mortgagor at the Secured Property and any instrument of further assurance (other than income,
franchise and doing business taxes), and shall pay all stamp or intangible taxes and other taxes required to be paid on any of the Loan
Documents except any taxes or fees in connection with Mortgagee’s sale or assignment of any Loan Documents. In the event Mortgagor
fails to make such payment after demand by Mortgagee then Mortgagee shall have the right, but shall not be obligated, to pay the amount
due, and Mortgagor shall, within ten (10) days following Borrower’s receipt of written demand therefor (including the substantiation
of such costs and expenses) reimburse Mortgagee for said amount, and until so paid said amount shall become part of the Secured Indebtedness.
The provisions of this Section shall survive the repayment of the Secured Indebtedness.

 

Section 1.11       Escrow
Deposits. Mortgagor shall deposit with Mortgagee, monthly, one twelfth (1/12th) of the insurance premiums and real estate taxes, assessments,
water, sewer, and other charges which might become a lien upon the Secured Property. In addition, Mortgagor shall simultaneously therewith
deposit with Mortgagee a sum of money which together with the monthly installments aforementioned will be sufficient to make each of the
payments aforementioned at least thirty (30) days prior to the date such payments are deemed delinquent. Should said charges not be ascertainable
at the time any deposit is required to be made with Mortgagee, the deposit shall be made on the basis of the charges for the prior year,
and when the charges are fixed for the then current year, Mortgagor shall deposit any deficiency with Mortgagee. All funds so deposited
with Mortgagee shall be held by it without interest, may be commingled by Mortgagee with its general funds and shall be applied in payment
of the charges aforementioned when and as payable, to the extent the funds deposited are sufficient. If deposits are being made with Mortgagee,
Mortgagor shall furnish Mortgagee with bills for the charges for which such deposits are required to be made hereunder and/or such other
documents necessary for the payment of same, at least fifteen (15) days prior to the date on which the charges first become payable. In
the event Mortgagor fails to pay any such amount, Mortgagee may, but shall not be obligated to, make payment thereof, and Mortgagor shall,
on demand, reimburse Mortgagee for all sums so expended, and until Mortgagee has been so reimbursed, such amount shall be added to the
Secured Indebtedness.

 

Section 1.12       Transfer
of the Secured Property. Mortgagor hereby acknowledges to Mortgagee that (a) the identity and expertise of Mortgagor were and continue
to be material circumstances upon which Mortgagee has relied in connection with, and which constitute valuable consideration to Mortgagee
for, the extending to Mortgagor of the Secured Indebtedness and (b) except as otherwise permitted in the Loan Documents, any change in
such identity or expertise could materially impair or jeopardize the security for the payment of the Secured Indebtedness granted to Mortgagee
by this Instrument. Mortgagor hereby covenants and agrees with Mortgagee, as part of the consideration for the extending to Mortgagor
of the Secured Indebtedness, that, except as permitted under the Loan Documents, Mortgagor shall not encumber, pledge, convey, transfer
or assign any or all of its interest in the Secured Property without the prior written consent of Mortgagee, and, if Mortgagor is a corporation,
partnership, limited liability company or other artificial entity, there shall be no encumbrance, pledge, conveyance, transfer or assignment
of any legal or beneficial interest whatsoever in Mortgagor or in any entity comprising Mortgagor. Such consent of Mortgagee may be given
or withheld by Mortgagee at its sole discretion. The consent by Mortgagee to any sale, transfer, pledge, encumbrance, creation of a security
interest in, or other hypothecation of, any portion of the Secured Property shall not be deemed to constitute a novation or a consent
to any further sale, transfer, pledge, encumbrance, creation of a security interest in or other hypothecation, or to waive the right of
Mortgagee, at its option, to declare the Secured Indebtedness immediately due and payable, without notice to Mortgagor or any other person
or entity, upon any such sale, transfer, pledge, encumbrance, creation of a security interest or other hypothecation to which Mortgagee
shall not have consented.

 

    	 	10	 

    	 

    

 

Section 1.13       Leases,
Contracts, Etc. Mortgagor hereby further agrees as follows:

 

(a)       Mortgagor
does hereby assign to Mortgagee, the Leases and Revenues (reserving only to Mortgagor the right to collect currently due and payable Revenues
so long as no Event of Default has occurred and is continuing hereunder), and Mortgagor agrees to execute and deliver to Mortgagee such
additional instruments, in form and substance reasonably satisfactory to Mortgagee, as may hereafter be requested by Mortgagee further
to evidence and confirm said assignment; provided, however, that acceptance of any such assignment shall not be construed to impose upon
Mortgagee any obligation with respect to any Lease (including, without limitation, any liability under the covenant of quiet enjoyment
contained in any Lease or in any law of any applicable state in the event that any lessee shall have been joined as a party defendant
in any action to foreclose this Instrument and shall have been barred and foreclosed thereby of all right, title, and interest and equity
of redemption in the Secured Property). Mortgagor shall not cancel or permit the cancellation of any Lease, or materially modify or amend
any Lease affecting the Secured Property, or accept, or permit to be made, any prepayment of any installment of rent or fees thereunder
(except for security deposits and the usual prepayment of rent which results from the acceptance by a landlord on or about the first day
of each month of the rent for that month). Mortgagor shall faithfully keep and substantially perform, or cause to be kept and performed,
all of the material covenants, conditions and agreements contained in each of said instruments, now or hereafter existing, on the part
of Mortgagor to be kept and performed and shall at all times do all things reasonably necessary to compel performance by each other party
to said instruments of all material obligations, covenants and agreements by such other party to be performed thereunder.

 

(b)       Mortgagor
shall not execute an assignment of the Leases or Revenues, or any part thereof unless Mortgagee shall first consent to such assignment
and unless such assignment shall expressly provide that it is subordinate to the collateral assignment contained in this Instrument and
any collateral assignment executed pursuant hereto or concerning the Secured Indebtedness.

 

(c)       Mortgagor
shall furnish to Mortgagee, within twenty (20) days after a written request by Mortgagee to do so, a sworn statement setting forth the
names of all lessees and tenants of the Secured Property pursuant to leases in excess of $75,000.00 per year per lease, the terms of their
respective Leases, the space occupied, and the rentals payable thereunder, and stating to Mortgagor’s best knowledge whether any
material defaults, off-sets or defenses exist in connection with any of said Leases. Any and all Leases, entered into after the date of
this Instrument shall provide for giving by the lessees or tenants thereunder of certificates with respect to the status of such Leases
and Mortgagor shall exercise Mortgagor’s right to request such certificates promptly upon receipt of any demand therefor by Mortgagee.
Mortgagor shall provide Mortgagee with a copy of any written notice of default received by it from any tenant under any Lease.

 

    	 	11	 

    	 

    

 

(d)       Subject
to any materiality thresholds in the Loan Agreement, Mortgagee shall have the absolute and continuing right, at all times hereafter, to
review and approve, which approval shall not be unreasonably withheld, conditioned or delayed, any and all Leases and any other material
contracts, licenses or permits which, pursuant to their operation and effect, will (or are reasonably likely to) affect, the Secured Property,
or any part thereof, and any and all modifications to existing agreements, licenses, and permits which are proposed to be entered into
subsequent to the date of this Instrument prior to their execution and delivery by Mortgagor. Without limiting the generality of the foregoing,
and in any event, each such Lease shall contain a provision that the rights of the parties thereunder are expressly subordinate to all
of the rights and title of Mortgagee under this Instrument, and (ii) any such Lease shall contain a provision whereby the parties thereunder
expressly recognize and agree that, notwithstanding such subordination, Mortgagee may sell the Secured Property in the manner provided
in Article 2, and thereby, at the option of Mortgagee, sell the same subject to such instrument.

 

(e)       Each
lease, tenant contract and rental agreement pertaining to the Secured Property, or any part thereof, shall provide that, in the event
of the enforcement by Mortgagee of the remedies provided by law or by this Instrument, the lessee or tenant thereunder will, upon request
of Mortgagee or any other person or entity succeeding to the interest of Mortgagee as a result of such enforcement, attorn to Mortgagee
and automatically become the lessee or tenant of Mortgagee or said successor in interest, without change in the terms or other provisions
of said lease, tenant contract or rental agreement; provided, however, that neither Mortgagee nor any such successor in interest shall
be bound by any payment of rental or additional rental for more than one (1) month in advance, except prepayments in the nature of a security
deposit for the performance by said lessee or tenant of its obligations under said lease, tenant contract or rental agreement (and then
only if such prepayments have been deposited with and are under the control of Mortgagee). Each lease, tenant contract and rental agreement
pertaining to the Secured Property shall also provide that, upon request by said successor in interest, the lessee or tenant thereunder
shall deliver an instrument or instruments confirming such attornment.

 

Section 1.14       Estoppel
Certificates. Mortgagor, within twenty (20) days after receipt of written request, shall furnish to Mortgagee a written statement,
duly acknowledged, setting forth to its knowledge the amount due under this Instrument, the terms of payment and maturity date related
to all amounts advanced pursuant to or outstanding under the Loan Agreement, the date to which interest has been paid, whether any offsets
or defenses exist against the Secured Indebtedness and, if any are alleged to exist, the nature thereof shall be set forth in detail.

 

Section 1.15       Intentionally
omitted.

 

Section 1.16       Indemnity.
Mortgagor shall indemnify and hold Mortgagee harmless from and against any and all suits, actions, claims, proceedings (including third
party proceedings), actual damages, losses, liabilities, and out of pocket expenses (including, without limitation, reasonable attorneys’
fees) provided for in Section 10.13 of the Loan Agreement. The foregoing indemnities shall survive full payment of the Secured
Indebtedness, the foreclosure of this Instrument, any transfer of the Secured Property, and any and all other events relating to the foregoing.

 

    	 	12	 

    	 

    

 

Section 1.17       Security
Agreement.

 

(a)       With respect to the machinery,
apparatus, equipment, fittings, fixtures, building supplies and materials, articles of personal property, chattels, chattel paper, documents,
inventory, accounts, farm products, consumer goods and general intangibles referred to or described in this Instrument, or in any way
connected with the use and enjoyment of the Secured Property, this Instrument is hereby made and declared to be a security agreement encumbering
each and every item of such property included herein as a part of the Secured Property, in compliance with the provisions of the Uniform
Commercial Code as enacted in the State of ______________. Upon request by Mortgagee, at any time and from time to time, a financing statement
or statements reciting this Instrument to be a security agreement affecting all of such property shall be appropriately filed. The remedies
for any violation of the covenants, terms and conditions of the security agreement contained in this Instrument shall be (i) as prescribed
herein, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or hereafter enacted and
specified in said Uniform Commercial Code, all at Mortgagee’s sole election. Mortgagor and Mortgagee agree that the filing of any
such financing statement or statements in the records normally having to do with personal property shall not in any way affect the agreement
of Mortgagor and Mortgagee that everything used in connection with the production of income from the Secured Property or adapted for use
therein or which is described or reflected in this Instrument, is, and at all times and for all purposes and in all proceedings, both
legal and equitable, shall be, regarded as part of the real estate conveyed hereby regardless of whether (A) any such item is physically
attached to the improvements, (B) serial numbers are used for the better identification of certain items capable of being thus identified
in an exhibit to this Instrument, or (C) any such item is referred to or reflected in any such financing statement or statements so filed
at any time. Similarly, the mention in any such financing statement or statements of the rights in and to (1) the proceeds of any fire
and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or (3) Mortgagor’s
interest as lessor in any present or future lease or rights to income growing out of the use and/or occupancy of the Secured Property,
whether pursuant to lease or otherwise, shall not in any way alter any of the rights of Mortgagee as determined by this Instrument or
affect the priority of Mortgagee’s security interest granted hereby or by any other recorded document, it being understood and agreed
that such mention in such financing statement or statements is solely for the protection of Mortgagee in the event any court shall at
any time hold with respect thereto, that notice of Mortgagee’s priority of interest, to be effective against all persons or a particular
class of persons, must be filed in the Uniform Commercial Code records.

 

(b)       Mortgagor
warrants that (i) Mortgagor’s (that is, “Debtor’s”) name, identity or corporate structure and residence
or principal place of business are as set forth in Section 1.17(c) hereof; (ii) Mortgagor (that is “Debtor”)
has been using or operating under said name, identity or corporate structure without change for the time period set forth in Section
1.17(c) hereof; and (iii) the location of the collateral is the same as the location of the Land. Mortgagor covenants and agrees that
Mortgagor will furnish Mortgagee with notice of any change in the matters addressed by clauses (i) or (iii) of this Section 1.17(b)
within thirty (30) days of the effective date of any such change and Mortgagor will promptly execute any financing statements or other
instruments deemed necessary by Mortgagee to prevent any filed financing statement from becoming misleading or losing its perfected status.

 

(c)       The
names of the “Debtor” and the “Secured Party,” the identity or corporate structure and residence or principal
place of business of “Debtor,” and the time period for which “Debtor” has been using or operating under said name
and identity or corporate structure without change, are as set forth in Schedule 1 of Exhibit “B” attached hereto
and by this reference made a part hereof; the mailing address of the “Secured Party” from which information concerning the
security interest may be obtained, and the mailing address of “Debtor,” are as set forth in Schedule 2 of said Exhibit
“B” attached hereto; and a statement indicating the types, or describing the items, of collateral is set forth hereinabove.

 

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(d)       This Instrument shall
constitute a financing statement filed as a fixture filing in accordance with _________ Uniform Commercial Code (or any amendment thereto).
For purposes of complying with the requirements of ___________ Uniform Commercial Code, the name of Mortgagor, as Debtor, and Mortgagee,
as Secured Party, and the respective addresses of Mortgagor, as Debtor, and Mortgagee, as Secured Party, are set forth on the first page
of this Instrument; the types or items of Collateral are described in this Section and in the definition of the “Secured Property”
appearing in the granting clauses of this Instrument; and the description of the Land is set forth on Exhibit “A” attached
hereto.

 

Article
2

Default and Remedies

 

Section 2.1       Events of
Default. The occurrence of any of the following events shall constitute an Event of Default hereunder: (a) an “Event of Default”
under the Loan Agreement, (b) any material representation or warranty under this Instrument shall be materially untrue or false when made
by Mortgagor, (c) any default by Mortgagor with respect to any covenant contained in Section 1.3, which Mortgagor fails to cure
within thirty (30) days of receipt of notice from Mortgagee, or Section 1.12 of this Instrument, or (d) any default by Mortgagor
under any other covenant contained in this Instrument which Mortgagor fails to cure within thirty (30) days of receipt of notice from
Mortgagee.

 

Section 2.2       Remedies.

 

(a)       Upon
the occurrence of any Event of Default, Mortgagee may take such action, without notice or demand, as it deems advisable to protect and
enforce its rights against Mortgagor and in and to the Secured Property. Without limitation of the foregoing, but subject to the provisions
of applicable law, Mortgagee may take any of the following actions, each of which may be pursued concurrently or otherwise, at such time
and in such order as Mortgagee may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies
of Mortgagee hereunder, under the other Loan Documents, and at law: (1) declare the entire unpaid Secured Indebtedness to be immediately
due and payable; or (2) notify all tenants of the Secured Property and all others obligated on the Leases that all rents and other sums
owing on the Leases have been assigned to Mortgagee and are to be paid directly to Mortgagee, and to enforce payment of all obligations
owing on the Leases, by suit, ejectment, cancellation, releasing, reletting, or otherwise, whether or not Mortgagee has taken possession
of the Secured Property, and to exercise whatever rights and remedies Mortgagee may have under any assignment of rents and leases; or
(3) enter into or upon the Secured Property, either personally or by its nominees or attorneys and dispossess Mortgagor and its servants
therefrom, and thereupon Mortgagee may (i) use, operate, manage, control, insure, maintain, repair, restore, and otherwise deal with all
and every part of the Secured Property and conduct business thereat; (ii) complete any construction on the Secured Property in such manner
and form as Mortgagee deems advisable in the reasonable exercise of its judgment; (iii) exercise all rights and power of Mortgagor with
respect to the Secured Property, whether in the name of Mortgagor, or otherwise, including, without limitation, the right to make, cancel,
enforce, or modify Leases, obtain and evict tenants, and demand, sue for, collect, and receive

 

    	 	14	 

    	 

    

 

all Revenues, which rights shall not be
in limitation of Mortgagee’s rights under any assignment of rents and leases securing the Secured Indebtedness; and (iv) apply the
Revenues to the payment of the Secured Indebtedness, after deducting therefrom all expenses incurred in connection with the aforesaid
operations (including reasonable attorney fees and just and reasonable compensation for the services of Mortgagee and its employees) and
all amounts necessary to pay the taxes, assessments, insurance, and other charges in connection with the Secured Property; or (4) institute
proceedings for the complete foreclosure of this Instrument either at law, in equity, or pursuant to Section 2.2(b) hereof, in
which case Mortgagee may bid upon and purchase the Secured Property and the Secured Property may be sold for cash or upon credit in one
or more parcels; or (5) with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute
proceedings for the partial foreclosure of this Instrument for the portion of the Secured Indebtedness then due and payable (if Mortgagee
shall have elected not to declare the entire Secured Indebtedness to be immediately due and owing), subject to the continuing lien of
this Instrument for the balance of the Secured Indebtedness not then due; or (6) sell for cash or upon credit the Secured Property or
any part thereof and all estate, claim, demand, right, title, and interest of Mortgagor therein and rights of redemption thereof, pursuant
to power of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such
notice thereof as may be required or permitted by law, and in the event of a sale, by foreclosure or otherwise, of less than all of the
Secured Property, this Instrument shall continue as a lien on the remaining portion of the Secured Property; or (7) institute an action,
suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein or in any Loan Document;
or (8) to the extent permitted by applicable law, recover judgment on the Note either before, during or after any proceedings for the
enforcement of this Instrument; or (9) as a matter of strict right, obtain from any court of competent jurisdiction the appointment of
a trustee, receiver, liquidator, or conservator of the Secured Property, without regard for the adequacy of the security for the Secured
Indebtedness and without regard for the solvency of Mortgagor, or any other person, firm or other entity liable for the payment of the
Secured Indebtedness, and without regard for any other statutory or common law requirements otherwise applicable to the appointment of
a trustee, receiver, liquidator, or conservator; or (10) pay or perform any default in the payment, performance, or observance of any
term, covenant or condition of this Instrument, and all payments made or costs or expenses incurred by Mortgagee in connection therewith,
shall be secured hereby and shall be, without demand, immediately repaid by Mortgagor to Mortgagee with interest thereon the necessity
for any such actions and of the amounts to be paid to be in the sole judgment of Mortgagee, and Mortgagee may enter and authorize others
to enter upon the Secured Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant, or
condition without thereby becoming liable to Mortgagor or any person in possession holding under Mortgagor; or (11) pursue any remedy
with respect to the Secured Property available to a secured party under the Uniform Commercial Code; or (12) pursue such other remedies
as Mortgagee may have under applicable law, in equity or under this Instrument, the Note, the Loan Agreement, or any of the other Loan
Documents.

 

(b)       If
an Event of Default shall have occurred and the Secured Indebtedness has been accelerated or is otherwise due and payable in full,
Mortgagee may foreclose this Instrument under court action, and to cause to have sold the Secured Property, as an entirety or in
separate lots or parcels, without regard to principals of marshalling, at public auction for cash, after having first complied with
all applicable requirements of ___________ state law with respect to the foreclosure of mortgages. Upon any foreclosure sale, the
Mortgagee may bid for and purchase the Secured Property, and upon compliance with the terms of sale, may hold, retain and possess
and dispose of the Secured Property in its own absolute right in fee simple and without further accountability.

 

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(c)       The
purchase money proceeds or avails of any sale made under or by virtue of this Article 2, together with any other sums which then
may be held by Mortgagee under this Instrument, whether under the provisions of this Article 2 or otherwise, shall be applied to
the Secured Indebtedness in the order provided in the Loan Agreement.

 

(d)       Mortgagee
may adjourn from time to time any sale by it to be made under or by virtue of this Instrument by announcement at the time and place appointed
for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Mortgagee, without
further notice or publication, may make such sale at the time and place to which the same shall be so adjourned.

 

(e)       In
case Mortgagee shall have proceeded to enforce any right, power, or remedy under this Instrument by foreclosure, entry or otherwise or
in the event advertising of the intended exercise of the sale under power provided hereunder is commenced, and such proceeding or advertisement
shall have been withdrawn, discontinued or abandoned for any reason, then in every such case (i) Mortgagor and Mortgagee shall be restored
to their former positions and rights, (ii) all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been
taken, (iii) each and every default declared or occurring prior to or subsequent to such withdrawal, discontinuance or abandonment shall
be deemed to be a continuing default, and (iv) neither this Instrument, nor the Note, nor the Secured Indebtedness, nor any other Loan
Document shall be or shall be deemed to have been reinstated or otherwise affected by such withdrawal, discontinuance or abandonment;
and Mortgagor hereby expressly waives the benefit of any statute or rule of law now provided, or which may hereafter be provided, which
would produce a result contrary to or in conflict with this sentence.

 

(f)       In
the event of any sale made under or by virtue of this Article 2 (whether made under the power of sale herein granted or under or
by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale) the entire Secured Indebtedness, if not previously
due and payable, immediately thereupon shall, anything in the Note, the Loan Agreement, this Instrument, or any other Loan Document to
the contrary notwithstanding, become due and payable.

 

(g)       Upon
any sale made under or by virtue of this Article 2 (whether made under the power of sale herein granted or under or by virtue of
judicial proceedings or of a judgment or decree of foreclosure and sale), Mortgagee, may bid for and acquire the Secured Property or any
part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Secured Indebtedness
the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Mortgagee
is authorized to deduct under this Instrument.

 

(h)       No
recovery of any judgment by Mortgagee and no levy of an execution under any judgment upon the Secured Property or upon any other property
of Mortgagor shall affect in any manner or to any extent, the lien and title of this Instrument upon the Secured Property or any part
thereof, or any liens, titles, rights, powers or remedies of Mortgagee hereunder, but such liens, titles, rights, powers and remedies
of Mortgagee shall continue unimpaired as before.

 

    	 	16	 

    	 

    

 

(i)       Mortgagor
agrees, to the fullest extent permitted by law, that upon the occurrence of an Event of Default, neither Mortgagor nor anyone claiming
through or under it shall or will set up, claim or seek to take advantage of any stay, extension, homestead, exemption or redemption laws
now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this Instrument, or the absolute sale of the
Secured Property, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereat, and
Mortgagor, for itself and all who may at any time claim through or under it, hereby waives to the full extent that it may lawfully so
do, the benefit of all such laws, and any and all right to have the assets comprised in the security intended to be created hereby marshaled
upon any foreclosure of the lien or title hereof.

 

(j)       The
failure to make any such tenants of the Secured Property party to any such foreclosure proceedings and to foreclose their rights will
not be, nor be asserted to be by Mortgagor, a defense to any proceedings instituted by Mortgagee to collect the sums secured hereby.

 

Section 2.3       Possession
of the Secured Property. Upon any foreclosure of the Secured Property, it is agreed that the then owner of the Secured Property, if
it is the occupant of the Secured Property or any part thereof, shall immediately surrender possession of the Secured Property so occupied
to Mortgagee, and if such occupant is permitted to remain in possession, the possession shall be as tenant of Mortgagee and, on demand,
such occupant (a) shall pay to Mortgagee monthly, in advance, a reasonable rental for the space so occupied, and (b) in default thereof
may be dispossessed by the usual summary proceedings. The covenants herein contained may be enforced by a receiver of the Secured Property
or any part thereof. Nothing in this Section 2.3 shall be deemed to be a waiver of the provisions of this Instrument prohibiting
the sale or other disposition of the Secured Property without Mortgagee’s consent.

 

Section 2.4       Mortgagor’s
Actions After Default. Nothing herein shall be deemed to require the commencement of a suit or the consent of Mortgagor as a condition
precedent for Mortgagee’s right to the appointment of a receiver or the exercise of any other rights or remedies available to Mortgagee.

 

Section 2.5       Control
by Mortgagee After Default. Notwithstanding the appointment of any receiver, liquidator, or trustee of Mortgagor, or of any of its
property, or of the Secured Property or any part thereof, Mortgagee shall be entitled to retain possession and control of all property
now and hereafter covered by this Instrument.

 

Article
3

Miscellaneous

 

Section 3.1       Credits
Waived. Mortgagor will not claim nor demand nor be entitled to any credit or credits against the Secured Indebtedness for so much
of the taxes assessed against the Secured Property or any part thereof as is equal to the tax rate applied to the amount due on this Instrument
or any part thereof, and no deductions shall otherwise be made or claimed from the taxable value of the Secured Property or any part thereof
by reason of this Instrument or the Secured Indebtedness.

 

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Section 3.2       No Release.
Mortgagor agrees, that in the event the Secured Property is sold with the written consent of Mortgagee and Mortgagor, and Mortgagee enters
into any agreement with the then owner of the Secured Property extending the time of payment of the Secured Indebtedness, or otherwise
modifying the terms hereof, Mortgagor shall continue to be liable to pay the Secured Indebtedness according to the tenor of any such agreement
unless expressly released and discharged in writing by Mortgagee.

 

Section 3.3       Notices.
Any and all notices, elections or demands permitted or required to be made under this Instrument shall be in writing, signed by the party
giving such notice, election or demand, and shall be delivered personally, or sent by recognized overnight delivery service (such as Federal
Express or UPS), or sent by registered or certified United States mail, postage prepaid, to the other party at the address set forth below,
or at such other address as may have theretofore been designated by written notice delivered in the manner aforesaid.  The date of
personal delivery (by courier or overnight delivery) or the third (3rd) day following the date of mailing, as the case may be, shall be
the date of delivery of any such notice, election or demand.  For the purposes of this Instrument:

 

	The address of Mortgagor is:	 	 
	 	 	 
	 	 	 
	 	 	 
	With a copy to:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	With a copy to:	 	Katsky Korins LLP
	 	 	605 Third Ave, 17th Floor
	 	 	New York, New York 10158
	 	 	Attn: Ariel Weinstock, Esq.
	 	 	 
	The address of Mortgagee is:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	With a copy to:	 	Morris Manning & Martin LLP
	 	 	1600 Atlanta Financial Center
	 	 	3343 Peachtree Road, NE
	 	 	Atlanta, Georgia 30326
	 	 	Attn: Justin S. Barry, Esq.

 

Section 3.4       Binding Obligations.
The provisions and covenants of this Instrument shall run with the land, shall be binding upon Mortgagor and shall inure to the benefit
of Mortgagee, subsequent holders of this Instrument and their respective successors and assigns. For the purpose of this Instrument,
the term “Mortgagor” shall mean Mortgagor named herein, any subsequent owner of the Secured Property, and their respective
heirs, executors, legal representatives, successors and assigns. All undertakings hereunder shall be deemed to be the joint and several
obligations of all Mortgagor.

 

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Section 3.5       Captions.
The captions of the Sections of this Instrument are for the purpose of convenience only and are not intended to be a part of this Instrument
and shall not be deemed to modify, explain, enlarge or restrict any of the provisions hereof.

 

Section 3.6       Further
Assurances. Mortgagor shall do, execute, acknowledge and deliver, at the sole cost and expense of Mortgagor, all and every such further
acts, deeds, conveyances, assignments, estoppel certificates, notices of assignment, transfers and assurances as Mortgagee may reasonably
require from time to time in order to better assure, convey, assign, transfer and confirm unto Mortgagee, the rights now or hereafter
intended to be granted to Mortgagee under this Instrument, any other instrument executed in connection with this Instrument or any other
instrument under which Mortgagor may be or may hereafter become bound to convey, transfer or assign to Mortgagee for carrying out the
intention of facilitating the performance of the terms of this Instrument. Upon any failure by Mortgagor so to do, Mortgagee may make,
execute, record, file, re-record and/or refile any and all such deeds of trust, security agreements, financing statements, continuation
statements, instruments, certificates and documents for and in the name of Mortgagor, and Mortgagor hereby irrevocably appoints Mortgagee
the agent and attorney-in-fact of Mortgagor so to do. The lien and/or security title of this Instrument and the security interest created
hereby will automatically attach, without further act, to all after-acquired property attached to and/or used in the operation of the
Secured Property or any part thereof.

 

Section 3.7       Severability.
Any provision of this Instrument which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provisions in any other jurisdiction.

 

Section 3.8       General
Conditions.

 

(a)       All
covenants hereof shall be construed as affording to Mortgagee rights additional to and not exclusive of the rights conferred under the
provisions of applicable laws of the State in which the Land is located.

 

(b)       This
Instrument cannot be altered, amended, modified or discharged orally and no agreement shall be effective to modify or discharge it in
whole or in part, unless it is in writing and signed by the party against whom enforcement of the modification, alteration, amendment
or discharge is sought. Notwithstanding the foregoing, this Instrument may be amended and modified from time to time by instruments signed
only by the Mortgagor if the sole purpose of such instruments is to encumber additional real property by this Instrument.

 

(c)       No
remedy herein conferred upon or reserved to Mortgagee is intended to be exclusive of any other remedy or remedies, and each and every
such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or
in equity or by statute. No delay or omission of Mortgagee in exercising any right or power accruing upon any Event of Default shall impair
any such right or power, or shall be construed to be a waiver of any such Event of Default, or any acquiescence therein. Acceptance of
any payment after the occurrence of an Event of Default shall not be deemed to waive or cure such Event of Default; and every power and
remedy given by this Instrument to Mortgagee may be exercised from time to time as often as may be deemed expedient by Mortgagee. Nothing
in this Instrument shall affect the obligation of Mortgagor to pay the Secured Indebtedness in the manner and at the time and place expressed
in the Loan Agreement.

 

    	 	19	 

    	 

    

 

(d)       No
waiver by Mortgagee will be effective unless it is in writing and then only to the extent specifically stated. Without limiting the generality
of the foregoing, any payment made by Mortgagee for insurance premiums, taxes, assessments, water rates, sewer rentals or any other charges
affecting the Secured Property, shall not constitute a waiver of Mortgagor’s default in making such payments and shall not obligate
Mortgagee to make any further payments.

 

(e)       Mortgagee
shall have the right to appear in and defend any action or proceeding, in the name and on behalf of Mortgagor which Mortgagee, in its
discretion, feels may adversely affect the Secured Property or this Instrument. Mortgagee shall also have the right to institute any action
or proceeding which Mortgagee, in its discretion, feels should be brought to protect its interest in the Secured Property or its rights
hereunder. All reasonable costs and expenses incurred by Mortgagee in connection with such actions or proceedings, including, without
limitation, reasonable attorneys’ fees and appellate attorneys’ fees, shall be paid by Mortgagor, within ten (10) days following
Borrower’s receipt of written demand therefor (including the substantiation of such costs and expenses).

 

(f)       In
the event of the passage after the date of this Instrument of any law of any governmental authority having jurisdiction, deducting the
Secured Indebtedness from the value of the Secured Property for the purpose of taxation, affecting any lien thereon or changing in any
way the laws of the taxation of mortgages or debts secured by mortgages for federal, state or local purposes, or the manner of the collection
of any such taxes, so as to affect this Instrument, Mortgagor shall promptly pay to Mortgagee, on demand, all taxes, costs and charges
for which Mortgagee is or may be liable as a result thereof, provided said payment shall not be prohibited by law or render any obligations
under the Loan Agreement usurious.

 

(g)       Mortgagor
acknowledges that it has received a true copy of this Instrument.

 

(h)       For
the purposes of this Instrument, all defined terms and personal pronouns contained herein shall be construed, whenever the context of
this Instrument so requires, so that the singular shall be construed as the plural and vice versa and so that the masculine, feminine
or neuter gender shall be construed to include all other genders.

 

(i)       No
provision of this Instrument shall be construed against or interpreted to the disadvantage of Mortgagor or Mortgagee by any court or other
governmental or judicial authority by reason of such party having or being deemed to have drafted, prepared, structured or dictated such
provision.

 

(j)       Upon
receipt of evidence reasonably satisfactory to Mortgagor of the loss, theft, destruction or mutilation of any note or instrument evidencing
a portion of the Secured Indebtedness, and in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement
reasonably satisfactory to Mortgagor or, in the case of any such mutilation, upon surrender and cancellation of such note or instrument,
Mortgagor shall execute and deliver, in lieu thereof, a replacement note or instrument, identical in form and substance to the original
note or instrument and dated as of the date of the original note or instrument and upon such execution and delivery all references in
this Instrument and the other Loan Documents to the original note or instrument shall be deemed to refer to such replacement note or instrument.

 

    	 	20	 

    	 

    

 

(k)       Time
is of the essence with respect to each and every covenant, agreement and obligation of Mortgagor under the Loan Agreement, this Instrument,
and the other Loan Documents.

 

(l)       Whenever
the Loan Agreement, this Instrument, or any other Loan Document requires the consent, approval, waiver, acceptance, satisfaction or expression
of opinion of, or the taking of any discretionary act by Mortgagee, the right, power, privilege and option of Mortgagee to withhold or
grant its consent shall not be exhausted by the exercise thereof on one or more occasions, but shall be a continuing right, power, privilege
and option of Mortgagee with respect to any such matters.

 

Section 3.9       LEGAL CONSTRUCTION.
THE ENFORCEMENT OF THIS INSTRUMENT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED BY THE LAWS OF THE STATE IN WHICH THE LAND IS LOCATED.
NOTHING IN THIS INSTRUMENT, THE LOAN AGREEMENT OR IN ANY OTHER AGREEMENT AMONG MORTGAGOR AND MORTGAGEE SHALL REQUIRE MORTGAGOR TO PAY,
OR MORTGAGEE TO ACCEPT, INTEREST IN AN AMOUNT WHICH WOULD SUBJECT MORTGAGEE TO ANY PENALTY UNDER APPLICABLE LAW. IN THE EVENT THAT THE
PAYMENT OF ANY INTEREST DUE HEREUNDER OR UNDER THE LOAN AGREEMENT OR ANY SUCH OTHER AGREEMENT WOULD SUBJECT MORTGAGEE TO ANY PENALTY UNDER
APPLICABLE LAW, THEN AUTOMATICALLY THE OBLIGATIONS OF MORTGAGOR TO MAKE SUCH PAYMENT SHALL BE REDUCED TO THE HIGHEST RATE AUTHORIZED UNDER
APPLICABLE LAW.

 

Section 3.10       Attorney’s
Fees. Any and all references in this Instrument to the recovery of attorney’s fees by Mortgagee or the Mortgagee shall be deemed
to refer to reasonable attorney’s fees.

 

Section 3.11       Secured
Property in Multiple Counties. This Instrument may describe Secured Property located in more than one county in the State in which
the Land is located, but will be recorded in the real estate records of each such county. Mortgagor acknowledges and agrees that upon
the occurrence of an Event of Default and during its continuance, Mortgagee shall have the right, at its option, to foreclose this Instrument
against all or any portion of the Secured Property it chooses in any such county or counties in the State in which any of the Land is
located and to bring an action for confirmation of the foreclosure sale in any such county or counties, and Mortgagor consents to such
jurisdiction in any such county or counties.

 

Section 3.12       Assignment
of Leases and Revenues. The assignments of Leases and Revenues contained in this Instrument are intended to provide Mortgagee with
all the rights and remedies of mortgagees pursuant to , as may be amended from time to time. However, in no event shall this
reference diminish, alter, impair, or affect any other rights and remedies of Mortgagee, including but not limited to, the appointment
of a receiver as provided herein, nor shall any provision in this Instrument, diminish, alter, impair or affect any rights or powers of
the receiver in law or equity or as set forth herein. In addition, this assignment shall be fully operative without regard to value of
the Secured Property or without regard to the adequacy of the Secured Property to serve as security for the obligations owed by Mortgagor
to Mortgagee, and shall be in addition to any rights arising under . Further, except for the notices required hereunder, if
any, Mortgagor waives any notice of default or demand for turnover of rents by Mortgagee, together with any rights under  to
apply to a court to deposit the rents into the registry of the court or such other depository as the court may designate.

 

    	 	21	 

    	 

    

 

Section 3.13       Intentionally
Deleted.

 

Section 3.14       Insurance
and Condemnation Proceeds. Notwithstanding anything contained in Section 1.3 or Section 1.6 or this Instrument to the
contrary, and so long as there is then no Event of Default existing and continuing under this Instrument, and further subject to the other
terms and conditions of this Instrument, Mortgagee agrees that net insurance proceeds or condemnation awards will be made available to
Mortgagor for restoration of the Secured Property provided that:

 

(a)        Within ninety
(90) days of a casualty or condemnation, Mortgagor shall notify Mortgagee of Mortgagor’s intention to use the proceeds to repair
or restore the Secured Property to as nearly as practicable their condition immediately prior to the casualty or condemnation to the extent
permitted under the Franchise Agreement; and

 

(b)       Mortgagee shall
have determined, in its reasonable judgment, that the repair and restoration can be completed within twelve (12) months and that sufficient
funds (including the proceeds) are available or committed on terms satisfactory to Mortgagee to complete and pay for the restoration and
repair of the Secured Property in accordance with all then applicable building code requirements and such funds (including the proceeds)
shall be delivered to and held by Mortgagee during the course of such repair and restoration for administration in accordance with the
provisions of this paragraph; and

 

(c)       Mortgagor shall
have deposited with Mortgagee an amount determined by Mortgagee, in its sole but reasonable discretion, to be sufficient to cover any
short-fall between the amount of insurance proceeds or condemnation awards actually received and the actual cost of the repair and restoration
of the Secured Property; and

 

(d)       Such proceeds
or awards are used solely for the restoration of the Secured Property; and

 

(e)       If Mortgagee requests
to escrow such proceeds or awards, such funds will be disbursed by Mortgagee to Mortgagor subject to construction loan disbursement procedures
satisfactory to Mortgagee; and

 

(f)       Such casualty
loss or condemnation does not occur during the last twelve (12) months of the term of the Note; and

 

(g)       There has been
no material adverse change, in Mortgagee’s’ reasonable judgment, in the financial condition of Mortgagor since the date hereof;
and

 

(h)       Mortgagor shall
furnish to Mortgagee plans and specifications for the repair or restoration of the Secured Property reasonably satisfactory to Mortgagee;
and

 

(i)       If the cost to
repair or restore the Secured Property exceeds $100,000.00, then the general contractor selected by Mortgagor to perform the work of repairing
or restoring the Secured Property (the “Contractor”) shall be approved by Mortgagee in its reasonable discretion and
the contract between Mortgagor and the Contractor, the Contractor’s financial statements and an estimated progress schedule shall
be submitted to, and approved by Mortgagee in its reasonable discretion.

 

    	 	22	 

    	 

    

 

Section 3.15       Due on
Sale. Subject to the terms of this Instrument, in the event Mortgagor sells all or any portion of the Secured Property, the entire
indebtedness evidenced by the Note shall immediately become due and payable.

 

Section 3.16       Future
Advances. This Instrument is given to secure not only the existing Indebtedness, but also such future advances made pursuant to this
Instrument, the Secured Indebtedness, any note or notes representing any portion of the Secured Indebtedness, any loan agreement or other
instrument evidencing or securing the Secured Indebtedness or as requested by the Mortgagor, whether such advances are obligatory or are
to be made at the option of the Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent
as if such future advances were made on the date of the execution of this Instrument. The total amount of the indebtedness that may be
so secured may decrease or increase from time to time, but the total unpaid balance so secured at one time shall not exceed ,
plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the Secured Property.

 

Section 3.17       State Specific
Provisions. In the event of any conflict between the provisions of this Section 3.18 and any other provision of this Instrument, the
provisions of this Section 3.18 shall control.

 

_____________

 

_____________

 

 

 

[Signature on the following
page]

 

    	 	23	 

    	 

    

 

IN WITNESS WHEREOF, Mortgagor has executed this
Instrument under seal, as of the day and year first above written.

 

 

		BORROWER:
	 	 
	 	________________, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:		[SEAL] 
	 	Name:	 	 
	 	Title: Authorized Signatory

 

 

STATE OF_______________

 

COUNTY OF _____________

 

 

The foregoing Instrument
was acknowledged before me this ____ day of __________, 2021, by _____________________ the Authorized Signatory of _______________,
LLC, a Delaware limited liability company, on behalf of the company. He/she is personally known to me or produced
_____________________________ as identification.

 

 

 

	 	 	 
	 	(Notary Public)	 
	[NOTARY SEAL]	 	 
	 	 	 
	 	(Print Name)	

 

 

[Signature page to Construction Mortgage, Assignment
of Rents 

and Leases, Security Agreement and Fixture Filing]

[        ]

 

    	 		 

    	 

    

 

EXHIBIT “A”

 

LEGAL DESCRIPTION OF THE LAND

 

    	 		 

    	 

    

 

EXHIBIT “B”

 

Schedule 1

 

(Description of “Debtor” and “Secured
Party”)

 

A.       Debtor:

 

		(1)	Name and Identity or Corporate Structure:
	 	 	_________________ , LLC, a Delaware limited liability company

 

		(2)	The residence
or principal place of business of Debtor in the State of  _________________ is located in ________________.

 

		(3)	Debtor has been using or operating under said name and identity or corporate structure without change
since: 2021

 

		(4)	Debtor is the owner of the Land described on Exhibit A.

 

B.       Secured
Party:

 

		 	________________ , LLC, a Delaware limited liability
company

 

 

Schedule 2

 

(Notice of Mailing Addresses of “Debtor”
and “Secured Party”)

 

A.       The
mailing address of Debtor is:

 

		 	________________, LLC

940 South Coast Drive, Suite 200

Costa Mesa, California 92626

Attn: David J. Katzoff

 

B.       The
mailing address of Secured Party is:

 

		 	c/o Stonehill Strategic Capital

One Alliance Center

3500 Lenox Road, Suite 625

Atlanta, Georgia 30326Exhibit 10.3

 

ASSIGNMENT OF LEASES,
rents AND PROFITS 

 

 

THIS ASSIGNMENT OF LEASES, RENTS
AND PROFITS (this “Assignment”) is made and entered into on this the 22nd day of December, 2021, by and between
____________, LLC, a Delaware limited liability company (“Borrower”), having an address of 940 South
Coast Drive, Suite 200, Costa Mesa, California 92626, Attn: David J. Katzoff, in favor of ____________, LLC, a Delaware limited
liability company (hereinafter referred to as “Lender”), having a business address of c/o Stonehill Strategic
Capital, One Alliance Center, 3500 Lenox Road NE , Suite 625, Atlanta, Georgia 30326.

 

W I
T N E S S E T H:

 

THAT FOR AND IN CONSIDERATION
of the sum of ____________ AND NO/100 DOLLARS ($____________) and other good and valuable considerations, the receipt and
sufficiency whereof are hereby acknowledged, and in order to secure the indebtedness and other obligations of Borrower hereinafter set
forth, Borrower does hereby grant, transfer and assign to Lender, its successors, successors-in-title and assigns, all of Borrower's right,
title and interest in, to and under all of those leases, licenses, occupancy agreements of whatever form, including overnight hotel guests
(the “Guest Occupancy Agreements”), and rental agreements now existing and hereafter made, including any and
all extensions, renewals and modifications thereof, guaranties of the performance or obligations of any tenants or lessees thereunder,
and all security deposits and other refundable and non-refundable deposits paid by the tenants thereunder (said leases and rental agreements
are hereinafter referred to collectively as the “Leases”, and the tenants and lessees thereunder are hereinafter
referred to collectively as “Tenants” or individually as “Tenant” as the context requires),
which Leases cover or shall cover portions of certain real property described in Exhibit ”A” attached hereto and
by this reference made a part hereof and/or the improvements thereon (said real property and improvements hereinafter collectively referred
to as the “Premises”); together with all deposits, rents, rent equivalents, income, receivables, issues, revenues,
receipts, insurance proceeds and profits arising from the Leases and renewals thereof and together with all rents, rent equivalents, income,
fees, receivables, issues, accounts, profits (including, but not limited to, all oil and gas or other mineral royalties and bonuses),
charges for services rendered and any and all payment and consideration of whatever form or nature received by Borrower or its agents
or employees from any and all sources relating to the use, enjoyment and occupancy of the Premises including, without limitation, all
hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars (including, without limitation, service
charges for employees and staff), mini-bars, meeting rooms, banquet rooms, apartments, parking and recreational facilities, health club
membership fees, food and beverage wholesale and retail sales, service charges, convention services, special events, audio-visual services,
boat cruises, travel agency fees, telephone charges, laundry services, vending machines and otherwise, all receivables, customer obligations,
installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license,
concession or other grant of the right of possession, use and occupancy of all or any portion of the Premises or personalty located thereon,
or rendering of services by Borrower or, to the extent of Borrower's interest therein, any operator or manager of the hotel or the commercial
space located in the Premises or acquired from others (including, without limitation, from the rental of any office space, retail space,
guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space, and charges for services such
as room service, telecommunication and video, electronic mail, internet connection and other communication and entertainment services),
license, lease, sublease and concession fees and rentals, proceeds, if any, from rental or business interruption or other loss of income
insurance and any other items of revenue which would be included in operating revenues under the uniform system in accordance with generally
accepted accounting principles (all of the foregoing hereinafter collectively referred to as the “Rents”). Notwithstanding
the foregoing, any Rents in connection with the sale of alcohol or alcoholic beverages shall be assigned by Borrower pursuant to this
Assignment only to the extent permitted by applicable law.

 

    	 	 	 

    	 

    

 

TO HAVE AND TO HOLD unto Lender,
its successors and assigns, forever, subject to and upon the terms and conditions set forth herein.

 

This Assignment is made for
the purpose of securing (a) the full and prompt payment when due, whether by acceleration or otherwise, with such interest as may accrue
thereon, either before or after maturity thereof, of that certain Real Estate Note of even date herewith, made by Borrower to the order
of Lender in the principal amount of ____________ AND NO/100 DOLLARS ($____________), together with any renewals, modifications,
consolidations and extensions thereof and amendments thereto and all advances of principal thereunder, with the final payment thereof
being due and payable on or before January 1, 2025, subject to extensions to January 1, 2026 and January 1, 2027, as set forth in Section
10.27 of the Loan Agreement (as defined below) (hereinafter referred to as the “Note”, together with any
renewals, modifications, consolidations and extensions thereof and amendments thereto and all advances of principal thereunder”),
(b) the full amount and prompt payment and performance of any and all obligations of Borrower to Lender under the terms of that certain
Construction Loan Agreement between Borrower and Lender, dated of even date herewith (hereinafter referred to as the “Loan
Agreement”), and the Construction Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing from Borrower
to Lender, dated of even date herewith and securing the indebtedness evidenced by the Note (hereinafter referred to as the “Security
Instrument”), and (c) the full and prompt payment and performance of any and all other obligations of Borrower to Lender
under any other instruments now or hereafter evidencing, securing, or otherwise relating to the indebtedness evidenced by the Note, the
Loan Agreement and the Security Instrument (the Note, the Loan Agreement, the Security Instrument, and said other instruments are hereinafter
referred to collectively as the “Loan Documents,” and said indebtedness evidenced by the Note is hereinafter
referred to as the “Indebtedness”).

 

 

ARTICLE I.

WARRANTIES AND COVENANTS

 

1.1.       Warranties
of Borrower. Borrower hereby warrants and represents as to those Leases executed prior to the date hereof, as follows:

 

(a)       Borrower
is the sole holder of the landlord's interest under the Leases, is entitled to receive the income, rents, issues, revenues, and profits
from the Leases and from the Premises, and has good right to sell, assign, transfer and set over the same and to grant to and confer upon
Lender the rights, interests, powers, and authorities herein granted and conferred;

 

    	 	 	 

    	 

    

 

(b)       Borrower
has made no assignment other than this Assignment of any of the rights of Borrower under any of the Leases or with respect to any of said
income, rents, issues, revenues, or profits;

 

(c)       Borrower
has neither done any act nor failed to do any act which might prevent Lender from, or limit Lender in, acting under any of the provisions
of this Assignment;

 

(d)       All
Leases, exclusive of any Guest Occupancy Agreements, provide for rental to be paid monthly, in advance, and Borrower has not accepted
payment of rental under any of the Leases for more than one (1) month in advance of the due date thereof;

 

(e)       To
Borrower’s knowledge, exclusive of any Guest Occupancy Agreements, there exists no default or event of default or any state of facts
which would, with the passage of time or the giving of notice, or both, constitute a default or event of default on the part of Borrower
or by any Tenant under the terms of any of the Leases;

 

(f)       Neither
the execution and delivery of this Assignment or any;

 

(g)       Neither
the execution and delivery of this Assignment or any of the Leases, the performance of each and every covenant of Borrower under this
Assignment and the Leases, nor the meeting of each and every condition contained in this Assignment, conflicts with, or constitutes a
breach or default under any agreement, indenture or other instrument to which Borrower is a party, or any law, ordinance, administrative
regulation or court decree which is applicable to Borrower;

 

(h)       No
action has been brought or, to Borrower’s knowledge, is threatened, which would interfere in any way with the right of Borrower
to execute this Assignment and perform all of Borrower’s obligations contained in this Assignment and in the Leases; and

 

(i)       The
Leases are valid, enforceable and in full force and effect.

 

1.2.       Covenants
of Borrower. Borrower hereby covenants and agrees as follows:

 

(a)       Borrower
shall (i) fulfill, perform and observe each and every condition and covenant of landlord or lessor contained in each of the Leases; (ii)
give prompt notice to Lender of any claim of a “material default” (as defined below) under any of the Leases, whether given
by the Tenant to Borrower, or given by Borrower to Tenant, together with a complete copy of any such notice; (iii) at no cost or expense
to Lender, enforce, the performance and observation of each and every covenant and condition of each of the Leases to be performed or
observed by the Tenant thereunder; and (iv) appear in and defend any action arising out of, or in any manner connected with, any of the
Leases, or the obligations or liabilities of Borrower as the landlord thereunder, or of the Tenant or any guarantor thereunder.

 

    	 	 	 

    	 

    

 

(b)       Borrower
shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed (i) terminate
the term or accept the surrender of any of the Leases; (ii) waive or release the Tenant from the performance or observance by the Tenant
of any obligation or condition of any of the Leases; (iii) enter into any new Leases; (iv) permit the prepayment of any rents under any
of the Leases for more than one (1) month prior to the actual accrual thereof; or (v) assign its interest in, to or under the Leases or
the income, rents, issues, profits and revenues from the Leases and from the Premises to any person or entity other than Lender; provided,
however, the foregoing restrictions shall not apply to any Guest Occupancy Agreements in the ordinary course of business.

 

(c)       Borrower
shall take no action which will cause or permit the estate of any Tenants under any of the Leases to merge with the interest of Borrower
in the Premises or any portion thereof.

 

(d)       Borrower
shall protect, indemnify and save harmless Lender from and against all actual liabilities, obligations, claims, actual damages (excluding
consequential, special and punitive damages, except to the extent Lender is found liable to pay the same to third parties), penalties,
causes of action, out of pocket costs and expenses, including, without limitation, reasonable attorneys' fees and expenses, imposed upon
or incurred by Lender by reason of this Assignment and any claim or demand whatsoever which may be asserted against Lender by reason of
any alleged obligation or undertaking to be performed or discharged by Lender under this Assignment. In the event Lender incurs any actual
liability, loss or actual damage by reason of this Assignment, or in the defense of any claim or demand arising out of or in connection
with this Assignment, the amount of such liability, loss or damage if not paid or discharged within thirty (30) days of receipt of written
demand (including the substantiation of such costs and expenses) shall be added to the Indebtedness, shall bear interest at the Default
Rate of interest specified in the Note from the date incurred until paid and shall be payable within thirty (30) days of receipt of said
demand.

 

(e)       Except
with respect to any Guest Occupancy Agreements, Borrower shall authorize and direct, and does hereby authorize and direct each and every
present and future Tenant of the whole or any part of the Premises to pay all rentals to Lender upon receipt of written demand from Lender
to so pay the same.

 

(f)       The
warranties and representations of Borrower made in Paragraph 1.1 hereof and the covenants and agreements of Borrower made in this
Paragraph apply to each Lease in effect as of the time of execution of this Assignment, and shall apply to each Lease hereafter made at
the time each such future Lease becomes effective.

 

    	 	 	 

    	 

    

 

(g)       At
the request of Lender following the occurrence of an Event of Default, Borrower immediately shall deliver to Lender all security deposits
and other deposits (whether refundable or non-refundable) paid by Tenants under the Leases; and Lender shall hold such deposits in a custodial
account controlled by Lender, subject to the terms and conditions of the Leases.

 

The term “material default”
as used in Paragraph 1.2(a) above shall mean any such default notice relating to termination of a Lease for cause, eviction, the
failure to pay rent for more than one month or any claim of a substantial nature relating to the maintenance, management or safety of
the Premises or applicable portion thereof.

 

1.3.       Covenants
of Lender. Lender and Borrower hereby covenant and agree as follows:

 

(a)       This
Assignment constitutes a present, absolute, current and unconditional assignment to Lender of all of the income, rents, issues, profits
and revenues from the Premises and the Leases; provided, however, that so long as there shall exist no Event of Default, as defined in
Paragraph 2.1 below, Lender shall not demand that such income, rents, issues, profits and revenues be paid directly to Lender, and Borrower
shall have a revocable license to collect, but not more than one (1) month prior to accrual thereof (except with respect to any Guest
Occupancy Agreements), the income, rents, issues, profits and revenues from the Premises. Upon the occurrence of any Event of Default,
such revocable license shall be, without notice or the requirement of further action by Lender, automatically revoked. Any amounts collected
by Borrower after an Event of Default shall be deemed to be held for the benefit of Lender.

 

(b)       Upon
the payment in full of the Indebtedness, as evidenced by the recording or filing of an instrument of satisfaction or full release of the
Security Deed without the recording of another Security Instrument in favor of Lender affecting the Premises, this Assignment shall be
terminated and released of record by Lender and shall thereupon be of no further force or effect; provided, upon request, Lender shall
deliver a termination of this Assignment in proper form for recording.

 

 

ARTICLE II.

DEFAULT

 

2.1.       Default.
The term, “Event of Default”, wherever used in this Assignment, shall mean any one or more of the following
events:

 

(a)       The
occurrence of any “Event of Default” under any of the Loan Documents;

 

(b)       Failure
by Borrower to duly observe or perform any term, covenant, condition or agreement of this Assignment, and failure to cure same within
thirty (30) days after written notice of such failure; or

 

    	 	 	 

    	 

    

 

(c)       Any
warranty of Borrower contained in this Assignment, any Loan Document or in any other instrument, document, transfer, conveyance, assignment
or loan agreement given by Borrower with respect to the Indebtedness secured hereby, proves to be untrue or misleading in any material
respect when made.

 

2.2.       Remedies.
Upon the occurrence and during the continuance of any Event of Default Lender may at its option, with or without notice or demand of any
kind, exercise any or all of the following remedies:

 

(a)       Declare
any part or all of the Indebtedness to be due and payable, whereupon the same shall become immediately due and payable;

 

(b)       Perform
any and all obligations of Borrower under any or all of the Leases or this Assignment and exercise any and all rights of Borrower herein
or therein as fully as Borrower itself could do, including, without limitation of the generality of the foregoing: enforcing, modifying,
extending or terminating any or all of the Leases; collecting, modifying, compromising, waiving or increasing any or all the rents payable
thereunder; and obtaining new tenants and entering into new leases on the Premises on any terms and conditions deemed desirable by Lender;
and, to the extent Lender shall incur any out of pocket costs in connection with the performance of any such obligations of Borrower,
including costs of litigation, then all such costs shall become a part of the Indebtedness, shall be paid by Borrower within ten (10)
days following receipt of written demand (including the substantiation of such costs and expenses), and if unpaid within said ten (10)
days, shall bear interest from the incurring thereof at the Default Rate of interest specified in the Note;

 

(c)       In
Borrower's or Lender's name, institute any legal or equitable action which Lender in its sole discretion deems desirable to collect and
receive any or all of the rents, issues and profits assigned herein;

 

(d)       Collect
the income, rents, issues, revenues and profits and any other sums due under the Leases and with respect to the Premises, and apply the
same in such order as Lender in its sole discretion may elect against (i) all out-of-pocket costs and expenses, including reasonable attorneys'
fees, actually incurred in connection with the operation of the Premises, the performance of Borrower's obligations under the Leases and
collection of the rents thereunder; (ii) all the out-of-pocket costs and expenses, including reasonable attorneys' fees actually incurred
in the collection of any or all of the Indebtedness, including all out-of-pocket costs, expenses and reasonable attorneys' fees actually
incurred in seeking to realize on or to protect or preserve Lender's interest in any other collateral securing any or all of the Indebtedness;
and (iii) any or all unpaid principal and interest on the Indebtedness.

 

Lender shall have the full
right to exercise any or all of the foregoing remedies without regard to the adequacy of security for any or all of the Indebtedness,
and with or without the commencement of any legal or equitable action or the appointment of any receiver or trustee, and shall have full
right to enter upon, take possession of, use and operate all or any portion of the Premises which Lender in its sole discretion deems
desirable to effectuate any or all of the foregoing remedies.

 

    	 	 	 

    	 

    

 

ARTICLE III.

GENERAL PROVISIONS

 

3.1.       Successors
and Assigns. This Assignment shall inure to the benefit of and be binding upon Borrower and Lender and their respective legal representatives,
executors, successors and assigns. Whenever a reference is made in this Assignment to “Borrower” or “Lender”,
such reference shall be deemed to include a reference to the legal representatives, executors, successors and assigns of Borrower or Lender.

 

3.2.       Terminology.
All personal pronouns used in this Assignment, whether used in the masculine, feminine or neuter gender, shall include all other genders,
and the singular shall include the plural, and vice versa. Titles of articles are for convenience only and neither limit nor amplify the
provisions of this Assignment.

 

3.3.       Severability.
If any provision of this Assignment or the application thereof to any person or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Assignment and the application of such provisions to other persons or circumstances shall not be affected
thereby and shall be enforced to the greatest extent permitted by law.

 

3.4.       Applicable
Law. This Assignment shall be governed by and construed and enforced in accordance with the substantive, and not the conflict, laws
of the State in which the Premises is situated. The Borrower acknowledges that this Assignment evidences a transaction involving interstate
commerce. The United States Arbitration Act, 9 U.S.C. § 1, et seq., shall govern the interpretation, enforcement, and proceedings
pursuant to the arbitration requirements set forth in Paragraph 3.6 of this Assignment.

 

3.5.       Consent
to Jurisdiction and Venue. The Borrower irrevocably and unconditionally submits to the jurisdiction of the state and federal courts
sitting in Fulton County, Georgia with respect to any action or proceeding arising out of or related to this Assignment or any other contract
or agreement entered into between the Borrower and Lender. The state and federal courts sitting in Fulton County, Georgia shall be the
exclusive venue for any action or proceeding arising out of or related to this Assignment subject to the Lender’s right to elect
arbitration.

 

3.6.       LENDER’S
UNILATERAL RIGHT TO ELECT AND COMPEL ARBITRATION.

 

		(a)	AT THE SOLE AND EXCLUSIVE OPTION OF LENDER, ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS
ASSIGNMENT, OR ANY OTHER CONTRACT OR AGREEMENT ENTERED INTO BETWEEN THE BORROWER AND LENDER, SHALL BE SETTLED BY BINDING ARBITRATION ADMINISTERED
BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES THEN IN EFFECT, AND JUDGMENT ON THE ARBITRATION
AWARD RENDERED BY THE ARBITRATOR(S) MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.

 

    	 	 	 

    	 

    

 

		(b)	THE LOCATION OF ARBITRATION SHALL BE ATLANTA, GEORGIA.

 

		(c)	THE ARBITRATION SHALL BE CONDUCTED IN THE ENGLISH LANGUAGE.

 

		(d)	In the event that any affirmative claim asserted in the arbitration
is equal to or exceeds $1,000,000, exclusive of interest and attorneys’ fees, the dispute shall be heard and determined by three
(3) arbitrators.

 

		(e)	within THIRTY (30) days AFTER the service of A written request
FOR PRODUCTION OF DOCUMENTS, THE RECEIVING PARTY SHALL provide the REQUESTING Party with copies of requested documents THAT are relevant
to the CLAIMS, COUNTERCLAIMS, AND DEFENSES ASSERTED IN THE ARBITRATION, anD THAT ARE NOT PRIVILEGED. Any OBJECTION TO A REQUEST FOR PRODUCTION
OF DOCUMENTS THAT CANNOT BE RESOLVED BETWEEN THE PARTIES TO THE ARBITRATION shall be determined by the arbitrator(s), which determination
shall be conclusive. This procedure related to the production of documents shall be the sole form of written discovery permitted in the
arbitration.

 

		(f)	EACH PARTY TO THE ARBITRATION shall be permitted to take a maximum
of three (3) depositions of fact witnesses. To the extent that A PARTY TO THE ARBITRATION desires to take more than three (3) fact witness
depositions, the Party shall request PERMISSION FROM THE ARBITRATOR(S) to take the additional deposition(s). The arbitrator(s) shall permit
additional fact witness deposition(S) upon good cause shown OR THE AGREEMENT OF THE PARTIES. No fact witness deposition shall last longer
than FOUR (4) hours of deposition time. All objections TO QUESTIONS POSED IN THE DEPOSITION(S) shall be reserved for the arbitration hearing
except for objections based upon privilege.

 

		(g)	To the extent that either Party to the Arbitration intends to
rely upon the testimony of an expert witness(es) during the arbitration hearing, the other Party shall be entitled to depose the expert
witness(es) for a maximum of seven (7) hours OF DEPOSITION TIME. The expert witness(es) shall produce a report or statement which sets
out their EXPERT opinion and the factual and legal basis thereof at least fourteen (14) days prior to the scheduled deposition, and at
least thirty (30) days prior the date of the arbitration hearing. All objections TO QUESTIONS
POSED IN THE DEPOSITION(S) shall be reserved for the arbitration hearing.

 

    	 	 	 

    	 

    

 

		(h)	The arbitration award shall be made within one hundred twenty
(120) days after the appointment of the arbitrator(s), and the arbitrator(s) shall agree to comply with this schedule before accepting
appointment.

 

		(i)	The Parties shall bear an equal share of the arbitrators’
and administrative fees.

 

		(j)	NOTWITHSTANDING ANY LEGAL AUTHORITY TO THE CONTRARY, “MANIFEST
DISREGARD OF THE LAW” ON THE PART OF THE ARBITRATOR(S) IN RENDERING AN AWARD SHALL CONSTITUTE A VALID GROUND FOR VACATUR.

 

3.7.       No
Third Party Beneficiaries. This Assignment is made solely for the benefit of Lender and its assigns. No Tenant under any of the Leases
nor any other person shall have standing to bring any action against Lender as the result of this Assignment, or to assume that Lender
will exercise any remedies provided herein, and no person other than Lender shall under any circumstances be deemed to be a beneficiary
of any provision of this Assignment.

 

3.8.       No
Oral Modifications. Neither this Assignment nor any provisions hereof may be changed, waived, discharged or terminated orally, but
only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

 

3.9.       Cumulative
Remedies. The remedies herein provided shall be in addition to and not in substitution for the rights and remedies vested in Lender
in or by any of the Loan Documents or in law or equity, all of which rights and remedies are specifically reserved by Lender. The remedies
herein provided or otherwise available to Lender shall be cumulative and may be exercised concurrently. The failure to exercise any of
the remedies herein provided shall not constitute a waiver thereof, nor shall use of any of the remedies herein provided prevent the subsequent
or concurrent resort to any other remedy or remedies. It is intended that this clause shall be broadly construed so that all remedies
herein provided or otherwise available to Lender shall continue to be each and all available to Lender until the Indebtedness shall have
been paid in full.

 

3.10.       Cross-Default.
An Event of Default by Borrower under this Assignment shall constitute an Event of Default under the other Loan Documents.

 

3.11.       Counterparts.
This Assignment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any of the parties or signatories hereto may execute this Assignment by signing any such counterpart.

 

    	 	 	 

    	 

    

 

3.12.       Further
Assurance. [Subject to the Modification Standard (as defined in the Loan Agreement),] at any time and from time to time, upon request
by Lender, Borrower will make, execute and deliver, or cause to be made, executed and delivered, to Lender and, where appropriate, cause
to be recorded and/or refiled at such time and in such offices and places as shall be deemed desirable by Lender, any and all such other
and further assignments, deeds to secure debt, mortgages, deeds of trust, security agreements, financing statements, continuation statements,
instruments of further assurance, certificates and other documents as may, in the opinion of Lender, be necessary or desirable in order
to effectuate, complete or perfect, or to continue and preserve (a) the obligations of Borrower under this Assignment and (b) the security
interest created by this Assignment as a first and prior security interest upon the Leases and the rents, income, issues, revenues and
profits from the Premises. Upon any failure by Borrower so to do, Lender may, [subject to the Modification Standard] make, execute, record,
file, re-record and/or refile any and all such assignments, deeds to secure debt, mortgages, deeds of trust, security agreements, financing
statements, continuation statements, instruments, certificates, and documents for and in the name of Borrower, and Borrower hereby irrevocably
appoints Lender the agent and attorney-in-fact of Borrower so to do.

 

3.13.       Notices.
All notices, demands or requests provided for or permitted to be given pursuant to this Assignment shall be given pursuant to the notice
provision set forth in the Loan Agreement.

 

3.14.       Modifications,
etc. Borrower hereby consents and agrees that Lender may at any time, and from time to time, without notice to or further consent
from Borrower, either with or without consideration, surrender any property or other security of any kind or nature whatsoever held by
it or by any person, firm or corporation on its behalf or for its account, securing the Indebtedness; substitute for any collateral so
held by it, other collateral of like kind, or of any kind; agree to modification of the terms of the Note or the Loan Documents; extend
or renew the Note or any of the Loan Documents for any period; grant releases, compromises and indulgences with respect to the Note or
the Loan Documents to any persons or entities now or hereafter liable thereunder or hereunder; release any guarantor or endorser of the
Note, the Security Instrument, or any other Loan Document; or take or fail to take any action of any type whatsoever, and no such action
which Lender shall take or fail to take in connection with the Loan Documents, or any of them, or any security for the payment of the
Indebtedness or for the performance of any obligations or undertakings of Borrower, nor any course of dealing with Borrower or any other
person, shall release Borrower's obligations hereunder, affect this Assignment in any way or afford Borrower any recourse against Lender.
The provisions of this Assignment shall extend and be applicable to all renewals, amendments, extensions, consolidations and modifications
of the Loan Documents and the Leases, and any and all references herein to the Loan Documents or the Leases shall be deemed to include
any such renewals, amendments, extensions, consolidations or modifications thereof.

 

3.15       Entire
Agreement. This Assignment constitutes the entire agreement between the Borrower and Lender and supersedes all prior communications,
understandings, and agreements relating to the subject matter of this Assignment, whether oral or written. The Borrower represents and
warrants that it has not relied on any representations of the Lender other than those representations explicitly set forth in this Assignment.

 

 

 

[SIGNATURES BEING ON THE FOLLOWING PAGE]

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF, Borrower has executed this
Assignment under seal, as of the day and year first above written.

 

 

		BORROWER:
	 	 
	 	________________, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:		[SEAL] 
	 	Name:	 	 
	 	Title: Authorized Signatory

 

 

STATE OF_______________

 

COUNTY OF _____________

 

 

The foregoing Assignment
was acknowledged before me this ____ day of __________, 2021, by _____________________ the Authorized Signatory of _______________,
LLC, a Delaware limited liability company, on behalf of the company. He/she is personally known to me or produced
_____________________________ as identification.

 

 

 

	 	 	 
	 	(Notary Public)	 
	[NOTARY SEAL]	 	 
	 	 	 
	 	(Print Name)	

 

My commission expires:

 

_______________________

 

 

[Signature page to Assignment of Leases, Rents
and Profits]

 

    	 	 	 

    	 

    

 

 

EXHIBIT “A”

 

Legal Description of the Premises

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