Document:

Exhibit
10.307

 

ASSIGNMENT
AND SUBORDINATION OF DEVELOPMENT AGREEMENT

 

THIS ASSIGNMENT
AND SUBORDINATION OF DEVELOPMENT AGREEMENT (this “Assignment”) is made as of the 16th day of
December, 2015, by CB OWNER, LLC, a Delaware limited liability company (“Assignor”), to and for
the benefit of and in favor of THE PRIVATEBANK AND TRUST COMPANY, an Illinois state chartered bank in its capacity as administrative
agent (in such capacity, referred to herein as “Assignee”), for and on behalf of The PrivateBank and Trust Company,
in its capacity as a lender, together with any other lenders that acquire an interest in the Loan (defined below) after the date
hereof (individually, a “Lender” and collectively, the “Lenders”).

 

Recitals

 

A.           Assignor is the
owner of certain real estate situated in the County of Fulton, State of Georgia, legally described on Exhibit A attached
hereto and by this reference made a part hereof (the “Premises”).

 

B.           Assignor and
CDP DEVELOPER I, LLC, a Georgia limited liability company (“Developer”) are parties to that certain Amended
and Restated Development Agreement, made and entered into as of the date hereof, with an effective date of May 29, 2015 (the “Development
Agreement”), a true, correct and complete copy of which Assignor represents and warrants is attached hereto as Exhibit B,
to oversee the development of the Premises.

 

C.           Assignee has
agreed to make a loan (the “Loan”) to Assignor in an amount equal to $38,130,000.00. The Loan is evidenced by
that certain Promissory Note of even date herewith (the “Note”), executed by Assignor and made payable to the
order of Assignee in the principal amount of the Loan. The Note is secured by, among other things, a Deed to Secure Debt, Assignment
of Rents and Leases and Security Agreement of even date herewith (the “Security Deed”), executed by Assignor
to Assignee, granting a lien on the Premises and to be recorded with the Clerk of the Superior Court for the County of Fulton,
State of Georgia. Assignor has also executed certain other instruments and agreements as additional security for repayment of the
Loan (collectively, the “Loan Documents”).

 

D.           Assignee requires,
as a condition precedent to its making the Loan, that the indebtedness evidenced by the Note and the lien and security interests
created by the Security Deed and the other Loan Documents (collectively, the “Senior Liens”) be paramount and
prior to any and all obligations, expenses and indebtedness owing to Developer which arise from the Development Agreement (collectively,
the ”Junior Liabilities”) and any and all existing liens and security interests or future rights to liens
and security interests of Developer or anyone claiming by, through or under Developer which arise from the Junior Liabilities (collectively,
the “Junior Liens”).

 

E.            As additional
security for the Note, Assignee has also required an assignment of the interest of Assignor in, to and under the Development Agreement.

 

     

     

    

 

F.           Assignor is willing
to transfer, assign and convey its rights, privileges, powers and interest in, to and under the Development Agreement to Assignee,
subject to the terms and conditions herein contained.

 

Agreement

 

NOW, THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby agrees as follows:

 

1.            Assignment.
Assignor hereby transfers, assigns and conveys all of its rights, powers, privileges and interests in, to and under the Development
Agreement to Assignee, its successors and assigns, fully intending that Assignee, its successors and assigns, shall have the rights
and powers and be entitled to the benefits thereunder to the same degree and extent as though the Development Agreement had been
made between Assignee and Developer.

 

2.            Exercise
of Assignee’s Remedies. Although it is the intention of the parties that the assignment hereunder is a present assignment,
it is expressly understood and agreed, anything herein contained to the contrary notwithstanding, that Assignee shall not exercise
any of the rights and powers conferred upon it herein until and unless there shall occur and continue an “Event of Default”
(as defined in the Loan Agreement). Upon the occurrence and during the continuance of an Event of Default, Assignee shall have
the right (but not the obligation) to (a) terminate the Development Agreement upon written notice to Developer and thereafter,
the Development Agreement shall be of no further force or effect, or (b) assume all obligations of Assignor under the Development
Agreement. Nothing herein contained shall be deemed to affect or impair any rights which Assignee may have under the Note, the
Security Deed or the other Loan Documents.

 

3.            Assignee’s
Right to Cure. In the event of any default by Assignor under the Development Agreement or the occurrence of an Event of
Default, and during the continuation thereof, Assignee shall have the right, upon notice to Assignor and Developer, and until such
default is cured, to cure any default and take any action under the Development Agreement to preserve the same. Assignor hereby
grants to Assignee the right of access to the Premises for this purpose, if such action is necessary. Such action by Assignee shall
not be deemed an election by Assignee as provided in Section 2 hereof. Assignor hereby authorizes Developer to accept the
performance of Assignee in such event, without question. Any advances made by Assignee to cure a default hereunder shall bear interest
at the Default Rate under the Loan Agreement and shall be secured by the Security Deed and the other Loan Documents.

 

4.            Representations
and Warranties of Assignor. Assignor hereby represents and warrants to Assignee that (a) Assignor has not executed
any prior assignment of the Development Agreement, nor has it performed any acts or executed any other instrument which might prevent
Assignee from operating under any of the terms and conditions of this Assignment, or which would limit Assignee in such operation,
(b) Assignor has not executed or granted any modification whatsoever of the Development Agreement, either orally or in writing,
and (c) the Development Agreement is in full force and effect and constitutes a valid and legally enforceable obligation of
the parties thereto and that there are no defaults now existing thereunder by Assignor or to Assignor's knowledge, by Developer,
as of the date hereof.

 

    	2

     

    

 

5.            Other Agreements.
Assignee shall not be obligated to perform or discharge any obligation, duty or liability under the Development Agreement by reason
of this Assignment, until its election as provided in Section 2 hereof, and that this Assignment or Assignee’s performance
hereunder shall not release Assignor of any liability under the Development Agreement.

 

6.            Covenants
of Assignor. Assignor agrees not to do, or suffer to be done, any of the following acts without the prior written consent
of Assignee first being had and obtained, such consent, in the case of clauses (a), (b) or (c), not to be unreasonably withheld
to-wit: (a) cancel, terminate or surrender the Development Agreement; (b) forgive any obligation thereunder; (c) materially
modify the Development Agreement; (d) assign Assignor’s interest in the Development Agreement or any portion thereof;
or (e) fail to perform any obligation of Assignor in accordance with the provisions thereof, which failure would constitute
a default under the Development Agreement and which failure shall continue beyond any applicable cure period provided under the
Development Agreement. Any of said acts, if done or suffered to be done without Assignee’s prior written consent, shall constitute
an Event of Default hereunder.

 

7.            Election
of Remedies. The provisions set forth in this Assignment shall be deemed a special remedy given to Assignee and shall not
be deemed exclusive of any of the remedies granted in the Note or the Loan Documents but shall be deemed an additional remedy and
shall be cumulative with the remedies therein and elsewhere granted Assignee, all of which remedies shall be enforceable concurrently
or successively. No exercise by Assignee of any of its rights hereunder shall cure, waive or affect any default hereunder or any
Event of Default under the Security Deed or the Loan Documents. No inaction or partial exercise of rights by Assignee shall be
construed as a waiver of any of its such rights and remedies, and no waiver by Assignee of any such rights and remedies shall be
construed as a waiver by Assignee of any of its other rights and remedies.

 

8.            Notices.
Any notice, demand or other communication required or permitted hereunder shall be (i) delivered in person, (ii) mailed,
postage prepaid, either by registered or certified mail, return receipt requested, or (iii) sent by overnight express carrier,
addressed in each case as follows:

 

	 	If to Assignee:	The PrivateBank and Trust Company
	 	 	Atlanta Financial Center
	 	 	3343 Peachtree Road NE
	 	 	Atlanta, Georgia  30326
	 	 	Attention:  Brad Barton
	 	 	 
	 	and to:	The PrivateBank and Trust Company
	 	 	70 West Madison Street
	 	 	Chicago, Illinois  60602
	 	 	Attention:  Commercial Real Estate

 

    	3

     

    

 

	 	with a copy to:	Miller & Martin PLLC
	 	 	1180 West Peachtree Street NW
	 	 	Suite 2100
	 	 	Atlanta, Georgia  30309
	 	 	Attention:  Charles A. Brake, Jr., Esq.
	 	 	 
	 	If to Assignor:	CB Owner, LLC
	 	 	c/o Catalyst Development Partners
	 	 	880 Glenwood Avenue, Suite H
	 	 	Atlanta, Georgia 30316
	 	 	Attn: Mr. Rob Meyer
	 	 	 
	 	with copy to:	Nelson Mullins Riley & Scarborough LLP
	 	 	201 17th Street NW, Suite 1700
	 	 	Atlanta, Georgia  30363
	 	 	Attn: Eric R. Wilensky, Esq
	 	 	 
	 	with copy to:	Bluerock Real Estate, LLC
	 	 	712 Fifth Avenue, 9th Floor
	 	 	New York, NY 10019
	 	 	Attn:  Michael L. Konig, General Counsel
	 	 	 
	 	If to Developer:	CDP Developer I, LLC
	 	 	c/o Catalyst Development Partners, LLC
	 	 	880 Glenwood Ave SE
	 	 	Suite H
	 	 	Atlanta, Georgia  30316
	 	 	Attention:  Rob Meyer
	 	 	 
	 	with copy to:	Nelson Mullins Riley & Scarborough LLP
	 	 	201 17th Street NW, Suite 1700
	 	 	Atlanta, Georgia  30363
	 	 	Attn: Eric R. Wilensky, Esq

 

or to any other address as to any of the
parties hereto, as such party shall designate in a written notice to the other party hereto. All notices sent pursuant to the terms
of this section shall be deemed received (i) if personally delivered, then on the date of delivery, (ii) if sent by overnight,
express carrier, then on the next federal banking day immediately following the day sent, or (iii) if sent by registered or
certified mail, then on the earlier of the third federal banking day following the day sent or when actually received.

 

    	4

     

    

 

9.           Power of
Attorney. Assignor hereby irrevocably appoints Assignee as Assignor’s attorney-in-fact to exercise any or all of
Assignor’s rights in, to, and under the Development Agreement as provided herein, to give appropriate receipts, releases,
and satisfactions on behalf of Assignor in connection with Developer’s performance under the Development Agreement, and to
do any or all other acts, in Assignor’s name or in Assignee’s own name, that Assignor could do under the Development
Agreement with the same force and effect as if this Assignment had not been made. This power of attorney is coupled with an interest
and can not be revoked, modified or amended without the written consent of Assignee. Notwithstanding the foregoing, Assignee agrees
that it shall not exercise its rights under this Section 9 unless or until an Event of Default has occurred and is continuing
under the Security Deed or the other Loan Documents.

 

10.          Successors
and Assigns. All the covenants and agreements on the part of Assignee and Assignor contained herein shall inure to the
benefit of and bind their successors and assigns, respectively, including any purchaser at a foreclosure sale other than Assignee.

 

11.          Counterparts,
Facsimile Signatures. This Assignment may be executed in any number of counterparts, all of which shall be taken to be
one and the same instrument, for the same effect as if all parties hereto had signed the same signature page. Receipt of an executed
signature page to this Assignment by facsimile or other electronic transmission shall constitute effective delivery thereof.

 

    	5

     

    

 

IN WITNESS WHEREOF,
this Assignment has been executed and delivered as of the date first above written.

 

	 	ASSIGNOR:
	 	 	 
	 	CB OWNER, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Robert Myer
	 	Name:	Robert Myer
	 	Title:	President

 

Signature Page – Assignment and Subordination
of Development Agreement

 

     

     

    

 

EXHIBIT A

TO

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT
AGREEMENT

 

LEGAL DESCRIPTION OF THE PREMISES

 

    	Exhibit A
 Page 1

     

    

 

Exhibit “A”

 

All that tract of land
lying or being Land Lot 6, 17th District, Fulton County and the City of Atlanta, Georgia, and being more particularly
described as follows:

 

BEGINNING at a 1/2 inch
re-bar found at the intersection of the southerly right of way of Interstate 85, a variable width right of way, and the westerly
right of way of Cheshire Bridge Road, also a variable width right of way;

 

THEN leaving the right
of way of Interstate 85, proceed the following courses along the said westerly right of way of Cheshire Bridge Road: South 55 degrees
38 minutes 44 seconds East for 30.92 feet to a 1/2 inch re-bar found;

 

THEN South 06 degrees
51 minutes 23 seconds East for 248.74 feet to a nail found;

 

THEN South 28 degrees
07 minutes 38 seconds East for 42.38 feet to a 1/2 inch re-bar found;

 

THEN South 67 degrees
28 minutes 12 seconds West for 145.43 feet to a 1/2 inch re-bar found;

 

THEN South 00 degrees
42 minutes 52 seconds West for 123.24 feet to a 1/2 inch re-bar found;

 

THEN North 88 degrees
37 minutes 53 seconds West for 43.35 feet to a 1/2 inch re-bar found;

 

THEN South 09 degrees
34 minutes 54 seconds East for 86.90 feet to a 1/2 inch re-bar found;

 

THEN North 89 degrees
25 minutes 02 seconds West for 172.15 feet to a 1/2 inch open top pipe found;

 

THEN North 25 degrees
59 minutes 36 seconds West for 95.01 feet to a point;

 

THEN North 26 degrees
42 minutes 06 seconds West for 470.00 feet to a point on the southerly variable right of way of Interstate 85;

 

THEN continue the following
courses along said southerly right of way of Interstate 85;

 

North 82 degrees 57 minutes
58 seconds East for 105.01 feet to a 1/2 inch re-bar found;

 

THEN North 79 degrees
50 minutes 07 seconds East for 257.68 feet to a point;

 

THEN North 89 degrees
59 minutes 21 seconds East for 156.66 feet to a 1/2 inch re-bar found at the POINT OF BEGINNING.

 

Together with and subject
to covenants, easements, and restrictions of record.

 

Said property contains
4.877 acres more or less.

 

    	Exhibit A
 Page 2

     

    

 

EXHIBIT B

TO

ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT
AGREEMENT

 

THE DEVELOPMENT AGREEMENT

 

[See attached pages.]

 

[Development
Agreement filed as Exhibit to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with
the SEC on or about February 24, 2016]

 

    	Exhibit B
 Page 1

     

    

 

CONSENT
TO ASSIGNMENT AND SUBORDINATION

OF DEVELOPMENT AGREEMENT AND ESTOPPEL

 

THIS CONSENT TO
ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT AGREEMENT AND ESTOPPEL dated as of December ____, 2015 (this “Consent”),
is executed by CDP DEVELOPER I, LLC, a Georgia limited liability company (“Developer”), to and for the
benefit of THE PRIVATEBANK AND TRUST COMPANY, an Illinois banking corporation, and its successors and assigns (“Assignee”).

 

Recitals:

 

A.           CB OWNER, LLC,
a Delaware limited liability company (“Assignor”), is the owner of certain real estate situated in the County
of Fulton, State of Georgia, legally described on Exhibit A attached hereto and by this reference made a part hereof
(the “Premises”).

 

B.           Assignor and
Developer have entered into that certain Amended and Restated Development Agreement, made and entered into as of the date hereof,
with an effective date of May 29, 2015 (the “Development Agreement”), a true, correct and complete copy of which
the Developer represents and warrants is attached hereto as Exhibit B, pursuant to which Developer will develop the
Premises.

 

C.           In connection
with, and as collateral for, a loan (the “Loan”) from Assignee to Assignor, Assignee has required an assignment
of the interest of Assignor in, to and under the Development Agreement under and pursuant to that certain Assignment and Subordination
of Development Agreement dated as of even date herewith, executed by and between Assignor and Assignee (the “Assignment”).

 

D.           Developer acknowledges
that the execution and delivery of this Consent is required by Assignee prior to making any disbursements of the Loan and, without
the execution and delivery of this Consent, Assignee will not make the Loan.

 

Agreement:

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Developer hereby agrees as follows:

 

1.           Capitalized words
and phrases not otherwise defined herein shall have the meanings assigned to such terms in the Assignment.

 

2.           As of the date
hereof, the Development Agreement is in full force and effect and has not been amended or modified as of the date hereof.

 

    	1

     

    

 

3.           The Junior Liabilities
and the Junior Liens are hereby subordinated to each and every one of the Note, the Security Deed, and the other Loan Documents
and the Senior Liens and all indebtedness, liabilities and obligations of any kind whatsoever (whether now existing or hereafter
arising and regardless of the aggregate amount thereof) owing by Assignor to Assignee with respect to the Property (collectively,
the “Senior Liabilities”). No default exists as of the date hereof with respect to the Junior Liabilities. The
payment of all Junior Liabilities shall be subordinated to the payment in full of all Senior Liabilities. No payment in respect
of any Junior Liabilities shall be made at any time on or after the date Developer has been notified by Assignee of any default
in the payment or performance of any of the Senior Liabilities (a “Senior Default”). If Developer receives any
such payment, the same shall be received in trust for Assignee and immediately turned over by Developer to Assignee.

 

4.           Developer hereby
consents to the foregoing Assignment by Assignor of the Development Agreement. Developer agrees that, if Assignee delivers written
notice to Developer that Assignee is exercising its rights under the Assignment: (i) Developer will continue at Assignee’s
direction to perform services for Assignee pursuant to and in accordance with the terms of the Development Agreement provided that
Assignee pays to Developer the fees due and performs the other obligations of Assignor in accordance with the Development Agreement
from and after the date such notice is given, irrespective of any contrary instructions, direction or requests from Assignor; (ii) Developer
will perform its obligations under the Development Agreement for Assignee notwithstanding any counterclaim, right of set-off, defense
or like right of Developer against Assignor or Assignor’s default under or breach of the Development Agreement and Assignee
shall not be liable for any act or omission of Assignor; and (iii) Assignee shall have the right, upon written notice to Developer
of same, to terminate the Development Agreement without premium or penalty and upon such termination, the Development Agreement
shall be of no further force and effect. The Development Agreement is currently in full force and effect.

 

5.           There exists
no default by Assignor or otherwise under the terms, covenants or provisions of the Development Agreement, nor any state of facts
which, with the giving of notice, passage of time or both, would constitute a default thereunder.

 

6.           Developer has
not assigned its interest in the Development Agreement and has no notice of any prior assignment, hypothecation or pledge of Assignor’s
interest under the Development Agreement.

 

7.           Developer hereby
agrees that, upon its receipt of a notice that there has been an Event of Default by Assignor under any of the documents evidencing
or securing the Loan, all accounts receivable in connection with the operation of the Premises and/or the proceeds thereof (including
all monies held by Developer under the Development Agreement) which would otherwise have been paid to Assignor thereunder shall
be paid to Assignee or as Assignee shall direct. However, nothing contained in the foregoing sentence shall prevent Developer from
making expenditures for expenses of operation, management fees and other fixed charges in accordance with the Development Agreement.

 

8.           No changes or
modifications shall be made to the Development Agreement, nor shall the Development Agreement be surrendered or cancelled by agreement
between Assignor and Developer, except pursuant to any termination rights specifically set forth in of the Development Agreement,
without the prior written consent of Assignee.

 

    	2

     

    

 

9.           Assignee neither
assumes nor has any obligations to Developer to exercise its rights under the Assignment or to declare an Event of Default, but
the option to exercise such rights or declare an Event of Default rests in the sole and absolute discretion of Assignee. If Assignee
exercises its rights under the foregoing Assignment, Developer agrees that Assignee shall have no personal obligations or liabilities
to Developer under the Development Agreement or this Consent (Developer’s recourse being limited to Assignee’s interest
in the Premises).

 

10.         As of the date
hereof, Developer represents that it has no counterclaim, right of set-off, defense or like right against Assignor and that Developer
has been paid all amounts due under the Development Agreement.

 

11.         The statements
herein made shall be binding upon Developer, its successors and assigns, and shall inure to the benefit of Assignee and the benefit
of Assignee’s successors and assigns.

 

12.         Each entity,
person and/or officer executing this certification is duly empowered to do so on behalf of Developer.

 

[remainder of page intentionally left
blank]

 

    	3

     

    

 

IN WITNESS WHEREOF,
Developer has caused this Consent to Assignment and Subordination of Development Agreement and Estoppel to be executed as of the
day and year first above written.

 

	 	DEVELOPER:
	 	 
	 	CDP DEVELOPER I, LLC, a Georgia limited liability company
	 	 
	 	By:   Catalyst Development Partners II, LLC, a  Georgia limited liability company, its Managing Member
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page – Consent to Assignment
and

Subordination of Development Agreement and Estoppel

 

     

     

    

 

EXHIBIT A

to

CONSENT TO ASSIGNMENT AND SUBORDINATION

OF DEVELOPMENT AGREEMENT AND ESTOPPEL

 

LEGAL DESCRIPTION OF
THE PREMISES

 

    	Exhibit A
 Page 1

     

    

 

EXHIBIT B

to

CONSENT TO ASSIGNMENT AND SUBORDINATION

OF DEVELOPMENT AGREEMENT AND ESTOPPEL

 

THE DEVELOPMENT AGREEMENT

 

[See
attached pages.]

 

    	Exhibit B
 Page 1Exhibit 10.308

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
is made as of the 16 day of December, 2015, by CB OWNER, LLC, a Delaware limited liability company (“Debtor”)
for the benefit of THE PRIVATEBANK AND TRUST COMPANY, an Illinois state chartered bank in its capacity as agent and administrative
bank (in such capacity, hereinafter referred to as “Administrative Agent” or “Secured Party”),
in its capacity as a lender, together with any other lenders that acquire an interest in the Loan (defined below) after the date
hereof (individually, a “Lender” and collectively, “Lenders”). Administrative Agent, Debtor
and certain Lenders have entered into that certain Construction Loan and Security Agreement dated of even date herewith (together
with all amendments, modifications, restatements, and supplements thereto, the “Loan Agreement”), whereby the
Lenders agreed to make a loan (the “Loan”) to Debtor in the maximum principal amount of THIRTY EIGHT MILLION
ONE HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS ($38,130,000.00) secured by, among other things, that certain Deed to Secure Debt,
Assignment of Rents and Leases and Security Agreement dated of even date herewith from Debtor to Administrative Agent (the “Security
Instrument”) (all capitalized terms used herein and not otherwise defined herein shall have the same meanings given to
such terms in the Loan Agreement).

 

Secured Party.
In consideration of and as security for the prompt payment when due of the Loan, Debtor hereby grants to Secured Party a security
interest in all of the right, title and interest of Debtor in and to the following:

 

(a)          All
furniture, fixtures, equipment and personal property now or hereafter owned by Debtor as described on Exhibit “B”
attached hereto and made a part hereof, and used in connection with the ownership and operation of the property described in Exhibit
“A” attached hereto and made a part hereof (the “Premises”).

 

(b)          All
proceeds from (a) above, and all additions and replacements of (a) above.

 

All of the foregoing
being hereinafter referred to collectively as “Collateral.”

 

The indebtedness advanced
under the Notes, to the extent that it is used for the purpose of purchasing Collateral, shall be a purchase money security interest
in the Collateral so purchased.

 

The Collateral shall
secure the obligations owing under the Notes and all extensions, amendments or modifications thereof and any and all other indebtedness
now or hereafter owed to Lenders by Debtor. The security interest granted hereby shall continue to be effective irrespective of
any retaking or repossession of Collateral, until all indebtedness and obligations secured hereby are fully paid in money. Upon
the payment of all indebtedness and obligations secured hereby, the Collateral shall be immediately released from all security
interests and liens granted hereby, such security interests and liens shall be null and void and the Collateral shall be thereafter
free and clear of all security interests and liens in favor of the Secured Party and/or the Lenders (or any Lender).

 

    	- 1 -

     

    

 

Debtor warrants and
agrees (as of the date hereof or the date that any Collateral is hereafter acquired by Debtor): (a) that Debtor lawfully possesses
and owns the Collateral; (b) that except for the security interest granted hereby and by the Security Instrument, the Collateral
is free from all liens, claims, security interests and encumbrances; (c) that the Collateral shall be kept at the locations hereinafter
mentioned and Debtor will not remove, except in the normal course of business, any Collateral or books or records relating thereto
from such locations without the prior written consent of Secured Party, which consent shall not be unreasonably withheld, conditioned
or delayed; (d) to defend at Debtor's own cost any action, proceeding or claim affecting the Collateral; (e) subject to applicable
contest rights (as set forth in the Loan Agreement), to pay promptly all taxes, assessments, licenses, fees, and other public or
private charges when levied or assessed against the Collateral; (f) in any event to do everything which Secured Party may reasonably
deem necessary or expedient to preserve or perfect or continue the security interest of Secured Party, including without limitation,
the execution of amendments to this Security Agreement and additional descriptions of Collateral, and including authorizing Secured
Party to file such financing statements, continuation statements and the like as Secured Party may deem necessary. Debtor agrees
to pay reasonable attorney's fees actually incurred at standard hourly rates and other reasonable expenses actually incurred by
Secured Party in enforcing its rights after an Event of Default and to pay promptly all taxes, assessments, license fees and other
expenses incurred by Secured Party in enforcing its rights after Debtor's default.

 

Debtor warrants that
it has a business address of c/o Catalyst Development Partners, 880 Glenwood Ave., Suite H, Atlanta, Georgia 30316, where the books
and records relating to the Collateral shall be located, and that the Collateral itself is or will be located at the Premises.

 

CB OWNER, LLC is the
correct legal name of Debtor as shown on the public records of the state where Debtor is organized.

 

Debtor further agrees
that it shall be in default hereunder if any amendment to or termination of a financing statement naming CB OWNER, LLC, as debtor,
and The PrivateBank and Trust Company, as secured party, or any correction statement with respect thereto, is filed in any jurisdiction
by any party other than Secured Party or its counsel without Secured Party's prior written consent, and Debtor is unable to restore
Secured Party’s first priority secured status with respect to the personal property secured by said financing statement within
thirty (30) days of the time Debtor is notified of the termination or amendment of said financing statement.

 

All risks of loss of,
damage to or destruction of the Collateral shall at all times be on Debtor.

  

    	- 2 -

     

    

 

If any of Debtor's obligations to Secured Party shall be not
paid or performed promptly when due and such failure is not cured within any applicable period for cure, or if Debtor breaches
any warranty or provision of this Security Agreement, or upon the occurrence of any Event of Default, then the indebtedness secured
hereby shall at Secured Party's option become immediately due and payable. Upon and during the continuation of an Event of Default,
Secured Party shall have all of the rights and remedies of a secured party under the Uniform Commercial Code as enacted in the
State of Georgia and any other applicable laws, including, but not limited to, the rights and remedies specified in this Security
Agreement, the Loan Agreement, the Notes and in any other agreement between Debtor and Secured Party.

 

Upon and during the
continuation of an Event of Default by Debtor as referenced above, Secured Party shall have under this Security Agreement, in addition
to all other rights and remedies which Secured Party may have as provided in the paragraph next above, the following rights and
remedies, all of which may be exercised with or without further notice to Debtor: (a) to foreclose the liens and security interests
created under this Security Agreement or any other agreement relating to any and all Collateral by any available procedure, with
or without judicial process; (b) subject to the rights of tenants under any Leases, to enter any premises where Collateral may
be located for the purpose of taking possession or removing the same; (c) to sell, assign, lease or otherwise dispose of the Collateral
or any part thereof, either at public or private sale, in lots or in bulk, for each, on credit or otherwise, and upon such terms
as shall be acceptable to Secured Party; such rights and remedies to be exercised at Secured Party's option and Secured Party may
bid or become a purchaser at any such sale, if public, free from any right of redemption, which right of redemption is hereby expressly
waived by Debtor to the extent permitted by law.

 

Debtor acknowledges
that Secured Party does not assume any of Debtor's obligations or duties under any agreement containing rights to payment which
rights are included in the Collateral, and does not assume any of Debtor's obligations in connection with the acquisition, preparation
or holding of the Collateral.

 

Secured Party will
give Debtor reasonable notice of the time and place of any public sale of Collateral or of the time after which any private sale
of the Collateral or any other intended disposition thereof is to be made. Unless otherwise provided by law, the requirement of
reasonable notice shall be met if such notice is mailed, postage prepaid, to Debtor at Debtor's chief place of business at least
ten (10) days before the time of the sale or disposition. Expenses of retaking, holding or preparing the Collateral or any portion
thereof for sale, selling the same and the like shall include reasonable attorneys’ fees at standard hourly rates actually
incurred (without regard to any statutory attorneys' fees provisions) and other legal costs and expenses actually incurred.

 

The net cash proceeds
resulting from the collection, liquidation, sale or other disposition of the Collateral shall be applied first to the expenses
(including attorney's fees actually incurred at standard hourly rates) of retaking, holding, storing, processing and preparing
the Collateral or any portion thereof for sale, selling, collecting and liquidating the same and the like, and then to the satisfaction
of indebtedness and obligations owing by Debtor to Secured Party, application as to particular obligations or against principal
or interest to be in Secured Party's absolute discretion, with the balance to Debtor. If any Collateral shall require repair, maintenance,
preparation or the like, or is in process or other unfinished state, Secured Party shall have the right to perform such repair,
maintenance, preparation or other processing or completion of manufacture for the purpose of putting the same in such salable form
as Secured Party shall deem appropriate, but Secured Party shall have the right to sell or dispose of such Collateral without such
processing.

 

    	- 3 -

     

    

 

Debtor will, at Secured
Party's request, assemble all Collateral and make it available to Secured Party at the Premises, and will make available to Secured
Party the Premises and the facilities of Debtor for the purpose of Secured Party's taking possession of the Collateral or of removing
or putting the Collateral in salable form. To facilitate the exercise by Secured Party of the rights and remedies set forth in
this Security Agreement, Debtor authorizes Secured Party to take or bring, in Secured Party's name or in the name of Debtor, all
steps, actions, suits or proceedings reasonably deemed by Secured Party necessary or desirable to effect collection of or to realize
upon accounts and any other Collateral.

 

If Debtor shall fail
to make any payments or if Debtor shall fail to do any act as required by this Security Agreement, the Loan Agreement or the Notes,
and such failure is not cured within the applicable monetary or non-monetary notice and cure periods provided in the Notes or the
Loan Agreement, then Secured Party may, but without obligation to do so, make such payments and do such acts as Secured Party may
deem necessary to protect its security interest, and any costs expended by Secured Party in doing so shall be payable by Debtor
on demand and shall become part of the indebtedness secured by this Security Agreement. No failure on the part of Secured Party
to exercise, and no delay in exercising, any right or remedy shall operate as a waiver thereof or of any Event of Default, nor
shall any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any
other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law.
The unenforceability or invalidity of any provision hereof shall not render any other provision or provisions unenforceable or
invalid. This Security Agreement shall be governed by and construed according to the laws of the State of Georgia.

 

All obligations of
Debtor shall bind its heirs, legal representatives, successors and assigns.

 

The provisions of this
Security Agreement shall work in conjunction with and shall be in addition to (and not in lieu of) the provisions of the Security
Instrument that provide for the granting of a security interest in personal property from Debtor to Secured Party. To the extent
that there may be a direct conflict between the provisions of this Security Agreement and the provisions of the Security Instrument,
the provisions of the Security Instrument shall control.

 

[EXECUTION ON FOLLOWING PAGE]

 

    	- 4 -

     

    

 

IN WITNESS WHEREOF,
the undersigned Debtor has executed this Security Agreement under seal, as of the date first above written.

  

	 	DEBTOR:
	 	 
	 	CB OWNER,
LLC, a Delaware limited liability company

	 	 
	 	By:	/s/ Robert Myer
	 	Name:	Robert Myer
	 	Title:	President
	 	 	  (SEAL)

 

    	- 5 -

     

    

 

EXHIBIT “A”

(Legal Description)

 

All that tract of land lying or being Land Lot 6, 17th District,
Fulton County and the City of Atlanta, Georgia, and being more particularly described as follows:

 

BEGINNING at a 1/2 inch re-bar found at the intersection of
the southerly right of way of Interstate 85, a variable width right of way, and the westerly right of way of Cheshire Bridge Road,
also a variable width right of way; THEN leaving the right of way of Interstate 85, proceed the following courses along the said
westerly right of way of Cheshire Bridge Road: South 55 degrees 38 minutes 44 seconds East for 30.92 feet to a 1/2 inch re-bar
found; THEN South 06 degrees 51 minutes 23 seconds East for 248.74 feet to a nail found; THEN South 28 degrees 07 minutes 38 seconds
East for 42.38 feet to a 1/2 inch re-bar found; THEN South 67 degrees 28 minutes 12 seconds West for 145.43 feet to a 1/2 inch
re-bar found; THEN South 00 degrees 42 minutes 52 seconds West for 123.24 feet to a 1/2 inch re-bar found; THEN North 88 degrees
37 minutes 53 seconds West for 43.35 feet to a 1/2 inch re-bar found; THEN South 09 degrees 34 minutes 54 seconds East for 86.90
feet to a 1/2 inch re-bar found; THEN North 89 degrees 25 minutes 02 seconds West for 172.15 feet to a 1/2 inch open top pipe found;
THEN North 25 degrees 59 minutes 36 seconds West for 95.01 feet to a point; THEN North 26 degrees 42 minutes 06 seconds West for
470.00 feet to a point on the southerly variable right of way of Interstate 85; THEN continue the following courses along said
southerly right of way of Interstate 85; North 82 degrees 57 minutes 58 seconds East for 105.01 feet to a 1/2 inch re-bar found;
THEN North 79 degrees 50 minutes 07 seconds East for 257.68 feet to a point; THEN North 89 degrees 59 minutes 21 seconds East for
156.66 feet to a 1/2 inch re-bar found at the POINT OF BEGINNING.

 

Said property contains 4.877 acres more or less on that certain
Survey for Catalyst Development Partners; fidelity National Title Insurance Company; Bluerock Real Estate, LLC; CB Owner, LLC,
as Trustee under the BR/CDP Cheshire Bridge Trust Agreement dated May 29, 2015; and The Private Bank dated March 12, 2015, last
revised November 20, 2015 by Bentley-Cranton Group, bearing the seal and certification of Douglas R. Bentley, GRLS No. 2535, said
survey being incorporated herein by this reference.

 

     

     

    

 

EXHIBIT “B” TO SECURITY AGREEMENT

 

	DEBTOR:	CB OWNER, LLC
	SECURED PARTY:	THE PRIVATEBANK AND TRUST COMPANY

 

All right, title and
interest of Debtor, whether now existing or owned or hereafter acquired, in the following types of collateral:

 

(a) all buildings,
structures and other improvements now or hereafter located on the real property described in Exhibit “A”, or on any
part or parcel of the real property (the “Property”); (b) all rents, issues, income, revenues and profits now
or hereafter accruing from and all accounts and contract rights now or hereafter arising in connection with the Property or any
part or parcel of the Property or any of the improvements, including without limitation all rents, issues, income, revenues and
profits accruing from, and all accounts and contract rights arising in connection with the leases, together with all monies and
proceeds now or hereafter due or payable with respect thereto or on account thereof, and all security deposits, damage deposits
and other funds paid by any lessee, sublessee, tenant, subtenant, licensee, permittee or other obligee under any of the leases,
whether paid in a lump sum or installments, all of which are hereinafter collectively called the “rents”; (c) all equipment,
machinery, apparatus, fittings, furniture, furnishings and personal property of every kind or description whatsoever now or hereafter
located on the Property or on any part or parcel of the Property or in or on any of the improvements, and used in connection with
the construction, operation or maintenance of the Property or any of the improvements, all accessions and additions to and replacements
of the foregoing and all proceeds (direct and remote) of the foregoing, including without limitation all plumbing, heating, lighting,
ventilating, refrigerating, water heating, incinerating, air-conditioning and heating, and sprinkling equipment and systems, and
all screens, awnings and signs; (d) all fixtures (including all trade, domestic and ornamental fixtures) now or hereafter on the
Property or on any part or parcel of the Property or in or on any of the improvements, whether actually or constructively attached
or affixed, including without limitation all plumbing, heating, lighting, ventilating, refrigerating, water heating, incinerating,
air-conditioning and heating, and sprinkling fixtures, and all screens, awnings and signs which are fixtures; (e) all building
materials, supplies, goods, machinery and equipment delivered to the Property and placed on the Property for the purpose of being
affixed to or installed or incorporated or otherwise used in or on the Property or any part or parcel of the Property or any of
the improvements, and all accessions and additions to and replacements of the foregoing and all proceeds (direct or remote) of
the foregoing; (f) all payments, awards, judgments and settlements (including interest thereon) to which Debtor may be or become
entitled as a result of the exercise of the right of eminent domain with respect to the Property or any part or parcel of the Property
or any of the improvements; (g) all life insurance policies, if any, now or hereafter pledged as collateral for the indebtedness
secured by this instrument and all policies of insurance which insure against loss or damage to any property described above and
all proceeds from and payments under such policies; and (h) all names, tradenames, signs, marks and trademarks under which any
business located on the Property is operated or known.

 

A portion of the described
collateral is or is to be affixed to the real estate described in Exhibit “A.”

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