Document:

Exhibit 10.90

 

PROMISSORY NOTE

 

	U.S. $27,500,000.00	As of May 14, 2014

 

FOR VALUE RECEIVED,
UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15,
2013 (“Maker”), having a mailing address of 880 Glenwood Ave SE, Suite H, Atlanta, Georgia 30316, hereby promises
to pay to the order of KEYBANK NATIONAL ASSOCIATION, a national banking association (“Payee”), having an address
at 66 South Pearl St., 5th Floor, MSC: NY-31-66-0567, Albany, NY  12207, the principal sum of Twenty-Seven Million Five Hundred
Thousand and No/100 Dollars ($27,500,000.00) or so much thereof as may be advanced from time to time, and interest from the date
hereof on the balance of principal from time to time outstanding, in United States currency, at the rates and at the times hereinafter
described.

 

This Note is issued
by Maker pursuant to that certain Construction Loan Agreement of even date herewith (as the same may be amended, supplemented or
otherwise modified from time to time, the “Loan Agreement”) entered into between Payee and Maker. This Note
evidences the principal amount of the Loan (as defined in the Loan Agreement). Payment of this Note is governed by the Loan Agreement,
the terms of which are incorporated herein by express reference as if fully set forth herein. Capitalized terms used and not otherwise
defined herein shall have the meanings given to them in the Loan Agreement.

 

1.           Interest.
The principal amount hereof outstanding from time to time shall bear interest until paid in full at the Applicable Rate.

 

2.           Monthly
Payments. Interest shall be payable in arrears on the tenth (10th) day of each calendar month after the date
hereof in accordance with Section 5.1 of the Loan Agreement. Commencing on June 10, 2017, and continuing on the tenth (10th)
day of each succeeding calendar month thereafter until such time as the Loan is repaid in full, in addition to the payment of all
interest payable pursuant to Section 5.1 of the Loan Agreement, Borrower shall make monthly payments of principal in accordance
with Section 4.5 of the Loan Agreement.

 

3.           Maturity
Date. The indebtedness evidenced hereby shall mature on the Maturity Date, as the same may be extended pursuant to the
terms of Section 4.3 of the Loan Agreement. On the Maturity Date, the entire outstanding principal balance hereof, together with
accrued and unpaid interest and all other sums evidenced by this Note, shall, if not sooner paid, become due and payable.

 

4.           General
Provisions.

 

(a)          Regardless
of whether an Applicable Rate would otherwise then be in effect, in the event (i) the principal balance hereof is not paid when
due whether by acceleration or upon the Maturity Date or (ii) an Event of Default exists, then the principal balance hereof
shall bear interest from and after such date at the Default Rate. In addition, for any installment (exclusive of the payment due
upon the Maturity Date) which is not paid on the due date thereof a late charge as set forth in the Loan Agreement.

 

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(b)          Maker
agrees that the obligation evidenced by this Note is an exempt transaction under the Truth-in-Lending Act, 15 U.S.C.
§ 1601, et seq.

 

(c)          Maker
and Payee hereto intend and believe that each provision in this Note comports with all applicable local, state and federal laws
and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Note
is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Note to
be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of Maker and Payee hereto that such portion,
provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the
remainder of this Note shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions
were not contained therein, and that the rights, obligations and interest of Maker and the holder or holders hereof under the remainder
of this Note shall continue in full force and effect. All agreements herein are expressly limited so that in no contingency or
event whatsoever, whether by reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal balance
hereof, or otherwise, shall the amount paid or agreed to be paid to the holders hereof for the use, forbearance or detention of
the money to be advanced hereunder exceed the highest lawful rate permissible under applicable usury laws. If, from any circumstances
whatsoever, the fulfillment of any provision hereof, at the time performance of such provision shall be due, shall involve transcending
the limit of validity prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto,
the obligation to be fulfilled shall be reduced to the limit of such validity and if from any circumstance the holder hereof shall
ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall
be applied to the reduction of the unpaid principal balance due hereunder and not to the payment of interest, with any excess to
be returned to Maker.

 

(d)          This
Note and all provisions hereof shall be binding upon Maker and all persons claiming under or through Maker, and shall inure to
the benefit of Payee, together with its successors and assigns, including each owner and holder from time to time of this Note.

 

(e)          Time
is of the essence as to all dates set forth herein.

 

(f)     
     Maker agrees that its liability shall not be in any manner affected by any indulgence,
extension of time, renewal, waiver, or modification granted or consented to by Payee; and Maker consents to any indulgences
and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and to any substitution, exchange or release of the collateral for the Loan, or any part
thereof, with or without substitution, and agrees to the addition or release of any makers, endorsers, guarantors, or
sureties, all whether primarily or secondarily liable, without notice to Maker and without affecting its liability
hereunder.

 

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(g)          Maker
hereby waives and renounces for itself, its successors and assigns, all rights to the benefits of any statute of limitations and
any moratorium, reinstatement, marshalling, forbearance, valuation, stay, extension, redemption, appraisement, or exemption and
homestead laws now provided, or which may hereafter be provided, by the laws of the United States and of any state thereof against
the enforcement and collection of the obligations evidenced by this Note.

 

(h)          If
this Note is placed in the hands of attorneys for collection or is collected through any legal proceedings, Maker promises and
agrees to pay, in addition to the principal, interest and other sums due and payable hereon, all costs of collecting or attempting
to collect this Note, including all reasonable and actual attorney’s fees at standard hourly rates and disbursements without
regard to any presumptive statutory attorney’s fees.

 

(i)          All
parties now or hereafter liable with respect to this Note, whether Maker, principal, surety, guarantor, endorsee or otherwise hereby
severally waive presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest. No failure to
accelerate the indebtedness evidenced hereby, acceptance of a past due installment following the expiration of any cure period
provided by this Note, any Loan Document or applicable law, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration
or of the right of Payee thereafter to insist upon strict compliance with the terms of this Note, or (ii) to prevent the exercise
of such right of acceleration or any other right granted hereunder or by the laws of the State. Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result
contrary to or in conflict with the foregoing.

 

(j)          THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA AND ANY APPLICABLE LAWS OF THE UNITED
STATES OF AMERICA.

 

(k)         Section
21.14 of the Loan Agreement is incorporated herein by express reference as if fully set forth herein.

 

[Signature Appears
on Following Page]

 

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Maker has executed
and delivered this Note under seal as of the day and year first set forth above.

 

	 	MAKER:
	 	 
	 	UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013
	 	 
	 	By:	/s/ Robert Meyer
	 	Name:	Robert Meyer
	 	Title:	Vice President
	 	 	 
	 	 	[SEAL]

 

    	PAGE 4Exhibit 10.91

 

PREPARED BY AND UPON RECORDATION 

RETURN TO:

 

Troutman Sanders LLP

600 Peachtree Street, N.E.

Suite 5200

Atlanta, Georgia 30308-2216

Attention: S. Jefferson Greenway, Esq.

 

MORTGAGE

ASSIGNMENT OF RENTS, SECURITY AGREEMENT
AND

FIXTURE FILING

 

MADE BY

 

UCFP OWNER, LLC, a Delaware limited liability
company, 

as Trustee under the BR/CDP Colonial
Trust Agreement dated December 15, 2013

 

as Mortgagor

 

to

 

KEYBANK NATIONAL ASSOCIATION, a national
banking association 

 

as Mortgagee

 

___________________________

 

Dated as of: May 14, 2014

 

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MORTGAGE

ASSIGNMENT OF RENTS, SECURITY AGREEMENT
AND

FIXTURE FILING

 

THIS MORTGAGE, ASSIGNMENT
OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Mortgage”) is made as of May 14, 2014, by UCFP OWNER,
LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013 (“Mortgagor”)
whose address is 880 Glenwood Avenue SE, Suite H, Atlanta, GA 30316, in favor of KEYBANK NATIONAL ASSOCIATION, its successors and
assigns (“Mortgagee”) whose address is 66 South Pearl St., 5th Floor, MSC: NY-31-66-0567, Albany, NY  12207.

 

1.           Grant
and Secured Obligations.

 

1.1          Grant.
For the purpose of securing payment and performance of the Secured Obligations defined and described in Section 1.2
below, Mortgagor hereby irrevocably and unconditionally grants, bargains, sells, conveys, mortgages and warrants to Mortgagee,
with power of sale and with right of entry and possession, all estate, right, title, legal interest and equitable interest which
Mortgagor now has or may later acquire in and to the following property (all or any part of such property, or any interest in all
or any part of it, as the context may require, the “Property”):

 

(a)          The
real property located in the County of Orange, State of Florida, as described in Exhibit A, together with all existing
and future easements and rights affording access to it (the “Premises”); together with

 

(b)          All
buildings, structures and improvements now located or later to be constructed on the Premises (the “Improvements”);
together with

 

(c)          All
existing and future appurtenances, privileges, easements, franchises and tenements of the Premises, including all minerals, oil,
gas, other hydrocarbons and associated substances, sulphur, nitrogen, carbon dioxide, helium and other commercially valuable substances
which may be in, under or produced from any part of the Premises, all development rights and credits, air rights, water, water
rights (whether riparian, appropriative or otherwise, and whether or not appurtenant) and water stock, and any Premises lying in
the streets, roads or avenues, open or proposed, in front of or adjoining the Premises and Improvements; together with

 

(d)          All
existing and future leases, subleases, subtenancies, licenses, occupancy agreements and concessions (“leases”) relating
to the use and enjoyment of all or any part of the Premises and Improvements, and any and all guaranties and other agreements relating
to or made in connection with any of such leases; together with

 

    	 

    	 

    

  

(e)          All
real property and improvements on it, and all appurtenances and other property and interests of any kind or character, whether
described in Exhibit A or not, which may be reasonably necessary or desirable to promote the present and any reasonable
future beneficial use and enjoyment of the Premises and Improvements; together with

 

(f)          All
goods, materials, supplies, chattels, furniture, fixtures, equipment and machinery now or later to be attached to, placed in or
on, or used in connection with the use, enjoyment, occupancy or operation of all or any part of the Premises and Improvements,
whether stored on the Premises or elsewhere, including all pumping plants, engines, pipes, ditches and flumes, and also all gas,
electric, cooking, heating, cooling, air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all of which
shall be considered to the fullest extent of the law to be real property for purposes of this Mortgage and any manufacturer’s
warranties with respect thereto; together with

 

(g)          All
building materials, equipment, work in process or other personal property of any kind, whether stored on the Premises or elsewhere,
which have been or later will be acquired for the purpose of being delivered to, incorporated into or installed in or about the
Premises or Improvements; together with

 

(h)          All
of Mortgagor’s interest in and to all operating accounts, the Loan funds, whether disbursed or not, all reserves set forth
in the Budget, and any other bank accounts of Mortgagor; together with

 

(i)      
    All of Mortgagor’s rights to the payment of money, accounts, accounts receivable, reserves,
deferred payments, refunds, cost savings, payments and deposits, whether now or later to be received from third parties
(including all earnest money sales deposits) or deposited by Mortgagor with third parties (including all utility deposits),
contract rights, development and use rights, governmental permits and licenses, applications, architectural and engineering
plans, specifications and drawings, as-built drawings, chattel paper, instruments, documents, notes, drafts and letters of
credit (other than letters of credit in favor of Mortgagee), which arise from or relate to construction on the Premises or to
any business now or later to be conducted on it, or to the Premises and Improvements generally and any builder’s or
manufacturer’s warranties with respect thereto; together with

 

(j)      
    All of Mortgagor’s insurance policies pertaining to the Premises and Improvements and all
proceeds, including all claims to and demands for them, of the voluntary or involuntary conversion of any of the Premises,
Improvements or the other property described above into cash or liquidated claims, including proceeds of all present and
future fire, hazard or casualty insurance policies and all condemnation awards or payments now or later to be made by any
public body or decree by any court of competent jurisdiction for any taking or in connection with any condemnation or eminent
domain proceeding, and all causes of action and their proceeds for any damage or injury to the Premises, Improvements or the
other property described above or any part of them, or breach of warranty in connection with the construction of the
Improvements, including causes of action arising in tort, contract, fraud or concealment of a material fact; together
with

 

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(k)          All
of Mortgagor’s rights in and to all Interest Rate Agreements;

 

(l)          All
books and records pertaining to any and all of the property described above, including computer-readable memory and any computer
hardware or software necessary to access and process such memory (“Books and Records”); together with

 

(m)         All
proceeds of, additions and accretions to, substitutions and replacements for, and changes in any of the property described above.

 

Capitalized terms used
above and elsewhere in this Mortgage without definition have the meanings given them in the Loan Agreement referred to in Subsection
1.2(a)(iii) below.

 

1.2          Secured
Obligations.

 

(a)           Mortgagor
makes the grant, conveyance, and mortgage set forth in Section 1.1 above, and grants the security interest set forth
in Section 3 below for the purpose of securing the following obligations (the “Secured Obligations”) in any
order of priority that Mortgagee may choose:

 

(i)          Payment
of all obligations at any time owing under a promissory note (the “Note”) bearing even date herewith, payable by Mortgagor
as maker in the stated principal amount of Twenty-Seven Million Five Hundred Thousand and No/100 Dollars ($27,500,000.00) to the
order of Mortgagee; and

 

(ii)         Payment
and performance of all obligations of Mortgagor under this Mortgage; and

 

(iii)        Payment
and performance of all obligations of Mortgagor under a Construction Loan Agreement bearing even date herewith between Mortgagor
as “Borrower” and Mortgagee as “Lender” (the “Loan Agreement”); and

 

(iv)        Payment
and performance of any obligations of Mortgagor under any Loan Documents which are executed by Mortgagor; and

 

(v)         Payment
and performance of all obligations of Mortgagor arising from any Interest Rate Agreements; and

 

(vi)        Payment
and performance of all future advances and other obligations that Mortgagor or any successor in ownership of all or part of the
Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Mortgagee, when a writing
evidences the parties’ agreement that the advance or obligation be secured by this Mortgage; and

 

(vii)       Payment
and performance of all modifications, amendments, extensions, and renewals, however evidenced, of any of the Secured Obligations.

 

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(b)          All
persons who may have or acquire an interest in all or any part of the Property will be considered to have notice of, and will be
bound by, the terms of the Secured Obligations and each other agreement or instrument made or entered into in connection with each
of the Secured Obligations. Such terms include any provisions in the Note or the Loan Agreement which permit borrowing, repayment
and reborrowing, or which provide that the interest rate on one or more of the Secured Obligations may vary from time to time.

 

2.           Assignment
of Rents.

 

2.1          Assignment.
Mortgagor hereby irrevocably, absolutely, presently and unconditionally assigns to Mortgagee all rents, royalties, issues, profits,
revenue, income, accounts, proceeds and other benefits of the Property, whether now due, past due or to become due, including all
prepaid rents and security deposits (some or all collectively, as the context may require, “Rents”). This is an absolute
assignment, not an assignment for security only. The assignment of rents contained in this Mortgage is intended to and does constitute
an assignment of rents as contemplated in Florida Statutes Section 697.07. Upon the occurrence and during the continuance of an
Event of Default, Mortgagee shall be entitled to the remedies provided in said Section 697.07, in addition to all rights and remedies,
whether procedural or substantive, in effect at the time of execution or enforcement of this Mortgage.

 

2.2          Grant
of License. Mortgagee hereby confers upon Mortgagor a license (“License”) to (x) administer and operate the Property
and Leases; and (y) collect and retain the Rents as they become due and payable, so long as no Event of Default, as defined in
Section 6.2 below, shall exist and be continuing. If an Event of Default has occurred and is continuing, Mortgagee shall
have the right, which it may choose to exercise in its sole discretion, to terminate this License without notice to or demand upon
Mortgagor, and without regard to the adequacy of Mortgagee’s security under this Mortgage.

 

2.3          Collection
and Application of Rents. Subject to the License granted to Mortgagor under Section 2.2 above, Mortgagee has the right,
power and authority to collect any and all Rents. Mortgagor hereby appoints Mortgagee its attorney-in-fact to perform any and all
of the following acts, if after the occurrence and during the continuance of an Event of Default the Mortgagee in its sole discretion
may so choose:

 

(a)          Demand,
receive and enforce payment of any and all Rents; or

 

(b)          Give
receipts, releases and satisfactions for any and all Rents; or

 

(c)          Sue
either in the name of Mortgagor or in the name of Mortgagee for any and all Rents.

 

Mortgagee and Mortgagor
agree that the mere recordation of the assignment granted herein entitles Mortgagee immediately to collect and receive rents upon
the occurrence and during the continuance of an Event of Default, as defined in Section 6.2, without first taking any acts
of enforcement under applicable law, such as, but not limited to, providing notice to Mortgagor, filing foreclosure proceedings,
or seeking and/or obtaining the appointment of a receiver. Further, Mortgagee’s right to the Rents does not depend on whether
or not Mortgagee takes possession of the Property as permitted under Subsection 6.3(c). In Mortgagee’s sole discretion,
Mortgagee may choose to collect Rents either with or without taking possession of the Property. Mortgagee shall apply all Rents
collected by it in the manner provided under Section 6.6. If an Event of Default occurs and is continuing while Mortgagee
is in possession of all or part of the Property and is collecting and applying Rents as permitted under this Mortgage, Mortgagee
and any receiver shall nevertheless be entitled to exercise and invoke every right and remedy afforded any of them under this Mortgage
and at law or in equity.

 

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2.4          Mortgagee
Not Responsible. Under no circumstances shall Mortgagee have any duty to produce Rents from the Property. Regardless of whether
or not Mortgagee, in person or by agent, takes actual possession of the Premises and Improvements, unless Mortgagee agrees in writing
to the contrary, Mortgagee is not and shall not be deemed to be:

 

(a)          A
“mortgagee in possession” for any purpose; or

 

(b)          Responsible
for performing any of the obligations of the lessor under any lease; or

 

(c)          Responsible
for any waste committed by lessees or any other parties, any dangerous or defective condition of the Property, or any negligence
in the management, upkeep, repair or control of the Property; or

 

(d)          Liable
in any manner for the Property or the use, occupancy, enjoyment or operation of all or any part of it.

 

2.5          Leasing.
Mortgagor shall not accept any deposit or prepayment of rents under the leases for any rental period exceeding two (2) months without
Mortgagee’s prior written consent. Mortgagor shall not lease the Property or any part of it except strictly in accordance
with the Loan Agreement.

 

3.           Grant
of Security Interest.

 

3.1          Security
Agreement. The parties intend for this Mortgage to create a lien on the Property, and an absolute assignment of the Rents,
all in favor of Mortgagee. The parties acknowledge that some of the Property and some or all of the Rents may be determined under
applicable law to be personal property or fixtures. To the extent that any Property or Rents may be or be determined to be personal
property, Mortgagor as debtor hereby grants Mortgagee as secured party a security interest in all such Property and Rents, to secure
payment and performance of the Secured Obligations. This Mortgage constitutes a security agreement under the Uniform Commercial
Code of the State in which the Property is located, covering all such Property and Rents.

 

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3.2          Financing
Statements. Mortgagor hereby authorizes Mortgagee to file one or more financing statements. In addition, Mortgagor shall execute
such other documents as Mortgagee may from time to time reasonably require to perfect or continue the perfection of Mortgagee’s
security interest in any Property or Rents. As provided in Section 5.9 below, Mortgagor shall pay all fees and costs that
Mortgagee actually incurs in filing such documents in public offices and in obtaining such record searches as Mortgagee may reasonably
require. In case Mortgagor fails to execute any financing statements or other documents for the perfection or continuation of any
security interest, Mortgagor hereby appoints Mortgagee as its true and lawful attorney-in-fact to execute any such documents on
its behalf. If any financing statement or other document is filed in the records normally pertaining to personal property, that
filing shall never be construed as in any way derogating from or impairing this Mortgage or the rights or obligations of the parties
under it.

 

4.            Fixture
Filing.

 

This Mortgage constitutes
a financing statement filed as a fixture filing under Article 9 of the Uniform Commercial Code in the State in which the Property
is located, as amended or recodified from time to time, covering any Property which now is or later may become fixtures attached
to the Premises or Improvements. For this purpose, the respective addresses of Mortgagor, as debtor, and Mortgagee, as secured
party, are as set forth in the preambles of this Mortgage.

 

5.           Rights
and Duties of the Parties.

 

5.1          Representations
and Warranties. Mortgagor represents and warrants that:

 

(a)          Mortgagor
lawfully possesses and holds fee simple title to all of the Premises and Improvements, subject to the Permitted Exceptions;

 

(b)          Mortgagor
has or will have good title to all Property other than the Premises and Improvements;

 

(c)          Mortgagor
has the full and unlimited power, right and authority to encumber the Property and assign the Rents;

 

(d)          This
Mortgage creates a first and prior lien on the Property;

 

(e)          To
the best of Borrower’s knowledge, the Property includes (or following completion of construction of the Improvements, will
include) all property and rights which may be reasonably necessary or desirable to promote the present and any reasonable future
beneficial use and enjoyment of the Premises and Improvements;

 

(f)          Mortgagor
owns any Property which is personal property free and clear of any security agreements, reservations of title or conditional sales
contracts, other than trade payables which are due and payable within thirty (30) days, and there is no financing statement affecting
such personal property on file in any public office; and

 

(g)          Mortgagor’s
place of business, or its chief executive office if it has more than one place of business, is located at the address specified
below.

 

5.2          Taxes,
and Assessments. Mortgagor shall pay prior to delinquency all taxes, levies, charges and assessments, in accordance with Section
15.1(h) of the Loan Agreement.

 

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5.3          Performance
of Secured Obligations. Mortgagor shall promptly pay and perform each Secured Obligation in accordance with its terms as set
forth in the Loan Agreement or other Loan Documents.

 

5.4          Liens,
Charges and Encumbrances. Mortgagor shall immediately discharge any lien on the Property which Mortgagee has not consented
to in writing in accordance with the terms of Section 15.1(e) of the Loan Agreement.

 

5.5          Damages
and Insurance and Condemnation Proceeds. In the event of any casualty or condemnation of the Property, the provisions of Article
16 of the Loan Agreement shall govern.

 

5.6          Maintenance
and Preservation of Property.

 

(a)          Mortgagor
shall insure the Property as required by the Loan Agreement and keep the Property in good condition and repair.

 

(b)          Other
than in connection with Construction, Mortgagor shall not remove or demolish the Property or any part of it, or alter, restore
or add to the Property, or initiate or allow any change or variance in any zoning or other Premises use classification which affects
the Property or any part of it, except as permitted or required by the Loan Agreement or with Mortgagee’s express prior written
consent in each instance, which shall not be unreasonably withheld, conditioned or delayed.

 

(c)          If
all or part of the Property becomes damaged or destroyed, Mortgagor shall promptly and completely repair and/or restore the Property
in accordance with Article 16 of the Loan Agreement.

 

(d)          Mortgagor
shall not commit or knowingly allow any act upon or use of the Property which would violate: (i) any applicable Laws or order
of any Governmental Authority, whether now existing or later to be enacted and whether foreseen or unforeseen; or (ii) any
public or private covenant, condition, restriction or equitable servitude affecting the Property. Mortgagor shall not knowingly
bring or keep any article on the Property or cause or allow any condition to exist on it, if that could invalidate or would be
prohibited by any insurance coverage required to be maintained by Mortgagor on the Property or any part of it under the Loan Agreement.

 

(e)          Mortgagor
shall not commit or allow physical waste of the Property, including those acts or omissions characterized under the Loan Agreement
as waste which arises out of Hazardous Material.

 

(f)          Mortgagor
shall perform all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve
its value.

 

5.7          Releases,
Extensions, Modifications and Additional Security. From time to time, Mortgagee may perform any of the following acts without
incurring any liability or giving notice to any person:

 

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(a)          Join
in granting any easement or creating any restriction affecting the Property (Mortgagee agrees that such consent (including any
consent to joinder) shall not be unreasonably withheld, conditioned or delayed);

 

(b)          Join
in any subordination or other agreement affecting this Mortgage or the lien of it (Mortgagee agrees that such consent (including
any consent to joinder) shall not be unreasonably withheld, conditioned or delayed);

 

(c)          Release
any person liable for payment of any Secured Obligation;

 

(d)          Extend
the time for payment, or otherwise alter the terms of payment, of any Secured Obligation;

 

(e)          Accept
additional real or personal property of any kind as security for any Secured Obligation, whether evidenced by deeds of trust, mortgages,
security agreements or any other instruments of security;

 

(f)          Alter,
substitute or release any property securing the Secured Obligations;

 

(g)          Consent
to the making of any plat or map of the Property or any part of it (Mortgagee agrees that such consent (including any consent to
joinder) shall not be unreasonably withheld, conditioned or delayed); or

 

(h)          Release
the Property or any part of it.

 

5.8          Release.
When all of the Secured Obligations have been paid in full and all fees and other sums owed by Mortgagor under Section 5.9
of this Mortgage and the other Loan Documents have been received, Mortgagee shall release this Mortgage, the lien created thereby,
and all notes and instruments evidencing the Secured Obligations. Mortgagor shall pay any costs of preparation and recordation
of such release.

 

    	-8-

    	 

    

  

5.9          Compensation,
Exculpation, Indemnification.

 

(a)           Mortgagor
agrees to pay fees in the maximum amounts legally permitted, or reasonable fees as may be charged by Mortgagee when the law provides
no maximum limit, for any services that Mortgagee may render in connection with this Mortgage, including Mortgagee’s providing
a statement of the Secured Obligations or providing the release pursuant to Section 5.8 above. Mortgagor shall also
pay or reimburse all of Mortgagee’s reasonable costs and expenses which may be actually incurred in rendering any such services.
Mortgagor further agrees to pay or reimburse Mortgagee for all reasonable costs, expenses and other advances which may be actually
incurred or made by Mortgagee in any efforts to enforce any terms of this Mortgage, including any rights or remedies afforded to
Mortgagee under Section 6.3, whether any lawsuit is filed or not, or in defending any action or proceeding arising under
or relating to this Mortgage, including reasonable and actual attorney’s fees at standard hourly rates without regard to
any presumptive statutory attorney’s fees, costs of any Foreclosure Sale (as defined in Subsection 6.3(i) below) and
any cost of evidence of title (provided, however, endorsements to the loan policy in connection with loan draws shall be governed
by the Loan Agreement). If Mortgagee chooses to dispose of Property through more than one Foreclosure Sale, Mortgagor shall pay
all costs, expenses or other advances that may be incurred or made by Mortgagee in each of such Foreclosure Sales. In any suit
to foreclose the lien hereof or enforce any other remedy of Mortgagee under this Mortgage or the Note, there shall be allowed and
included as additional indebtedness in the decree for sale or other judgment or decree all reasonable expenditures and expenses
which may be paid or actually incurred by or on behalf of Mortgagee for attorney’s fees at standard hourly rates without
regard to any presumptive statutory attorney’s fees (including the costs and fees of paralegals), survey charges, appraiser’s
fees, inspecting engineer’s and/or architect’s fees, fees for environmental studies and assessments and all additional
reasonable expenses actually incurred by Mortgagee with respect to environmental matters, outlays for documentary and expert evidence,
stenographers’ charges, publication costs, and costs (which may be estimated as to items to be expended after entry of the
decree) of procuring all such abstracts of title, title searches and examinations, title insurance policies, and similar data and
assurances with respect to title as Mortgagee may deem reasonably necessary either to prosecute such suit or to evidence to bidders
at any sale which may be had pursuant to such decree the true condition of the title to, the value of or the environmental condition
of the Property. All expenditures and expenses of the nature in this Subsection mentioned, and such expenses and fees as may be
incurred in the protection of the Property and maintenance of the lien of this Mortgage, including reasonable and actual attorney’s
fees at standard hourly rates without regard to any presumptive statutory attorney’s fees in any litigation or proceeding
affecting this Mortgage, the Note or the Property, including mediation, arbitration, other alternative dispute processes, administrative
proceedings, probate and bankruptcy proceedings, or in preparation for the commencement or defense of any proceeding or threatened
suit or proceeding, and any and all appeals from any of the foregoing, shall be immediately due and payable by Mortgagor, with
interest thereon at the Default Rate and shall be secured by this Mortgage.

 

(b)           Mortgagee
shall not be directly or indirectly liable to Mortgagor or any other person as a consequence of any of the following:

 

(i)          Mortgagee’s
exercise of or failure to exercise any rights, remedies or powers granted to Mortgagee in this Mortgage;

 

(ii)         Mortgagee’s
failure or refusal to perform or discharge any obligation or liability of Mortgagor under any agreement related to the Property
or under this Mortgage; or

 

(iii)        Any
loss sustained by Mortgagor or any third party resulting from Mortgagee’s failure to lease the Property, or from any other
act or omission of Mortgagee in managing the Property, after an Event of Default, unless the loss is caused by the gross negligence
or willful misconduct and bad faith of Mortgagee.

 

Mortgagor hereby
expressly waives and releases all liability of the types described above, and agrees that no such liability shall be asserted against
or imposed upon Mortgagee.

 

    	-9-

    	 

    

  

(c)           Mortgagor
agrees to indemnify Mortgagee against and hold it harmless from all losses, damages, liabilities, claims, causes of action, judgments,
court costs, attorneys’ fees and other legal expenses, cost of evidence of title, cost of evidence of value, and other costs
and expenses which it may suffer or incur:

 

(i)          In
performing any act required or permitted by this Mortgage or any of the other Loan Documents or by law;

 

(ii)         Because
of any failure of Mortgagor to perform any of its obligations; or

 

(iii)        Because
of any alleged obligation of or undertaking by Mortgagee to perform or discharge any of the representations, warranties, conditions,
covenants or other obligations in any document relating to the Property other than the Loan Documents.

 

Excluded from
the foregoing obligations of Mortgagor to indemnify Mortgagee are matters arising from Mortgagee’s gross negligence or willful
misconduct. This agreement by Mortgagor to indemnify Mortgagee shall survive the release and cancellation of any or all of the
Secured Obligations and the full or partial release of this Mortgage.

 

(d)          Mortgagor
shall pay all obligations to pay money arising under this Section 5.9 immediately upon demand by Mortgagee. Each such obligation
shall be added to, and considered to be part of, the principal of the Note, and shall bear interest from the date the obligation
arises at the Default Rate.

 

5.10        Defense
and Notice of Claims and Actions. At Mortgagor’s sole expense, Mortgagor shall protect, preserve and defend the Property
and title to and right of possession of the Property, and the security of this Mortgage and the rights and powers of Mortgagee
created under it, against all adverse claims. Mortgagor shall give Mortgagee prompt notice in writing if any claim is asserted
which does or could affect any such matters, or if any action or proceeding is commenced which alleges or relates to any such claim.

 

5.11        Subrogation.
Mortgagee shall be subrogated to the liens of all encumbrances, whether released of record or not, which are discharged in whole
or in part by Mortgagee in accordance with this Mortgage or with the proceeds of any loan secured by this Mortgage.

 

5.12        Site
Visits, Observation and Testing. Mortgagee and its agents and representatives shall have the right, subject to the rights of
tenants under leases, at any reasonable time to enter and visit the Property for the purpose of performing appraisals, observing
the Property, taking and removing soil or groundwater samples, and conducting tests on any part of the Property. Mortgagee has
no duty, however, to visit or observe the Property or to conduct tests, and no site visit, observation or testing by Mortgagee,
its agents or representatives shall impose any liability on any of Mortgagee, its agents or representatives. In no event shall
any site visit, observation or testing by Mortgagee, its agents or representatives be a representation that Hazardous Material
are or are not present in, on or under the Property, or that there has been or shall be compliance with any law, regulation or
ordinance pertaining to Hazardous Material or any other applicable governmental law. Neither Mortgagor nor any other party is entitled
to rely on any site visit, observation or testing by any of Mortgagee, its agents or representatives. Neither Mortgagee, its agents
or representatives owe any duty of care to protect Mortgagor or any other party against, or to inform Mortgagor or any other party
of, any Hazardous Material or any other adverse condition affecting the Property. Mortgagee shall give Mortgagor reasonable notice
before entering the Property. Mortgagee shall make reasonable efforts to avoid interfering with Mortgagor’s use of the Property
in exercising any rights provided in this Section 5.12.

 

    	-10-

    	 

    

  

5.13        Notice
of Change. Mortgagor shall give Mortgagee prior written notice of any change in: (a) the location of its place of business
or its chief executive office if it has more than one place of business; (b) the location of any of the Property, including
the Books and Records; and (c) Mortgagor’s name or business structure. Unless otherwise reasonably approved by Mortgagee
in writing, all Property that consists of personal property (other than the Books and Records) will be located on the Premises
and all Books and Records will be located at Mortgagor’s place of business or chief executive office if Mortgagor has more
than one place of business.

 

6.           Accelerating
Transfers, Default and Remedies.

 

6.1          Accelerating
Transfers.

 

(a)          “Accelerating
Transfer” means any Transfer not expressly permitted under Article 17 of the Loan Agreement.

 

(b)          Mortgagor
acknowledges that Mortgagee is making one or more advances under the Loan Agreement in reliance on the expertise, skill and experience
of Mortgagor; thus, the Secured Obligations include material elements similar in nature to a personal service contract. In consideration
of Mortgagee’s reliance, Mortgagor agrees that Mortgagor shall not make any Accelerating Transfer, unless the transfer is
preceded by Mortgagee’s express written consent to the particular transaction and transferee. Mortgagee may withhold such
consent in its sole discretion. If any Accelerating Transfer occurs, Mortgagee in its sole discretion may declare all of the Secured
Obligations to be immediately due and payable, and Mortgagee may invoke any rights and remedies provided by Section 6.3
of this Mortgage.

 

6.2          Events
of Default. Mortgagor will be in default under this Mortgage upon the occurrence of any one or more of the following events
(some or all collectively, “Events of Default;” any one singly, an “Event of Default”).

 

    	-11-

    	 

    

 

(a)          Failure
of Mortgagor (i) (x) to make any principal payment within five (5) days after the date when due, (y) to pay interest within five
(5) days after the date when due or (z) to observe or perform any of the other covenants or conditions by Mortgagor to be performed
under the terms of this Mortgage or any of the other Loan Documents concerning the payment of money for a period of ten (10) days
after written notice from Mortgagee that the same is due and payable; or (ii) for a period of thirty (30) days after written notice
from Mortgagee, to observe or perform any non-monetary covenant or condition contained in this Mortgage or any of the other Loan
Documents; provided that if any such failure concerning a non-monetary covenant or condition is susceptible to cure but cannot
reasonably be cured within said thirty (30) day period, then Mortgagor shall have an additional ninety (90) day period to cure
such failure and no Event of Default shall be deemed to exist hereunder so long as Mortgagor commences such cure within the initial
thirty (30) day period and diligently and in good faith pursues such cure to completion within such resulting one hundred twenty
(120) day period from the date of Mortgagee’s notice; and provided further that if a different notice or grace period is
specified under Article 19 of the Loan Agreement (or elsewhere in this Mortgage or the Loan Agreement) in which such particular
breach will become an Event of Default, the specific provision shall control; or

 

(b)          An
“Event of Default” occurs under the Loan Agreement or any other Loan Document; or

 

(c)          Any
filing for record of a notice pursuant to Section 697.04, Florida Statutes, limiting the maximum principal amount that may
be secured by this Mortgage.

 

6.3          Remedies.
At any time after and during the continuance of an Event of Default, Mortgagee shall be entitled to invoke any and all of the rights
and remedies described below, in addition to all other rights and remedies available to Mortgagee at law or in equity. All of such
rights and remedies shall be cumulative, and the exercise of any one or more of them shall not constitute an election of remedies.

 

(a)          Acceleration.
Mortgagee may declare any or all of the Secured Obligations to be due and payable immediately.

 

(b)          Receiver.
Mortgagee shall, as a matter of right, without notice and without giving bond to Mortgagor or anyone claiming by, under or through
Mortgagor, and without regard for the solvency or insolvency of Mortgagor or the then value of the Property, to the extent permitted
by applicable law, be entitled to have a receiver appointed for all or any part of the Property and the Rents, and the proceeds,
issues and profits thereof, with the rights and powers referenced below and such other rights and powers as the court making such
appointment shall confer, and Mortgagor hereby consents to the appointment of such receiver and shall not oppose any such appointment.
Such receiver shall have all powers and duties prescribed by applicable law, all other powers which are necessary or usual in such
cases for the protection, possession, control, management and operation of the Property, and such rights and powers as Mortgagee
would have, upon entering and taking possession of the Property under subsection (c) below.

 

    	-12-

    	 

    

 

(c)          Entry.
Mortgagee, in person, by agent or by court-appointed receiver, may enter, take possession of, manage and operate all or any part
of the Property, and may also do any and all other things in connection with those actions that Mortgagee may in its sole discretion
consider necessary and appropriate to protect the security of this Mortgage. Such other things may include: taking and possessing
all of Mortgagor’s or the then owner’s Books and Records; entering into, enforcing, modifying or canceling leases on
such terms and conditions as Mortgagee may consider proper; obtaining and evicting tenants; fixing or modifying Rents; collecting
and receiving any payment of money owing to Mortgagee; completing any unfinished construction; and/or contracting for and making
repairs and alterations. If Mortgagee so requests, Mortgagor shall assemble all of the Property that has been removed from the
Premises and make all of it available to Mortgagee at the site of the Premises. Mortgagor hereby irrevocably constitutes and appoints
Mortgagee as Mortgagor’s attorney-in-fact to perform such acts and execute such documents as Mortgagee in its sole discretion
may consider to be appropriate in connection with taking these measures, including endorsement of Mortgagor’s name on any
instruments.

 

(d)          Cure;
Protection of Security. Mortgagee may cure any breach or default of Mortgagor, and if it chooses to do so in connection with
any such cure, Mortgagee may also enter the Property and/or do any and all other things which it may in its sole discretion consider
necessary and appropriate to protect the security of this Mortgage, including, without limitation, completing construction of the
improvements at the Property contemplated by the Loan Agreement. Such other things may include: appearing in and/or defending any
action or proceeding which purports to affect the security of, or the rights or powers of Mortgagee under, this Mortgage; paying,
purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien which in Mortgagee’s sole judgment
is or may be senior in priority to this Mortgage, such judgment of Mortgagee or to be conclusive as among the parties to this Mortgage;
obtaining insurance and/or paying any premiums or charges for insurance required to be carried under the Loan Agreement; otherwise
caring for and protecting any and all of the Property; and/or employing counsel, accountants, contractors and other appropriate
persons to assist Mortgagee. Mortgagee may take any of the actions permitted under this Subsection 6.3(d) either with or
without giving notice to any person. Any amounts expended by Mortgagee under this Subsection 6.3(d) shall be secured by
this Mortgage.

 

(e)          Uniform
Commercial Code Remedies. Mortgagee may exercise any or all of the remedies granted to a secured party under the Uniform Commercial
Code in the State in which the Property is located.

 

(f)   
       Foreclosure; Lawsuits. Mortgagee shall have the right, in one or several
concurrent or consecutive proceedings, to foreclose the lien hereof upon the Property or any part thereof, for the Secured
Obligations, or any part thereof, by any proceedings appropriate under applicable law. Mortgagee or its nominee may bid and
become the purchaser of all or any part of the Property at any foreclosure or other sale hereunder, and the amount of
Mortgagee’s successful bid shall be credited on the Secured Obligations. Without limiting the foregoing, Mortgagee may
proceed by a suit or suits in law or equity, whether for specific performance of any covenant or agreement herein contained
or in aid of the execution of any power herein granted, or for any foreclosure under the judgment or decree of any court of
competent jurisdiction. In addition to the right provided in Subsection 6.3(a), upon, or at any time after the filing of a
complaint to foreclose this Mortgage, Mortgagee shall be entitled to the appointment of a receiver of the property by
the court in which such complaint is filed, and Mortgagor hereby consents to such appointment.

 

    	-13-

    	 

    

  

(g)          Other
Remedies. Mortgagee may exercise all rights and remedies contained in any other instrument, document, agreement or other writing
heretofore, concurrently or in the future executed by Mortgagor or any other person or entity in favor of Mortgagee in connection
with the Secured Obligations or any part thereof, without prejudice to the right of Mortgagee thereafter to enforce any appropriate
remedy against Mortgagor. Mortgagee shall have the right to pursue all remedies afforded to a mortgagee under applicable law, and
shall have the benefit of all of the provisions of such applicable law, including all amendments thereto which may become effective
from time to time after the date hereof.

 

(h)          Sale
of Personal Property. Mortgagee shall have the discretionary right to cause some or all of the Property, which constitutes
personal property, to be sold or otherwise disposed of in any combination and in any manner permitted by applicable law.

 

(i)          For
purposes of this power of sale, Mortgagee may elect to treat as personal property any Property which is intangible or which can
be severed from the Premises or Improvements without causing structural damage. If it chooses to do so, Mortgagee may dispose of
any personal property, in any manner permitted by Article 9 of the Uniform Commercial Code of the State in which the Property is
located, including any public or private sale, or in any manner permitted by any other applicable law.

 

(ii)         In
connection with any sale or other disposition of such Property, Mortgagor agrees that the following procedures constitute a commercially
reasonable sale: Mortgagee shall mail written notice of the sale to Mortgagor not later than thirty (30) days prior to such sale.
Mortgagee will publish notice of the sale in a local daily newspaper of general circulation. Upon receipt of any written request,
Mortgagee will make the Property available to any bona fide prospective purchaser for inspection during reasonable business hours.
Notwithstanding, Mortgagee shall be under no obligation to consummate a sale if, in its judgment, none of the offers received by
it equals the fair value of the Property offered for sale. The foregoing procedures do not constitute the only procedures that
may be commercially reasonable.

 

(i)           Single
or Multiple Foreclosure Sales. If the Property consists of more than one lot, parcel or item of property, Mortgagee may:

 

(i)          Designate
the order in which the lots, parcels and/or items shall be sold or disposed of or offered for sale or disposition; and

 

(ii)         Elect
to dispose of the lots, parcels and/or items through a single consolidated sale or disposition to be held or made under or in connection
with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale; or through two or more such sales or
dispositions; or in any other manner Mortgagee may deem to be in its best interests (any such sale or disposition, a “Foreclosure
Sale;” and any two or more, “Foreclosure Sales”).

 

    	-14-

    	 

    

 

 

If Mortgagee chooses to have more
than one Foreclosure Sale, Mortgagee at its option may cause the Foreclosure Sales to be held simultaneously or successively, on
the same day, or on such different days and at such different times and in such order as Mortgagee may deem to be in its best interests.
No Foreclosure Sale shall terminate or affect the liens of this Mortgage on any part of the Property which has not been sold, until
all of the Secured Obligations have been paid in full.

 

6.4          Credit
Bids. At any Foreclosure Sale, any person, including Mortgagor or Mortgagee, may bid for and acquire the Property or any part
of it to the extent permitted by then applicable law. Instead of paying cash for such property, Mortgagee may settle for the purchase
price by crediting the sales price of the property against the following obligations:

 

(a)          First,
the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any other sums for which Mortgagor
is obligated to pay or reimburse Mortgagee under Section 5.9 of this Mortgage; and

 

(b)          Second,
all other Secured Obligations in any order and proportions as Mortgagee in its sole discretion may choose.

 

6.5          Application
of Foreclosure Sale Proceeds. Mortgagee shall apply the proceeds of any Foreclosure Sale in the following manner:

 

(a)          First,
to pay the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any other sums for
which Mortgagor is obligated to reimburse Mortgagee under Section 5.9 of this Mortgage;

 

(b)          Second,
to pay the portion of the Secured Obligations attributable to any sums expended or advanced by Mortgagee under the terms of this
Mortgage which then remain unpaid;

 

(c)          Third,
to pay all other Secured Obligations in any order and proportions as Mortgagee in its sole discretion may choose; and

 

(d)          Fourth,
to remit the remainder, if any, to the person or persons entitled to it.

 

6.6          Application
of Rents and Other Sums. Mortgagee shall apply any and all Rents collected by it, and any and all sums other than proceeds
of a Foreclosure Sale which Mortgagee may receive or collect under Section 6.3 above, in the following manner:

 

(a)          First,
to pay the portion of the Secured Obligations attributable to the costs and expenses of operation and collection that may be incurred
by Mortgagee or any receiver;

 

(b)          Second,
to pay all other Secured Obligations in any order and proportions as Mortgagee in its sole discretion may choose; and

 

    	-15-

    	 

    

  

(c)          Third,
to remit the remainder, if any, to the person or persons entitled to it.

 

Mortgagee shall have
no liability for any funds which it does not actually receive.

 

7.           Miscellaneous
Provisions.

 

7.1          Additional
Provisions. The Loan Documents fully state all of the terms and conditions of the parties’ agreement regarding the matters
mentioned in or incidental to this Mortgage. The Loan Documents also grant further rights to Mortgagee and contain further agreements
and affirmative and negative covenants by Mortgagor which apply to this Mortgage and to the Property.

 

7.2          No
Waiver or Cure.

 

(a)          Each
waiver by Mortgagee must be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from
any delay or failure by Mortgagee to take action on account of any default of Mortgagor. Consent by Mortgagee to any act or omission
by Mortgagor shall not be construed as a consent to any other or subsequent act or omission or to waive the requirement for Mortgagee’s
consent to be obtained in any future or other instance.

 

(b)          If
any of the events described below occurs, that event alone shall not: cure or waive any breach, Event of Default or notice of default
under this Mortgage or invalidate any act performed pursuant to any such default or notice; or nullify the effect of any notice
of default or sale (unless all Secured Obligations then due have been paid and performed and all other defaults under the Loan
Documents have been cured); or impair the security of this Mortgage; or prejudice Mortgagee or any receiver in the exercise of
any right or remedy afforded any of them under this Mortgage; or be construed as an affirmation by Mortgagee of any tenancy, lease
or option, or a subordination of the lien of this Mortgage.

 

(i)          Mortgagee,
its agent or a receiver takes possession of all or any part of the Property in the manner provided in Subsection 6.3(c).

 

(ii)         Mortgagee
collects and applies Rents as permitted under Sections 2.3 and 6.6 above, either with or without taking possession
of all or any part of the Property.

 

(iii)        Mortgagee
receives and applies to any Secured Obligation any proceeds of any Property, including any proceeds of insurance policies, condemnation
awards, or other claims, property or rights assigned to Mortgagee under Section 5.5 above.

 

(iv)        Mortgagee
makes a site visit, observes the Property and/or conducts tests as permitted under Section 5.12 above.

 

    	-16-

    	 

    

  

(v)         Mortgagee
receives any sums under this Mortgage or any proceeds of any collateral held for any of the Secured Obligations, and applies them
to one or more Secured Obligations.

 

(vi)        Mortgagee
or any receiver invokes any right or remedy provided under this Mortgage.

 

7.3          Powers
of Mortgagee.

 

(a)          If
Mortgagee performs any act which it is empowered or authorized to perform under this Mortgage, including any act permitted by Section 5.7
or Subsection 6.3(d) of this Mortgage, that act alone shall not release or change the personal liability of any person
for the payment and performance of the Secured Obligations then outstanding, or the lien of this Mortgage on all or the remainder
of the Property for full payment and performance of all outstanding Secured Obligations. The liability of the original Mortgagor
shall not be released or changed if Mortgagee grants any successor in interest to Mortgagor any extension of time for payment,
or modification of the terms of payment, of any Secured Obligation. Mortgagee shall not be required to comply with any demand by
the original Mortgagor that Mortgagee refuse to grant such an extension or modification to, or commence proceedings against, any
such successor in interest.

 

(b)          Mortgagee
may take any of the actions permitted under Subsections 6.3(b) and/or 6.3(c) regardless of the adequacy of the
security for the Secured Obligations, or whether any or all of the Secured Obligations have been declared to be immediately due
and payable, or whether notice of default and election to sell has been given under this Mortgage.

 

(c)          From
time to time, Mortgagee may apply to any court of competent jurisdiction for aid and direction in executing and enforcing the rights
and remedies created under this Mortgage. Mortgagee may from time to time obtain orders or decrees directing, confirming or approving
acts in executing and enforcing these rights and remedies.

 

7.4          Merger.
No merger shall occur as a result of Mortgagee’s acquiring any other estate in or any other lien on the Property unless Mortgagee
consents to a merger in writing.

 

7.5          Joint
and Several Liability. If Mortgagor consists of more than one person, each shall be jointly and severally liable for the faithful
performance of all of Mortgagor’s obligations under this Mortgage.

 

7.6          Applicable
Law. The creation, perfection and enforcement of the lien of this Mortgage shall be governed by the law of the State in which
the property is located. Subject to the foregoing, in all other respects, this Mortgage shall be governed by the substantive laws
of the State of Georgia.

 

7.7          Successors
in Interest. The terms, covenants and conditions of this Mortgage shall be binding upon and inure to the benefit of the heirs,
successors and assigns of the parties. However, this Section 7.7 does not waive the provisions of Section 6.1
above.

 

    	-17-

    	 

    

  

7.8          Interpretation.

 

(a)          Whenever
the context requires, all words used in the singular will be construed to have been used in the plural, and vice versa, and each
gender will include any other gender. The captions of the sections of this Mortgage are for convenience only and do not define
or limit any terms or provisions. The word “include(s)” means “include(s), without limitation,” and the
word “including” means “including, but not limited to.”

 

(b)          The
word “obligations” is used in its broadest and most comprehensive sense, and includes all primary, secondary, direct,
indirect, fixed and contingent obligations. It further includes all principal, interest, prepayment charges, late charges, loan
fees and any other fees and charges accruing or assessed at any time, as well as all obligations to perform acts or satisfy conditions.

 

(c)          No
listing of specific instances, items or matters in any way limits the scope or generality of any language of this Mortgage. The
Exhibits to this Mortgage are hereby incorporated in this Mortgage.

 

7.9         In-House
Counsel Fees. Whenever Mortgagor is obligated to pay or reimburse Mortgagee for any attorneys’ fees, those fees shall
include the allocated costs for services of in-house counsel.

 

7.10       Waiver
of Statutory Rights. To the extent permitted by law, Mortgagor hereby agrees that it shall not and will not apply for or avail
itself of any appraisement, valuation, stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing
or hereafter enacted, in order to prevent or hinder the enforcement or foreclosure of this Mortgage, but hereby waives the benefit
of such laws. Mortgagor for itself and all who may claim through or under it waives any and all right to have the property and
estates comprising the Property marshalled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction
to foreclose such lien may order the Property sold as an entirety. Mortgagor hereby waives any and all rights of redemption from
sale under any judgment of foreclosure of this Mortgage on behalf of Mortgagor and on behalf of each and every person acquiring
any interest in or title to the Property of any nature whatsoever, subsequent to the date of this Mortgage. The foregoing waiver
of right of redemption is made pursuant to the provisions of applicable law.

 

7.11       Severability.
If any provision of this Mortgage should be held unenforceable or void, that provision shall be deemed severable from the remaining
provisions and shall in no way affect the validity of this Mortgage except that if such provision relates to the payment of any
monetary sum, then Mortgagee may, at its option, declare all Secured Obligations immediately due and payable.

 

7.12        Notices.
Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall
be in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States
Certified Mail (postage prepaid, return receipt requested), three Business Days after mailing (c) if by Federal Express or other
reliable overnight courier service, on the next Business Day after delivered to such courier service or (d) if by telecopier on
the day of transmission so long as copy is sent on the same day by overnight courier as set forth below:

 

    	-18-

    	 

    

  

	If to Mortgagor:	UCFP Owner, LLC, as Trustee under 
	 	the BR/CDP Colonial Trust Agreement 
	 	dated December 15, 2013
	 	880 Glenwood Avenue SE, Suite H
	 	Atlanta, GA 30316
	 	Attn:  Rob Meyer
	 	Phone: (678) 949-9678
	 	Fax: (404) 890-5681
	 	 
	With a copy to:	BLUEROCK REAL ESTATE, LLC
	 	712 Fifth Avenue, 9th Floor
	 	New York, NY  10019
	 	Attn: Jordan Ruddy and Michael L. Konig
	 	Phone: 908.415.8869 
	 	Fax: (646) 278-4220
	 	 
	With a copy to:	Hirschler Fleischer
	 	2100 East Cary Street
	 	Richmond, VA  23223
	 	Attn: S. Edward Flanagan, Esq.
	 	Phone:  (804) 771-9592
	 	Fax: (804) 644-0957
	 	 
	If to Mortgagee:	KEYBANK NATIONAL ASSOCIATION
	 	66 South Pearl St., 5th Floor
	 	MSC: NY-31-66-0567
	 	Albany, NY  12207
	 	Attn: Terry Hill
	 	Direct:  (518) 257-8569
	 	Phone:  (518) 257-8572
	 	 
	With a copy to:	KEYBANK NATIONAL ASSOCIATION
	 	1200 Abernathy Road, NE, Suite 1550
	 	Atlanta, GA 30328
	 	Attn: Joe Fadus
	 	Direct:  (770 510-2162
	 	Phone:  (770) 510-2195
	 	 
	With a copy to:	Troutman Sanders LLP
	 	600 Peachtree Street, Suite 5200
	 	Atlanta, GA  30308
	 	Attn:  Jeff Greenway
	 	Phone:  (404) 885-3257
	 	Fax:  (404) 962-6776

 

    	-19-

    	 

    

  

or at such other address as the party to
be served with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service
of notice.

 

Any notice or demand delivered to the person
or entity named above to accept notices and demands for Mortgagor shall constitute notice or demand duly delivered to Mortgagor,
even if delivery is refused.

 

7.13        Future
Advances. This Mortgage is given to secure not only existing indebtedness, but also such future advances, whether such advances
are obligatory or are to be made at the option of the Mortgagee, or otherwise, as are made within twenty years from the date hereof,
to the same extent as if such future advances were made on the date of the execution of this Mortgage. The total amount of 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 Fifty-Five Million and No/100th Dollars ($55,000,000.00), plus interest thereon, and any disbursements
made for the enforcement of this Mortgage and any remedies hereunder, payment of taxes, special assessments, utilities or insurance
on the Property and interest on such disbursements and all disbursements by Mortgagee pursuant to applicable law (all such indebtedness
being hereinafter referred to as the maximum amount secured hereby). This Mortgage shall be valid and have priority to the extent
of the maximum amount secured hereby over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes
and assessments levied on the Property given priority by law. If, pursuant to Florida Statutes Section 697.04, Mortgagor files
a notice specifying the dollar limit beyond which future advances made pursuant to this Mortgage will not be secured by this Mortgage,
then Mortgagor shall, within one (1) day of filing such notice, notify Mortgagee and its counsel by certified mail pursuant to
Paragraph 7.12 of this Mortgage. In addition, such a filing shall constitute an Event of Default hereunder.

 

7.14        Mortgagee’s
Lien for Service Charge and Expenses. At all times, regardless of whether any Loan proceeds have been disbursed, this Mortgage
secures (in addition to any Loan proceeds disbursed from time to time) the payment of any and all loan commissions, service charges,
liquidated damages, expenses and advances due to or incurred by Mortgagee not to exceed the maximum amount secured hereby. For
purposes hereof, all obligations of Mortgagor to Mortgagee under all Interest Rate Agreements and any indebtedness or obligation
contained therein or evidenced thereby shall be considered an obligation of Mortgagor secured hereby.

 

    	-20-

    	 

    

 

7.15        WAIVER
OF TRIAL BY JURY. MORTGAGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS MORTGAGE, THE NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, THE LOAN
OR ANY OTHER STATEMENTS OR ACTIONS OF MORTGAGOR OR MORTGAGEE. MORTGAGOR ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING
OF THIS MORTGAGE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS DISCUSSED
THIS WAIVER WITH SUCH LEGAL COUNSEL. MORTGAGOR FURTHER ACKNOWLEDGES THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS
OF THIS WAIVER, (ii) THIS WAIVER IS A MATERIAL INDUCEMENT FOR MORTGAGEE TO MAKE THE LOAN, ENTER INTO THIS MORTGAGE AND EACH OF
THE OTHER LOAN DOCUMENTS, AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH OTHER LOAN DOCUMENTS AS IF FULLY INCORPORATED
THEREIN.

 

7.16        Inconsistencies.

 

In the event of any
inconsistency between this Mortgage and the Loan Agreement, the terms hereof shall be controlling as necessary to create, preserve
and/or maintain a valid security interest upon the Property, otherwise the provisions of the Loan Agreement shall be controlling.

 

7.17        UCC
Financing Statements.

 

Mortgagor hereby authorizes
Mortgagee to file UCC financing statements to perfect Mortgagee’s security interest in any part of the Property. In addition,
Mortgagor agrees to sign any and all other documents that Mortgagee deems necessary in its sole discretion to perfect, protect,
and continue Mortgagee’s lien and security interest on the Property.

 

7.18        Attorneys’ Fees.

 

Whenever attorneys’
fees are provided to be paid, the term shall include any and all reasonable and actual attorney’s fees at standard hourly
rates without regard to any presumptive statutory attorney’s fees, attorney’s accountant fees, paralegal and law clerk
(and similar person’s) fees, including but not limited to, fees at the pretrial, trial and appellate levels, and in collection
proceedings, incurred or paid by Mortgagee in protecting its interest in the collateral and enforcing its rights hereunder.

 

[signature page follows]

 

    	-21-

    	 

    

  

IN WITNESS WHEREOF,
Mortgagor has executed this Mortgage as of the date first above written.

 

	EXECUTED IN THE PRESENCE OF:	 	MORTGAGOR:
	 	 	 
	/s/ Benjamin Field	 	UCFP OWNER, LLC, a Delaware limited
	(Signature)	 	liability company, as Trustee under the
	Benjamin Field	 	BR/CDP Colonial Trust Agreement dated
	(Printed Name)	 	December 15, 2013
	 	 	 
	/s/ Karen Stroup	 	 
	(Signature)	 	By:  	/s/ Robert Meyer
	Karen Stroup	 	 	Name:	Robert Meyer
	(Printed Name)	 	 	Title:	Vice President

 

STATE OF GEORGIA

COUNTY OF COBB

 

The foregoing instrument
was acknowledged before me this 6th day of May, 2014, by Rob Meyer, as Vice President of UCFP Owner, LLC, a Delaware
limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013, who _X_ is personally
known to me or ___ has produced ____X_____ (state) driver’s license or _______________________________________
as identification.

 

	My Commission Expires: 8/21/15	/s/ Sheronda Davis
	 	Notary Public (Signature)
	(AFFIX NOTARY SEAL)	 
	 	Sheronda Davis
	 	(Printed Name)
	 	 
	 	Accountant
	 	(Title or Rank)
	 	—
	 	(Serial Number, if any)

    	-22-

    	 

    

 

EXHIBIT A

 

Description of Premises

 

The land referred to herein below is situated in the County
of ORANGE, State of Florida, and is described as follows:

 

A PORTION OF THE NORTHEAST 1/4 OF SECTION
22, TOWNSHIP 22 SOUTH, RANGE 31 EAST, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

COMMENCE AT THE NORTHEAST CORNER OF SAID
NORTHEAST 1/4 OF SECTION 22; THENCE RUN S87°58'03"W ALONG THE NORTH LINE OF SAID NORTHEAST 1/4, A DISTANCE OF 45.02 FEET,
SAID POINT BEING THE INTERSECTION OF A LINE 45.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF THE NORTHEAST 1/4 OF SAID SECTION
22 AND THE NORTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 22; THENCE CONTINUE ALONG SAID NORTH LINE OF THE NORTHEAST 1/4 S87°58'03"W,
A DISTANCE OF 610.44 FEET TO THE POINT OF BEGINNING; THENCE RUN S00°56'14"E, A DISTANCE OF 842.92 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 31.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 98°26'21", AN ARC DISTANCE OF 53.26 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 41.52 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 109.00 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 12°16'52", AN ARC DISTANCE OF 23.36 FEET; THENCE RUN S07°30'07"W, A DISTANCE OF 287.92
FEET TO THE NORTHERLY RIGHT OF WAY LINE OF STATE ROAD NUMBER 50, AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF
WAY MAP, SECTION 7506-201, PAGE 9; THENCE RUN N82°29'53"W ALONG SAID NORTHERLY RIGHT OF WAY LINE, A DISTANCE OF 45.95
FEET; THENCE RUN N07°30'07"E, A DISTANCE OF 20.00 FEET; THENCE RUN S82°29'53"E, A DISTANCE OF 2.05 FEET; THENCE
RUN N07°30'07"E, A DISTANCE OF 248.38 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE TO THE NORTH, HAVING A RADIUS OF
129.00 FEET; THENCE FROM A RADIAL BEARING OF N20°31'47"W, RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE
OF 28°01'54", AN ARC DISTANCE OF 63.11 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 339.09 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 89.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 17°07'59", AN ARC DISTANCE OF 26.76 FEET TO A POINT OF COMPOUND CURVATURE OF A CURVE CONCAVE TO THE SOUTH, HAVING
A RADIUS OF 208.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 18°25'26", AN ARC
DISTANCE OF 67.04 FEET; THENCE RUN N00°56'14"W, A DISTANCE OF 844.21 FEET TO THE SAID NORTH LINE OF THE NORTHEAST 1/4;
THENCE RUN N87°58'03"E ALONG SAID NORTH LINE A DISTANCE OF 634.12 FEET TO THE POINT OF BEGINNING.

 

TOGETHER WITH THE EASEMENT FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE EASEMENT AGREEMENT RECORDED IN 0. R. BOOK 10470 AT PAGE 6879 0F THE
PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

    	 

    	 

    

  

AND:

 

TOGETHER WITH COVENANTS AND NON-EXCLUSIVE
EASEMENTS CONTAINED IN DECLARATION OF COVENANTS, OPERATIONS & RECIPROCAL EASEMENTS RECORDED IN 0. R. BOOK 10498, PAGE 2464,
AS AMENDED BY FIRST AMENDMENT TO DECLARATION OF COVENANTS, OPERATIONS AND RECIPROCAL EASEMENTS RECORDED IN O.R. BOOK 10699, PAGE
7086, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND ALSO:

TOGETHER WITH COVENANTS AND NON-EXCLUSIVE EASEMENTS CONTAINED IN AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED
IN 0. R. BOOK 8838, PAGE 3758, AS AMENDED BY FIRST AMENDMENT TO AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED
IN 0. R, BOOK 9338, PAGE 4682, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND ALSO:

 

TOGETHER WITH THE EASEMENTS FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE RECIPROCAL EASEMENT AGREEMENT RECORDED IN O.R. BOOK 10699, PAGE 7102,
OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

    	-2-

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