Document:

Exhibit 10.113

 

GUARANTY OF NON-RECOURSE OBLIGATIONS

 

This GUARANTY OF NON-RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of September 1, 2022, is executed by the undersigned (“Guarantor”),
to and for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association (“Lender”).

 

RECITALS:

 

A. Pursuant to that certain
Multifamily Loan and Security Agreement dated as of the date hereof, by and between SUNNYLAND MHP LLC, a Georgia limited liability
company (“Borrower”) and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time,
the “Loan Agreement”), Lender is making a loan to Borrower in the original principal amount of ONE MILLION FIFTY-SEVEN
THOUSAND AND 00/100 DOLLARS ($1,057,000.00) (the “Mortgage Loan”), as evidenced by that certain Multifamily Note
dated as of the date hereof, executed by Borrower and made payable to the order of Lender in the amount of the Mortgage Loan (as amended,
restated, replaced, supplemented or otherwise modified from time to time, the “Note”).

 

B. The
Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real property described
in the Security Instrument (the “Property”).

 

C. Guarantor
has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan.

 

D. As
a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor execute this Guaranty.

 

NOW, THEREFORE, in order to
induce Lender to make the Mortgage Loan to Borrower, and in consideration thereof, Guarantor agrees as follows:

 

AGREEMENTS:

 

1. Recitals.

 

The recitals set forth above
are incorporated herein by reference as if fully set forth in the body of this Guaranty.

 

2. Defined
Terms.

 

Capitalized terms used and
not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

    
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3. Guaranteed
Obligations.

 

Guarantor hereby absolutely,
unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity or earlier,
by reason of acceleration or otherwise, and at all times thereafter, of:

 

(a) all
amounts, obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including the payment
and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity Obligations)
of the Loan Agreement and including all of Borrower’s obligations under the Environmental Indemnity Agreement); and

 

(b) all
costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender in enforcing
its rights under this Guaranty.

 

4. Survival
of Guaranteed Obligations.

 

The obligations of Guarantor
under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the Security Instrument or any release
of any other security for any of the Indebtedness.

 

5. Guaranty
of Payment; Community Property.

 

Guarantor’s
obligations under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection.
If Guarantor (or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or Guarantor’s
spouse is a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may
satisfy Guarantor’s obligations under this Guaranty to the extent of all Guarantor’s separate property and
Guarantor’s interest in any community property.

 

6. Obligations
Unsecured; Cross-Default.

 

The obligations of Guarantor
under this Guaranty shall not be secured by the Security Instrument or the Loan Agreement. However, a default under this Guaranty shall
be an Event of Default under the Loan Agreement, and a default under this Guaranty shall entitle Lender to be able to exercise all of
its rights and remedies under the Loan Agreement and the other Loan Documents.

 

7. Continuing
Guaranty.

 

The obligations of Guarantor
under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any provision of
this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan Document. Guarantor agrees that performance of
the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim, set-off, recoupment, abatement, deferment
or defense based upon any claim that Guarantor may have against Lender, Borrower, any other guarantor of the obligations hereunder or
any other Person, and shall remain in full force and effect without regard to, and shall not be released, discharged or affected in any
way by any circumstance or condition (whether or not Guarantor shall have any knowledge thereof), including:

 

(a) any
furnishing, exchange, substitution or release of any collateral securing repayment of the Mortgage Loan, or any failure to perfect any
lien in such collateral;

 

    
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(b) any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform or
comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

 

(c) any
action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence, omission or delay on the
part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon it in any of
the Loan Documents, or any other action or inaction on the part of Lender;

 

(d) any
Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the
benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or proceedings with
respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective property or creditors or any action
taken by any trustee or receiver or by any court in such proceeding;

 

(e) any
merger or consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor or any
other guarantor of the obligations hereunder to any other Person;

 

(f) any
change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the obligations
hereunder, or any termination of such relationship;

 

(g) any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, or any obligation
or agreement contained in any of the Loan Documents; or

 

(h) any
other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing, and whether seen or unforeseen, which
otherwise might constitute a legal or equitable defense or discharge of the liabilities of a guarantor or surety or which otherwise might
limit recourse against Borrower or Guarantor to the fullest extent permitted by law.

 

8. Guarantor
Waivers.

 

Guarantor hereby waives:

 

(a) the
benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty
(and agrees that Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this Guaranty,
which might otherwise constitute a legal or equitable discharge of a surety or a guarantor);

 

(b) the
benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other rights of
sureties and guarantors;

 

(c) diligence
in collecting the Indebtedness, presentment, demand for payment, protest and all notices with respect to the Loan Documents and this Guaranty
which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including
notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any Event of Default, notice of intent
to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest and notice of the incurring by Borrower
of any obligation or indebtedness; and

 

    
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(d) all
rights to require Lender to:

 

(1) proceed
against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness;

 

(2) proceed
against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is a partnership,
any general partner of Borrower or general partner of any guarantor; or

 

(3) demand
or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise.

 

9. No
Effect Upon Obligations.

 

At any time or from time to
time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability of Guarantor:

 

(a) the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole or in
part;

 

(b) the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under the
Loan Documents may be modified;

 

(c) the
time for Borrower’s performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

(d) the
maturity of the Indebtedness may be accelerated as provided in the Loan Documents;

 

(e) any
or all payments due under the Loan Agreement or any other Loan Document may be reduced;

 

(f) any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of the Mortgage
Loan;

 

(g) any
amounts under the Loan Agreement or any other Loan Document may be released;

 

(h) any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security may be
pledged or mortgaged for the Indebtedness;

 

    
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(i) the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(j) any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion; and

 

(k) any
other terms of the Loan Documents may be modified as required by Lender.

 

10. Joint
and Several (or Solidary) Liability.

 

If more than one Person executes
this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several (solidary instead for purposes
of Louisiana law) basis. Lender, in its discretion, may:

 

(a) to
the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor, and any
other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of them;

 

(b) compromise
or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender may deem
proper;

 

(c) discharge
or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue such Person;
and

 

(d) otherwise
deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of Lender
to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty.

 

Nothing contained in this Section 10 shall
in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor.

 

11. Subordination
of Affiliated Debt.

 

Any indebtedness of Borrower
held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness of Borrower shall be
collected, enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in any manner the liability of
Guarantor under the other provisions of this Guaranty.

 

12. Subrogation.

 

Guarantor shall have no right
of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any
payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until
the Indebtedness has been paid in full and there has expired the maximum possible period thereafter during which any payment made by Borrower
to Lender with respect to the Indebtedness could be deemed a preference under the Insolvency Laws.

 

    
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13. Voidable
Transfer.

 

If any payment by Borrower
is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to refund
any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under this Guaranty. It is the intention
of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by Guarantor’s performance
of such obligations and then only to the extent of such performance. If any payment by any Guarantor should for any reason subsequently
be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Insolvency
Laws relating to a Voidable Transfer, and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer,
or elects to do so upon the advice of its counsel, then the obligations guaranteed hereunder shall automatically be revived, reinstated
and restored by the amount of such Voidable Transfer or the amount of such Voidable Transfer that Lender is required or elects to repay
or restore, including all reasonable costs, expenses and legal fees incurred by Lender in connection therewith, and shall exist as though
such Voidable Transfer had never been made, and any other guarantor, if any, shall remain liable for such obligations in full.

 

14. Credit
Report/Credit Score.

 

Guarantor acknowledges and
agrees that Lender is authorized, no more frequently than once in any twelve (12) month period, to obtain a credit report (if applicable)
on Guarantor, the cost of which shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is authorized to obtain
a Credit Score (if applicable) for Guarantor at any time at Lender’s expense.

 

15. Financial
Reporting.

 

Guarantor shall deliver to
Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial Reporting – Covenants)
of the Loan Agreement.

 

16. Further
Assurances.

 

Guarantor
acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the Mortgage
Loan.

 

(a) Guarantor
shall, subject to Section 16(b) below:

 

(1) do
anything necessary to comply with the reasonable requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be
provided, to Lender or any Investor of the Mortgage Loan within ten (10) days of the request, at Borrower’s and Guarantor’s
cost and expense, such further documentation or information as Lender or Investor may reasonably require, in order to enable:

 

(A) Lender
to sell the Mortgage Loan to such Investor;

 

(B) Lender
to obtain a refund of any commitment fee from any such Investor; or

 

(C) any
such Investor to further sell or securitize the Mortgage Loan;

 

    
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(2) confirm
that Guarantor is not in default under this Guaranty or in observing any of the covenants or agreements contained in this Guaranty (or,
if Guarantor is in default, describing such default in reasonable detail); and

 

(3) execute
and deliver to Lender or any Investor such other documentation, including any amendments, corrections, deletions or additions to this
Guaranty as is reasonably required by Lender or such Investor.

 

(b) Nothing
in this Section 16 shall require Guarantor to do any further act that has the effect of:

 

(1) changing
the essential economic terms of the Mortgage Loan set forth in the related commitment letter between Borrower and Lender;

 

(2) imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than that set forth in the related commitment letter between
Borrower and Lender; or

 

(3) materially
changing the rights and obligations of Borrower or Guarantor under the commitment letter.

 

17. Successors
and Assigns.

 

Lender may assign its rights
under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this Guaranty shall inure to the
benefit of such assignee to the extent so assigned. Guarantor may not assign its rights, duties or obligations under this Guaranty, in
whole or in part, without Lender’s prior written consent and any such assignment shall be deemed void ab initio. The terms used
to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such parties.

 

18. Final
Agreement.

 

Guarantor acknowledges receipt
of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT
TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings, representations and statements,
oral or written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged
or terminated except by an agreement in writing signed by the party against which the enforcement of the waiver, modification, amendment,
discharge or termination is sought, and then only to the extent set forth in that agreement.

 

    
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19. Governing
Law.

 

This Guaranty shall be governed
by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application of choice of law
principles that would result in the application of the laws of another jurisdiction.

 

20. Property
Jurisdiction.

 

Guarantor agrees that any
controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property Jurisdiction. The state and federal
courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies which shall
arise under or in relation to this Guaranty or any other Loan Document with respect to the subject matter hereof. Guarantor irrevocably
consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which it might be entitled
by virtue of domicile, habitual residence or otherwise.

 

21. Time
is of the Essence.

 

Guarantor agrees that, with
respect to each and every obligation and covenant contained in this Guaranty, time is of the essence.

 

22. No
Reliance.

 

Guarantor acknowledges, represents
and warrants that:

 

(a) it
understands the nature and structure of the transactions contemplated by this Guaranty and the other Loan Documents;

 

(b) it
is familiar with the provisions of all of the documents and instruments relating to such transactions;

 

(c) it
understands the risks inherent in such transactions, including the risk of loss of all or any part of the Mortgaged Property or of the
assets of Guarantor;

 

(d) it
has had the opportunity to consult counsel; and

 

(e) it
has not relied on Lender for any guidance or expertise in analyzing the financial or other consequences of the transactions contemplated
by this Guaranty or any other Loan Document or otherwise relied on Lender in any manner in connection with interpreting, entering into
or otherwise in connection with this Guaranty, any other Loan Document or any of the matters contemplated hereby or thereby.

 

23. Notices.

 

Guarantor agrees to notify
Lender of any change in Guarantor’s address within ten (10) Business Days after such change of address occurs. All notices
under this Guaranty shall be:

 

(a) in
writing and shall be

 

(1) delivered,
in person;

 

(2) mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(3) sent
by overnight courier; or

 

(4) sent
by electronic mail with originals to follow by overnight courier;

 

    
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(b) addressed
to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and

 

(c) deemed
given on the earlier to occur of:

 

(1) the
date when the notice is received by the addressee; or

 

(2) if
the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected, as conclusively established by the
records of the United States Postal Service or such express courier service.

 

24. Construction.

 

(a) Any
reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Guaranty
or to a Section or Article of this Guaranty.

 

(b) Any
reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended from time
to time.

 

(c) Use
of the singular in this Guaranty includes the plural and use of the plural includes the singular.

 

(d) As
used in this Guaranty, the term “including” means “including, but not limited to” or “including, without
limitation,” and is for example only, and not a limitation.

 

(e) Whenever
Guarantor’s knowledge is implicated in this Guaranty or the phrase “to Guarantor’s knowledge” or a similar phrase
is used in this Guaranty, Guarantor’s knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor’s
knowledge after reasonable and diligent inquiry and investigation.

 

(f) Unless
otherwise provided in this Guaranty, if Lender’s approval, designation, determination, selection, estimate, action or decision is
required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or decision shall
be made in Lender’s sole and absolute discretion.

 

(g) All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be amended
or supplemented from time to time pursuant to the applicable provisions thereof.

 

(h) “Lender
may” shall mean at Lender’s discretion, but shall not be an obligation.

 

25. WAIVER
OF JURY TRIAL.

 

TO THE MAXIMUM EXTENT PERMITTED
BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF
THIS GUARANTY OR ANY LOAN DOCUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY
AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT
LEGAL COUNSEL.

 

26. Schedules.

 

The schedules, if any, attached
to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a substantive part of this Guaranty.

 

ATTACHED SCHEDULE. The following Schedule
is attached to this Guaranty:

 

☒     Schedule 1     Modifications
to Guaranty

 

[Remainder of Page Intentionally Blank]

 

    
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IN WITNESS WHEREOF,
Guarantor has signed and delivered this Guaranty under seal (where applicable) or has caused this Guaranty to be signed and delivered
under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this Guaranty
shall be deemed to be signed and delivered as a sealed instrument.

 

	 	GUARANTOR:	 
	 	 	 
	 	/s/ Raymond
    M. Gee	(SEAL)
	 	RAYMOND M. GEE	 
	 	 	 
	 	Address for Notices to Guarantor:	 
	 	 	 
	 	136 Main Street	 
	 	Pineville, North Carolina 28134	 
	 	 	 
	 	Email address: johngee@mhproperties.com	 

 

    
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	 	GUARANTOR:	 
	 	 	 
	 	MANUFACTURED HOUSING PROPERTIES INC., a Nevada corporation
	 	 	 
	 	By: 	/s/
    John W. Wardlaw III 	(SEAL)
	 	Name: 	John W. Wardlaw III	 
	 	Title: 	President	 
	 	 	 
	 	Address for Notices
    to Guarantor:	 
	 	 	 
	 	136 Main Street
    	 
	 	Pineville, North
    Carolina 28134 	 
	 	 	 
	 	Email address:
    jay@mhproperties.com	 

 

    
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SCHEDULE 1 TO

GUARANTY OF NON-RECOURSE OBLIGATIONS

 

State-Specific Provisions

 

1.  Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Guaranty to which this Schedule is
attached.

 

2. The
additional provision(s) set forth below shall also apply and are incorporated into the Guaranty:

 

		GEORGIA:
	Section 7 of the Guaranty is hereby amended by adding the following
new language to the end thereof:

 

(i) Guarantor
acknowledges and agrees that Lender has the right to collect on other collateral and to apply the receipts and proceeds therefrom to the
amount due on the Indebtedness and that such application of such receipts and proceeds shall not reduce, affect or impair the liability
of Guarantor under this Guaranty.

 

			Section 8 of the Guaranty is hereby amended by adding the following new language to the end
                                                                           thereof:

 

(e) In
addition, Guarantor waives the benefit of O.C.G.A. Section 10-7-24.

 

(f) Guarantor
also waives any and all defenses, claims and discharges of Borrower, or any other obligor, pertaining to the Indebtedness, except the
defense of discharge by payment in full. Without limiting the generality of the foregoing in this subparagraph (f), Guarantor will not
assert, plead or enforce against Lender any defense of waiver, release, statute of limitations, res judicata, statute of frauds, fraud,
incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or any other person liable in respect of
any of the Indebtedness, or any setoff available against Lender to Borrower or any such other person, whether or not on account of a related
transaction. Guarantor expressly agrees that Guarantor shall be and remain liable, to the fullest extent permitted by applicable law,
for any deficiency remaining after foreclosure of any deed to secure debt or security interest securing the Indebtedness, whether or not
the liability of Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial decision. Guarantor shall
remain obligated, to the fullest extent permitted by law, to pay such amounts as though Borrower’s obligations had not been discharged.

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page Sch. 1-1
	Fannie Mae	09-20	© 2020 Fannie MaeExhibit 10.114

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”)
is made and entered into as of the Effective Date (as defined below) between the undersigned Seller (as defined below) and the undersigned
Buyer (as defined below).

 

	1.	Summary of Terms and Defined Terms. The following
summary of terms and defined terms are hereby incorporated into this Agreement:

 

	
    SUMMARY OF TERMS AND DEFINED TERMS

     

	A.  Seller and Seller’s Notice Information:	
    (1) Statesville Estates MHC, LLC,
    a North Carolina limited liability company;

    (2) North Side MHC, LLC, a South
    Carolina limited liability company; and

    (3) Timber View, LLC, a North Carolina
    limited liability company, (“Seller” or “Sellers”)

    [redacted]

     

    Attention: Matt Johnson

    Telephone: _________________

    Email: _____________________

     

	
    B. Buyer and Buyer’s Notice
    Information:

     
	
    MHP Pursuits LLC, a North Carolina
    limited liability company (“Buyer”)

    136 Main Street

    Pineville, North Carolina 28134

     

    Attention: Adam Martin

    [redacted]

     

	
    C. Property Name and Address:
    

     
	
    (1)       Statesville;
    116 Yellowstone Lane, Statesville, NC 27370

    (2)       (2)
    Northside; 388 Pleasant Grove Church Rd., Thomasville, NC 27360

    (3)       Timber
    View; 964 Loflin Hill Rd., Trinity, NC 27370

     

	D. General Description:  	
    Three (3) Mobile Home Park with 122 home
    sites located on approximately 74.07 acres as described on Exhibit “A” attached hereto (the “Land”)
    and Park-Owned Homes (as defined herein) and as identified on Exhibit “C” attached hereto

     

	
    E. Property Tax ID Number(s):

     
	
    See Exhibit “A.”

     

     

	
    F. Purchase Price:

     
	
    $5,350,000.00 (gross) (the “Purchase
    Price”)

     

	
    G. Closing Date: 

     
	
    30 days after the last day of the Due
    Diligence Period or such date as may be agreed upon by the parties in writing (the “Closing Date”)

     

	H. Title Company; Holder of Earnest Money	
    Stewart Title Guaranty Company (“Title
    Company” or “Holder”)

    5935 Carnegie Boulevard, Suite 301

    Charlotte, North Carolina 28209

    Attention: Danielle Howell

     

	I. Effective Date of this Agreement:  	
    _May 17, 2022_ (the “Effective
    Date”), which shall be the later of the dates that Buyer and Seller have executed this Agreement as set forth below their signatures
    attached hereto.

     

	
    J. Earnest Money: 

     
	
    $35,000.00 (the “Earnest Money”)

     

	K. Due Diligence Period: 	
    Thirty (30) days after the date that Seller
    has completed delivery to Buyer of all Due Diligence Materials (as defined in Exhibit “B” attached hereto) as
    confirmed in writing by the parties in accordance with Section 5, then an additional forty-five (45) days for completion of third-party
    reports. with the only contingency during this last 45-day period being the acceptability of completed third party reports (the “Due
    Diligence Period”)

     

	
    

    L. Buyer’s Broker:
	
    

    None. (“Buyer’s Broker”) (or insert
    “None”)

     

	M.
    Seller’s Broker:	
    Marcus & Millichap, 201 S. Tryon St., Suite 1220, Charlotte,
    NC 28202; Attn: Dayton Diemel (“Seller’s Broker”) (or insert “None”). Seller shall be responsible
    for any and all obligations incurred by Marcus & Millichap relating the Purchase and Sale Agreement.

     

 

    Page 1 of 18

     

    

 

	2.	Purchase and Sale. Buyer agrees to purchase
and Seller agrees to sell the Property (as defined in Exhibit “A”) upon the terms and conditions set forth in this Agreement.

 

	3.	Property. Upon and subject to the terms and
conditions set forth in this Agreement, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the following property (collectively,
the “Property”):

 

		A.	The Land, together with any and all rights and interests appurtenant thereto, including,
but not limited to, all rights, title, and interest in and to adjacent streets, alleys, rights-of-way, and any adjacent strips and gores,
water, oil, gas and other mineral rights, and rights-of-way, privileges, licenses and easements; any award made or to be made as a result
of or in lieu of condemnation affecting the Property or any part thereof, and any award for damage to the Property or any part thereof
by reason of casualty;

 

		B.	All buildings, structures and improvements in, on, over and under the Land, including,
without limitation, any and all recreational buildings, structures and facilities, plumbing, heating, ventilating, air conditioning, mechanical,
electrical and other utility systems, water and sewage treatment plants and facilities (including wells and septic systems), parking lots
and facilities, landscaping, roadways, sidewalks, swimming pools, security devices, signs and light fixtures, which are not owned by campers,
guests or tenants (together with the Land, the “Real Property”);

 

		C.	All park models, recreational vehicles, furniture, furnishings, fixtures, equipment,
machinery, maintenance vehicles and equipment, tools, parts, recreational equipment, carpeting, window treatments, office supplies and
equipment, and other tangible personal property of every kind and description situated in, on, over or under the Land or used in connection
with the Property which are not owned by campers, guests or tenants (collectively, the “Personal Property”);

 

		D.	Seller’s interest in and to any intangible personal property, including,
without limitation, trademarks and tradenames, telephone numbers and websites owned by Seller and used in connection with the Property
(collectively, the “Intangible Property”);

 

		E.	Seller’s interest, as landlord, in and to all leases or other rental or occupancy
agreements for the Property (together with any modifications, extensions or renewals thereof, the “Leases”) and Seller’s
interest in any related security deposits, security interests and prepaid rents under the Leases. On the Closing Date, Seller shall assign
and deliver to Buyer, through a credit to the Purchase Price, all refundable security deposits and other deposits owing to tenants under
the Leases, to the extent not previously applied in accordance with the applicable Lease(s).;

 

		F.	All mobile home units owned by Seller or its affiliate entities that are situated
on the Land (collectively, the “Park-Owned Homes”);

 

		G.	All existing tenant files, Lease files, books and records, promotional and advertising
materials, surveys, blueprints, drawings, plans and specifications (including, without limitation, structural, HVAC, mechanical and plumbing,
water and sewer plans and specifications), construction drawings, soil tests, environmental reports, appraisals, police reports, and other
documentation for or with respect to the Property or any part thereof within Seller’s possession (collectively, the “Property
Files”);

 

		H.	Seller’s interest in and to all contracts relating to the use and operation
of the Property that Buyer elects to assume and in effect on the Closing Date, including any parking agreements, equipment leases, landscape,
trash removal or other maintenance contracts (collectively, the “Contracts”). Without limiting the foregoing, Seller
acknowledges and agrees that the Contracts shall exclude any management or third-party leasing or listing agreements, which shall not
be assumed by Buyer;

 

		I.	Seller’s interest in and to all warranties and guaranties, if any, applicable
to the design or construction of any buildings, structures or other improvements or any equipment on the Land (collectively, the “Warranties”);
and

 

		J.	Seller’s interest in and to all governmental licenses, permits and certificates,
if any, applicable to the ownership, use, occupancy or operation of the Real Property, to the extent transferable (collectively, the “Licenses”).

 

	4.	Purchase Price and Method of Payment. The Purchase
Price shall be paid in U.S. Dollars at Closing, or as indicated herein, in cash or its equivalent which shall only include the wire transfer
of immediately available funds, or a cashier’s check issued for the closing by a federally insured bank, savings bank, savings and loan
association or credit union where the funds are immediately available.

 

    Page 2 of 18

     

    

 

	5.	Due Diligence. Buyer has paid Seller the sum
of $25.00, the receipt of which is hereby acknowledged by Seller, as option money for Buyer having the right to terminate this Agreement
during the Due Diligence Period. Within ten (10) days after the Effective Date, Seller shall deliver to Buyer the Due Diligence Materials
to the extent within Seller’s possession. Upon the completion of Seller’s delivery to Buyer of all such Due Diligence Materials,
Buyer and Seller shall agree in writing (which may be via e-mail) as to such date of completion of delivery, which shall be the date
of commencement of the Due Diligence Period. Prior to Closing, Buyer and Buyer’s representatives and agents shall have the right to enter
upon Property at Buyer’s expense, and at reasonable times, to inspect, survey, examine, and test the Property as Buyer may deem necessary
as part of Buyer’s acquisition of the Property. Seller shall allow Buyer and its representatives and agents access to, or shall provide
documents for review, whichever the case may be, with respect to the Property at all reasonable times and shall cooperate with Buyer’s
efforts to conduct the inspections permitted herein. Seller agrees to cooperate in introducing Buyer to vendors, staff and other parties
who have experience with the Property’s ongoing operations. Buyer shall indemnify and hold Seller harmless from and against any
and all claims, injuries and damages to persons and/or property arising out of or resulting from the exercise of Buyer’s inspection
rights; provided, however, Buyer’s indemnity obligations shall not extend to any claims, injuries or damages resulting from or
relating to (i) any action of Seller or its agents or representatives or (ii) any existing environmental contamination or other conditions
with respect to the Property that may be discovered by Buyer as the result of its investigations. During the Due Diligence Period, Buyer
may evaluate the Property, the feasibility of the transaction, the availability and cost of financing, and any other matters of concern
to Buyer. Buyer shall have the right to terminate this Agreement by delivering notice to Seller at or before 11:59 p.m. Eastern time
on the last day of the Due Diligence Period, if Buyer determines, for any reason or no reason, that it is not desirable to proceed with
the transaction. In such event, Holder shall promptly refund the Earnest Money to Buyer, and neither party shall have any further obligations
or liability under this Agreement except as expressly provided in this Agreement.

 

	6.	Earnest Money. Buyer shall deposit the Earnest
Money with Holder within ten (10) days after the commencement of the Due Diligence Period, to be held in escrow and to be applied to
the Purchase Price at Closing, or refunded to Buyer if Buyer terminates this Agreement prior to the expiration of Buyer’s Due Diligence
Period. If Buyer defaults in its obligation to close and pay the Purchase Price after the expiration of the Due Diligence Period, Seller
shall be entitled to receive the Earnest Money as liquidated damages.

 

	7.	Seller’s Pre-Closing Covenants; Conditions to
Closing.

 

		A.	Seller’s Pre-Closing Covenants. Seller agrees as follows with respect
to the period from the Effective Date until the Closing Date:

 

		1.	Seller shall not commit or permit waste upon the Property.

 

		2.	Seller shall not (and shall not permit its affiliates or representatives to), directly
or indirectly, solicit or entertain offers from, negotiate with or in any manner encourage, discuss, accept or consider any proposal of
any party, other than Buyer, relating to the acquisition of the Property from Seller, in whole or in part. Without limiting the foregoing,
Seller and its affiliates and representatives shall not solicit, entertain, negotiate or enter into any letter of intent, contract (including
any contingent or so-called “back-up” contract) or option with any party other than Buyer.

 

		3.	Seller will not engage in any practice, take any action, or enter into any transaction
outside the ordinary course of business with respect to the Property. Without limiting the generality of the foregoing, Seller shall not:

 

		a.	Sell, lease, transfer or otherwise dispose of, or mortgage or pledge, or impose or
suffer to be imposed any lien on, any of the Property, except in the ordinary course of business consistent with past practice;

 

		b.	Cancel any debts owed to or claims held by Seller (including the settlement of any
claims or litigation) or incur additional debt for borrowed money, or incur any obligation or liability (fixed, contingent or otherwise),
in each case, other than in the ordinary course of business consistent with past practice;

 

		c.	Delay or accelerate payment of any account payable or other liability of the business
related to the Property beyond or in advance of its due date or the date when such liability would have been paid in the ordinary course
of business consistent with past practice;

 

		4.	Seller shall not enter into any Contract pertaining to the Property which cannot be
terminated at or prior to Closing. Except for any Contract that Buyer expressly elects to assume at Closing, Seller shall be responsible
for terminating all Contracts as of the Closing Date, including the payment of any early termination fees or other charges in connection
with such termination.

 

		5.	Seller shall cooperate with Buyer in obtaining all permits and licenses required by
all applicable governmental authorities to operate the Property as a mobile home park.

 

		6.	Seller will not apply for or agree to any change in the zoning or the assessed value
or other tax treatment of the Property.

 

    Page 3 of 18

     

    

 

		B.	Conditions for the Benefit of Buyer: The obligation of Buyer to consummate
the transaction contemplated herein is conditioned upon the satisfaction of the following conditions precedent as of the Closing Date:

 

		1.	All representations and warranties of Seller made herein shall remain true and correct;

 

		2.	Seller shall have performed all covenants undertaken by Seller in this Agreement to be performed by Seller
at or prior to Closing;

 

		3.	There shall have been no material adverse change in the physical or economic condition of Property, except
as may otherwise be expressly provided for under this Agreement;

 

		4.	The Title Company shall issue to Buyer (and Buyer’s lender, as applicable) a title insurance policy
(or a marked binder therefor) with all standard exceptions deleted and subject only to the Permitted Exceptions; and

 

		5.	All utilities necessary to serve the Property for its use as a mobile home park shall exist and be available
within public rights-of-way (or via private easements) and no governmental moratorium or service restriction shall exist that would prevent
Buyer from using the Property as a mobile home park.

 

		C.	Conditions for the Benefit of Seller: The obligation of Seller to consummate
the transaction contemplated herein is conditioned upon the satisfaction of the following conditions precedent as of the Closing Date:

 

		1.	All representations and warranties of Buyer made herein shall remain true and correct; and

 

		2.	Buyer shall have performed all covenants undertaken by Buyer in this Agreement to be performed by Buyer at or prior to Closing.

 

		8.	Obligations at Closing:

 

		A.	Seller’s Obligations at Closing. At Closing, Seller shall deliver
to Buyer (or to the Title Company acting as the closing escrow agent) executed originals of the following documents (“Seller’s
Closing Documents”):

 

		1.	Special Warranty Deed (or equivalent limited warranty deed) conveying title to
the Property subject only to the Permitted Exceptions (as defined below);

 

		2.	If requested by Buyer, a non-warranty deed conveying the Property using the legal
description from Buyer’s current survey of the Property, if applicable;

 

		3.	Bill of Sale and General Assignment transferring Seller’s right, title and
interest in the Personal Property, the Intangible Property, the Property Files, the Warranties and the Licenses to Buyer, which shall
include a warranty that Seller has not transferred, assigned or pledged such items to any other party (except in connection with any loan
that will be paid in full by Seller at or prior to Closing);

 

		4.	An Assignment and Assumption Agreement whereby Seller assigns all of its right,
title and interest in the Leases and any Contracts that Buyer elects to assume, and Buyer accepts and assumes Seller’s obligations
under the Leases and any such Contracts from and after the Closing Date (together with all originals of the Leases and such Contracts
that are within Seller’s possession);

 

		5.	FIRPTA Affidavit (indicating that Seller is not a “foreign person”
as that term is defined in Section 1445 of the Internal Revenue Code of 1986);

 

		6.	A certification for Form 1099-S, a Form W-9 and such other documents as may reasonably
be requested by Buyer or the Title Company;

 

		7.	A “bring-down” certificate reaffirming that Seller’s representations
and warranties in this Agreement are true and correct as of the Closing Date;

 

		8.	Closing Statement reflecting the Purchase Price and the prorations and adjustments
provided herein;

 

		9.	All certificates of title and other documents for the transfer of title to the
Park-Owned Homes as more particularly set forth in Section 19 hereof;

 

		10.	All other documents that Seller must execute to cause the Title Company to issue
to Buyer (and Buyer’s lender, as applicable) a title insurance policy with all standard exceptions deleted and subject only to the
Permitted Exceptions (including, without limitation, an owner’s affidavit from Seller in the form customarily used in commercial
real estate transactions); and

 

		11.	Evidence reasonably satisfactory to the Title Company of Seller’s valid existence
and good standing and due and proper authorization and power to perform its obligations hereunder.

 

    Page 4 of 18

     

    

 

		B.	Buyer’s Obligations at Closing. At Closing, Buyer shall deliver to
Seller (or to the Title Company acting as the closing escrow agent) the balance of the Purchase Price subject to the adjustments and prorations
set forth in this Agreement, together with counterpart executed originals of any Seller’s Closing Documents that may require Buyer’s
signature, as applicable.

 

	9.	Costs.

 

		A.	Seller’s Costs: Seller shall pay (i) all transfer taxes with respect to
the Property; (ii) the cost of recording the deed for the Property and any title curative document, including any satisfaction or release
of any mortgage, deed of trust or other lien and any financing statement termination; (iii) the fees and expenses of Seller’s counsel
and consultants; (iv) the base premium for the owner’s policy of title insurance to be issued to Buyer at Closing; and (v) one-half
(1/2) of any escrow fees or closing disbursement fees charged by the Title Company.

 

		B.	Buyer’s Costs: Buyer shall pay (i) the fees and expenses of Buyer’s counsel
and consultants; (ii) any costs in connection with Buyer’s inspection, title examination and survey of Property and any costs associated
with obtaining financing for the acquisition of Property (including any mortgage tax and the cost of recording Buyer’s loan documents);
(iii) except for the base premium for Buyer’s owner’s policy of title insurance, any costs of owner’s or lender’s title insurance
for Buyer or its lender; and (iv) one-half (1/2) of any escrow fees or closing disbursement fees charged by the Title Company.

 

	10.	Closing Prorations and Credits.

 

		A.	Ad valorem property taxes and any other governmental fees and assessments, property
owner association fees and assessments, and any utility bills for which service cannot be terminated as of the Closing Date, together
with rents and any other items of income and expense for the Property for the calendar year (or for any other applicable time period)
in which the Closing takes place shall be prorated as of the Closing Date. In the event ad valorem property taxes are based upon an estimated
tax bill or a tax bill under appeal, Buyer and Seller shall, upon the issuance of the actual tax bill or the appeal being resolved, promptly
make such financial adjustments between themselves as are necessary to correctly prorate such taxes. Any pending tax appeal shall be deemed
assigned to Buyer at closing.

 

		B.	All rents and prepaid rents and other recurring operating income and prepaid income
(including, without limitation, any cable television or other utility or entertainment carrier or provider income or door fees or future
payment rights and any utility costs attributable to the period prior to the Closing Date that have been passed on to and are payable
by a tenant) with respect to the Property shall be prorated as of the Closing Date and those rents and income attributable to the period
prior to the Closing Date shall be allocated to Seller and those rents and income attributable to the period on and after the Closing
Date shall be allocated to Buyer. All rents payable for the month of Closing (including any such rents that are unpaid as of the Closing
Date) shall be prorated as of the Closing Date and Buyer shall receive a credit against the Purchase Price for Buyer’s prorated
share of such rents; provided, if Buyer subsequently receives any such rents that were unpaid as of the Closing Date and were prorated
for the month of Closing, Buyer shall deliver such rents to Seller. All rents that are thirty (30) days or more delinquent shall not be
prorated, and any such delinquent rents collected after Closing shall be payable to Buyer. All payments or prepayments of rents or other
income or compensation attributable to the Property for the period subsequent to Closing collected or received or retained by Seller will
be delivered to Buyer or credited against the Purchase Price.

 

		C.	Effective as of the Closing Date, Buyer will assume all liabilities of Seller for
security deposits under the Leases, and such security deposits shall be a credit against the Purchase Price.

 

		D.	Buyer’s and Seller’s obligations under this Section 10 to make any adjustments
to prorations or to deliver any rents or income to each other, as applicable, shall survive the Closing.

 

    Page 5 of 18

     

    

 

	11.	Title.

 

		A.	Warranties
                                            of Seller. Seller warrants to Buyer that at Closing, Seller shall convey good and marketable
                                            fee simple title to the Property to Buyer, subject only to the following exceptions (the
                                            “Permitted Exceptions”):
 

 

		1.	The lien of ad valorem taxes that are not yet due and payable; and

 

		2.	The title exceptions appearing in Buyer’s title commitment for the Property
(as last revised by the Title Company) for which Buyer does not make or waives any Title Objection (as defined below) or any Additional
Title Objection (as defined below) in accordance with this Agreement.

 

For the avoidance of doubt, the
Permitted Exceptions shall exclude the following matters (regardless of whether Buyer makes any Title Objection or Additional Title Objection
with respect to such matters) (collectively, the “Mandatory Cure Items”): (i) any existing deeds of trust, mortgages,
liens or other monetary encumbrances affecting the Property; (ii) delinquent taxes or assessments; (iii) unrecorded leases or possessory
rights, except as set forth in the current rent roll for the Property; and (iv) liens or potential lien rights for any contractors, materialmen
or brokers.

 

		B.	Title Objections.

 

		1.	Prior to the expiration of the Due Diligence Period, Buyer may obtain a title insurance
commitment and a current survey of the Property, and Buyer may notify Seller of any objections to title or survey matters affecting the
Property (“Title Objections”). Seller may elect, by written notice to Buyer, to remove or cure any such Title Objection
at or prior to Closing (a “Cure Item”). If Seller does not agree in writing to remove or cure any Title Objection within
five (5) days after Buyer’s delivery of such Title Objection, then Seller shall be deemed to have elected not to remove or cure
such Title Objection, and any time thereafter Buyer may elect to (i) terminate this Agreement by delivering written notice thereof to
Seller, in which event Holder shall promptly refund the Earnest Money to Buyer, and neither party shall have any further obligations or
liability under this Agreement except as expressly provided in this Agreement or (ii) waive such Title Objection and proceed to Closing.
Notwithstanding the foregoing or any other provision herein to the contrary, Seller shall be required to satisfy or cure any Mandatory
Cure Items at or prior to Closing, regardless of whether Buyer objects to the same, and any such Mandatory Cure Items shall be deemed
Cure Items.

 

		2.	Buyer shall have the right to update the title commitment and survey for the Property
after the expiration of the Due Diligence Period and prior to Closing. If any such title commitment update or survey update reveals any
additional title or survey matters affecting the Property which were not previously disclosed in Buyer’s title commitment or survey,
then Buyer may notify Seller of any objections to any such additional title or survey matters (“Additional Title Objections”)
notwithstanding the expiration of the Due Diligence Period. Seller may elect, by written notice to Buyer, to remove or cure any such Additional
Title Objection at or prior to Closing (an “Additional Cure Item”). If Seller does not agree in writing to remove or
cure any Additional Title Objection within five (5) days after Buyer’s delivery of such Additional Title Objection, then Seller
shall be deemed to have elected not to remove or cure such Additional Title Objection, and any time thereafter Buyer may elect to (i)
terminate this Agreement by delivering written notice thereof to Seller, in which event Holder shall promptly refund the Earnest Money
to Buyer, and neither party shall have any further obligations or liability under this Agreement except as expressly provided in this
Agreement or (ii) waive such Additional Title Objection and proceed to Closing. Notwithstanding the foregoing or any other provision herein
to the contrary, Seller shall be required to remove or cure any Additional Title Objection relating to any title or survey matter that
first affects the Property or that first appears in the public record after the Effective Date, and any such title or survey matter shall
be deemed an Additional Cure Item.

 

    Page 6 of 18

     

    

 

		3.	Seller shall have until the Closing to cure or satisfy all Cure Items and Additional
Cure Items, as applicable. If Seller fails to cure any Cure Item or Additional Cure Item, as applicable, at or prior to Closing (and fails
to provide Buyer with evidence of Seller’s cure satisfactory to Buyer and to the Title Company), then Buyer may elect in its sole discretion
by delivering written notice to Seller: (1) to exercise Buyer’s remedies under Section 17.B with respect to such failure by Seller,
which shall be deemed a default by Seller under this Agreement; (2) to waive such failure and proceed to Closing; or (3) to extend the
Closing Date up to thirty (30) days as determined by Buyer to allow Seller further time to cure such Cure Item or Additional Cure Item,
as applicable.

 

	12.	Casualty Prior to Closing. If the Property
is damaged or destroyed by fire or other casualty prior to Closing, Seller shall give Buyer prompt notice thereof, which notice shall
include Seller’s reasonable estimate of: (1) the cost to restore and repair the damage; (2) the amount of insurance proceeds, if
any, available for the same; and (3) whether the damage can be repaired prior to Closing. Within ten (10) days after receiving any such
notice from Seller, Buyer may terminate this Agreement by delivering written notice to Seller of such termination. In such event, Holder
shall promptly refund the Earnest Money to Buyer, and neither party shall have any further obligations or liability under this Agreement
except as expressly provided in this Agreement. If Buyer does not terminate this Agreement within such ten (10) day period, Seller shall
promptly make any agreed-upon repairs and replacements in a good and workmanlike manner prior to Closing, and Buyer shall be deemed to
have accepted Property with the damage (subject to any such agreed-upon repairs by Seller) and shall receive at Closing: (1) a credit
against the Purchase Price for any insurance proceeds which have been paid to Seller but have not been spent on any agreed-upon repairs;
(2) an assignment of Seller’s claim for all unpaid insurance proceeds; and (3) a credit against the Purchase Price for any unpaid
deductible that may be required in connection with any such unpaid insurance proceeds.

 

	13.	Representations and Warranties.

 

		A.	Seller’s Representations and Warranties: Seller represents and warrants
to Buyer as follows:

 

		1.	Seller has full authority to sign this Agreement and all documents to be executed
by Seller as contemplated by this Agreement. The individual(s) executing this Agreement and all such documents contemplated by this Agreement
on behalf of Seller are duly elected or appointed and validly authorized to execute and deliver the same.

 

		2.	This Agreement constitutes a legal, valid and binding obligation of Seller and, together
with each of the documents to be executed by Seller as contemplated by this Agreement, is enforceable against Seller in accordance with
its terms.

 

		3.	Seller is duly formed, validly existing and in good standing under the laws of the
state of its formation and is qualified to transact business in the state where the Property is located.

 

		4.	Seller’s execution and delivery of this Agreement and Seller’s performance
of its obligations in accordance with this Agreement will not constitute a violation, breach or default, nor result in the imposition
of any lien or encumbrance upon the Property, under any agreement or other instrument to which Seller is a party or by which Seller or
the Property is bound.

 

		5.	Seller owns good and marketable fee simple title to the Property that is insurable,
subject only to the Permitted Exceptions.

 

		6.	Seller has not received notice of any legal actions, suits or other legal or administrative
proceedings pending or threatened against Seller or the Property, and Seller is not aware of any facts which might result in any such
action, suit or other proceeding.

 

		7.	To Seller’s knowledge, the Property does not contain any hazardous wastes, hazardous
substances, hazardous materials, toxic substances, hazardous air pollutants or toxic pollutants as those terms are used in the Resource
Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act, the Hazardous Materials Transportation
Act, the Toxic Substances Control Act, the Clean Air Act and the Clean Water Act, and in any amendments thereto, or in any regulations
promulgated pursuant thereto, or in any applicable state or local law, regulation or ordinance.

 

    Page 7 of 18

     

    

 

		8.	Seller has no knowledge of (i) any condemnation or zoning change affecting or contemplated
with respect to the Property; (ii) any changes contemplated in any applicable laws, ordinances or restrictions affecting the use of the
Property as a mobile home park; or (iii) any liens or assessments (governmental or private), either pending or confirmed, with respect
to sidewalk, paving, water, sewer, drainage or other improvements on or adjoining the Property or with respect to any property owners’
association, declaration or easement agreement (other than the lien of ad valorem property taxes that are not yet due and payable).

 

		9.	To Seller’s knowledge, Seller and the Property have complied and are currently
in compliance with all applicable laws, ordinances, regulations, statutes, rules, restrictions and inspection requirements pertaining
to or affecting the Property.

 

		10.	There are no Contracts for the Property which are, or will be, a binding obligation
of Buyer or that could create a lien, leasehold or other possessory interest, security interest, or encumbrance in or against the Property
or any part thereof after the Closing, and Seller will deliver to Buyer true, correct and complete copies and originals of all Contracts
as part of the Property Files in accordance with this Agreement. To Seller’s knowledge, each Contract is in full force and effect
and there are no defaults or events that with notice or lapse of time or both which constitute a default by Seller or any other party
to such Contracts.

 

		11.	There are no Leases other than as provided to Buyer in the Property Files, and Seller
will deliver to Buyer true, correct and complete copies and originals thereof in accordance with this Agreement. To Seller’s knowledge,
each Lease is in full force and effect and there are no defaults or events that with notice or lapse of time or both which constitute
a default by Seller or the tenant under such Leases. Except as expressly provided in the Leases, there are no tenant finish costs, brokerage
commissions or other leasing costs paid or payable in connection with any Lease or renewal or expansion thereof.

 

		12.	The Due Diligence Materials delivered by Seller to Buyer in accordance with this Agreement
are full, complete and accurate copies of all Due Diligence Materials within Seller’s possession.

 

		B.	Buyer’s Representations and Warranties: Buyer represents and warrants
to Seller as follows:

 

		1.	Buyer has full authority to sign this Agreement and all documents to be executed by
Buyer as contemplated by this Agreement. The individual(s) executing this Agreement and all such documents contemplated by this Agreement
on behalf of Buyer are duly elected or appointed and validly authorized to execute and deliver the same.

 

		2.	This Agreement constitutes a legal, valid and binding obligation of Buyer and, together
with each of the documents to be executed by Buyer as contemplated by this Agreement, is enforceable against Buyer in accordance with
its terms.

 

		C.	Survival Period. Seller and Buyer agree to promptly notify the other party
if, prior to Closing, Seller or Buyer learns that any of its representations or warranties in this Agreement is no longer true or correct
in any material respect. Seller’s and Buyer’s representations and warranties in this Section 13 shall be true and correct
as of the Effective Date, and shall be deemed true and correct as of the Closing Date as if remade by separate certification at that time,
and shall survive the Closing for a period of one (1) year after the Closing Date (the “Survival Period”). If Buyer
or Seller provides written notice to the other party asserting a breach of any such representation or warranty on or before termination
of the Survival Period, then such representation or warranty shall not terminate with respect to the matters described in such written
notice until such matters are fully and finally resolved by negotiation, settlement, litigation or other appropriate proceedings.

 

	14.	Brokerage. Buyer and Seller represent and warrant
to each other that there are no brokers involved in this transaction except for the Buyer’s Broker (if any) and the Seller’s
Broker (if any) listed in Section 1 of this Agreement. Buyer shall defend, indemnify, and hold Seller harmless from any and all claims
asserted by any other broker or sales agent as a result of Buyer’s actions in connection with this Agreement. Seller shall defend,
indemnify, and hold Buyer harmless from and against any and all claims asserted by any other broker or sales agent as a result of Seller’s
actions in connection with this Agreement. These indemnities shall survive the Closing or the termination of this Agreement.

 

	15.	Assignment. Buyer may transfer or assign
any or all of its rights and obligations under this Agreement at any time.

 

    Page 8 of 18

     

    

 

	16.	Notices.

 

		A.	All Notices Must Be in Writing. All notices required or permitted under
this Agreement, including but not limited to amendments, demands, notices of termination and other notices, shall be in writing. A party’s
legal counsel may deliver any notice on behalf of such party.

 

		B.	Method of Delivery of Notice. Subject to limitations and conditions set
forth herein, notices may only be delivered: (1) in person; (2) by an overnight delivery service; (3) by e-mail; or (4) by registered
or certified U.S. mail, prepaid, return receipt requested.

 

		C.	When Notice Is Received. Except as may be provided herein, a notice shall
not be deemed to be given, delivered or received until it is actually received by the party to whom the notice was intended or that person’s
authorized agent. Notwithstanding the above, (i) any notice deposited with a national overnight delivery service (e.g., FedEx or
UPS) shall be deemed received one (1) business day after such notice is deposited with such overnight delivery service and (ii) if the
sender of a notice by e-mail receives an automatic reply indicating that the e-mail has been opened, the e-mail notice shall be deemed
received at that time.

 

		D.	Address or E-Mail for Receiving Notices: Notices to a party to this Agreement
shall only be effective if sent to the e-mail address and/or physical address of such party listed in Section 1 of this Agreement or subsequently
provided by such party to the other party hereto in accordance with the notice provisions herein.

 

	17.	Default.

 

		A.	Seller’s Pre-Closing Remedy for Buyer Default. If Buyer defaults in its obligation to close
and pay the Purchase Price in accordance with this Agreement, Seller shall be entitled, as its sole and exclusive remedy, to terminate
this Agreement and retain the Earnest Money as liquidated damages, in which event the parties shall have no further rights or obligations
under this Agreement (except as expressly provided herein with respect to any obligations which are intended to survive the termination
of this Agreement). Buyer and Seller agree that, due to the nature of this transaction, it would be impracticable and extremely difficult
to fix the actual damages Seller would sustain should Buyer default in its obligation to purchase the Property. Buyer and Seller agree
that liquidated damages are appropriate for this transaction and agree that the Earnest Money represents a reasonable estimate of the
damages Seller would sustain by virtue of Buyer’s failure to perform its obligation to purchase the Property.

 

		B.	Buyer’s Pre-Closing Remedies for Seller Default. If Seller breaches any representation or
warranty under this Agreement or fails to perform any of its obligations under this Agreement, Buyer shall be entitled, as its sole and
exclusive remedy prior to Closing, either (a) to terminate this Agreement and receive a refund of the Earnest Money Deposit, and Seller
shall reimburse Buyer an amount equal to the out-of-pocket costs incurred by Buyer in connection with the transaction contemplated by
this Agreement, which reimbursement obligation of Seller shall survive the termination of this Agreement, or (b) to enforce specific performance
of Seller’s obligations under this Agreement. Notwithstanding the foregoing, if, as a result of any intentional or willful default
by Seller, the remedy of specific performance is not available to Buyer, then Buyer shall have the right to pursue all remedies available
at law or in equity with respect to such intentional or willful default by Seller.

 

		C.	Post-Closing Remedies for Default. If, after the Closing, Seller or Buyer fails to perform any
of its obligations which expressly survive the Closing, or if either party discovers a breach of a representation or warranty during the
Survival Period, then Seller or Buyer, as the case may be, may exercise any remedies available to it at law or in equity, including specific
performance or an action for damages.

 

		D.	Notice and Cure. Notwithstanding any other provision of this Agreement to the contrary, no breach,
failure or default by Buyer or Seller (as applicable, the “Defaulting Party”) shall result in the exercise of any rights
or remedies with respect to such breach, failure or default, unless and until the Defaulting Party shall be notified in writing by a document
from the other party entitled “Notice of Default” (including reasonable specifics about the breach, failure or default), and
the Defaulting Party shall have failed to cure the specified breach, failure or default within ten (10) days after receipt of such written
notice.

 

    Page 9 of 18

     

    

 

	18.	Other Provisions.

 

		A.	Entire Agreement and Modification: This Agreement constitutes the sole and entire agreement between
the parties hereto, supersedes all of their prior written and verbal agreements and shall be binding upon the parties and their successors,
heirs and permitted assigns. This Agreement may not be amended or modified except upon the written agreement of Buyer and Seller.

 

		B.	Governing Law and Interpretation: This Agreement may be signed in multiple counterparts each of
which shall be deemed to be an original. No provision herein, by virtue of the party who drafted it, shall be interpreted less favorably
against one party than another. All references to time shall mean Eastern Time. The governing law shall be those of the state in which
the Property is located.

 

		C.	Time of Essence: Time is of the essence with respect to this Agreement.

 

		D.	Determination of Time Periods. In calculating any period of time provided for in this Agreement,
unless otherwise expressly provided herein, the number of days shall refer to calendar days and not business days. If any day scheduled
for performance of any obligation or the last day of any other period of time falls on a weekend or holiday observed by national banks
or banks in the state where the Property is located, the day for performance shall be extended to the next business day.

 

		E.	Terminology: As the context may require in this Agreement: (1) the singular shall mean the plural
and vice versa; and (2) all pronouns shall mean and include the person, entity, firm, or corporation to which they relate.

 

		F.	Duty to Cooperate: Seller and Buyer agree to do all things reasonably necessary and in good faith
before and after Closing (including executing and delivering such additional documents as required by law or as reasonably requested by
the other party) to fulfill the terms of this Agreement and carry out the intent and purpose of the parties as set forth in this Agreement.

 

		G.	Electronic Signatures: For all purposes herein, an electronic or facsimile signature shall be deemed
the same as an original signature; provided, however, that each party agrees to promptly re-execute a conformed copy of this Agreement
with original signatures if requested to do so by the other party.

 

		H.	Tax Deferred Exchange. Upon the request of either party, the parties agree to execute and deliver
all documents and perform such acts as are reasonably necessary to enable the transactions contemplated by this Agreement to qualify as
a like kind exchange of real property under Section 1031 of the Internal Revenue Code of 1986 (an “Exchange”). The
requesting party shall bear all additional expenses incurred by the non-exchanging party arising out of the Exchange which would not otherwise
have been attendant to this transaction, and the non-exchanging party shall not be required to incur any additional cost or liability
in connection with such Exchange. Closing shall not be delayed as a result of any such Exchange. If the requesting party is unsuccessful
in its efforts to structure this transaction as an Exchange, such occurrence shall not be deemed or construed as the failure of a condition
precedent to that party’s obligations under this Agreement and Closing shall proceed without the intended Exchange.

 

    Page 10 of 18

     

    

 

		I.	Attorneys’ Fees. In the event suit is brought to enforce or interpret all or any part of
this Agreement, or if suit is brought for any other relief permitted hereunder, the prevailing party in such suit shall be entitled to
recover reasonably attorneys’ fees and costs incurred in connection with such suit to the fullest extent permitted by applicable
law.

 

		J.	Memorandum of Purchase Agreement. Upon Buyer’s request, Seller shall promptly execute and
deliver (including any notary acknowledgments and witnesses, as applicable) a Memorandum of Purchase Agreement in such form as reasonably
requested by Buyer (the “Memorandum”). The Memorandum shall be in recordable form and shall contain, without limitation,
(i) the names of the parties to this Agreement; (ii) a reference to this Agreement and the Effective Date; and (iii) a description of
the Property. Buyer shall be authorized to execute the Memorandum and record the Memorandum in the public records where the Property is
located.

 

	19.	Title to Park-Owned Homes. Seller will use
best efforts to obtain certificates of title to all Park-Owned Homes prior to Closing. Seller will convey ownership to Buyer of all Park-Owned
Homes by delivery of the certificates of title or a bill of sale or both, together with any DMV forms, powers of attorney or other documentation
that may be reasonably necessary to transfer title to such Park-Owned Homes. For each Park-Owned Home for which Seller is unable to provide
a certificate of title at Closing, a portion of Seller’s proceeds at Closing equal to the amount of $5,000 (each, a “Park-Owned
Home Offset”) shall be retained by Holder and shall not be disbursed to Seller at Closing. Each Park-Owned Home Offset shall
be held by Holder until the earlier of (a) sixty (60) days after the Closing Date or (b) the date on which Seller provides evidence satisfactory
to Buyer, in Buyer’s sole discretion, that title to the applicable Park-Owned Home has been transferred to Buyer (each, a “Park-Owned
Home Contingency”). If a Park-Owned Home Contingency is satisfied by the date that is sixty (60) days after the Closing Date,
the related Park-Owned Home Offset shall be delivered by Holder to Seller. If a Park-Owned Home Contingency is not satisfied by the date
that is sixty (60) days after the Closing Date, the related Park-Owned Home Offset shall be delivered by Holder to Buyer.

 

	20.	Exhibits and Addenda. All exhibits and/or addenda
attached hereto, listed below, or referenced herein are made a part of this Agreement. If any such exhibit or addendum conflicts with
any preceding paragraph, said exhibit or addendum shall control:

 

	 	Exhibit “A”	Description of Property	 
	 	Exhibit “B”	Due Diligence Materials and Special Provisions	 
	 	Exhibit “C”	List of Park-Owned Homes	 
	 	Exhibit “D”	List of Personal Property, other than Park-Owned Homes	 

 

[SIGNATURES INCLUDED ON FOLLOWING PAGE]

[REMAINDER OF PAGE INTENTIONALLY
OMITTED]   

 

    Page 11 of 18

     

    

 

IN WITNESS WHEREOF, Buyer and Seller have executed
this Agreement as of the Effective Date.

 

BUYER:

 

	MHP PURSUITS LLC,	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Adam Martin 	 
	Name: 	Adam Martin 	 
	Title:	CIO 	 
	Date:	05/12/2022 	 
	 	 	 
	SELLERS:
	 	 	 
	STATESVILLE ESTATES MHC, LLC	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Matt Johnson 	 
	Name:	 Matt Johnson 	 
	Title:	Matt Johnson 	 
	Date:	05/17/2022 	 
	 	 	 
	NORTH SIDE MHC, LLC	 
	a South Carolina limited liability company	 
	 	 	 
	By:	/s/ Matt Johnson 	 
	Name:	 Matt Johnson 	 
	Title:	 Matt Johnson 	 
	Date:	 05/17/2022 	 
	 	 	 
	TIMBER VIEW, LLC	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Matt Johnson 	 
	Name:	Matt Johnson 	 
	Title:	Matt Johnson 	 
	Date:	05/17/2022 	 

 

    Page 12 of 18

     

    

 

EXHIBIT A

 

DESCRIPTION OF PROPERTY

 

	Statesville 
	116 Yellowstone Lane 
	Statesville, NC 27370 
	
    Iredell County

 

Legal Description: US 70 12.860AC; Parcel#: 4753654558.000

 

Legal Description: MCLELLAND US 70 7.470AC; Parcel# : 4753656621.000

 

Legal Description (?) 2072 Salisbury Hwy.; Parcel #: 4753666607.000

 

 

 

    Page 13 of 18

     

    

 

	Northside
	388 Pleasant Grove Church Road
	Thomasville, NC 27360
	Davidson County

 

Legal Description: L64 BK2333-688 Pleasant Grov 3.750 AC; Parcel#:
16-313-0-0000064

 

 

 

    Page 14 of 18

     

    

 

	Timber View
	964 Loflin Hill Road
	Trinity, NC 27370
	Randolph County

 

R1339; S R1341 W; 964 Loflin Hill Rd, 49.99 AC Parcel#: 6782912858

 

 

 

    Page 15 of 18

     

    

 

EXHIBIT B

 

DUE DILIGENCE MATERIALS & SPECIAL
PROVISIONS

 

The following shall be incorporated into this Agreement.

 

		1.	Within ten (10) days after the Effective Date, Seller shall deliver to Buyer copies
of the following items to the extent within Seller’s possession (collectively, the “Due Diligence Materials”):

 

		●	Operating financials for
YTD and two preceding years; 12-month operating budget
	 	 	 

		●	Existing Survey, Environmental,
Zoning and Title Reports and Policies
	 	 	 

		●	Water, Sewer, Trash, Gas,
Electric, Property Tax, Ins, Repair & Maintenance Bills for the last 2-3 years
	 	 	

		●	City, County and State
Permits and Licenses
	 	 	 

		●	Signed lease agreements
and signed rules & regulations for each tenant
	 	 	 

		●	A list of all Park-Owned
Homes (if applicable), including Year, Make, Model, Size, Serial Number, VIN and Lot #
	 	 	 

		●	Certificates of title for
Park-Owned Homes (if applicable)
	 	 	 

		●	Copy of current insurance
policy and binder showing premiums and coverages, and two (2) years’ loss runs
	 	 	 

		●	Itemization of past two
year’s capital expenditures
	 	 	 

		●	Current rent roll including
home site number, name of resident, move-in date, monthly rent, current balance, additional charges, prepaid rents, delinquencies, security
deposits, tenant mailing address, tenant phone number, tenant email address, and brief history of resident as available
	 	 	 

		●	List of employees/vendors
with compensation
	 	 	 

		●	2-3 years of operating
bank statements, 
	 	 	 

		●	Ownership entity tax returns
for last three years 
	 	 	 

		●	Any additional information
in Seller’s possession which would be helpful to the Buyer in the inspection of the Property.
	 	 	 

		●	Utilities and what they
are made of (what are water/sewer lines made of? What is amperage of electric, etc.)
	 	 	 

		●	Who pays utilities and
how is it metered? Water, sewer, gas, electric, trash, cable, landscaping, etc.
	 	 	 

		●	List of park problems (infrastructure,
tenant, operational, etc.)
	 	 	 

		●	Title to Park-Owned Homes.

	 	 	 

		●	Tax ID. 

 

		2.	Prior to Closing, at Buyer’s request from time to time, Seller shall provide
to Buyer a current rent roll and list of all delinquent Tenants within three (3) days after receipt of Buyer’s request.

 

		3.	If Seller desires to retain and not convey any Personal Property (“Excluded
Property”), Seller shall deliver to Buyer a list of any such Excluded Property within five (5) days after the Effective Date.
If Seller fails to deliver a list of Excluded Property within such five (5) day period, then Seller shall be deemed to have waived its
right to exclude any Personal Property from the sale and conveyance of the Property, and all Personal Property owned by Seller shall be
included in the sale and conveyance of the Property.

 

		4.	The Purchase Price shall be allocated on the Closing Statement as follows: Sixty
percent (60%) to the Real Property and Forty percent (40%) to Personal Property and Goodwill.

 

		5.	Seller shall provide Buyer with seller financing in the amount
of $1,200,000.00 with a five-year term and an interest rate of six percent (6%). Said Seller financing shall be secured as follows: (i)
$700.000.00 by a first deed of trust on Northside MHP, and (ii) $500,000.00 secured by a lien
on the Park-Owned Homes. Buyer may prepay such seller financing at any time without penalty. Such seller financing shall be secured by
the Property.

 

    Page 16 of 18

     

    

 

EXHIBIT C

 

LIST OF PARK-OWNED HOMES

 

[TO BE ATTACHED]

 

or

 

[TO BE PROVIDED AS PART OF THE DUE DILIGENCE
MATERIALS]

 

    Page 17 of 18

     

    

 

EXHIBIT D

 

LIST OF PERSONAL PROPERTY, OTHER THAN
PARKED-OWNED HOMES

 

[TO BE ATTACHED]

 

or

 

[TO BE PROVIDED AS PART OF THE DUE DILIGENCE
MATERIALS]

 

 

 

Page 18 of 18

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