Document:

EX-10.6

 Exhibit 10.6 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (the “Agreement”) is entered into as of the 11th day of September, 2019, by and between AMERICAN
MOMENTUM BANK, its successors and assigns, (the “Lender”) and GENERATION INCOME PROPERTIES, INC., a Maryland corporation, (the “Borrower”), and DAVID E. SOBELMAN, an individual
(“Guarantor”), and is made in reference to the following facts: 
 (A) On or about the date hereof, Borrower is borrowing
from the Lender a loan in the principal amount of $3,407,391.00 (the “Loan”), evidenced by a promissory note in the amount of $3,407,391.00 (the “Note”). The Note will be secured by (a) a first priority
Mortgage, Hypothecation, Security Agreement, Assignment of Leases and Rents, and Fixture Filing, in favor of Lender by single purpose entity, GIPFL JV 1106 CLEARLAKE ROAD, LLC, a Delaware limited liability company (“SPE”),
wholly owned by Borrower or by its wholly owned subsidiary GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership; (b) Commercial Security Agreement of even date herewith (the “Security Agreement”); (c)
subordination and non-disturbance agreement (collectively the “Collateral”); and (d) Limited Guaranty executed by the Grantor. 

(B) The Borrower has executed other instruments incident to the Loan, and all of such instruments, together with the Note and Instruments of
Security, will be sometimes collectively referred to herein as the “Loan Documents”. 
 (C) The Lender has required the
execution of this Agreement as a condition to making the Loan to the Borrower, and the Borrower is agreeable to the same. 
 NOW THEREFORE,
for and in consideration of the mutual covenants and conditions contained herein and other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties covenant and agree as follows: 

ARTICLE I - INTRODUCTORY PROVISIONS 

1.1 Recitals. The statements contained in the recitals of fact set forth above (the “Recitals”) are true and
correct, and the Recitals by this reference are made a part of this Agreement. 
 1.2 Exhibits. All exhibits attached to this
Agreement are by this reference incorporated in and made a part hereof. 
 1.3 Abbreviations and Definitions. The following
abbreviations and definitions will be used for purposes of this Agreement: 
 (a) The abbreviations for the parties set forth in the Preamble
will be used for purposes of this Agreement. 
 (b) The abbreviations and definitions set forth in the Recitals will be used for purposes of
this Agreement. 

 (c) “Events of Default” shall mean the events of default specified in
Article Eleven of this Agreement and each of such events shall be an “Event of Default”. 
 (d) “Lien”
shall mean any mortgage, pledge, security interest, encumbrance, lien, or charge of any kind (including any agreement to give any of the foregoing, any conditional sales or other title retention agreements, or any lease in the nature thereof, and
the filing of or agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction). 
 (e) “Principal
Place of Business” shall mean the principal place of business and the headquarters of the Borrower at which all of its records are kept, currently at 401 E. Jackson Street, Suite 3300, Tampa, Florida 33602. 

(f) “Proceeds” shall mean whatever is received upon the sale, exchange, collection or other disposition of the Collateral.

 (g) “UCC” shall mean the Florida Uniform Commercial Code, as amended. 

ARTICLE II - LOAN 
 2.1
Loan. The parties hereto acknowledge and agree that the Note evidences a loan from Lender to Borrower in the original principal amount of $3,407,391.00. The Note is payable according to the terms thereof. 

2.2 Depository Account. Borrower shall maintain its primary depository relationship with Lender, and shall cause the SPE to maintain its
primary depository relationship with Lender as well (which accounts shall be subject to Lender’s right of offset in the event of a default by Borrower). 

ARTICLE III - CROSS DEFAULT 

The Borrower hereby acknowledges and agrees that a default under any other notes or other evidence of indebtedness or any instrument of
security therefor in which the Borrower is liable and the Lender is the holder and which is not cured within the applicable grace or curative period therefor, if any, shall constitute a default under the Loan Documents. 

ARTICLE IV - USURY 

It is not the intention of the parties hereto to make any agreement which shall be violative of the laws of the State of Florida relating to
usury. In no event shall Borrower or Lender accept or charge any interest which, together with any other charges upon the principal or any portion thereof, howsoever computed, shall exceed the maximum legal rate of interest allowable under the
laws of the State of Florida. Should any provisions of this Agreement or any existing or future Note, Loan Agreement or any other agreements between the parties be construed to require the payment of interest which, together with any other
charges upon the principal, or any portion thereof, exceeds such maximum legal rate of interest, then Borrower agrees that the amount of interest collected above the maximum rate permitted by applicable law, together with interest thereon at the
rate required by applicable law, shall be refunded to Borrower, and Borrower agrees to accept such refund, or, at Borrower’s option, such refund shall be applied as a principal payment on the Note. 

  
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 ARTICLE V - REPRESENTATIONS AND WARRANTIES

 The Borrower represents and warrants to the Lender, for itself and for any SPE from time to time pledging and hypothecating
collateral for inclusion in the Collateral, as follows: 
 5.1 Organization, Standing, Corporate Power. Borrower is a corporation
duly authorized and validly existing under the laws of the State of Maryland. The Borrower has appropriate power and authority to own its properties and to carry on its business as now being conducted, and the Borrower has appropriate power and
authority to execute and perform this Agreement and to deliver the Note and all other documents, instruments and agreements provided for herein. 

5.2 This Agreement. The execution and performance by the Borrower of this Agreement, the borrowing hereunder, and the execution and
delivery of the Note and all other documents, instruments and agreements provided for herein (a) have been duly authorized by all requisite entity action; (b) will not violate any provision of law applicable to Borrower or of the
Borrower’s organizational documents; and (c) will not violate or be in conflict with, result in a breach of, or constitute a default under any indenture, agreement and other instrument to which the Borrower is a party or by which it or any
of its properties is bound, or any order, writ, injunction or decree of any court or governmental institution. 
 5.3
Litigation. There are no actions, suits or proceedings pending, or, to the knowledge of the Borrower, threatened against or adversely affecting the Borrower at law or in equity or before or by any federal agency or instrumentality, which
involve any of the transactions herein contemplated or the possibility of any judgment or liability which may result in any material and adverse change in the business, operations, prospects, property or assets, or in the condition, financial or
otherwise, of the Borrower. The Borrower is not in default with respect to any judgment, order, writ, injunction, decree, rule or regulation of any court, or federal, state, municipal or other governmental department. 

5.4 Financial Statements. The Borrower has heretofore furnished to the Lender balance sheets, annual statements, and other
financial information which are, to the best of its knowledge, correct and complete in all material respects and accurately present the financial condition and the results of the operation of the Borrower as of the dates thereof. Since the date
of the last furnishing of said financial statements, there has been no material adverse change in the financial condition of the Borrower. 

5.5 Taxes. The Borrower has filed or caused to be filed all federal and state tax returns which, to the knowledge of the officers
thereof, are required to be filed, and has paid or caused to be paid all taxes as shown on said returns or on any assessment received by it and not being contested in good faith, to the extent that such taxes have become due. 

5.6 Other Instruments. Except as reflected on the financial statements referred to in Section 5.4, the Borrower is not a party
to any agreement or instrument or subject to any charter or other restrictions adversely affecting its business, properties or assets, operations or condition, financial or otherwise. The Borrower is in material compliance with all applicable
regulatory requirements and all provisions of this Agreement. 

  
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 5.7 Property and Assets. The Borrower has good and marketable title to all the
property and assets reflected on the most recent financial statement furnished to the Lender, except such as have been disposed of in the ordinary course of business since the date of said financial statements and all such property and assets are
free and clear of mortgages, pledges, liens, charges or other encumbrances, except as are reflected on the financial statements. 
 5.8
Regulation U. No part of the proceeds of any of the Loan will be used to purchase or carry, or to reduce or retire any loan incurred to purchase or carry, any margin stocks (within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stocks. The Borrower is not engaged in the business of extending credit, nor is one of the Borrower’s important activities
extending of credit, for the purpose of purchasing or carrying such margin stocks. If requested by the Lender, the Borrower shall furnish to the Lender in connection with any loan hereunder a statement in conformity with the requirements of
Federal Reserve Form U-1 referred to in said regulation. 
 5.9 Continuity of Representations and
Warranties. All of the foregoing representations and warranties shall be true and correct at the time of the making of each advance under the Loan pursuant to this Agreement and thereafter until such Loan is paid in full as though made as
of such time, except to the extent that any of the same relate to or are as of a specific date in which case they shall remain true and correct as of such specific date.

5.10 No Governmental Restriction. There is no moratorium or like governmental order or restriction now in effect with respect to the
Collateral and, to the best of Borrower’s knowledge, no moratorium or similar ordinance or restriction is now contemplated. 

ARTICLE VI - CONDITIONS PRECEDENT 

The obligation of the Lender to make the Loan hereunder is subject to the following conditions precedent: 

(a) Representations and Warranties. The representations and warranties set forth in this Agreement shall be true and correct in all
material respects on and as of the date of such borrowing or disbursement, with the same force and effect as though such representations and warranties had been made on and as of such date, except to the extent that any of the same relate to or are
as of a specific date in which case they shall remain true and correct as of such specific date. 
 (b) No Default. At the time
of each borrowing or disbursement hereunder, no Event of Default shall have occurred and be continuing (subject to applicable notice and cure periods). 

  
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 (c) Officer’s Certificate. If required by Lender, at the end
of each calendar quarter, the Borrower shall deliver to the Lender a certificate signed by the Treasurer or Controller of the Borrower dated as of such date confirming that: no Event of Default then exists, and no event which would become an
Event of Default upon notice or lapse of time or both has occurred and is then continuing; there is no litigation or proceeding pending or, to the knowledge of Borrower, threatened against or affecting the Borrower, the result of which might
substantially affect the financial condition, business or operations of the Borrower; and there has been no materially adverse change in the financial condition of the Borrower since the date of the latest financial statement of Borrower submitted
to the Lender. 
 (d) [Intentionally Omitted] 

(e) Liens and Encumbrances. The properties and assets of the Borrower, real, personal and mixed, are not subject to any liens,
encumbrances or security interests or outstanding financing statements, whether filed or unfiled, except for liens for taxes not yet due and liens, encumbrances or security interests on personal or real property as reflected in the Borrower’s
most recently submitted financial statements, or as shown on the title policies insuring the lien of the mortgage and deed of trust securing the Loan. 

(f) Authority. This Agreement and the other Loan Documents are valid and binding obligations of the Borrower, subject to
bankruptcy, insolvency and other laws affecting the rights of creditors generally. 
 (g) [Intentionally Omitted] 

ARTICLE VII - AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees with the Lender, on its own behalf and on the behalf of the SPE hypothecating a mortgage to secure debt to
Lender as part of the Collateral, that from the date hereof and so long as any sums are outstanding or may be borrowed hereunder, unless the Lender shall otherwise consent in writing delivered to the Borrower, it will: 

7.1 Entity Existence. Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its
existence, and all its rights, licenses, permits and franchises required at the date hereof, or which may be required in the future conduct of its business, and comply in all material respects with all laws and regulations applicable to it that
materially affect the Borrower, and conduct and operate its business in the same lines and in substantially the same manner in which presently conducted and operated (subject to changes in the ordinary course of business), and at all times maintain,
preserve and protect all property used and useful in the conduct of its business, and maintain same in good working order and condition, reasonable and ordinary wear, tear and depreciation excepted. 

7.2 Insurance. Keep its insurable properties, if any, insured as required under the mortgage securing the Loan. Borrower will
furnish Lender with copies of such insurance policies containing endorsements in favor of Lender as loss payee and mortgagee as its interest may appear on policies other than liability policies as provided in the mortgage and deed of trust securing
the Loan. 
 7.3 Obligations and Taxes. Pay all indebtedness and obligations promptly and in accordance with the terms thereof,
and pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon it or in respect of its property, before the same shall become in default; provided, however, Borrower shall not be required to pay and discharge
or cause to be paid and discharged any such tax assessment, charge, levy or claim so long as the validity thereof shall be contested in good faith by appropriate proceedings and the Borrower shall set aside on its books adequate reserves with
respect to any such tax, assessment, charge, levy or claim so contested. 

  
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 7.4 Notice of Litigation. Furnish to Lender within ten (10) days after
service of process or equivalent notice, written notice of any litigation involving greater than FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) in damages or otherwise in cost to Borrower, including arbitrations and of any proceeding by or before
any governmental agency. 
 7.5 Notice of Certain Matters. Give prompt written notice to Lender of all Events of Default of which
Borrower is aware; if applicable, changes in management, litigation, and of any other matter which has resulted in, or might result in, a materially adverse change in its financial condition or operation. 

7.6 Records. Keep and maintain full and accurate accounts and records of its operations and will permit Lender and its designated
officers, employees, agents and representatives, to have access thereto and to make examination thereof upon not less than seventy-two (72) hours’ notice at all reasonable times during normal
business hours, to make audits, and to inspect and otherwise check its properties, real, personal and mixed. 
 7.7 Execution of Other
Documents. Promptly, upon demand by Lender, execute, or cause the SPE to execute, all such additional agreements, contracts, indentures, financing statements, documents and instruments in connection with this Agreement as Lender may
reasonably deem necessary. (This authority shall be for ministerial matters only and shall not allow Lender to increase Borrower’s liability under the loan.). 

7.8 Financial Statements. The Borrower will provide to the Lender, in form and content acceptable to the Lender, the following: 

(a) Quarterly financial statements of the Borrower no later than 90 days after each quarter end. 

(b) Annual audited financial statement of the Borrower no later than 120 days after fiscal year end. 

(c) Annual tax returns of the Borrower not later than 30 days after filing. 

(d) Quarterly bank statements of the Borrower no later than 15 days after each quarter end. 

(e) Quarterly REIT subscription numbers of the Borrower no later than 15 days after each quarter end. 

(f) All additional financial documents required to be provided to the SEC by Borrower. 

(g) Customary commercial real estate project reporting and compliance information. 

(h) Other information that may be reasonably required by the Lender and its legal counsel. 

  
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 Notwithstanding anything to the contrary contained herein, so long as Borrower remains a publicly reporting
company, it shall not be required to deliver any of the foregoing documents which are available through its public filings with the SEC. 

7.9 Debt Service Coverage Ratio. Borrower will maintain a minimum debt service coverage ratio (“DSCR”) of 1.10:1.0, measured
annually based on its year and financial statements relating solely to the real estate Collateral, BEGINNING AS OF December 31, 2019. 

DSCR shall be defined as net operating income (“NOI”) less a three percent (3%) annual management fee, and less a two percent (2%)
annual replacement reserve, divided by the maximum principal borrowing outstanding, amortized over 25 years, using the then published LIBOR SWAP rate plus two hundred twenty five basis points (225 basis points) over the term of the loan. 

7.10 [Intentionally Omitted]. 

7.11 Subordination of Debt. Subordinate all cumulative officer and shareholder/ member debt in excess of $100,000.00. 

7.12 Tenant Ceasing Operations. Pay the Loan in full upon the earlier to occur of maturity of the Loan, or 12 months from the date of
Walgreens, the tenant of the Property, formally notifying the SPE that it will be ceasing operations in the Property, if such event should occur during the term of the Loan. Failure to pay the Loan in full as and when described in this paragraph,
shall be an event of default. 
 ARTICLE VIII - NEGATIVE COVENANTS 

The Borrower covenants and agrees with Lender that from the date hereof and so long as any sums are outstanding or may be borrowed under the
Loan, unless the Lender shall otherwise consent in writing delivered to the Borrower, it will not: 
 8.1 Notes, Accounts
Receivable. Sell, discount or otherwise dispose of notes, accounts receivable or other rights to receive payments, with or without recourse, except for collection in the ordinary course of business. 

8.2 Consolidations, Mergers, Sale of Business. During the term of the Loan, merge, consolidate, reclassify, or sell the business or
any of its capital stock without the written approval of the Lender. 
 8.3 Loans. Make any loans to any person, firm or entity, nor
become a guarantor or surety, nor pledge credit in any manner, directly or indirectly. 
 8.4 [Intentionally Omitted] 

8.5 Liens. Incur, create, assume or permit to exist any mortgage, pledge, lien, charge, security interest or other encumbrance of
any nature whatsoever on the property comprising, in part the Collateral, except to Lender, other than liens for taxes or assessments and similar charges either: (i) not delinquent; or (ii) being contested in good faith by appropriate
proceedings and as to which the Borrower shall have set aside on its books adequate reserves. 

  
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 8.6 Default Under Other Agreements or Contracts. Commit to do or fail to commit
to do, any act or thing which would constitute an event of default under any of the terms or provisions of any other agreement, mortgage, contract, indenture, document or instrument executed by it, except those that may be contested in good faith,
and would not, if settled unfavorably, materially and adversely affect the financial condition of the Borrower. 
 8.7 Compliance with Law
Generally. Be in violation in any material respect of any law, ordinance, governmental rules or regulations to which Borrower is subject and which is material to its business, or fail to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership of the properties of Borrower or to the conduct of its business, which violation or failure to obtain might materially adversely affect the business, prospects, profits, properties or condition
(financial or otherwise) of Borrower. 
 8.8 [Intentionally Omitted]. 

8.9 Management. Make any material change in its management or basic business, or enter into any merger, reorganization or acquisition
transaction, without the express written permission of Lender, which shall not be unreasonably withheld or delayed. 
 8.10 [Intentionally
Omitted]. 
 8.11 [Intentionally Omitted]. 

8.12 Additional Debt of Borrower or SPE. 

(a) Obtain any secondary liens on property in the Collateral without prior approval of Lender, in Lender’s sole and complete discretion.

 ARTICLE IX - COLLATERAL 

As security for the full and timely payment of the Note, together with interest thereon, as well as any renewals, modifications or extensions
thereof, and to secure performance of the Loan Documents, the Borrower covenants and agrees to execute and deliver or to have the SPE execute and deliver, mortgages, security agreements, assignments, subordination
non-disturbance agreements, and financing statements in favor of Lender, in form and substance acceptable to Lender, granting to Lender a first priority mortgage, as applicable, in the property comprising the
Collateral and a perfected first security interest in fixtures and personal property described in any such mortgage, subject to no other liens, encumbrances, or security interests in and to the real property, and related personal property,
comprising the Collateral (“Instruments of Security”). 
 ARTICLE X - DEFAULTS
AND REMEDIES 
 10.1 Events of Default. If any one or more of the following events (herein called “Events of
Default”) shall occur for any reason whatsoever (and whether such occurrences shall be voluntary or involuntary, or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body) and not be cured within any applicable cure period afforded by this Section 10.1, then Lender shall be entitled to the remedies set forth in Section 10.2
of this Agreement. The Events of Default shall include, but not be limited to, the following: 
 (a) Any representation or warranty made
herein or in any report, certificate, financial statement or other instrument furnished by Borrower in connection with this Agreement, or the borrowing hereunder shall prove to be false or misleading in any material respect when made; 

  
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 (b) Default shall occur in the payment of interest or principal on any indebtedness referred
to herein, specifically including the Note, within ten (10) days of when and as the same shall become due and payable, whether at the due date thereof or by acceleration or otherwise, or failure of the Borrower to make payment of principal or
interest on any other obligation for borrowed money owed to Lender, or in the performance of any other agreement, term or condition contained in any agreement under which any such obligation is created, if the effect of such default is to cause or
permit the acceleration of the maturity thereof; 
 (c) Any default shall occur in the due observance or performance of any covenant,
agreement or other provision of this Agreement or the Instruments of Security referred to above other than for the payment of money, which is not cured within thirty (30) days after written notice thereof from Lender to Borrower, unless,
however, such default cannot through the exercise of reasonable diligence be cured within such thirty (30) day period, in which case, Borrower shall have such longer period of time as is reasonably necessary to cure such default, but not longer
than ninety (90) days in any and all events, provided that it commences such cure within the initial thirty (30) day period and thereafter diligently prosecutes such cure to completion; 

(d) The Borrower, SPE or Guarantor of the Loan (collectively the “Borrower Group”) shall: (i) apply for or consent to the
appointment of a receiver, trustee in bankruptcy for benefit of creditors, or liquidator of it or any of its property; (ii) admit in writing its inability to pay its debts as they mature; (iii) make a general assignment for the benefit of
creditors; (iv) be adjudicated a bankrupt or insolvent; (v) file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors, or seeking to take advantage of any bankruptcy,
reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute or an answer admitting an act of bankruptcy alleged in a petition filed against it in any proceeding under any such law; (vi) take any action for the
purposes of effecting any of the foregoing; or (vii) die and not be replaced by a substitute acceptable to Lender in its sole discretion within 120 days; 

(e) An order, judgment or decree shall be entered against any person or entity comprising the Borrower with the application, approval or
consent of the entity by any court of competent jurisdiction, approving a petition seeking its reorganization or appointing a receiver, trustee or liquidator of any such party, or of all or a substantial part of the assets thereof, and such order,
judgment or decree shall continue unstayed and in effect for any period of sixty (60) days from the date of entry thereof; 

  
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 (f) Final judgments for the payment of money in excess of an aggregate of Fifty Thousand and
No/100 Dollars ($50,000.00), excluding claims covered by insurance, shall be rendered against the Borrower and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed,
provided that a judgment shall be deemed “final” only when the time for appeal shall have expired without an appeal having been claimed, or all appeals and further review claimed to have been determined adversely to the Borrower; 

(g) A material adverse change in the financial condition of the Borrower; 

(h) A default in or breach of any covenant in the Loan Documents by Borrower or any SPE which is not cured within the applicable grace or
curative period therefor. 
 10.2 Remedy. Upon the occurrence of any such Event of Default and after the curative periods
therefor have run, Lender may, at its option, declare all indebtedness of principal and interest due and payable, whereupon the Note, (notwithstanding any provisions hereof) shall be immediately due and payable, and Lender shall have and may
exercise from time to time any and all rights and remedies available to it under any applicable law; and Borrower shall promptly pay all reasonable, actual, documented costs of Lender of collection of any and all liabilities, and enforcement of
rights hereunder, including reasonable attorneys’ fees, and legal expenses of any repairs to any of the Collateral, and expenses of repairs to any realty or other property to which any of the Collateral may be affixed. Actual, reasonable
and documented expenses of retaking, holding, preparing for sale, selling, or the like, shall include Lender’s reasonable attorney’s fees and legal expenses. Upon disposition by Lender of any Collateral of Borrower in which Lender has
a security interest, Borrower shall be and remain liable for any deficiency, and Lender shall account to Borrower for any surplus, and to hold the same as a reserve against all or any liabilities of Borrower to Lender whether or not they, or any of
them be then due, and in such order of application as Lender may, from time to time, elect. All rights, powers and remedies contained herein or in any other agreement, instrument or document executed in connection herewith are cumulative. As to
any default other than failure to pay sums due to Lender, and so long as the Lender’s security is not impaired as determined in Lender’s sole discretion, the afore-referenced curative period will be extended as long as Borrower is
exercising reasonable good faith and diligence in curing such incident of default. 
 In addition to the foregoing, Lender may do any or all
of the following to the maximum extent permitted under the laws of the State of Florida, either in the name of Lender or in the name of Borrower: 
  

	 	(i)	 Enforce all rights of Borrower or SPE under any contracts made by Borrower or SPE in connection with the
Collateral or may, if Lender deems it advisable, cancel any or all of such contracts. 

  

	 	(ii)	 Take over and use all or any part of the materials, supplies, fixtures, equipment and other personal property
contracted for by Borrower or SPE. 

 ARTICLE XI - APPOINTMENT OF A RECEIVER

 In case of default beyond the applicable curative period in any of the terms, covenants and provisions of the Agreement, or upon the
institution of suit to enforce any rights and remedies of Lender hereunder, then Lender shall immediately and without notice, be entitled as a matter of right, and without regard to the value of the Collateral, or the solvency or insolvency of the
Borrower, to the appointment of a Receiver of all assets of Borrower, with the usual powers of Receivers in such cases, said Receiver to continue to act for such period of time as the Court appointing said Receiver may deem just and proper. 

  
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 ARTICLE XII - MISCELLANEOUS 

12.1 Notices. Any notice shall be conclusively deemed to have been received by the Borrower and be effective on the day on which
delivered to the Borrower, or if sent by registered or certified mail, addressed to Borrower at its address herein stated, on the second business day after the day on which the return receipt indicates the notice was delivered. Notwithstanding
anything to the contrary herein, all notices and communications to the Lender shall be directed to the following address: 
 American
Momentum Bank 
 Attention: Commercial Loan Department 

500 South Washington Boulevard 

Sarasota, Florida 34236 

12.2 Survival of Representations. All covenants, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan herein contemplated and the execution and delivery to Lender of the Note evidencing such Loan and shall continue in full force and effect so long as any indebtedness created
hereunder is outstanding and unpaid. All covenants and agreements by or on behalf of either party which are contained or incorporated in this Agreement shall bind and inure to the benefit of the successors and assigns of both parties hereto.

 12.3 Effect of Delay. Neither any failure nor any delay on the part of Lender in exercising any right, power or privilege
hereunder or under the Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. 

12.4 Expenses. The Borrower will pay all
out-of-pocket and documented expenses reasonably incurred by Lender in connection with the preparation of this Agreement, the borrowings hereunder, and the enforcement
of the rights of Lender in connection with this Agreement, or with the Loan made or the Note issued hereunder, including but not limited to the fees of and expenses of counsel for Lender. 

12.5 Modification and Waivers. No modification or waiver of any provision of this Agreement or of the Note nor consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or
demand on the Borrower in any case shall thereby entitle the Borrower to any other or further notice or demand in the same, similar or other circumstances. 

12.6 Business Day. Should any installment on the Note become due and payable on other than a business day of the Lender, the
maturity thereof shall be extended to the next succeeding business day with interest on the principal amount thereof at the rate set forth herein. 

  
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 12.7 Remedies Cumulative. Any rights or remedies of the Lender hereunder or
under the Note, or any other security agreement or writing shall be cumulative and in addition to every other right or remedy contained therein or herein, whether now existing or hereafter at law or in equity or by statute or otherwise. 

12.8 Binding Agreement. This Agreement shall be binding upon the parties hereto and their successors and assigns and the terms
hereof shall inure to the benefit of Lender and its successors and assigns. 
 12.9 Exhibits. All references to
“Exhibits” contained herein are references to exhibits attached to the Agreement, the terms and conditions of which are made a part hereof for all purposes, the same as if set forth herein verbatim. 

12.10 Number and Gender of Words. Whenever herein the singular number is used, the same shall include the plural where appropriate,
and words of any gender shall include each other gender where appropriate. 
 12.11 Captions. The captions, headings, and
arrangements used in this Agreement are for convenience only and do not in any way affect, limit, amplify, or modify the terms and provisions hereof. 

12.12 Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or
future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part. 

12.13 All Loans One Loan. All loans and/or advances made hereunder shall constitute one loan and the obligations of such loans
and/or advances shall constitute one obligation secured by the Collateral provided for herein. 
 12.14 Governing Law. All
documents executed pursuant to the transactions contemplated herein, including, without limitation, this Agreement and each of the Loan Documents, shall be deemed to be contracts made under, and for all purposes shall be construed in accordance
with, the internal laws and judicial decisions of the State of Florida even though executed outside thereof; provided that this Section 12.14 shall not affect the applicability of, and interpretation or construction of, appropriate terms and
provisions under the laws of any jurisdiction which govern the security interests, including mortgages, deeds of trust, and/or deeds to secure debt in any of the Collateral relating to real property, and related pledged personal property, which is
within the Collateral and located outside of the State of Florida. The Borrower hereby submits to the jurisdiction and venue of the state and federal courts of Florida for the purposes of resolving disputes hereunder or for the purposes of
collection. 
 12.15 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original. 

12.16. WAIVER OF JURY TRIAL. BORROWER AND LENDER AGREE THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR
PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR BORROWER, ON OR WITH RESPECT TO THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND 

  
 12 

Document Number: 4816-1634-2690 

 
NOT BY A JURY. LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, BORROWER WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES
OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS LOAN AGREEMENT AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION
WERE NOT A PART OF THIS LOAN AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first
above set forth. 
 (Signature Page to Follow) 

  
 13 

Document Number: 4816-1634-2690 

							
	Signed and witnessed in the presence of:	 		 		  	LENDER:
				
		 		 		  	AMERICAN MOMENTUM BANK
				
	  
	 		 	By:	  	 /s/ Porter Smith

	                                      
                                         
                     , Witness	 		 		  	Porter Smith
	Print or type your name here	 		 	Its:	  	Tampa Bay Market President
				
	  
	 		 		  	
	                                      
                                         
                     , Witness	 		 		  	
	Print or type your name here	 		 		  	

  

							
		  		  	BORROWER:
			
		  		  	 GENERATION INCOME PROPERTIES, INC.,

a Maryland corporation

				
	  
	  		  	By:	  	 /s/ David E. Sobelman

	                                      
                                         
                     , Witness	  		  		  	David E. Sobelman
	Print or type your name here	  		  	Its:	  	President
				
	  
	  		  		  	
	                                      
                                         
                     , Witness	  		  		  	
	Print or type your name here	  		  		  	
		  		  	GUARANTOR:
			
		  		  	DAVID E. SOBELMAN
				
	  
	  		  	By:	  	 /s/ David E. Sobelman

	                                      
                                         
                     , Witness	  		  		  	David E. Sobelman
	Print or type your name here	  		  		  	
	  
	  		  		  	
	                                      
                                         
                     , Witness	  		  		  	
	Print or type your name here	  		  		  	

  
 14EX-10.7

 Exhibit 10.7 

Prepared by and after recording return to: 
 Barry W.
Hunter, Esq. 
 Va. State Bar No.: 14807 
 Kaufman &
Canoles, a professional corporation 
 150 W. Main Street, Suite 2100 

Norfolk, VA 23510 
 Tax Map Reference/Account No.: 3682-0312 

NOTE TO CLERK: PURSUANT TO THE PROVISIONS OF §58.1-803D OF THE CODE OF VIRGINIA (1950), AS
AMENDED, THIS INSTRUMENT MODIFIES THE TERMS OF AN EXISTING DEBT SECURED BY THAT CERTAIN DEED OF TRUST DATED OCTOBER 23, 2017, RECORDED AS INSTRUMENT NO. 170023869 ON WHICH THE TAX IMPOSED BY VA CODE SECTION
58.1-803 HAS BEEN PAID. THE FACE AMOUNT OF THE DEBT SECURED BY THE DEED OF TRUST IS BEING INCREASED FROM $5,200,000.00 TO $5,216,749.25 AND, THEREFORE, PURSUANT TO VA CODE SECTION 58.1-803D.1, RECORDING TAXES ARE DUE ON THE INCREASED AMOUNT OF $16,749.25. GRANTOR HEREBY CERTIFIES THAT THE FACE AMOUNT OF THE OBLIGATIONS SECURED BY THE DEED OF TRUST ON WHICH RECORDING TAXES HAVE BEEN PAID IS
$5,200,000.00. 
 NOTE, DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 

AND RELATED LOAN DOCUMENTS ASSIGNMENT, ASSUMPTION 

AND MODIFICATION AGREEMENT 
 THIS
NOTE, DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, AND RELATED LOAN DOCUMENTS ASSIGNMENT, ASSUMPTION AND MODIFICATION AGREEMENT (this “Agreement”) is made as of the 30th day of September, 2019, among RIVERSIDE CROSSING, L.C., a Virginia
limited liability company (the “Original Borrower”) index as a grantor and a grantee, whose address is 150 West Main Street, Suite 1100, Norfolk, Virginia 23510, GIPVA 130 CORPORATE BLVD, LLC, a Delaware limited liability company (the
“New Borrower”), index as a grantor and grantee, whose address is 401 East Jackson Street, Suite 3300, Tampa, Florida 33602, NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION, INC., d/b/a BayPort Credit Union (the “Lender”), index
as a grantor and grantee, whose address is One BayPort Way, Suite 350, Newport News, Virginia 23606, JAMES B. MEARS (the “Trustee”), index as a grantor and grantee, whose address is One BayPort Way, Suite 350, Newport News, Virginia
23606, in order to document (i) the assignment and assumption of the $5,200,000.00 original principal amount loan from the Lender to the Original Borrower dated October 23, 2017 (the “Original Loan”), including the assignment by
the Original Borrower and the assumption by the New Borrower of the loan documents described in Exhibit “A” attached hereto (items 1 through 11 under the caption “LIST OF ORIGINAL LOAN DOCUMENTS” in Exhibit A being
hereinafter referred to as the “Original Loan Documents”), (ii) the increase in the principal amount of the Original Loan by $250,000.00 (the Original Loan as increased by $250,000.00 is herein referred to as the “Loan”)
and (iii) other modifications to the Original Loan Documents made by this Agreement (the Original Documents as amended by this Agreement are herein referred to as the “Loan Documents”). This Agreement is joined in by Generation Income
Properties, L.P., a Delaware limited partnership, Generation Income Properties, Inc., a Maryland corporation, and David Sobelman (collectively, the “New Guarantors” and together with the Original Borrower and the New Borrower, the
“Obligors”). 

  
 -1- 

 BACKGROUND: 

The Original Borrower is indebted to the Lender under the Original Loan Documents. The Original Borrower desires to contribute, and the New
Borrower desires to accept, the real property encumbered by the Deed of Trust (as defined in Exhibit A) and more fully described in Exhibit “B” attached hereto (the “Property”), and contemporaneously with
such contribution, the Original Borrower and the New Borrower desire to increase the unpaid principal amount of the Original Loan by $250,000.00. The New Borrower desires to assume all obligations of the Original Borrower under the Loan Documents,
including paying the Lender the unpaid principal balance of the Original Note as listed in Exhibit “A”, together with the $250,000.00 increase in principal amount thereof. The Deed of Trust requires the written consent of the Lender
prior to any sale or transfer of all or any part of the encumbered property, and the sale or transfer without the consent of Lender would constitute a default under the Original Loan Documents. The Original Borrower and the New Borrower wish to
obtain the consent of the Lender to such transfer and assumption, and to obtain from the Lender the increase of $250,000.00 in principal amount of the Original Loan. 

ASSIGNMENT, ASSUMPTION AND MODIFICATION 

NOW, THEREFORE, for and in consideration of granting the consents by the Lender, for the benefits following to each of the parties hereto, for
an increase of $250,000.00 in principal amount of the Original Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Recitals. The above recitals arc true and correct and incorporated herein by reference thereto. 

2. Definitions. Any capitalized terms used herein without definition shall have the meanings ascribed to them in the Loan
Documents. 
 3. Status of Loan. As of the date hereof, the principal balance outstanding under the Original Note is
$4,966,749.25 and the principal balance of the Note, after giving effect to the increase in the Original Loan is $5,216,749.25. The Lender is the current holder of the Original Note and the following escrow and reserve balances (collectively,
“Escrow Balances”) are being held by the Lender: (i) a real estate tax escrow balance of $ N/A ; and (ii) a TI Reserve Account balance of $34,500.00. Further, parties acknowledge and agree that the Lender will continue to
hold the Escrow Balances for the benefit of the New Borrower in accordance with the terms of the Loan Documents. In the event of any error in, or omission from, the foregoing, the Lender shall not be prejudiced, limited, or estopped, in any way in
its right to charge, collect and receive any and all monies lawfully due the Lender under the Loan Documents. 
 4. Reaffirmation
of Terms. The provisions of the Loan Documents are expressly assumed by the New Borrower as modified by this Agreement and are reaffirmed and remain in full force and effect as amended by this Agreement. 

  
 -2- 

 5. Assignment and Assumption; Loan Increase. The Original Borrower hereby
assigns to the New Borrower, and the New Borrower hereby assumes, jointly and severally with the Original Borrower, (i) the indebtedness evidenced by the Original Note as increased by the principal sum of $250,000.00 (the Original Note as
increased by $250,000.00 in principal amount is herein referred to as the “Note”) and (ii) all the rights and obligations of the Original Borrower under the Original Loan Documents as modified by this Agreement. The New Borrower
hereby agrees that it shall hereafter make all payments required by the Note and the other Loan Documents and perform all obligations contained in the Loan Documents. The New Borrower agrees to abide by all provisions of the Loan Documents. The
Original Borrower (a) acknowledges that it is not released from liability under the Original Loan Documents and is jointly and severally liable with the New Borrower under the Loan Documents (including the modifications made by this Agreement),
(b) ratifies, reaffirms, and confirms in all respects each of the Original Loan Documents to which it is a party, as and to the extent expressly modified by this Agreement, including, without limitation, the increase in principal amount of the
Original Loan by $250,000.00 (the “Loan Increase”), (c) agrees and acknowledges that its liability under the Loan Documents shall not be diminished in any way by the execution and delivery of this Agreement or by the consummation of any of
the transactions contemplated herein, including but not limited to the Loan Increase, and (d) agrees that the Original Borrower and the New Borrower agree to comply with and be bound by all the terms, covenants and agreements, conditions and
provisions set forth in the Loan Documents. The New Borrower and the Lender hereby confirm, acknowledge and agree that the execution, delivery and performance of this Agreement (i) shall not constitute or create a novation or repayment of any
indebtedness under the Original Loan Documents and (ii) shall not serve to discharge any obligations of the Original Borrower existing under the Original Loan Documents. In the event of the occurrence of any Event of Default by either the
Original Borrower or the New Borrower under the terms of any Loan Document, the Lender may exercise all remedies available to it under the terms of the Loan Documents. 

6. Modifications to the Original Loan Documents. The Original Loan Documents are hereby amended as set forth in Schedule 6.1
attached hereto. 
 7. Funds for Property Taxes and TI Improvements. The Original Borrower hereby relinquishes and transfers to
the New Borrower all of the Original Borrower’s interest in the Escrow Balances held by the Lender for the purposes of application to Property Taxes and the Original Borrower’s Additional Refurbishment Allowance (the “Additional TI
Work”) under its lease with PRA Holding I, LLC, or any other purposes for which deposits are being held by the Lender. The Original Borrower and the New Borrower assume the liability, jointly and severally, for payment of the escrow deposits
for Property Taxes and Additional TI Work required by the Deed of Trust and agree to make the deposits with the Lender for such purposes as required by the Deed of Trust. 

8. Lender’s Consent. The Lender hereby (a) consents to the contribution and transfer of the Property to the New
Borrower, and (b) accepts the New Borrower as an added obligor under the Loan Documents. Upon the full execution and delivery of this Agreement, all references in the Original Loan Documents to “Borrower” or to “Grantor”
shall thereafter be references to the Original Borrower and the New Borrower, jointly and severally. 
 9. Guaranty. In
connection with the assumption of the Original Loan Documents by the New Borrower, the New Guarantors (each of which are related parties to New Borrower) are executing and delivering to the Lender a Guaranty of Nonrecourse Carveout Liabilities and
Obligations of even date herewith (the “New Guaranty”). The New Borrower and the Lender hereby agree that any default under the New Guaranty, which is not remedied within any applicable notice or cure period contained therein, shall
constitute a default under the Loan Documents with 
  

  
 -3- 

 
the same force and effect as if such default had been expressly set forth in the Loan Documents, and the occurrence of such a default shall entitle the Lender to exercise the remedies in the Loan
Documents for any such default. Hereafter, all references in the Loan Documents to “Guaranty” shall mean the Guaranty of Nonrecourse Carveout Liabilities and Obligations executed by the New Guarantors and all references in the Loan
Documents to “Guarantor” shall mean the New Guarantors. The Guaranties of the Original Guarantors are hereby terminated. 

10. Further Transfers of Property. The New Borrower agrees that the granting of the consent of the Lender to this transfer shall
not constitute a waiver of the restrictions on transfer and encumbrances contained in the Deed of Trust, and such restrictions shall continue in full force and effect; any future transfer, encumbrance, or sale by the New Borrower not expressly
authorized by the terms of the Deed of Trust shall, without the written consent of the Lender, constitute a default of the terms of the Deed of Trust and other Loan Documents. 

11. Acknowledgment. The Original Borrower acknowledges that, as of the date hereof, it does not have any defenses, claims,
counterclaims or rights of set-off, legal or equitable, arising out of or in connection with the Loan Documents. The Original Borrower waives and releases, acquits, satisfies and forever discharges the Lender
and its affiliates, agents, predecessors, and assigns from any and all claims, counterclaims, defenses, actions, causes (legal or equitable), promises and demands whatsoever in law or in equity which the Original Borrower, ever had, now has or which
any successor or assign thereof hereafter can, shall or may have against Lender or its affiliates, agents, predecessors or assigns, for, upon or by reason of any manner, or cause or thing whatsoever through the date hereof. 

12. Representation and Warranty. The Original Borrower hereby represents and warrants to the Lender that from the date of
recordation of the Deed of Trust through the recordation of this Agreement, no document or instrument which is or may be a lien prior to the lien of the Deed of Trust has been or will be recorded. The Original Borrower and the New Borrower hereby
further represent and warrant to the Lender that the Deed of Trust, as amended by this Agreement, constitutes a good and valid first priority deed of trust lien against the Property. The Original Borrower and the New Borrower acknowledge and agree
that the Lender is relying upon the representations and warranties set forth in this paragraph and that said representations and warranties are a material inducement to the Lender to enter into this Agreement. 

13. Ratification. The parties hereto hereby ratify and confirm the terms, conditions and covenants contained in the Original Loan
Documents, as modified by this Agreement. In the event of any conflict between the Original Loan Documents and this Agreement, the terms of this Agreement shall govern. The parties also ratify and confirm that all remedies provided for in the
Original Loan Documents upon default by the either the Original Borrower or the New Borrower thereunder, shall continue in full force and effect. 

14. No Novation. The execution and delivery of this Agreement shall not constitute a novation or modification of the lien,
encumbrance or security of the Deed of Trust, which Deed of Trust shall retain its priority as originally filed for record. The execution and delivery hereof shall not constitute a novation of the Original Note in any way. 

15. UCC Financing Statements. The Original Borrower and the New Borrower each authorize the Lender to file appropriate financing
statements and financing statement amendments in the applicable jurisdictions to provide notice of the obligations being assumed by the New Borrower herein. 

  
 -4- 

 16. Binding Agreement. This Agreement shall be binding upon the successors and
assigns of the respective parties hereto. 
 17. Miscellaneous. 

 

	 	a.	 Wherever the words “Original Borrower” or “New Borrower” are used in this Agreement, they
shall represent the plural as well as the singular, the feminine and neuter genders as well as the masculine, and shall include successors or assigns as applicable. 

 

	 	b.	 This Agreement may be executed in multiple counterparts, which, when taken together, shall constitute one and
the same instrument. The signature page from any counterpart may be removed and attached to another counterpart to create a single fully executed instrument. 

18. Waiver of Jury Trial. THE UNDERSIGNED HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT THEY MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN DOCUMENTS, INCLUDING THIS AGREEMENT, AND ANY DOCUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE UNDERSIGNED. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER ENTERING INTO THIS AGREEMENT. 

19. Applicable Law; Forum. This Agreement is performable in the Commonwealth of Virginia, and the laws of the Commonwealth of Virginia
and applicable United States federal law shall govern the rights and duties of the parties hereto and the validity, enforcement and interpretation hereof. The Obligors hereby irrevocably submit generally and unconditionally for themselves and in
respect of their property to the jurisdiction of any state court in, or any United States federal court sitting in, the Cities of Newport News or Norfolk, Virginia (the “Applicable Courts”) over any suit, action or proceeding
arising out of or relating to this Agreement, or the other Loan Documents and any such suit, action or proceeding may only be brought in one of the Applicable Courts. The Obligors hereby irrevocably waive, to the fullest extent permitted by law, any
objection that the Obligors may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. The Obligors irrevocably consent to service of process by mail as set forth in Section 11
for other Notices. Nothing herein shall affect the right of the Lender to serve process in any manner permitted by law or limit the right of the Lender to bring proceedings against the Obligors in any other court or jurisdiction. 

20. Severability. If a court of competent jurisdiction finds any provision of this Agreement to be invalid or unenforceable as to any
person or circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of
enforceability or validity. If the offending provision cannot be so modified, it shall be stricken and all other provisions of this Agreement in all other respects shall remain valid and enforceable. 

[Signature pages follow] 
  

  
 -5- 

 IN WITNESS WHEREOF, the parties have executed this Note, Deed of Trust, Assignment of Leases
and Rents, and Related Loan Documents Assignment, Assumption and Modification Agreement as of the day and year first above written. 
  

									
	ORIGINAL BORROWER:
	
	RIVERSIDE CROSSING, L. C., a Virginia limited liability company
			
	    	 	By:	 	Robinson Development Group, Inc.,
		 		 	Manager
					
		 		 	By:	 		 	 /s/ Anthony W. Smith

		 		 	Name: Anthony W. Smith
		 		 	Title:   Senior Vice President

  
 -6- 

 [Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

											
	NEW BORROWER:
	
	 GIPVA 130 CORPORATE BLVD, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 Generation Income Properties, L.P.,

a Delaware limited partnership, Sole Member

				
		 		 	By:	 	 Generation Income Properties, Inc.,

a Maryland corporation General Partner

						
	    	 		 		 	By:	 	 /s/ David Sobelman
	 	
		 		 		 		 	David Sobelman, President

 [Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

			
	NEW GUARANTORS:
	
	Generation Income Properties,
	Inc., a Maryland corporation
		
	By:	 	 /s/ David Sobelman

		 	David Sobelman, President

 [Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

							
	NEW GUARANTORS:
	
	 Generation Income Properties, L.P.,

a Delaware limited partnership

			
	By:	 		 	Generation Income Properties, Inc., a
		 		 	Maryland corporation, General Partner
				
		 		 	By:	 	 /s/ David Sobelman

		 		 		 	David Sobelman, President

 [Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

	
	NEW GUARANTORS:
	
	 /s/ David Sobelman

	David Sobelman

  

  
 -10- 

 {Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

			
	LENDER:
	
	NEWPORT NEWS SHIPBUILDING
	 EMPLOYEES’ CREDIT UNION, INC.

d/b/a BAYPORT CREDIT UNION

		
	By:	 	

  
 -11- 

 [Signature Page to Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan 

Documents Assignment, Assumption and Modification Agreement] 

 

	
	TRUSTEE:
	
	 /s/ James B. Mears

	James B. Mears, Trustee

  
 -12- 

 EXHIBIT “A” 

LIST OF ORIGINAL LOAN DOCUMENTS 
  

	1.	 Commercial Loan Agreement dated October 23, 2017, between the Original Borrower and the Lender for a loan
in the original principal amount of $5,200,000.00. 

  

	2.	 Promissory Note dated October 23, 2017, made by the Original Borrower payable to the Lender or order in
the original principal amount of $5,200,000.00 (the “Note”). 

  

	3.	 Deed of Trust dated October 23, 2017, from the Original Borrower to George R. Dudley, Jr. and James B.
Mears, as Trustees for the benefit of Lender, recorded in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia on October 24, 2017, as Instrument No. 170023869 (the “Deed of Trust”).

  

	4.	 Assignment of Leases and Rents dated October 23, 2017, from the Original Borrower to the Lender, recorded
in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia on October 24, 2017, as Instrument No. 170023870 (the “Assignment of Leases”). 

 

	5.	 Environmental Indemnity Agreement dated October 23, 2017, from the Original Borrower and the Original
Guarantors to the Lender (the “Existing Environmental Indemnity”). 

  

	6.	 Security Agreement dated October 23, 2017, from the Original Borrower to the Lender.

  

	7.	 Guaranty of Nonrecourse Carveout Liabilities and Obligations dated October 23, 2017, made by Anthony W.
Smith in favor of the Lender. 

  

	8.	 Guaranty of Nonrecourse Carveout Liabilities and Obligations dated October 23, 2017, made by Thomas E.
Robinson in favor of the Lender. 

  

	9.	 Agreement to Provide Insurance dated October 23, 2017, made by the Original Borrower for the benefit of
the Lender. 

  

	10.	 Addendum to Loan documents made as of October     , 2017, by and among the Original
Borrower, the Original Guarantors and the Lender. 

  

	11.	 UCC-1 Financing Statements: 

 

	 	a.	 State Corporation Commission (Uniform Commercial Code Division), Commonwealth of Virginia (filed on
November 1, 2017, as Instrument No. 171101 3885-7); 

  

	 	b.	 Clerk’s Office of the Circuit Court of the City of Norfolk, Commonwealth of Virginia (recorded on
October 30, 2017, in Official Records as Instrument No. 17-161). 

  

  
 -13- 

 (Loan Documents dated as of the date hereof) 

 

	1.	 Environmental Indemnity Agreement executed by the New Borrower and the New Guarantors. 

 

	2.	 Guaranty of Nonrecourse Carveout Liabilities and Obligations executed by the New Guarantors.

  

	3.	 UCC-1 Financing Statements 

 

	 	a.	 To be filed with the Uniform Commercial Code Division of the Virginia State Corporation Commission, bearing the
New Borrower’s name. 

  

	 	b.	 To be recorded in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia, bearing the
New Borrower’s name. 

  

	4.	 UCC-3 Amendment Financing Statements 

 

	 	a.	 To be filed with the Uniform Commercial Code Division of the Virginia State Corporation Commission, amending
financing statement filed on November 1, 2017, as instrument number 171101 3885-7. 

  

	 	b.	 To be recorded in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia, amending
financing statement recorded on October 30, 2017, as Instrument No. 17-161. 

  

  
 -14- 

 EXHIBIT “B” 

LEGAL DESCRIPTION 
 PARCEL ONE 

All that certain lot, piece or parcel of land, with the buildings and improvements thereon, situate, lying and being in the City of Norfolk, Virginia, and
being known, numbered and designated as Parcel 9-B, as shown on that certain plat titled “SUBDIVISION PLAT OF PARCEL 9, AS SHOWN ON PLAT SHOWING A SUBDIVISION OF PARCEL 7 RIVERSIDE CORPORATE CENTER,”
dated September 10, 2003, prepared by Rouse-Sirine Associates, Ltd., Virginia Beach, Virginia, and duly recorded in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia on October 9, 2003 in Map Book 55, at Pages
108 and 109. 
 TOGETHER WITH all easements, rights, title and interest in that certain Declaration and Deed of Reciprocal Easements, Covenants and
Restrictions for Riverside Corporate Center, made by Riverside Development Joint Venture and Riverside Development Joint Venture A-One, dated July 28, 1987, as contained in instrument duly recorded in the
Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia in Deed Book 2034 at Page 828, amended in Deed Book 2508 at Page 186 and 189, Assignment and Delegation to Riverside Corporate Owners Association in Deed Book 2508 at Page
197, and as amended by that certain Amendment and Supplemental Declaration recorded in Deed Book 2580 at Page 337, Amended and Supplemented in Deed Book 2739 at Page 793, and as amended by certain Third Amendment recorded in Instrument
No. 020020350 and that certain Assignment and Delegation recorded in Instrument No. 020038603. 
 TOGETHER WITH all easements, rights, title and
interest in that certain Deed of Easements dated March 18, 1999 recorded on March 22, 1999 in Instrument No. 990008582. 
 TOGETHER WITH, all
easements, rights, title and interest in that certain Declaration of Easements dated October 10, 2003 and recorded in the aforesaid Clerk’s Office on October 14, 2003 in Instrument No. 030040652. 

IT BEING a portion of the same property conveyed to Riverside Crossing, L.C., a Virginia limited liability company, by deed from AE Properties, Inc., a
California corporation, dated December 4, 2002 and recorded December 10, 2002 in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia as Instrument No. 02003 8604 and being more particularly described as
follows: 
 Beginning at a point located at the southern right-of-way line
of Norfolk Southern Railway Company at the intersection of the western right-of-way line of Military Highway, the point of beginning; thence from said point of
beginning, running along the western right-of-way line of Military Highway the following two courses and distances: SOO°27100“E, 347.70 feet to a point; thence running along a curve to the right having a radius of 1,975.00 feet and an arc distance of 29.04 feet (chord distance of 29.04 feet and chord bearing of
S00°01’43 “E) to a point; thence running along the line dividing Parcel 9-A and Parcel 9-B S89°33’51“W, 320.70 feet to a point; thence
turning and running along the line dividing Parcel 9-B and Parcel 8 NOO°26’09“W, 379.09 feet to a point; thence turning and running along the southern right-of-way line of Norfolk Southern Railway Company N89°59’00“E, 320.88 feet to a point; the point of beginning. 
  

  
 -15- 

 The above-described Parcel 9-B contains 121,256 square feet or 2.783
acres. 
 PARCEL TWO 
 All that certain lot or parcel of land,
all of which lies in the City of Norfolk, Virginia: 
 Being as shown on Sheets 1, 2, and 3 of the Plats titled “Exhibit Plat Showing Property of
Commonwealth of Virginia To Be Closed and Transferred to Riverside Corporate Center Owners Association, Riverside PRA, L.C. and Riverside Crossing, L.C.” dated May 12, 2010, revised, June 29, 2010, identified as Parcel 3, containing
0.362 acre, more or less, land; and being a part of the same lands acquired from the Norfolk Rolleston Company, by Deed dated March 24, 1942, recorded in Deed Book 211, Page 237; and WTAR Radio-TV
Corporation by Deed dated June 22, 1964, recorded in Deed Book 991, Page 597, both in the office of the Clerk of the Circuit Court of the City of Norfolk, Virginia. 

For a more particular description of the land herein conveyed, reference is made to the photocopies of said Plats, showing outlined in RED the said land,
which photocopies are recorded in the State Highway Plat Book 10, Pages 327, 328 and 329. 
 IT BEING the same property conveyed to Riverside Crossing,
L.C., a Virginia limited liability company by Quitclaim Deed from Commonwealth of Virginia, April 1, 2011 and recorded May 4, 2011 in the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia as Instrument
No. 110008913. 
  

  
 -16- 

 SCHEDULE 6.1 

MODIFICATION TO ORIGINAL LOAN DOCUMENTS 

From and after the date of this Agreement, the Original Loan Documents are modified as follows: 

 

	(a)	 All original Loan Documents:  

All references to “Borrower” shall mean the Original Borrower and the New Borrower, jointly and severally; all references to
“Grantor” shall mean the New Borrower; all references to “Assignor” shall mean the New Borrower; all references to “Loan” shall mean the Original Loan as increased by the additional principal advance of $250,000.00 made
in connection with the assumption and modification of the Original Loan; all references to Loan Documents shall mean the Original Loan Documents as amended and modified by this Agreement together with the New Guaranty; all references to “Note
Amount” or “Loan Amount “ shall mean $5,216,749.25 and all references to “this transaction” shall include both the original loan transaction and the assumption of the Original Loan by the New Borrower and all obligations and
duties arising from the terms of this Agreement and other documents related to the assumption. 
  

	(b)	 Original Loan Agreement: 

(i) Section 2, captioned “SINGLE ADVANCE” is hereby amended to read as follows: 

“ADVANCES. In accordance with the terms of this Agreement and the other Loan Documents, you will provide me with a term note in the face
amount of $5,200,000.00 and an Allonge to Promissory Note evidencing an additional principal amount advanced of $250,000.00 which, after giving effect to the previous principal payments made, changes the face amount of the term note to
$5,216,749.25. I will receive the funds from this Loan in two advances: $5,200,000.00 principal will be advanced on October 23, 2017, and $250,000.00 will be advanced on September 30, 2019, the effective date of the Allonge to the
Promissory Note. No additional advances are contemplated, except those made to protect and preserve your interests as provided in this Agreement or other Loan Documents.” 

(ii) Section 6, captioned “COVENANTS” is hereby amended by deleting the covenant regarding the Project Debt Service Coverage
Ratio set forth in paragraph M captioned “Additional Covenants” and inserting the following provisions in lieu thereof: 

“I/We HEREBY AGREE AND WARRANT THAT the Property shall maintain a Debt Service Coverage Ratio (the “Project DSCR”) of at least
1.25:1.00. Generation Income Properties, L.P. shall, with respect to the Property and, if and when acquired through a wholly owned subsidiary, the property known according to the present street numbering system as 2510 Walmer Avenue, Norfolk,
Virginia (the “Walmer Ave. Property”), maintain a Debt Service Coverage Ratio (the 

  
 -17- 

 
“Norfolk Properties DSCR”) of at least 1.25:1.00 and with respect to all properties in the portfolio, a Debt Service Coverage Ratio (the “Portfolio DSCR”) of 1.00:1.00. The
Project DSCR, the Norfolk Properties DSCR and the Portfolio DSCR shall be calculated as provided in the Loan Documents and tested on trailing 12 months based on the Borrower’s and Generation Income Properties, L.P.’s annual tax information
return, as applicable. Project DSCR shall be calculated by dividing the sum of Net Income plus depreciation, amortization and interest expense by debt service on the Loan. Norfolk Properties DSCR shall be calculated by dividing the sum of Net Income
of the Property and the Walmer Ave. Property (taking into account debt service on the loan on the Walmer Ave. Property) plus depreciation, amortization and interest expense by debt service on the Loan. DSCR shall be calculated by dividing the sum of
Net Income of Generation Income Properties, L.P. (taking into account debt service on loans on all portfolio properties other than the Project) plus depreciation, amortization and interest expense by debt service on the Loan.” 

 

	 	(iii)	 Section 6, captioned “COVENANTS” is hereby amended by adding the following additional covenants
to paragraph M captioned “Additional Covenants”: 

 “I/WE HEREBY AGREE/WARRANT THAT DISTRIBUTIONS TO MEMBERS
SHALL IN NO EVENT EXCEED MY/OUR EARNINGS REPORTED ON MY/OUR INCOME TAX RETURN.” 
  

	(c)	 Original Note: 

 

	 	(i)	 Section 2, captioned “PROMISE TO PAY” is hereby amended to read as follows:

 “PROMISE TO PAY. For value received, I promise to pay you or your order, at your address, or at such other location
as you may designate, the principal sum of $5,216,749.25 or such funds as shall be advanced hereto (Principal) plus interest from October 23, 2017 on the unpaid principal balance until this Note is repaid in full.” 

(ii) Section 6, captioned “PAYMENT” is hereby amended by deleting the first paragraph, in its entirety, and inserting the
following provisions in lieu thereof: 
 “PAYMENT. I agree to pay this Note in 84 payments. This Note is amortized over 300 payments. I
will make 23 payments of $28,178.38 beginning on November 23, 2017, and on the 23rd day of each month thereafter through September 23, 2019. I will make 60 payments of $29,583.00 beginning on October 23, 2019, and on the 23rd day of
each month thereafter through September 23, 2024. A single “balloon payment” of the entire unpaid balance of Principal and interest will be due October 23, 2024.” 

  
 -18- 

	(d)	 Original Deed of Trust: 

 

	 	(i)	 Section 3, captioned “SECURED DEBTS” is amended by deleting in its entirety paragraph A
captioned “Specific Debts” and inserting the following provisions in lieu thereof: 

 “Specific Debts. The
following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note (No. 412398-60), dated October 23, 2017, made by Grantor payable to Lender, or order, with an
original loan amount of $5,200,000.00 and maturing on October 23, 2024, as modified and increased by that certain Deed of Trust, Assignment of Leases and Rents and Related Loan Documents Assignment, Assumption and Modification Agreement dated
September 30, 2019, by and among Grantor, GIPVA 130 Corporate Blvd, LLC, the Lender and James B. Mears, as Trustee, and consented to by joinder by Generation Income Properties, L.P., Generation Income Properties, Inc. and David Sobelman.”

  

	 	(ii)	 Section 9, captioned “TRANSFER OF AN INTEREST IN THE GRANTOR” is hereby amended to read as
follows: 

 “TRANSFER OF AN INTEREST IN THE GRANTOR. If Grantor is an entity other than a natural person (such as a
corporation, partnership, limited liability company or other organization), except for Permitted REIT Transfers (hereinafter defined), Lender may demand immediate payment if: 

A. A beneficial interest in Grantor is sold or transferred. 

B. There is a change in either the identity or number of members of a partnership or similar entity. 

C. There is a change in ownership of the voting stock, partnership interest, or membership interest, of a corporation, partnership, limited
liability company, or similar entity. 
 For purposes of the Loan Documents, ‘Permitted REIT Transfers’ means: 

(1) the listing of common stock in Generation Income Properties, Inc. (“GIPREIT”) on the New York Stock Exchange
(“NYSE”) or such other nationally recognized stock exchange (the “REIT Listing”) provided GIPREIT satisfies all of the listing requirements of the U.S. Securities and Exchange Commission at the time of and as a condition of the
REIT Listing, including, but not limited to, the net worth requirements; 
 (2) the issuance, sale, pledge, conveyance,
transfer or other disposition (each, a “REIT Share Transfer”) of any shares of common stock in GIPREIT (the “REIT Shares”) so long as at the time of the REIT Share Transfer, the REIT Shares are listed on the NYSE or any other
nationally recognized stock exchange; 

  
 -19- 

 (3) any issuance, sale, pledge, conveyance, transfer or other disposition of
REIT Shares during the period prior to the REIT Listing (i.e., while the REIT is a publicly traded but non-listed entity), provided that such activities, singularly or taken as a whole, do not result in or
cause a Change of Control; and 
 (4) any transfer, creation or issuance of limited partnership interests in Generation
Income Properties, L.P. (“GIPLP”) (each, a “Limited Partnership Interest Transfer”) so long as: (A) there exists no uncured Event of Default under the Loan Documents; (B) the transfer does not result in any one person
or entity having twenty-five percent (25%) or more of the legal or beneficial limited partnership interests in GIPLP; (C) the Limited Partnership Interest Transfer does not result in or cause a Change of Control; and (D) in the event such
Limited Partnership Interest Transfer results in less than twenty-five percent (25%) of the legal or beneficial limited partnership interests being held by any single person or any single entity (other than GIPREIT), or if the legal or beneficial
limited partnership interest is held directly or indirectly by Anthony W. Smith or Thomas E. Robinson even if the amount is equal to or greater than twenty-five percent (25%), the Grantor shall not be required to give the Lender notice of such
Limited Partnership Interest Transfer. 
 Notwithstanding the foregoing to the contrary, in the event such Limited Partnership Interest
Transfer results in twenty-five percent (25%) or more of the legal or beneficial limited partnership interests of GIPLP being held by any single natural person or any single entity (other than GIPREIT), then such transfer requires the advance
consent of the Lender so long as the Lender does not withhold its consent for any reason other than such transfer would violate, or cause the Lender to be in violation of, any applicable law, rule or regulation or any Lender policies or procedures
adopted pursuant thereto, including, without limitation, any laws related to national security, terrorism, or money laundering, and (A) the Grantor shall give the Lender no less than thirty (30) days’ advance notice of any such
Limited Partnership Interest Transfer, such notice to be accompanied by information sufficient to permit the Lender to conduct all necessary “know your customer” investigations on such person or entity and determine that the proposed
transfer is a permitted transfer under this paragraph; (B) the Grantor shall provide for any natural person having a twenty-five (25%) or more legal or beneficial interest in the GIPLP a certification from such person’s attorney that he or
she has met and reviewed identity documents (e.g. driver’s license or passport with photo ID) of such person; and (C) Grantor shall pay all costs of the Lender in connection with such Lender’s review of such Limited Partnership
Interest Transfer, including reasonable legal fees. 

  
 -20- 

 For purposes of this Security Instrument, a “Change of Control” shall occur when:
(a) GIPLP is no longer the sole member of the Grantor, (b) GIPLP is no longer the sole manager of the Grantor, (c) GIPREIT is no longer the general partner of GIPLP, and GIPREIT’s direct interest in the GIPLP and/or its indirect
interest in the Grantor falls below 50.1%, (d) any transfer of interests or series of transfers of interests in GIPREIT, which results in more than twenty-five percent (25%) of the ownership interests of GIPREIT being held by any single person or
entity or related group of people or entities (excluding ownership by David Sobelman), or (e) the individuals comprising the Board of Directors of GIPREIT, as the same exists for the twelve (12) month period immediately prior to the
Permitted REIT Transfer, fail to represent a majority of the Board of Directors of GIPREIT for the three (3) month period immediately after the date of completion of the Permitted REIT Transfer, subject to the terms of the following sentence.
For purposes of determining the occurrence of the preceding subclause (e), the following shall be expressly excluded: any change in directors resulting from (x) the death or incapacity of any director, (y) the resignation or removal of any
director for reasons unrelated to a Permitted REIT Transfer, and/or (z) the addition of any independent director to comply with a national market place exchange such as NYSE, NASDAQ or OTC, provided any replacement director has been approved by
a vote of at least a majority (or such higher percentage as may be required by the governing documents of GIPREIT) of the board of directors of GIPREIT then in office.” 

(iii) Section 33 captioned “NONRECOURSE “ is hereby amended to read as follows: 

“33. NONRECOURSE. 

A. If an Event of Default has occurred (and regardless of whether or not it has been cured), Lender shall have all rights
provided in the Note, this Security Instrument or any other Loan Document or at law or in equity, and shall have full recourse to the Property and to any other collateral given by Grantor to secure any or all of the Secured Debts, provided that any
judgment obtained by Lender in any proceeding to enforce such rights shall be enforced only against the Property and such other collateral. Notwithstanding the foregoing, Lender shall not in any way be prohibited from naming Grantor or any of its
successors or assigns or any person or entity holding under or through them as parties to any actions, suits or other proceedings initiated by Lender to enforce such rights or to foreclose the lien of this Security Instrument or to otherwise realize
upon any other lien or security interest created in any other collateral given to secure the payment of the Secured Debts. The foregoing restriction shall not apply to, and Grantor shall be personally liable for, and Lender may seek and enforce
judgment against Grantor for: 

  
 -21- 

 (i) any and all actual losses, claims, damages, costs, expenses and/or
liabilities, including, attorneys’ fees and expenses, suffered, sustained or incurred by Lender to the extent resulting from or arising out of: 

(1) any application or use of any advance(s) or proceeds of the Loan (or any revenue) in violation of law or any Loan
Document; 
 (2) failure to perform any obligation (including, without limitation, any obligation to indemnify) under any
Loan Document regarding any remediation, contamination, environmental law, hazardous substance or underground storage tank; 

(3) any actual and intentional fraudulent conduct (or intentional material misrepresentation) by any obligor on the Loan in
closing the Loan or in any delivery or disclosure the Loan Documents require or contemplate, as a closing condition or otherwise; 

(4) Grantor’s: (a) agreeing to a modification of any lease of the Property (a “Lease”) in violation of any
Loan Document; or (b) failing to deliver to Lender or Lender’s designee (within 5 days after Grantor is divested of title to the collateral securing the Loan through exercise of Lender’s remedies) any security deposit, prepaid rent or
original executed Lease(s); 
 (5) Grantor’s failure to perform its obligations to remove, discharge or bond any
mechanic’s lien or other prohibited lien affecting the collateral securing the Loan, whether junior or senior to the Security Instrument, when and as the Loan Documents require (giving effect to any applicable cure and/or appeal periods set
forth in the Loan Documents); 
 (6) any failure to pay operating expenses established by the Lender to be a priority
expense and communicated to Grantor in writing at least 30 days prior to the applicable expenses being past due (unless Grantor is in default under the Loan Documents in which event the period of notification shall be reduced to such period of time
as shall be reasonable under the circumstances), but only to the extent Grantor received revenue sufficient to pay those priority expenses established by Lender as taxes and insurance premiums; 

  
 -22- 

 (7) any willful destruction or removal at the direction, or with the actual
knowledge, of Grantor or any of its members, of any material part of the collateral securing the Loan; 
 (8) any use or
application of any security deposits in violation of law or the Leases, or failure to turn over security deposits to the transferee of the Property within 5 days after a foreclosure or transfer of in lieu of foreclosure, except to the extent that
Grantor properly applied security deposit(s) in accordance with the applicable Lease(s) before the event of default that gave rise to that foreclosure or transfer in lieu of foreclosure; or 

(9) material physical waste of any part of the collateral securing the Loan caused by the intentional acts or omissions of
Grantor or any of its members or by the removal or disposal of any portion of such collateral by Grantor or any of its members or any affiliate acting at the direction of Grantor or any of its members. 

(ii) all outstanding principal, interest and other Secured Debts, without exception or limitation (collectively, “Full
Liability Events” and individually a “Full Liability Event”: 
 (1) if Grantor, any Guarantor or any
affiliate of either actively instigates or causes the commencement of any bankruptcy, liquidation or similar proceeding affecting Grantor, or any proceeding for the appointment of a receiver, trustee or similar officer for Grantor, even if any such
proceeding is dismissed, withdrawn or resolved in a manner favorable to Lender; 
 (2) if Grantor fails to make the first
monthly payment due under the Loan or if the validity of any of the Loan Documents are challenged in any proceeding or if any of the Loan Documents are held to be invalid or unenforceable because of the lack of power or authority of the Grantor or
the failure of the Grantor to duly authorize, execute or deliver such Loan Documents; or 

  
 -23- 

 (0) if (a) Grantor voluntarily conveys ownership of any material part
of the collateral securing the Loan or any Change of Control (hereinafter defined) occurs; (b) if Grantor fails to comply in any material respect with any SPE Covenant (except to the extent that an SPE Covenant directly or indirectly requires the
contribution of additional capital to Grantor or the prevention of Grantor’s insolvency); (c) if Grantor voluntarily grants a subordinate lien encumbering any material part of the collateral securing the Loan to secure any debt or obligation
(not including any mechanic’s lien, other statutory lien, judgment or similar claim arising without Grantor’s affirmative consent to that specific lien, judgment or claim, even if it otherwise arose from Grantor’s acts or omissions);
and (d) if Grantor becomes the subject of any voluntary bankruptcy, liquidation or similar proceeding, or any voluntary proceeding for the appointment of a receiver, trustee or similar officer, even if any such proceeding is dismissed,
withdrawn or resolved in a manner favorable to Lender. “Change of Control” means a change in the power to direct the management and policies of the Borrower, directly or indirectly, whether through direct or indirect ownership of economic
interests in the Borrower, by proxy, power of attorney, voting trust, contract or otherwise. 
 Nothing in this Section,
however, shall be deemed (w) to be a waiver of any right which the Lender may have under any bankruptcy law of the United States or the Commonwealth of Virginia including, but not limited to, Section 506(a), 506(b), 1111(b) or any other
provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness evidenced and/or secured by the Loan Documents or to require that all collateral securing such indebtedness shall continue to secure all of such
indebtedness in accordance with the Loan Documents, (x) to impair the validity of the indebtedness secured by the Loan Documents, (y) to impair the right of the Lender, as beneficiary, or secured party to commence an action to foreclose
any lien or security interest, or (z) to modify, diminish or discharge the liability of any Guarantor under any guaranty, or of any indemnitor under any indemnity agreement including, without limitation, the Environmental Indemnity Agreement.

 (iii) all protective advances and reasonable, out of pocket legal costs arising from clauses (i) and (ii) above
and/or enforcement of Grantor’s or any Guarantor’s obligations arising from the Nonrecourse Carveout Liabilities and Obligations (hereinafter defined). 

  
 -24- 

 The restriction on enforcement contained in the first sentence of this Section shall not
apply to the Environmental Indemnity Agreement of even date herewith executed by Grantor and the other indemnitors, in favor of Lender and/or to the obligations of any Guarantor. It is expressly understood and agreed, however, that nothing contained
in this Section shall (y) in any manner or way constitute or be deemed to be a release of the Secured Debt or otherwise affect or impair the enforceability of the liens, assignments, rights and security interests created by this Security
Instrument or any of the other Loan Documents or any future advance or any related agreements or (z) preclude Lender from foreclosing this Security Instrument or from exercising its other remedies set forth in this Security Instrument or the
Assignment of Leases and Rents, or from enforcing any of its rights and remedies at law or in equity (including injunctive and declaratory relief, restraining orders and receivership proceedings), except as provided in this Section. All matters as
to which this Section provides that Grantor is personally liable shall be referred to herein as the Nonrecourse Carveout Liabilities and Obligations.” 

(iv) The following provisions are added as new Sections 35 and 36: 

“35. RESERVE ACCOUNT. 
 A. As
additional security for the indebtedness secured hereby, Grantor shall establish and maintain a reserve account (the “Reserve Account”) required by this Section 35, subject to the security interest therein as more fully set
forth in Section 1 hereof and in the Security Agreement (the “Security Agreement”) dated of even date herewith between the Grantor, as Debtor, and the Lender, as Secured Party. 

B. There is hereby established two subaccounts in the Reserve Account: a Repair and Replacement Account (the “R&R
Account”) and a Deferred Maintenance Account (the “Deferred Maintenance Account”). 
 C. Grantor agrees that it
will perform all repairs, replacements, renovations and deferred maintenance items (collectively, the “Immediate Repairs”) identified in that certain Property Condition Report (the “PCR”) dated July 21, 2017 (Partner
Project No. 17-191846.1) prepared by Partner Engineering North Carolina, PLLC for the Property. Simultaneously herewith, Grantor shall deposit with Lender the sum of $15,142.00 (the “Immediate
Repairs Reserve”), which amount is equal to 100% of the estimated cost of the Immediate Repairs, to be held in the Deferred Maintenance Account subject to this Security Instrument and the Security Agreement, for payment of the Immediate
Repairs. 

  
 -25- 

 D. Monthly, on the same day as monthly payments on the Loan are due, Grantor shall deposit
to the R&R Account $588.83 (such sums on deposit in the R&R Account, the “R&R Reserves”, and together with the Immediate Repairs Reserves, the “Reserves”) to be used for payment of costs of future
repairs and replacements (the “Future Repairs” and together with the Immediate Repairs, the “Repairs”). These monthly deposits shall be increased at the written request of Lender if Lender reasonably calculates such
increase is necessary to insure sufficient funds are in the R&R Account to pay all Future Repairs, when needed. 
 E. Grantor shall
perform all Repairs in a good and workmanlike manner, in accordance with all applicable laws, ordinances, codes, rules and regulations, and in each case in a manner satisfactory to Lender and as necessary to satisfy the requirements/recommendations
of the PCR. So long as no default shall exist and be continuing, or would occur upon the lapse of time and/or the giving of notice, Lender shall, to the extent Reserves are available for such purpose in the applicable subaccount of the Reserve
Account, disburse to Grantor the amount paid or incurred by Grantor in performing the Repairs as required above upon satisfaction of the requirements set forth in Section 36 of this Security Instrument. Lender may, at Grantor’s expense,
make or cause to be made an inspection of the Property to determine the Repairs have been properly made. In the event that such inspection reveals, in Lender’s sole judgment, that further Repairs are required, Lender shall provide Grantor with
a written description of the required Repairs, and Grantor shall complete such Repairs to Lender’s reasonable satisfaction within thirty (30) days after Lender’s notice, or such later date as may be approved by Lender in its
discretion. 
 36. DISBURSEMENT FROM THE RESERVE ACCOUNT. So long as no default shall have occurred and be continuing, or would occur upon
the lapse of time and/or giving of notice, under this Security Instrument or any of the other Loan Documents, all Reserves in the Reserve Account shall be held by Lender for the purposes set forth in Section 35. So long as no default has
occurred and is continuing, or would occur upon the lapse of time and/or giving of notice, Lender shall disburse to Grantor, from the applicable subaccount of the Reserve Account for the purposes set forth in Section 35, an amount equal to the
actual expenses incurred to date by Grantor, less any prior disbursements to Grantor for such expenditure, but only to the extent that such expense is one for which, pursuant to Section 35, the funds in the applicable subaccount of the
Reserve Account may be disbursed. Disbursements shall be made to Grantor within ten (10) days following Lender’s receipt of each of the following: 

(a) a written request from Grantor for such disbursement, accompanied by a certification by Grantor, in the form therefor then
utilized by Lender or Lender’s servicing agent; 

  
 -26- 

 (b) copies of invoices, receipts or other evidence satisfactory to Lender
verifying the amount for which Grantor is requesting such disbursement; 
 (c) affidavits, lien waivers or other evidence
reasonably satisfactory to Lender showing that all materialmen, laborers, contractors, suppliers and other parties who have or might claim statutory or common law liens, or who have furnished labor, materials or supplies to or in connection with the
Property, have been paid all prior amounts due; 
 (d) a certification from an inspecting engineer or other third party
acceptable to Lender, verifying that any work for which Grantor is requesting a disbursement has been properly completed and that the cost of such work bears a reasonable relationship to the costs incurred therefor; 

(e) a copy of the certificate of occupancy for the improvements if, as a result of any work undertaken by Grantor, it was
necessary to receive an amendment to the existing certificate of occupancy (or similar instrument) issued with respect to the improvements, or to obtain a new certificate of occupancy for the improvements or a certification of Grantor that no such
amended or new certificate of occupancy is required; and 
 (f) payment of an administrative fee of $150 per request. 

Lender shall not be required to make an advance from the applicable subaccount of the Reserve Account more frequently than once in any thirty
(30) day period. In making any disbursement from the Reserve Account, Lender shall be entitled to rely on the disbursement request from Grantor without any inquiry into the accuracy, validity or contestability of any amount set forth therein.
The Reserves shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds. Lender may, at its discretion, hold the Reserves either in separate accounts or commingled by Lender with any other funds in
the possession or control of Lender. The Reserves are solely for the protection of Lender, and entail no responsibility on Lender’s part beyond making disbursements upon strict satisfaction of the requirements of Section 35 and this
Section 36 and beyond the allowing of due credit for the sums actually received. The Reserve Account is to be a non-interest bearing account and the funds therein are not to be invested. In the event that
the amounts on deposit in the applicable subaccount of the Reserve Account are insufficient to reimburse Grantor for amounts otherwise properly requested, Grantor shall pay the amount of such deficiency. Upon completion of the Immediate Repairs in
accordance with the provisions hereof, Lender shall, with reasonable promptness after receipt of Grantor’s request therefor, disburse to Grantor any funds then remaining in the Deferred Maintenance Account. Upon assignment of this Security
Instrument by Lender, any funds in the Reserve Account shall be turned over to the assignee, and any responsibility of the assignor with respect thereto shall terminate.” 

  
 -27- 

	(e)	 Original Assignment of Leases and Rents: 

 

	 	(i)	 Section 2, captioned “SECURED DEBTS” is hereby amended by deleting in its entirety paragraph A
captioned “Specific Debts” and inserting the following provisions in lieu thereof: 

 “Specific Debts. The
following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note (No. 412398-60), dated October 23, 2017, made by Grantor payable to Lender, or order, with an
original loan amount of $5,200,000.00 and maturing on October 23, 2024, as modified and increased by that certain Deed of Trust, Assignment of Leases and Rents and Related Loan Documents Assignment, Assumption and Modification Agreement dated
September 30, 2019, by and among Grantor, GIPVA 130 Corporate Blvd, LLC, the Lender and James B. Mears, as Trustee, and consented to by joinder by Generation Income Properties, L.P., Generation Income Properties, Inc. and David Sobelman.”

  

	 	(ii)	 Section 9, captioned “TRANSFER OF AN INTEREST IN THE ASSIGNOR” is hereby amended to read as
follows: 

 “TRANSFER OF AN INTEREST IN THE ASSIGNOR. If Assignor is an entity other than a natural person (such as a
corporation, partnership, limited liability company or other organization), except for Permitted REIT Transfers (hereinafter defined), Lender may demand immediate payment if: 

A. A beneficial interest in Assignor is sold or transferred. 

B. There is a change in either the identity or number of members of a partnership or similar entity. 

C. There is a change in ownership of the voting stock, partnership interest, or membership interest, of a corporation,
partnership, limited liability company, or similar entity. 
 For purposes of the Loan Documents, ‘Permitted REIT Transfers’
means: 
 (1) the listing of common stock in Generation Income Properties, Inc. (“GIPREIT”) on the New York Stock
Exchange (“NYSE”) or such other nationally recognized stock exchange (the “REIT Listing”) provided GIPREIT satisfies all of the listing requirements of the U.S. Securities and Exchange Commission at the time of and as a condition
of the REIT Listing, including, but not limited to, the net worth requirements; 

  
 -28- 

 (2) the issuance, sale, pledge, conveyance, transfer or other disposition
(each, a “REIT Share Transfer”) of any shares of common stock in GIPREIT (the “REIT Shares”) so long as at the time of the REIT Share Transfer, the REIT Shares are listed on the NYSE or any other nationally recognized stock
exchange; 
 (3) any issuance, sale, pledge, conveyance, transfer or other disposition of REIT Shares during the period
prior to the REIT Listing (i.e., while the REIT is a publicly traded but non-listed entity), provided that such activities, singularly or taken as a whole, do not result in or cause a Change of Control; and

 (4) any transfer, creation or issuance of limited partnership interests in Generation Income Properties, L.P.
(“GIPLP”) (each, a “Limited Partnership Interest Transfer”) so long as: (A) there exists no uncured Event of Default under the Loan Documents; (B) the transfer does not result in any one person or entity having
twenty-five percent (25%) or more of the legal or beneficial limited partnership interests in GIPLP; (C) the Limited Partnership Interest Transfer does not result in or cause a Change of Control; and (D) in the event such Limited
Partnership Interest Transfer results in less than twenty-five percent (25%) of the legal or beneficial limited partnership interests being held by any single person or any single entity (other than GIPREIT), or if the legal or beneficial limited
partnership interest is held directly or indirectly by Anthony W. Smith or Thomas E. Robinson even if the amount is equal to or greater than twenty-five percent (25%), the Assignor shall not be required to give the Lender notice of such Limited
Partnership Interest Transfer. 
 Notwithstanding the foregoing to the contrary, in the event such Limited Partnership Interest Transfer
results in twenty-five percent (25%) or more of the legal or beneficial limited partnership interests of GIPLP being held by any single natural person or any single entity (other than GIPREIT), then such transfer requires the advance consent of the
Lender so long as the Lender does not withhold its consent for any reason other than such transfer would violate, or cause the Lender to be in violation of, any applicable law, rule or regulation or any Lender policies or procedures adopted pursuant
thereto, including, without limitation, any laws related to national security, terrorism, or money laundering, and (A) the Assignor shall give the Lender no less than thirty (30) days’ advance notice of any such Limited Partnership
Interest Transfer, such notice to be accompanied by information sufficient to permit the Lender to conduct all necessary “know your customer” investigations on such person or entity and determine that the proposed transfer is a permitted
transfer under this paragraph; (B) the Assignor shall 

  
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provide for any natural person having a twenty-five (25%) or more legal or beneficial interest in the GIPLP a certification from such person’s attorney that he or she has met and reviewed
identity documents (e.g. driver’s license or passport with photo ID) of such person; and (C) Assignor shall pay all costs of the Lender in connection with such Lender’s review of such Limited Partnership Interest Transfer, including
reasonable legal fees. 
 For purposes of this Assignment, a “Change of Control” shall occur when: (a) GIPLP is no longer the
sole member of the Assignor, (b) GIPLP is no longer the sole manager of the Assignor, (c) GIPREIT is no longer the general partner of GIPLP, and GIPREIT’s direct interest in the GIPLP and/or its indirect interest in the Assignor falls
below 50.1%, (d) any transfer of interests or series of transfers of interests in GIPREIT, which results in more than twenty-five percent (25%) of the ownership interests of GIPREIT being held by any single person or entity or related group of
people or entities (excluding ownership by David Sobelman), or (e) the individuals comprising the Board of Directors of GIPREIT, as the same exists for the twelve (12) month period immediately prior to the Permitted REIT Transfer, fail to
represent a majority of the Board of Directors of GIPREIT for the three (3) month period immediately after the date of completion of the Permitted REIT Transfer, subject to the terms of the following sentence. For purposes of determining the
occurrence of the preceding subclause (e), the following shall be expressly excluded: any change in directors resulting from (x) the death or incapacity of any director, (y) the resignation or removal of any director for reasons unrelated
to a Permitted REIT Transfer, and/or (z) the addition of any independent director to comply with a national market place exchange such as NYSE, NASDAQ or OTC, provided any replacement director has been approved by a vote of at least a majority
(or such higher percentage as may be required by the governing documents of GIPREIT) of the board of directors of GIPREIT then in office.” 
  

	(f)	 Security Agreement: 

 

	 	(i)	 Section 1, captioned “SECURED DEBTS” is hereby amended by deleting in its entirety
paragraph A captioned “Specific Debts” and inserting the following provisions in lieu thereof: 

“Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note
(No. 412398-60), dated October 23, 2017, made by Grantor payable to Lender, or order, with an original loan amount of $5,200,000.00 and maturing on October 23, 2024, as modified and increased by that
certain Deed of Trust, Assignment of Leases and Rents and Related Loan Documents Assignment, Assumption and Modification Agreement dated September 30, 2019, by and among Grantor, GIPVA 130 Corporate Blvd, LLC, the Lender and James B. Mears, as
Trustee, and consented to by joinder by Generation Income Properties, L.P., Generation Income Properties, Inc. and David Sobelman.” 

  
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	(g)	 Original Loan Agreement, Original Deed of Trust, Original Assignment of Leases and Rents, Original Security
Agreement and any other Loan Documents containing a “Default” Section or definition: 

  

	 	(i)	 The Section captioned “DEFAULT”, and any section containing a definition of Default, is hereby
amended by inserting the following provision as an additional Default: 

 “Other Loans. A default occurs under any other debt
or loan with any other lender.” 
  

	
	 INSTRUMENT #190019417

RECORDED IN THE CLERK’S OFFICE

OF NORFOLK ON
 OCTOBER 02, 2019 AT
04:17PM

	
	 GEORGE E. SCHAEFER, CLERK

RECORDED BY: EW

  
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