Document:

Exhibit 10.5

 

 

 

Loan No. 5000005272

 

This instrument was drafted by and should be returned to: 

Brandy Milazzo

Ascension Law

5821 Fairview Rd., Suite 500

Charlotte, NC 28209

 

ASSIGNMENT OF LEASES AND RENTS

 

THIS ASSIGNMENT OF LEASES
AND RENTS (this “Assignment”), dated as of April 14, 2022, by and between CHARLOTTE 3 PARK MHP LLC,
a North Carolina limited liability company, whose address is 136 Main Street, Pineville, NC 28134 (“Assignor”),
to TOWNEBANK, a Virginia state bank (“Assignee”), having its place of business at 6337 Morrison Boulevard,
Charlotte, NC 28211.

 

WITNESSETH:

 

FOR VALUE RECEIVED,
Assignor hereby grants, transfers and assigns to Assignee all of the right, title and interest of Assignor in and to all leases now or
hereafter entered into whether oral or written which demise any portion of the real estate described in Exhibit “A”
attached hereto (“Premises”), together with any and all extensions and renewals thereof (all such leases being
hereinafter collectively referred to as the “Leases”), together with any guarantees of the tenants’ obligations
thereunder, together with the immediate and continuing right to collect and receive all rents, revenues, income, payments, issues and
profits arising from the Leases or out of the Premises or any part thereof, together with the right to all proceeds payable to Assignor
pursuant to any purchase options on the part of the tenants under the Leases, together with all payments derived therefrom including but
not limited to claims for the recovery of damages done to the Premises or for the abatement of any nuisance existing thereon, claims for
damages resulting from default under said Leases whether resulting from acts of insolvency or acts of bankruptcy or otherwise, and lump
sum payments for the cancellation of said Leases or the waiver of any obligation or term thereof prior to the expiration date and the
return of any insurance premiums or ad valorem tax payments made in advance and subsequently refunded (hereinafter referred to as the
“Rents”), all for the purpose of securing the following (hereinafter collectively referred to as the “Indebtedness”):

 

A. Payment of the indebtedness
evidenced by that certain Promissory Note (“Note”) (including any extensions or renewals thereof) in the principal
sum of the lesser of (a) the aggregate principal amount of $3,158,400.00, (b) 75% of the appraised value of the Collateral or (c) 75%
of Lender approved costs to finance the Properties, executed and delivered of even date herewith by Assignor pursuant to the Loan Agreement
(as hereinafter defined) and payable to the order of Assignee by and between Borrower and Lender (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), and is secured by, among other
things, a Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing Statement (“Deed of Trust”)
of same date from Assignor to Assignee upon the Premises, filed for record in York County, South Carolina. The Note, the Deed of Trust,
the Loan Agreement and such other documents related to the Indebtedness are hereinafter collectively referred to as the “Loan
Documents”; and

 

B. Payment of all other sums
with interest thereon becoming due and payable to Assignee pursuant to the terms of this Assignment and the Loan Documents; and

 

C. Performance and discharge
of each and every obligation, covenant and agreement of Assignor pursuant to the terms of this Assignment and the Loan Documents.

 

All capitalized terms used and not expressly defined herein shall have
the meanings given to such terms in the Loan Agreement.

 

     

     

    

 

AND ASSIGNOR FURTHER AGREES, ASSIGNS AND COVENANTS:

 

		1.	Leases. To faithfully abide by, perform and
discharge each and every obligation, covenant and agreement of the Leases by Assignor to be performed; to use its best efforts to enforce
or secure the performance of each and every obligation, covenant, condition and agreement of the Leases by the tenants to be performed;
not to borrow against, pledge, or assign any of Assignor’s rights under the Leases or any rentals due thereunder; not to consent
to a subordination or assignment of the interest of the tenants under the Leases to any party other than Assignee; not to anticipate
the Rents under the Leases for more than one month in advance or reduce the amount of the Rents thereunder; and not to incur any indebtedness
to the tenants without the prior written consent of Assignee. With respect to all Leases of the Premises, Assignor agrees that it will
not modify, terminate, extend or renew (except on terms set forth in a Lease approved by Assignee and provided such terms do not adversely
affect the financial terms of such Lease), accept a surrender of or in any way alter the terms of the Leases nor waive, excuse, condone
or in any manner release or discharge the tenants of or from their obligations, covenants and agreements to be performed without the
prior written consent of Assignee, such consent not to be unreasonably withheld, delayed or conditioned. In the event that Assignor enters
into any subleases or other occupancy arrangements with unrelated third parties for all or any portion of the Premises, Assignor shall
provide Assignee with copies of such subleases or other agreement within 10 days after execution. Assignor will not enter into any additional
Leases without the prior written consent of Assignee, such consent not to be unreasonably withheld, delayed or conditioned. In addition,
Assignor covenants and agrees that, with respect to all Leases: (a) it shall lease all space on the Premises at market rental rates unless
approved in writing by Assignee; and (b) any action taken with respect to any lease shall be taken in the ordinary course of Assignor’s
business in conformance with commercially reasonable, prudent and sound business practice. Assignor will deliver copies of all Lease
amendments and new Leases to Assignee within 30 days after execution.

 

		2.	Protect Security. At Assignor’s sole
cost and expense, to appear in and defend any action or proceeding arising under, growing out of or in any manner connected with the
Leases or the obligations, duties or liabilities of the lessor thereunder, and to pay all costs and expenses of Assignee, including attorneys’
fees, in any such action or proceeding in which Assignee in its sole discretion may appear.

 

		3.	Representations. Assignor represents and warrants
that: (a) it has good title to the Leases with full right to assign the same and the Rents due thereunder; (b) the Leases are valid,
enforceable, in full force and effect and have not been modified or amended; (c) there are no outstanding assignments or pledges of the
Leases or Rents due thereunder; (d) there are no existing defaults under the provisions of the Leases on the part of any party thereto;
(e) no Rents have been waived, anticipated, discounted, setoff, compromised, discharged or released; and (f) the tenants under the Leases
have no defenses, setoffs, or counterclaims against Assignor.

 

		4.	Present Assignment. This Assignment shall constitute
a perfected, absolute, and present assignment of the Leases and Rents, provided Assignee hereby grants a license to Assignor to collect
all of the Rents, but not prior to accrual, and to retain, use and enjoy the same unless and until an Event of Default, as defined in
the Loan Agreement, shall occur and be continuing.

 

		5.	Event of Default and Remedies. The occurrence
of an Event of Default, as defined in the Loan Agreement, shall constitute an Event of Default under the terms of this Assignment (hereinafter
referred to as the “Event of Default”). Upon or at any time during the continuance of an Event of Default,
Assignee may, without regard to waste, adequacy of the security or solvency of Assignor, declare all Indebtedness to be immediately due
and payable, may revoke the license granted Assignor hereunder to collect the Rents, and may, at its option, without notice, either:

 

		a.	in person or by agent, with or without taking possession of
or entering the Premises, with or without bringing any action or proceeding, give, or require Assignor to give, notice to the tenants
under the Leases authorizing and directing the tenants to pay all Rents directly to Assignee; collect all of the Rents; enforce the payment
thereof and exercise all of the rights of Assignor under the Leases and all of the rights of Assignee hereunder; and may enter upon,
take possession of, manage and operate the Premises, or any part thereof; may cancel, enforce or modify the Leases, and fix or modify
Rents, and do any acts which Assignee deems proper to protect the security hereof; or

 

		b.	apply for appointment of a receiver as a matter of right and
without notice in accordance with the statutes and law made and provided for, which receivership Assignor hereby consents to, who shall
collect the Rents; manage the Premises so as to prevent waste; execute Leases within or beyond the period of receivership; perform the
terms of this Assignment and apply the Rents as hereinafter provided.

 

The entering upon and taking possession
of such Premises, the appointment of a receiver, the collection of such Rents and the application thereof as aforesaid shall not cure
or waive any default or waive, modify or affect notice of default under the Loan Agreement or invalidate any act done pursuant to said
notice, nor in any way operate to prevent Assignee from pursuing any remedy which now or hereafter it may have under the terms and conditions
of the Loan Agreement or the Note secured thereby or any other instruments securing the same. The rights and powers of Assignee hereunder
shall remain in full force and effect both prior to and after any foreclosure of the Deed of Trust and any sale pursuant thereto and until
expiration of the period of redemption from said sale, regardless of whether a deficiency remains from said sale. The purchaser at any
foreclosure sale, including Assignee, shall have the right, at any time and without limitation, to advance money to any receiver appointed
hereunder to pay any part or all of the items which the receiver would otherwise be authorized to pay if cash were available from the
Premises and the sum so advanced, with interest at the Default Rate, as defined in the Note, shall be a part of the sum required to be
paid to redeem from any foreclosure sale.

 

    2

     

    

 

		6.	Application of Rents. Any Rents shall be applied
to the following items in such order as Assignee shall deem proper in its sole discretion: (a) to payment of all fees of any receiver
appointed hereunder; (b) to payment of attorneys’ fees and all other costs and expenses incurred incident to taking and retaining
possession of the Premises; (c) to payment when due of prior or current real estate taxes or special assessments with respect to the
Premises or, if the Deed of Trust so requires, to the periodic escrow for payment of the taxes or special assessments then due; (d) to
payment when due of premiums for insurance of the type required by the Deed of Trust or Loan Agreement or, if the Deed of Trust or Loan
Agreement so requires, to the periodic escrow for the payment of premiums then due; (e) to payment of all expenses necessary for managing
and securing the Premises, including without being limited thereto, the salaries, fees and wages of a managing agent and such other employees
or agents as may be necessary or desirable and all expenses of operating and maintaining the Premises; (f) to payment of all costs of
any alterations, renovations, repairs or replacements of any improvements on the Premises, and (g) to payment of all or any portion of
the Indebtedness which has become due and payable in such order as Assignee may determine.

 

		7.	No Liability for Assignee. Assignee shall not be obligated to perform or discharge, nor
does it hereby undertake to perform or discharge any obligation, duty or liability under said Leases, nor shall this Assignment operate
to place responsibility for the control, care, management or repair of the Premises upon Assignee, nor for the carrying out of any of
the terms and conditions of said Leases; nor shall it operate to make Assignee responsible or liable for any waste committed on the Premises,
or for any dangerous or defective condition of the Premises, or for any negligence in the management, upkeep, repair or control of said
Premises resulting in loss or injury or death to any tenant, licensee, employee or stranger, nor liable for laches or failure to collect
the Rents, and Assignee shall be required to account only for such moneys as are actually received by it. All actions taken by Assignee
pursuant to this Assignment shall be taken for the purposes of protecting Assignee’s security, and Assignor hereby agrees that nothing
herein contained and no actions taken by Assignee pursuant to this Assignment, including, but not limited to, Assignee’s approval
or rejection of any Lease for any portion of the Premises, shall in any way alter or impact the obligation of Assignor to pay the Indebtedness.
Assignor hereby waives any defense or claim that may now exist or hereinafter arise by reason of any action taken by Assignee pursuant
to this Assignment.

 

		8.	Assignor to Hold Assignee Harmless. Assignor shall and does hereby agree to indemnify and
to hold Assignee harmless of and from any and all liability, loss or damage which it may or might incur under the Leases or under or by
reason of this Assignment and of and from any and all claims and demands whatsoever which may be asserted against it by reason of any
alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in said Leases.
Should Assignee incur any such liability, or any costs or expenses in the defense of any such claims or demands, the amount thereof, including
costs, expenses, and attorneys’ fees, shall be secured hereby, shall be added to the Indebtedness and Assignor shall reimburse Assignee
therefor immediately upon demand, and the continuing failure of Assignor so to do shall constitute a default hereunder and an Event of
Default under the Loan Agreement.

 

		9.	Security Deposits. Upon and during the continuance of an Event of Default, Assignor agrees
on demand to transfer to Assignee any security deposits held by Assignor under the terms of the Leases. Assignor agrees that such security
deposits may be held by Assignee without any allowance of interest thereon, except statutory interest accruing to the benefit of the tenants
and shall become the absolute property of Assignee upon a default hereunder or an Event of Default under the Loan Agreement to be applied
in accordance with the provisions of the Leases. Until Assignee makes such demand, and the deposits are paid over to Assignee, Assignee
assumes no responsibility to the tenants for any such security deposit.

 

    3

     

    

 

		10.	Authorization to Tenants. The tenants under the Leases are hereby irrevocably authorized
and directed to recognize the claims of Assignee or any receiver appointed hereunder without investigating the reason for any action taken
by Assignee or such receiver, or the validity or the amount of indebtedness owing to Assignee, or the existence of any default in any
Loan Document or under or by reason of this Assignment, or the application to be made by Assignee or receiver. Upon and during the continuance
of an Event of Default, Assignor hereby irrevocably directs and authorizes the tenants to pay to Assignee or such receiver all sums due
under the Leases and consents and directs that said sums shall be paid to Assignee or any such receiver in accordance with the terms of
its receivership without the necessity for a judicial determination that a default has occurred hereunder or under the Loan Agreement
or that Assignee is entitled to exercise its rights hereunder, and to the extent such sums are paid to Assignee or such receiver, Assignor
agrees that the tenants shall have no further liability to Assignor for the same. The sole signature of Assignee or such receiver shall
be sufficient for the exercise of any rights under this Assignment and the sole receipt of Assignee or such receiver for any sums received
shall be a full discharge and release therefor to any such tenants or occupants of the Premises. Checks for all or any part of the Rents
collected under this Assignment shall upon notice from Assignee or such receiver be drawn to the exclusive order of Assignee or such receiver.

 

		11.	Satisfaction. Upon the payment in full of all Indebtedness as evidenced by a recorded satisfaction
of the Deed of Trust executed by Assignee, or its subsequent assign, this Assignment shall without the need for any further satisfaction
or release become null and void and be of no further effect.

 

		12.	Assignee Creditor of the Tenants Upon Bankruptcy. Upon or at any time during the continuance
of an Event of Default in the payment of any Indebtedness or in the performance of any obligation, covenant, or agreement pursuant to
the terms of this Assignment or any of the Loan Documents, Assignor agrees that Assignee, and not Assignor, shall be and be deemed to
be the creditor of the tenants in respect of assignments for the benefit of creditors and bankruptcy, reorganization, insolvency, dissolution,
or receivership proceedings affecting such tenants (without obligation on the part of Assignee, however, to file or make timely filings
of claims in such proceedings or otherwise to pursue creditors’ rights therein, and reserving the right to Assignor to make such
filing in such event) including without limitation, the right to file and prosecute, to the exclusion of Assignor, any proofs of claim,
complaints, motions, applications, notices and other documents, in any case in respect of the tenant under a Lease under the U.S. Bankruptcy
Code. Assignee shall have the option to apply any money received by Assignee as such creditor in reduction of the Indebtedness.

 

		13.	Assignor Bankruptcy. If there shall be filed by or against Assignor a petition under the
U.S. Bankruptcy Code, and Assignor, as lessor under any Lease, shall determine to reject such Lease pursuant to Section 365(a) of the
U.S. Bankruptcy Code, then Assignor shall give Assignee not less than 10 days prior notice of the date on which Assignor shall apply to
the bankruptcy court for authority to reject the Lease. Assignee shall have the right, but not the obligation, to serve upon Assignor
within such ten-day period a notice stating that (i) Assignee demands that Assignor assume and assign the Lease to Assignee pursuant to
Section 365 of the U.S. Bankruptcy Code and (ii) Assignee covenants to cure or provide adequate assurance of future performance under
the Lease. If Assignee serves upon Assignor the notice described in the preceding sentence, Assignor shall not seek to reject the Lease
and shall comply with the demand provided for in clause (i) of the preceding sentence within 30 days after the notice shall have been
given, subject to the performance by Assignee of the covenant provided for in clause (ii) of the preceding sentence.

 

		14.	Assignee Attorney-In-Fact. Upon and during the continuance of an Event of Default, Assignor
hereby irrevocably appoints Assignee and its successors and assigns as its agent and attorney-in-fact, which appointment is coupled with
an interest, to exercise any rights or remedies hereunder and to execute and deliver during the term of this Assignment such instruments
as Assignee may deem necessary to make this Assignment and any further assignment effective.

 

		15.	Subsequent Leases. Until the Indebtedness shall have been paid in full, Assignor will deliver
to Assignee executed copies of any and all other and future Leases upon all or any part of the said Premises and agrees to make, execute
and deliver unto Assignee upon demand and at any time or times, any and all assignments and other instruments sufficient to assign the
Leases and the Rents thereunder to Assignee or that Assignee may deem to be advisable for carrying out the true purposes and intent of
this Assignment. From time to time on request of Assignee, Assignor agrees to furnish Assignee with a rent roll of the Premises disclosing
current tenancies, rents payable, and such other matters as Assignee may request.

 

		16.	General Assignment of Leases and Rents. The rights contained in this Assignment are in addition
to and shall be cumulative with the rights given and created in the Deed of Trust, assigning generally all leases, rents and profits of
the Premises and shall in no way limit the rights created thereunder. The granting of this Assignment is a condition precedent to Assignee’s
making of the loan secured hereby. To the extent that the terms of the Deed of Trust are inconsistent with the terms of this Assignment,
the terms of this Assignment shall control.

 

    4

     

    

 

		17.	No Mortgagee in Possession. Nothing herein contained and no actions taken pursuant to this
Assignment shall be construed as constituting Assignee a “Mortgagee in Possession.”

 

		18.	Continuing Rights. The rights and powers of Assignee or any receiver hereunder shall continue
and remain in full force and effect until all Indebtedness, including any deficiency remaining from a foreclosure sale, are paid in full,
and shall continue after commencement of a foreclosure action and, if Assignee be the purchaser at the foreclosure sale, after foreclosure
sale and until expiration of the equity of redemption.

 

		19.	Time of the Essence. Time is of the essence with regard to the performance of the obligations
of Assignor in this Assignment and each and every term, covenant and condition herein by or applicable to Assignor.

 

		20.	Governing Law. This Assignment and the rights and obligations of all parties hereunder shall
be governed by and construed in accordance with the laws of the state or commonwealth in which the Premises is located.

 

		21.	Jurisdiction. The parties hereto irrevocably (a) agree that any suit, action or other legal
proceeding arising out of or relating to this Assignment may be brought in a court of record in the state or commonwealth in which the
Premises is located or in the courts of the United States of America located in such state or commonwealth, (b) consent to the non-exclusive
jurisdiction of each such court in any suit, action or proceeding, and (c) waive any objection which it may have to the laying of venue
of any such suit, action or proceeding in any of such courts and any claim that any such suit, action or proceeding has been brought in
an inconvenient forum. Nothing contained herein shall prevent Assignee from bringing any action or exercising any rights against any security
given to Assignee by Assignor, or against Assignor personally, or against any property of Assignor, within any other state. Commencement
of any such action or proceeding in any other state shall not constitute a waiver of the agreement as to the laws of the state or commonwealth
which shall govern the rights and obligations of Assignor and Assignee hereunder.

 

		22.	Captions. The captions to the sections of this Assignment are for convenience only and shall
not be deemed part of the text of the respective sections and shall not vary, by implication or otherwise, any of the provisions of this
Assignment.

 

		23.	Notices. Any notice which any party hereto may desire or may be required to give to any
other party shall be in writing and either (a) mailed by certified mail, return receipt requested, or (b) sent by an overnight carrier
which provides for a return receipt. Any such notice shall be sent to the respective party’s address as set forth in the Preamble
of this Assignment or to such other address as such party may, by notice in writing, designate as its address. Any such notice shall constitute
service of notice hereunder three days after the mailing thereof by certified mail or one day after the sending thereof by overnight carrier.

 

		24.	Severability. The parties hereto intend and believe that each provision of this Assignment
comports with all applicable local, state and federal laws and judicial decisions. However, if any provision or any portion of any provision
contained in this Assignment is held by a court of law to be invalid, illegal, unlawful, void or unenforceable as written in any respect,
then it is the intent of all parties hereto that such portion or provision shall be given force to the fullest possible extent that it
is legal, valid and enforceable, that the remainder of this Assignment shall be construed as if such illegal, invalid, unlawful, void
or unenforceable portion or provision was not contained therein, and the rights, obligations and interests of Assignor and Assignee under
the remainder of this Assignment shall continue in full force and effect.

 

    5

     

    

 

		25.	Cross-Collateralization. Assignor acknowledges that Assignee has made the Loan to Assignor
upon the security of its collective interest in the Collateral and in reliance upon the aggregate of the Collateral taken together being
of greater value as collateral security than the sum of security taken separately. Assignor agrees that each of the Loan Documents are
and will be cross collateralized and cross defaulted with each other so that an Event of Default under any of Loan Documents shall constitute
an Event of Default under each of the other Loan Documents and such cross collateralization shall in no event be deemed to constitute
a fraudulent conveyance and Assignor waives any claims related thereto.

 

		26.	Successors and Assigns. This Assignment and each and every covenant, agreement and other
provision hereof shall be binding upon Assignor and its successors and assigns, including, without limitation each and every person or
entity that may, from time to time, be record owner of the Premises or any other person having an interest therein, shall run with the
land and shall inure to the benefit of Assignee and its successors and assigns. As used herein the words “successors and assigns”
shall also be deemed to include the heirs, representatives, administrators and executors of any natural person who is a party to this
Assignment. Nothing in this section shall be construed to constitute consent by Assignee to assignment of this Assignment by Assignor.

 

		27.	No Oral Modification. This Assignment may not be modified or discharged orally, but only
by an agreement in writing signed by Assignor and Assignee.

 

		28.	Costs of Enforcement. Assignor agrees to pay the costs and expenses, including but not limited
to attorneys’ fees and legal expenses incurred by Assignee in the exercise of any right or remedy available to it under this Assignment.
If Assignee retains attorneys to enforce any of the terms of this Assignment or any of the Loan Documents or because of the breach by
Assignor of any of the terms thereof or for the recovery of any Indebtedness, Assignor shall pay to Assignee attorneys’ fees and
all costs and expenses, whether or not an action is actually commenced and the right to such attorneys’ fees and all costs and expenses
shall be deemed to have accrued on the date such attorneys are retained, shall include fees and costs in connection with litigation, arbitration,
mediation, bankruptcy and/or administrative proceedings, and shall be enforceable whether or not such action is prosecuted to judgment
and shall include all appeals. Attorneys’ fees and expenses shall for purposes of this Assignment include all paralegal, electronic
research, legal specialists and all other costs in connection with that performance of Assignee’s attorneys. If Assignee is made
a party defendant of any litigation concerning this Assignment or the Premises or any part thereof or therein, or the maintenance, operation
or the occupancy or use thereof by Assignor, then Assignor shall indemnify, defend and hold Assignee harmless from and against all liability
by reason of said litigation, including attorneys’ fees and all costs and expenses incurred by Assignee in any such litigation or
other proceedings, whether or not any such litigation or other proceedings is prosecuted to judgment or other determination.

 

		29.	Attorney’s Fees. Notwithstanding anything to the contrary contained in this Assignment
or any other Loan Documents, or the language of N.C.G.S. Sec. 6-212, “legal fees,” “legal expenses,” “attorneys’
fees,” “reasonable attorney fees” and similar expressions used in this Assignment and the other Loan Documents shall
mean the amount actually charged by the attorneys (based on time actually spent and customary hourly rates) retained by Lender in exercising
its rights under this Assignment and the other Loan Documents.

 

		30.	Waiver of Jury Trial. SUBJECT TO APPLICABLE LAW, ASSIGNEE BY ITS ACCEPTANCE HEREOF AND ASSIGNOR
HEREBY VOLUNTARILY, KNOWINGLY, AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING UNDER
THIS ASSIGNMENT OR CONCERNING THE INDEBTEDNESS AND/OR ANY COLLATERAL SECURING SUCH INDEBTEDNESS, REGARDLESS OF WHETHER SUCH ACTION OR
PROCEEDING CONCERNS ANY CONTRACTUAL OR TORTIOUS OR OTHER CLAIM. ASSIGNOR ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT
TO ASSIGNEE IN EXTENDING CREDIT TO ASSIGNOR, THAT ASSIGNEE WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT
ASSIGNOR HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL
WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.

 

[Signature page follows.]

 

    6

     

    

 

IN WITNESS WHEREOF, Assignor
has caused this Assignment of Leases and Rents to be executed as of the date first above written.

 

	 	CHARLOTTE 3 PARK MHP LLC,
	 	a North Carolina limited liability company
	 	 
	 	By: 	Manufactured Housing Properties, Inc.
	 	Its: 	Sole Member
	 	 	 
	 	By:	/s/ Michael Z. Anise
	 	 	Michael Z. Anise, President

 

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

 

I
        Janalyn Bailey                      ,
certify that the following person personally appeared before me this day, acknowledging to me that he voluntarily signed the foregoing
document on behalf of Charlotte 3 Park MHP LLC for the purpose stated therein and in the capacity indicated: Michael Z. Anise, as President
of Manufactured Housing Properties, Inc., the Sole Member of Charlotte 3 Park MHP LLC.

 

Date: April
14, 2022.

 

	 	/s/ Janalyn
    Bailey 
	 	Official Signature of Notary
	 	 
	 	Janalyn Bailey
	 	Notary’s printed
    or typed name, Notary Public
	 	 
	(Official Seal)	
	 	 
	 	My commission expires:	    03/25/2024

 

     

     

    

 

EXHIBIT
A

LEGAL DESCRIPTION

 

TRACT 1

 

A TRACT OF LAND SITUATED IN YORK COUNTY, SOUTH
CAROLINA, CITY OF YORK; SAID TRACT BEING THE SAME AS THAT RECORDED IN PLAT BOOK 34, PAGE 21, R.M.C. OFFICE OF AFORESAID COUNTY AND STATE;
SAID TRACT BEING MORE PRACTICALLY DESCRIBED BY THE FOLLOWING METES AND BOUNDS, THE BEARINGS OF WHICH ARE BASED ON SOUTH CAROLINA GRID:
COMMENCE AT A 1/2-INCH REBAR AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY LINE OF HALL STREET (VARIABLE RIGHT-OF-WAY) WITH THE NORTHERLY
RIGHT-OF-WAY LINE OF WOOD STREET (VARIABLE RIGHT-OFWAY); THENCE S62°36'52”W ALONG SAID NORTHERLY RIGHT-OF-WAY LINE OF WOOD
STREET FOR A DISTANCE OF 200.05 FEET TO A l-INCH IRON PIPE AT THE SOUTHWESTERLY CORNER OF LANDS NOW OR FORMERLY OWNED BY TABERNACLE OF
PARISE FULL GOSPEL CHURCH (DB 12141 PG 112) AND THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUE ALONG SAID RIGHT-OF-WAY
S62°34'15"W FOR A DISTANCE OF 321.28 FEET; THENCE ALONG THE EASTERLY & NORTHERLY-WESTERLY BOUNDARY OF LANDS NOW OR FORMERLY
OWNED BY ALAN WITHROW TRUSTEE (DB 1003 PG 63); THENCE ALONG SAID WITHROW LANDS FOR THE FOLLOWING COURSES AND DISTANCES: N30°31'45"W
FOR A DISTANCE OF 120.00 FEET; S62°34'15"W FOR A DISTANCE OF 150.00 FEET; S30°31'45"E FOR A DISTANCE OF 120.00 FEET
TO A IRON ROD; THENCE S27°20'01"E ALONG WESTERLY RIGHT-OF-WAY LINE OF SAID WOOD STREET FOR A DISTANCE OF 39.21 FEET TO 1/2-INCH
IRON ROD; THENCE ALONG THE NORTH-NORTHWESTERLY LINES OF LANDS NOW OR FORMERLY OWNED BY LARKIN (DB 12141 PG 252) FOR THE FOLLOWING COURSES
AND DISTANCES: S61°02'38"W OR A DISTANCE OF 114.16 FEET TO A l-INCH IRON PIPE; S25°28'42"E FOR A DISTANCE OF 108.74
FEET TO A 1-INCH IRON PIPE; THENCE S58°18'00"W ALONG THE NORTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY SAID LARKIN AND COCHRAN
(DB 15878 PG 63) FOR A DISTANCE OF 179.33 FEET; THENCE S54°14'00"W ALONG THE NORTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY
ROOT (DB 16614 PG 365) FOR A DISTANCE OF 126.72 FEET TO A l-INCH IRON PIPE IN THE CENTER OF AND OLD RAILROAD BED PRESENTLY KNOWN AS THE
CAROLINA & NORTHWESTERN RAIL TRAIL; THENCE ALONG SAID RAILROAD BED FOR THE FOLLOWING COURSES AND DISTANCES: N05°49'03”W
FOR A DISTANCE OF 337.84 FEET; N02°32'19"W FOR A DISTANCE OF 307.26 FEET; N03°51'48"W FOR A DISTANCE OF 73.17 FEET
TO A 1/2-INCH IRON ROD; NORTHERLY 401.03 FEET ALONG A,CURVE TO THE RIGHT, CONCAVE TO THE EAST, HAVING A CENTRAL ANGLE OF 18°32'49",
A RADIUS OF 1238.87 FEET, AND A CHORD BEARING AND DISTANCE OF N02°55'03"E AND 399.28 FEET TO AN IRON ROD WITH AEI CAP ON THE
SOUTHERLY RIGHT-OF-WAY LINE OF N. CONGRESS STREET (VARIABLE RIGHT-OF-WAY); THENCE ALONG THE WESTERLYSOUTHERLY LINES OF LANDS NOW OR FORMERLY
OWNED BY NORMAN (DB 15601 PG 217) FOR THE FOLLOWING COURSES AND DISTANCES: S48°17'49"E FOR A DISTANCE OF 58.32 FEET TO 3/4-INCH
IRON PIPE; S43°09'44"E FOR A DISTANCE OF 350.27 FEET TO A 5/8-INCH IRON ROD; N47°17'03"E FOR A DISTANCE OF 162.98 FEET
TO A 5/8 INCH REBAR; THENCE N52°45'29"E ALONG THE SOUTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY KURTH (DB 15864 PG 294),
ROBINSON (DB 1311 PG 11), AND MCDOWELL (DB 16232 PG 312) FOR A DISTANCE OF 329.18 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF SAID HALL
STREET; THENCE S29°40'38"E ALONG SAID HALL STREET RIGHT-OF-WAY LINE FOR A DISTANCE OF 330.33 FEET TO A 1/2·INCH IRON
ROD; THENCE ALONG THE NORTHERLYWESTERLY BOUNDARY OF SAID TABERNACLE CHURCH LANDS FOR THE FOLLOWING COURSE AND DISTANCES: S62"06'38"W
FOR A DISTANCE OF 202.35 FEET TO A 2-INCH IRON PIPE; S27°37'52"E FOR A DISTANCE OF 197.51 FEET TO THE POINT OF BEGINNING OF
SAID TRACT. SAID TRACT CONTAINING 11.219 ACRES AS DEPICTED ON AN ALTA/NSPS LAND TITLE SURVEY PREPARED BY AEI CONSULTANTS (JOB 408173). 

 

TRACT
2

 

A
TRACT OF LAND SITUATED IN YORK COUNTY, SOUTH CAROLINA, CITY OF YORK; SAID TRACT BEING THE SAME AS THAT RECORDED IN PLAT BOOK 34,
PAGE 21, R.M.C. OFFICE OF AFORESAID COUNTY AND STATE; SAID TRACT BEING MORE PRACTICALLY DESCRIBED BY THE FOLLOWING METES AND BOUNDS,
THE BEARINGS OF WHICH ARE BASED ON SOUTH CAROLINA GRID: COMMENCE AT A 1/2-INCH REBAR AT THE INTERSECTION OF THE WESTERLY
RIGHT-OF-WAY LINE OF HALL STREET (VARIABLE RIGHT-OF-WAY) WITH THE NORTHERLY RIGHT-OF-WAY LINE OF WOOD STREET (VARIABLE RIGHT-OFWAY);
THENCE ALONG THE NORTH-NORTHWESTERLY RIGHT-OF-WAY LINE OF SAID WOOD STREET FOR THE FOLLOWING COURSES AND DISTANCES:
S62°36'52"W ALONG SAID NORTHERLY RIGHT-OF-WAY LINE OF WOOD STREET FOR A DISTANCE OF 200.05 FEET TO A 1-INCH IRON PIPE AT
THE SOUTHWESTERLY CORNER OF LANDS NOW OR FORMERLY OWNED BY TABERNACLE OF PARISE FULL GOSPEL CHURCH (DB 12141 PG 112);
S62°34'15"W FOR A DISTANCE OF 321.28 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUE ALONG
SAID RIGHT-OF-WAY S62°34'15"W FOR A DISTANCE OF 150.00 FEET TO A 1/2-INCH ROD; THENCE ALONG THE EASTERLYSOUTHERLY-WESTERLY
BOUNDARY OF LANDS NOW OR FORMERLY OWNED BY MEADOWBROOK MHP (DB 913 PG 208) FOR THE FOLLOWING COURSES AND DISTANCES:
N30°31'45"W FOR A DISTANCE OF 120.00 FEET; N62°34'15"E FOR A DISTANCE OF 150.00 FEET; S30°31'45"E FOR
DISTANCE OF 120.00 FEET TO THE POINT OF BEGINNING OF SAID TRACT. SAID TRACT CONTAINING 0.413 ACRES AS DEPICTED ON AN ALTA/NSPS LAND
TITLE SURVEY PREPARED BY AEI CONSULTANTS (JOB 408173).

 

DERIVATION: This being the same property conveyed to Charlotte
3 Park MHP LLC by deed from CHR VIII-PCP MHC Charlotte Meadowbrook, LLC, dated December 17, 2021, and recorded December 28, 2021 in Record
Book 19876, Page 1, York County Registry.Exhibit
10.6

 

 

 

Space
Above This Line For Recording Data

 

Loan
No. 5000005272

 

This
document was

prepared by:

 

Brandy
Milazzo

Ascension
Law

5821
Fairview Road, Suite 500

Charlotte,
NC 28209

 

MORTGAGE

(With
Future Advance Clause)

 

 

DATE
AND PARTIES. The date of this Mortgage (Security Instrument) is April
14, 2022. The parties and their addresses are:

 

MORTGAGOR:

Charlotte
3 Park MHP, LLC

136
Main Street

Pineville,
NC 28134

 

LENDER:

BANK:
TowneBank

Organized
and existing under the

laws
of Virginia

6337
Morrison Blvd.

Charlotte,
NC 28211

 

    1

     

    

 

1.
DEFINITIONS. For the purposes of this document, the following term
has the following meaning.

 

A.
Loan. "Loan" refers to this transaction generally, including obligations and duties
arising from the terms of all documents prepared or submitted for this transaction.

 

2.
CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured
Debts and Mortgagor's performance under this Security Instrument, Mortgagor does hereby grant, bargain, convey and mortgage to Lender,
the following described property:

 

See
attached legal description

 

The
property is located in South Carolina, County of York.

 

Together
with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches
and water stock, crops, timber including timber to be cut now or at any time in the future, all diversion payments or third-party payments
made to crop producers and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time
in the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until
the Secured Debts and all underlying agreements have been terminated in writing by Lender.

 

3.
MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time and from time to time will
not exceed $3,158,400.00. Any limitation of amount does not include interest and other fees and charges validly made pursuant to this
Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's
security and to perform any of the covenants contained in this Security Instrument. Interest under the Note will be deferred, accrued
or capitalized; however, Lender will not be required to defer, accrue or capitalize any interest except as provided in the Note.

 

4.
SECURED DEBTS AND FUTURE ADVANCES. The term "Secured Debts" includes and this Security Instrument will secure each of the
following:

 

A.
Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note
or other agreement, dated April 14, 2022, from Mortgagor to Lender, with a loan amount of the lesser of (a) the aggregate principal amount
of $3,158,400.00, (b) 75% of the appraised value of the Collateral or (c) 75% of Lender approved costs to finance the Properties.

 

B.
Future Advances. All future advances from Lender to Mortgagor under the Specific Debts executed by Mortgagor in favor of Lender after
this Security Instrument. If more than one person signs this Security Instrument, each agrees that this Security Instrument will secure
all future advances that are given to Mortgagor either individually or with others who may not sign this Security Instrument. All future
advances are secured by this Security Instrument even though all or part may not yet be advanced. All future advances are secured as
if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional
or future advances in any amount. Any such commitment must be agreed to in a separate writing.

 

C.
All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced,
or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument,
each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing
in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing.
This Security Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is created in "household
goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive
credit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock"
and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. This Security
Instrument will not secure any other debt if Lender, with respect to that other debt, fails to fulfill any necessary requirements or
fails to conform to any limitations of the Truth in Lending Act (Regulation Z) or the Real Estate Settlement Procedures Act {Regulation
X) that are required for loans secured by the Property.

 

D.
Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument.

 

    2

     

    

 

5.
LIMITATIONS ON CROSS-COLLATERALIZATION. The cross-collateralization clause on any existing or future loan, but not including this
Loan, is void and ineffective as to this Loan, including any extension or refinancing.

 

The
Loan is not secured by a previously executed security instrument if a non-possessory, non-purchase money security interest is created
in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair
and deceptive credit practices. The Loan is not secured by a previously executed security instrument if Lender fails to fulfill any necessary
requirements or fails to conform to any limitations of the Real Estate Settlement Procedures Act, (Regulation X), that are required for
loans secured by the Property or if, as a result, the other debt would become subject to Section 670 of the John Warner National Defense
Authorization Act for Fiscal Year 2007.

 

The
Loan is not secured by a previously executed security instrument if Lender fails to fulfill any necessary requirements or fails to conform
to any limitations of the Truth in Lending Act, (Regulation Z), that are required for loans secured by the Property.

 

6.
PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the
Secured Debts and this Security Instrument.

 

7.
WARRANTY OF TITLE. Mortgagor warrants that Mortgagor is or will be lawfully seized of the estate conveyed by this Security Instrument
and has the right to grant, bargain, convey, sell and mortgage the Property. Mortgagor also warrants that the Property is unencumbered,
except for encumbrances of record.

 

8.
PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created
a prior security interest or encumbrance on the Property, Mortgagor agrees:

 

A.
To make all payments when due and to perform or comply with all covenants.

 

B.
To promptly deliver to Lender any notices that Mortgagor receives from the holder.

 

C.
Not to allow any modification or extension of, nor to request any future advances under any note or Agreement secured by the lien
document without Lender's prior written consent.

 

9.
CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and
other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts
are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair
the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor
may have against parties who supply labor or materials to maintain or improve the Property.

 

10.
DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable
upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of all or any part of the Property. This
right is subject to the restrictions imposed by federal law, as applicable.

 

11.
TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation, partnership,
limited liability company or other organization), Lender may demand immediate payment if:

 

A.
beneficial interest in Mortgagor 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 more than 25 percent of the voting stock of a corporation, partnership, limited liability company
or similar entity.

 

However,
Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Security Instrument.

 

13.
WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the following warranties and representations which will continue as long
as this Security Instrument is in effect:

 

A.
Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagor
has the power and authority to enter into this transaction and to carry on Mortgagor's business or activity as it is now being conducted
and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates.

 

B.
Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced by this Security Instrument
are within Mortgagor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision
of law, or order of court or governmental agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor
is or any of Mortgagor's property is subject.

 

    3

     

    

 

C.
Name and Place of Business. Other than previously disclosed in writing to Lender, Mortgagor has not changed Mortgagor's name or principal
place of business within the last 10 years and has not used any other trade or fictitious name. Without Lender's prior written consent,
Mortgagor does not and will not use any other name and will preserve Mortgagor's existing name, trade names and franchises.

 

14.
PROPERTY CONDITION, ALTERATIONS, INSPECTION, VALUATION AND APPRAISAL. Mortgagor will keep the Property in good condition and make
all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property.
Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not
substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant
or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against
Mortgagor, and of any loss or damage to the Property.

 

No
portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor
has the right to remove items of personal property comprising a part of the Property that become worn or obsolete, provided that such
personal property is replaced with other personal property at least equal in value to the replaced personal property, free from any title
retention device, security agreement or other encumbrance. Such replacement of personal property will be deemed subject to the security
interest created by this Security Instrument. Mortgagor will not partition or subdivide the Property without Lender's prior written consent.

 

Lender
or Lender's agents may, at Lender's option, enter the Property at any reasonable time and frequency for the purpose of inspecting, valuating,
or appraising the Property. Lender will give Mortgagor notice at the time of or before an on-site inspection, valuation, or appraisal
for on-going due diligence or otherwise specifying a reasonable purpose. Any inspection, valuation or appraisal of the Property will
be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection, valuation or appraisal for its own purpose,
except as otherwise provided by law.

 

15.
AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender
may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or
pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's
failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If
any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect
Lender's security interest in the Property, including completion of the construction.

 

16.
ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys and mortgages to Lender as additional security all the
right, title and interest in the following (Property).

 

A.
Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of
the Property, including but not limited to any extensions, renewals, modifications or replacements (Leases).

 

B.
Rents, issues and profits, including but not limited to security deposits, minimum rents, percentage rents, additional rents, common
area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages
following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses,
accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are
on account of the use or occupancy of the whole or any part of the Property (Rents).

 

In
the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security
agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies.
The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to
these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as
Mortgagor is not in default. Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains
Lender's written consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents
with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts
collected will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting, valuating, appraising and preserving
the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor
and Lender and effective as to third parties on the recording of this Assignment. As long as this Assignment is in effect, Mortgagor
warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable
law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require
all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or
fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with
the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, cancel,
or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's
consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent.
Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to
manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise,
Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to
exercise any of its remedies against any party obligated under the Leases.

 

    4

     

    

 

17.
DEFAULT. Mortgagor will be in default if any of the following events (known separately and collectively as an Event of Default) occur:

 

A.
Payments. Mortgagor fails to make a payment in full when due.

 

B.
Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any
debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence
by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition
or debtor relief law by or against Mortgagor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or
any other obligations Borrower has with Lender.

 

C.
Business Termination. Mortgagor merges, dissolves, reorganizes, ends its business or existence, or a partner or majority owner dies
or is declared legally incompetent.

 

D.
Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument.

 

E.
Other Documents. A default occurs under the terms of any other document relating to the Secured Debts.

 

F.
Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender.

 

G.
Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate,
or conceals a material fact at the time it is made or provided.

 

H.
Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor.

 

I.
Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority.

 

J.
Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change.

 

K.
Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as
it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section.

 

L.
Property Value. Lender determines in good faith that the value of the Property has declined or is impaired.

 

M.
Material Change. Without first notifying Lender, there is a material change in Mortgagor's business, including ownership, management,
and financial conditions.

 

N.
Insecurity. Lender determines in good faith that a material adverse change has occurred in Mortgagor's financial condition from the
conditions set forth in Mortgagor's most recent financial statement before the date of this Security Instrument or that the prospect
for payment or performance of the Secured Debts is impaired for any reason.

 

    5

     

    

 

18.
REMEDIES. On or after the occurrence of an Event of Default, Lender may use any and all remedies Lender has under state or federal
law or in any document relating to the Secured Debts. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added
to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available
on Mortgagor's default. Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal
and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this
Security Instrument in a manner provided by law upon the occurrence of an Event of Default or anytime thereafter.

 

All
remedies are distinct, cumulative and not exclusive, and Lender is entitled to all remedies provided at law or equity, whether or not
expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due
or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete
cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default
if it continues or happens again.

 

At
any time after default (whether before or after judgment), Lender may take possession of any collateral for the loan or obtain the appointment
of a receiver pursuant to SC Code §15-65-10, et seq. or otherwise as permitted by law. Any receiver shall be vested with all of
the powers, rights and duties of receivers generally. Lender or any receiver may collect any rents and profits from the collateral and
may rent, sell, operate or manage the collateral without notice to Mortgagor or any other party (Mortgagor waives any right to notice)
and without consideration of the value of the collateral or Mortgagor's solvency. All amounts collected by Lender or the receiver shall,
after the expenses of taking possession, renting, selling, operating and managing (and of any receivership), be applied to payment of
the loan. If Lender should take possession or if a receiver should be appointed or if there should be a sale of the collateral, Mortgagor,
or any person in possession of the collateral, shall become a tenant at will of Lender, the receiver or the purchaser and may be removed
by a writ of ejectment, summary ejectment or other lawful remedy.

 

19.
COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after the occurrence of an Event of Default, to the extent permitted by law, Mortgagor
agrees to pay all expenses of collection, enforcement, valuation, appraisal or· protection of Lender's rights and remedies under
this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay expenses for Lender to inspect,
valuate, appraise and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses
include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately.
If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in
effect as provided for in the terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code,
Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with
any bankruptcy proceedings initiated by or against Mortgagor.

 

20.
ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations,
ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment
or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant
which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment.
The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous
waste," "hazardous substance," or "regulated substance" under any Environmental Law.

Mortgagor
represents, warrants and agrees that:

 

A.
Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported,
manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and
in strict compliance with all applicable Environmental Law.

 

B.
Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit
the release of any Hazardous Substance on the Property.

 

C.
Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about
the Property or migrates or threatens to migrate from nearby property; or {2) there is a violation of any Environmental Law concerning
the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law.

 

    6

     

    

 

D.
Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is
any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or
about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender
in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In
such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies
of any documents relating to such proceedings.

 

E.
Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in
full compliance with any applicable Environmental Law.

 

F.
Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open
wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing.

 

G.
Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits,
licenses or approvals required by any applicable Environmental Law are obtained and complied with.

 

H.
Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records
at any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property;
(2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property;
or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law.

 

I.
Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to
prepare an environmental audit of the Property and to submit the results of such audit to Lender. The choice of the environmental engineer
who will perform such audit is subject to Lender's approval.

 

J.
Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense.

 

K.
As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and
hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup,
response and remediation costs, penalties and expenses, including without limitation all costs of litigation and attorneys' fees, which
Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security Instrument and
in return Mortgagor will provide Lender with collateral of at least equal value to the Property without prejudice to any of Lender's
rights under this Security Instrument.

 

L.
Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of this section will survive
any foreclosure or satisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender
of any or all of the Property. Any claims and defenses to the contrary are hereby waived.

 

21.
CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase
or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene
in Mortgagor's name in any of the above-described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for
damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed
of trust, security agreement or other lien document.

 

22.
INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will
maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument.
What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the
insurance company, subject to Lender's approval, which will not be unreasonably withheld.

 

    7

     

    

 

All
insurance policies and renewals shall include a standard "mortgage clause" (or "lender loss payable clause") endorsement
that names Lender as "mortgagee" and "loss payee". If required by Lender, all insurance policies and renewals will
also include an "additional insured" endorsement that names Lender as an "additional insured". If required by Lender,
Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts
and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The
rental loss or business interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required
escrow account deposits (if agreed to separately in writing).

 

Mortgagor
will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair
of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights
to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts.

 

Mortgagor
will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured, Lender may
obtain insurance to protect Lender's interest in the Property and Mortgagor will pay for the insurance on Lender's demand. Lender may
demand that Mortgagor pay for the insurance all at once, or Lender may add the insurance premiums to the balance of the Secured Debts
and charge interest on it at the rate that applies to the Secured Debts. This insurance may include lesser or greater coverages than
originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate
than Mortgagor could obtain if Mortgagor purchased the insurance. Mortgagor acknowledges and agrees that Lender or one of Lender's affiliates
may receive commissions on the purchase of this insurance.

 

23.
ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow.

 

24.
WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property.

 

25.
USE OF PROPERTY. Mortgagor shall not use or occupy the Property in any manner that would constitute a violation of any state and/or
federal laws involving controlled substances, even in a jurisdiction that allows such use by state or local law or ordinance. In the
event that Mortgagor becomes aware of such a violation, Mortgagor shall take all actions allowed by law to terminate the violating activity.

 

In
addition to all other indemnifications, obligations, rights and remedies contained herein, if the Lender and/or its respective directors,
officers, employees, agents and attorneys (each an "lndemnitee") is made a party defendant to any litigation or any claim is
threatened or brought against such lndemnitee concerning this Security Instrument or the related property or any part thereof or therein
or concerning the construction, maintenance, operation or the occupancy or use of such property, then the Mortgagor shall (to the extent
permitted by applicable law} indemnify, defend and hold each lndemnitee harmless from and against all liability by reason of said litigation
or claims, including attorneys' fees and expenses incurred by such lndemnitee in connection with any such litigation or claim, whether
or not any such litigation or claim is prosecuted to judgment. To the extent permitted by applicable law, the within indemnification
shall survive payment of the Secured Debt, and/or any termination, release or discharge executed by the Lender in favor of the Mortgagor.

 

Violation
of this provision is a material breach of this Security Instrument and thereby constitutes a default under the terms and provisions of
this Security Instrument.

 

26.
OTHER TERMS. The following are applicable to this Security Instrument:

 

A.
No Action by Lender. Nothing contained in this Security Instrument shall require Lender to take any action.

 

B.
Additional Terms. The Maturity Date of this Mortgage is October 1, 2028.

 

27.
APPLICABLE LAW. This Security Instrument is governed by the laws of South Carolina, the United States of America, and to the extent
required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal
law.

 

28.
JOINT AND SEVERAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations
of any other Mortgagor. Lender may sue each Mortgagor severally or together with any other Mortgagor. Lender may release any part of
the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. Mortgagor agrees that Lender
and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence
of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties
and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor.

 

    8

     

    

 

29.
AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument. may not be amended or modified by oral agreement. No amendment
or modification of this Security Instrument is effective unless made in writing. This Security Instrument and any other documents relating
to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable,
then the unenforceable provision will be severed and the remaining provisions will still be enforceable.

 

30.
INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for
convenience only and are not to be used to interpret or define the terms of this Security Instrument.

 

31.
NOTICE, ADDITIONAL DOCUMENTS AND RECORDING FEES. Unless otherwise required by law, any notice will be given by delivering it or mailing
it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated
in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will inform Lender in writing of any change
in Mortgagor's name, address or other application information. Mortgagor will provide Lender any other,. correct and complete information
Lender requests to effectively mortgage or convey the Property. Mortgagor agrees to pay all expenses, charges and taxes in connection
with the preparation and recording of this Security Instrument. Mortgagor agrees to sign, deliver, and file any additional documents
or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument
and to confirm Lender's lien status on any Property, and Mortgagor agrees to pay all expenses, charges and taxes in connection with the
preparation and recording thereof. Time is of the essence.

 

32.
WAIVER OF JURY TRIAL. All of the parties to this Security Instrument knowingly and intentionally, irrevocably and unconditionally, waive
any and all right to a trial by jury in any litigation arising out of or concerning this Security Instrument or any other documents
relating to the Secured Debts or related obligation. All of these parties acknowledge that this section has either been brought to the
attention of each party's legal counsel or that each party had the opportunity to do so.

.

    9

     

    

 

33.
SIGNATURES. By signing under seal, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also
acknowledges receipt of a copy of this Security Instrument.

 

	MORTGAGOR:	 	 
	 	 	 	 	 	 
	CHARLOTTE 3 PARK MHP LLC,	 	 
	a North Carolina limited liability company	 	 
	 	 	 	 	 	 
	By: Manufactured Housing Properties, Inc.	 	 
	Its: Sole Member	 	 
	 	 	 	 	 	 
	By: 	/s/
    Michael Z. Anise	 	Date:	04/14/2022	 
	 	Michael Z. Anise, President	 	 	 	 
	 	 	 	 	 	 
	 	/s/
    Chelsea Gee	 	Date: 	04/14/2022	 
	 	(Witness)	 	 	 	 
	 	 	 	 	 	 
	 	/s/
    Quinn Olliver	 	Date: 	04/14/2022	 
	 	(Witness)	 	 	 	 

 

ACKNOWLEDGEMENT

State
of South Carolina, County of York

 

I
Janalyn Bailey, a notary public, do hereby certify that Michael Z. Anise, President of Manufactured Housing Properties, Inc, a
member of Charlotte 3 Park MHP, LLC, a North Carolina limited liability company, personally appeared before me this day and acknowledged
the due execution of the foregoing instrument.

 

Witness
my hand and official seal this 14th day of April, 2022.

 

	 	/s/
    Janalyn Bailey 
	 	Notary Public
	(SEAL)	 
	 	 
	 	 
	My Commission Expires: 03/25/2024	 

 

     

     

    

 

EXHIBIT
A

 

LEGAL
DESCRIPTION

 

TRACT
1

 

A
TRACT OF LAND SITUATED IN YORK COUNTY, SOUTH CAROLINA, CITY OF YORK; SAID TRACT BEING THE SAME AS THAT RECORDED IN PLAT BOOK 34, PAGE
21, R.M.C. OFFICE OF AFORESAID COUNTY AND STATE; SAID TRACT BEING MORE PRACTICALLY DESCRIBED BY THE FOLLOWING METES AND BOUNDS, THE BEARINGS
OF WHICH ARE BASED ON SOUTH CAROLINA GRID:

 

COMMENCE
AT A 1/2-INCH REBAR AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY LINE OF HALL STREET (VARIABLE RIGHT-OF-WAY) WITH THE NORTHERLY RIGHT-OF-WAY
LINE OF WOOD STREET (VARIABLE RIGHT-OFWAY); THENCE S62°36'52”W ALONG SAID NORTHERLY RIGHT-OF-WAY LINE OF WOOD STREET FOR A
DISTANCE OF 200.05 FEET TO A l-INCH IRON PIPE AT THE SOUTHWESTERLY CORNER OF LANDS NOW OR FORMERLY OWNED BY TABERNACLE OF PARISE FULL
GOSPEL CHURCH (DB 12141 PG 112) AND THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUE ALONG SAID RIGHT-OF-WAY S62°34'15"W
FOR A DISTANCE OF 321.28 FEET; THENCE ALONG THE EASTERLY & NORTHERLY-WESTERLY BOUNDARY OF LANDS NOW OR FORMERLY OWNED BY ALAN WITHROW
TRUSTEE (DB 1003 PG 63); THENCE ALONG SAID WITHROW LANDS FOR THE FOLLOWING COURSES AND DISTANCES: N30°31'45"W FOR A DISTANCE
OF 120.00 FEET; S62°34'15"W FOR A DISTANCE OF 150.00 FEET; S30°31'45"E FOR A DISTANCE OF 120.00 FEET TO A IRON ROD;
THENCE S27°20'01"E ALONG WESTERLY RIGHT-OF-WAY LINE OF SAID WOOD STREET FOR A DISTANCE OF 39.21 FEET TO 1/2-INCH IRON ROD; THENCE
ALONG THE NORTH-NORTHWESTERLY LINES OF LANDS NOW OR FORMERLY OWNED BY LARKIN (DB 12141 PG 252) FOR THE FOLLOWING COURSES AND DISTANCES:
S61°02'38"W OR A DISTANCE OF 114.16 FEET TO A l-INCH IRON PIPE; S25°28'42"E FOR A DISTANCE OF 108.74 FEET TO A 1-INCH
IRON PIPE; THENCE S58°18'00"W ALONG THE NORTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY SAID LARKIN AND COCHRAN (DB 15878 PG
63) FOR A DISTANCE OF 179.33 FEET; THENCE S54°14'00"W ALONG THE NORTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY ROOT (DB 16614
PG 365) FOR A DISTANCE OF 126.72 FEET TO A l-INCH IRON PIPE IN THE CENTER OF AND OLD RAILROAD BED PRESENTLY KNOWN AS THE CAROLINA &
NORTHWESTERN RAIL TRAIL; THENCE ALONG SAID RAILROAD BED FOR THE FOLLOWING COURSES AND DISTANCES: N05°49'03”W FOR A DISTANCE
OF 337.84 FEET; N02°32'19"W FOR A DISTANCE OF 307.26 FEET; N03°51'48"W FOR A DISTANCE OF 73.17 FEET TO A 1/2-INCH IRON
ROD; NORTHERLY 401.03 FEET ALONG A,CURVE TO THE RIGHT, CONCAVE TO THE EAST, HAVING A CENTRAL ANGLE OF 18°32'49", A RADIUS OF
1238.87 FEET, AND A CHORD BEARING AND DISTANCE OF N02°55'03"E AND 399.28 FEET TO AN IRON ROD WITH AEI CAP ON THE SOUTHERLY RIGHT-OF-WAY
LINE OF N. CONGRESS STREET (VARIABLE RIGHT-OF-WAY); THENCE ALONG THE WESTERLYSOUTHERLY LINES OF LANDS NOW OR FORMERLY OWNED BY NORMAN
(DB 15601 PG 217) FOR THE FOLLOWING COURSES AND DISTANCES: S48°17'49"E FOR A DISTANCE OF 58.32 FEET TO 3/4-INCH IRON PIPE; S43°09'44"E
FOR A DISTANCE OF 350.27 FEET TO A 5/8-INCH IRON ROD; N47°17'03"E FOR A DISTANCE OF 162.98 FEET TO A 5/8 INCH REBAR; THENCE
N52°45'29"E ALONG THE SOUTHERLY LINE OF LANDS NOW OR FORMERLY OWNED BY KURTH (DB 15864 PG 294), ROBINSON (DB 1311 PG 11), AND
MCDOWELL (DB 16232 PG 312) FOR A DISTANCE OF 329.18 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF SAID HALL STREET; THENCE S29°40'38"E
ALONG SAID HALL STREET RIGHT-OF-WAY LINE FOR A DISTANCE OF 330.33 FEET TO A 1/2·INCH IRON ROD; THENCE ALONG THE NORTHERLYWESTERLY
BOUNDARY OF SAID TABERNACLE CHURCH LANDS FOR THE FOLLOWING COURSE AND DISTANCES: S62"06'38"W FOR A DISTANCE OF 202.35 FEET
TO A 2-INCH IRON PIPE; S27°37'52"E FOR A DISTANCE OF 197.51 FEET TO THE POINT OF BEGINNING OF SAID TRACT.

 

SAID
TRACT CONTAINING 11.219 ACRES AS DEPICTED ON AN ALTA/NSPS LAND TITLE SURVEY PREPARED BY AEI CONSULTANTS (JOB 408173).

 

     

     

    

 

TRACT
2

 

A
TRACT OF LAND SITUATED IN YORK COUNTY, SOUTH CAROLINA, CITY OF YORK; SAID TRACT BEING THE SAME AS THAT RECORDED IN PLAT BOOK 34, PAGE
21, R.M.C. OFFICE OF AFORESAID COUNTY AND STATE; SAID TRACT BEING MORE PRACTICALLY DESCRIBED BY THE FOLLOWING METES AND BOUNDS, THE BEARINGS
OF WHICH ARE BASED ON SOUTH CAROLINA GRID:

 

COMMENCE
AT A 1/2-INCH REBAR AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY LINE OF HALL STREET (VARIABLE RIGHT-OF-WAY) WITH THE NORTHERLY RIGHT-OF-WAY
LINE OF WOOD STREET (VARIABLE RIGHT-OFWAY); THENCE ALONG THE NORTH-NORTHWESTERLY RIGHT-OF-WAY LINE OF SAID WOOD STREET FOR THE FOLLOWING
COURSES AND DISTANCES: S62°36'52"W ALONG SAID NORTHERLY RIGHT-OF-WAY LINE OF WOOD STREET FOR A DISTANCE OF 200.05 FEET TO A
1-INCH IRON PIPE AT THE SOUTHWESTERLY CORNER OF LANDS NOW OR FORMERLY OWNED BY TABERNACLE OF PARISE FULL GOSPEL CHURCH (DB 12141 PG 112);
S62°34'15"W FOR A DISTANCE OF 321.28 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUE ALONG SAID
RIGHT-OF-WAY S62°34'15"W FOR A DISTANCE OF 150.00 FEET TO A 1/2-INCH ROD; THENCE ALONG THE EASTERLYSOUTHERLY-WESTERLY BOUNDARY
OF LANDS NOW OR FORMERLY OWNED BY MEADOWBROOK MHP (DB 913 PG 208) FOR THE FOLLOWING COURSES AND DISTANCES: N30°31'45"W FOR A
DISTANCE OF 120.00 FEET; N62°34'15"E FOR A DISTANCE OF 150.00 FEET; S30°31'45"E FOR DISTANCE OF 120.00 FEET TO THE
POINT OF BEGINNING OF SAID TRACT.

 

SAID
TRACT CONTAINING 0.413 ACRES AS DEPICTED ON AN ALTA/NSPS LAND TITLE SURVEY PREPARED BY AEI CONSULTANTS (JOB 408173).

 

DERIVATION:
This being the same property conveyed to Charlotte 3 Park MHP LLC by deed from CHR VIII-PCP MHC Charlotte Meadowbrook, LLC, dated December
17, 2021, and recorded December 28, 2021 in Record Book 19876, Page 1, York County Registry.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]