Document:

REVOLVING LINE OF CREDIT

 

MAXIMUM PRINCIPAL AMOUNT:

 

DEMAND REVOLVING LINE OF CREDIT NOTE

 

FOR VALUE RECEIVED,
the Undersigned, Palmer-Mapletree LLC, a Delaware limited liability company with its principal place of business at 9 East 40th
Street, Suite 900, New York, New, York (the "Borrower"), promise(s) to pay to the order of Country Bank for Savings ("Lender"),
at the Lender's main office presently located at 75 Main Street, Ware, Hampshire County, Massachusetts, or such other place as
Lender may designate in writing, ON DEMAND, the principal sum of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00), or, if
greater or lesser, the (then) total unpaid principal balance due Lender (as reflected by the Lender's books and records) as a result
of loans hereafter made by Lender to the Undersigned under this Note from time to time, plus all interest and other charges due
Lender hereunder.

 

Interest upon all loans
advanced under this Note shall, from the date of the advance and until repaid, accrue at an adjustable rate of interest floating
at one and 00/100 percent (1.00%) per annum over Lender's Prime Rate (as hereinafter defined) and shall be payable monthly in arrears,
commencing one (1) month from the date hereof and on the same day of each month thereafter, without demand. "Prime Rate"
as used herein shall mean the "Prime Rate" as identified and published by the Wall Street Journal under
its listing of Money Rates (and where more than one "Prime Rate" is so published, the highest rate shall be used herein).
Each change in such interest rate shall take effect simultaneously with the corresponding change in such Prime Rate. If the above
Prime Rate index should no longer become available, Lender shall select a new index which is based upon comparable information
and shall notify the Undersigned of the change. Interest hereunder shall be computed on the basis of a three hundred sixty (360)
day year and shall accrue and be paid for the actual number of days any principal hereunder remains unpaid. Funds advanced to Borrower
will be utilized by Borrower and its sole member Presidential Realty Corporation for working capital or other business purposes.

 

In accordance with
the terms hereof, Lender shall consider the Undersigned's requests from time-to-time for loans hereunder, and Lender may from time-to-time
make such loans to the Undersigned, at Lender's sole and exclusive discretion. The aggregate amount of all loans or advances (plus
any amounts added to principal pursuant to the terms of this Note) made by Lender to Undersigned hereunder, less all payments and
credits which Lender has applied against principal under the terms of this Note, shall constitute the unpaid principal balance
due Lender hereunder, while the total amount of the Undersigned's indebtedness to Lender by reason of loans, advances, and other
appropriate charges, including interest, under this Note, less all payments and credits which Lender has applied against the indebtedness
under the terms of this Note, shall constitute the total unpaid balance due Lender hereunder. The Lender's books and records shall
at all times constitute prima facie evidence of all amounts due Lender. At least once each month, Lender shall render a statement
of account for the amounts due Lender hereunder, which statement shall be considered correct, accepted by, and conclusively binding
upon the Undersigned, unless the Undersigned submits a written objection within fifteen (15) days from the date the statement is
mailed to the Undersigned.

 

    	 

    	 

    
 

It will be within the
continuing, sole and exclusive discretion of Lender whether to make or continue to make loans of any amount under this Note. At
no time shall the Undersigned be entitled to any loans or advances which cause the unpaid principal balance hereunder to exceed
the stated maximum principal amount hereof, and if at any time such excess does arise, the Undersigned shall pledge, assign, and
transfer to Lender additional collateral or shall pay cash to Lender to be credited to the total unpaid balance hereof in such
an amount as may be necessary to eliminate this excess. However, nothing herein shall be construed to restrict Lender, in its sole
and exclusive discretion, from making advances in excess of the stated maximum principal amount or from waiving any requirements
upon collateral herein, without modification hereof or the execution of any additional note(s), and by so doing at any time, Lender
does not waive its right to insist upon strict compliance with the terms hereof at any other time and to further rely upon all
collateral secured to it for satisfaction of all obligations of the Undersigned to Lender, without exception.

 

The Undersigned agree
that Lender, in its sole and exclusive discretion, may make loans hereunder to the Undersigned upon verbal or written authority
from any person representing to have authority to act on behalf of the Undersigned and may deliver loans hereunder to the Undersigned
by direct deposit to any demand deposit account of the Undersigned with Lender, or as otherwise instructed.

 

If any payment required
hereunder is more than fifteen (15) days overdue, (in addition to the interest accruing hereunder) a late charge of five percent
(5.00%) of the overdue payment shall be charged to the Undersigned and be immediately due and payable to Lender. Any payment having
a due date falling upon a legal holiday or a day during which Lender is not open for business shall be due and payable on the next
business day for which Lender is open for business, and interest shall continue to accrue during the extended period.

 

The Undersigned hereby
authorizes Lender to debit from any account(s) of the Undersigned with Lender, at any time, any interest or other charges due Lender
hereunder, upon prior notice to the Undersigned.

 

Any interest or other
charges hereunder, if not paid when due, may, at Lender's option and without prior notice to the Undersigned be added to the principal
balance due hereunder, with interest likewise accruing thereon at the rates set forth herein.

 

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Any payments received
by Lender with respect to this Note shall be applied first to any charges, or expenses (including attorneys’ fees) due Lender
from the Undersigned, second to any unpaid accrued interest hereunder, and third to the unpaid principal hereunder.

 

If any payment received
by Lender with respect to this Note shall be deemed by a court of competent jurisdiction to have been a voidable preference or
fraudulent conveyance under federal or state law, or otherwise due any party other than Lender, then the obligation for which the
payment was made shall not be discharged by the payment and shall survive as an obligation due hereunder, notwithstanding the Lender's
return to the Undersigned or any other party of the original of this Note or other instrument evidencing the obligation for which
payment was made.

 

Upon the occurrence
of a default hereunder, interest upon the total unpaid principal hereunder shall thereafter, at Lender's option, without notice
to Undersigned, and until payment in full of all obligations hereunder, accrue at a rate ("Default Rate") equal to the
lesser of (a) the highest interest rate permitted by applicable law or (b) five percent (5.00%) per annum above the interest rate
then in effect hereunder at the time of the default.

 

It is not intended
under this Note to charge interest at a rate exceeding the maximum rate of interest permitted to be charged under applicable law,
but if interest exceeding said maximum rate should be paid hereunder, the excess shall, at Lender's option, be (a) deemed a voluntary
prepayment of principal not subject to the prepayment premium (if any) set forth herein or (b) refunded to the Undersigned.

 

The following described
property, in addition to all other collateral now or hereafter provided by the Undersigned to Lender, shall secure this Note and
all other present or future obligations of the Undersigned to Lender: 20 Wilbraham Street, Palmer, Hampden County, Massachusetts.

 

As additional collateral
for the payment and performance of this Note and all other obligations, whether now existing or hereafter arising, of the Undersigned
to Lender, Lender shall at all times have and is hereby granted a security interest in and right of offset against all cash, deposit
balances and/or accounts, instruments, securities, or other property of the Undersigned, and of any endorser or guarantor hereof,
now or hereafter in the possession of Lender, whether for safekeeping or otherwise. This right of offset shall permit Lender at
any time and without notice to the Undersigned or any endorser or guarantor hereof, to transfer such funds or property as may be
deemed by Lender to be appropriate so as to reduce or satisfy any obligation of the Undersigned to the Bank, whether or not such
obligation is then due.

 

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All unpaid principal,
interest, and other amounts due under this Note shall at all times be immediately due and payable UPON DEMAND (whether or not scheduled
payments required hereunder have been timely made), and this Note shall be IN DEFAULT upon the failure of the Undersigned to pay
immediately any amount due hereunder, once demand is made.

 

The Undersigned, and
each endorser and guarantor hereof, respectively (a) waive presentment, demand, notice, protest, and delay in connection with the
delivery, acceptance, performance, collection, and enforcement of this Note, and (b) assent to any extension, renewal, modification,
or other indulgence permitted by Lender with respect to this Note, including, without limitation, any release, substitution, or
addition of co-makers, endorsers, or guarantors of this Note and any release, substitution, or addition of collateral securing
this Note or any other obligations of the Undersigned, or any such endorsers or guarantors, to Lender, and (c) authorize Lender,
in its sole and exclusive discretion and without notice to the Undersigned, or any endorser or guarantor hereof, to complete this
Note if delivered incomplete in any respect.

 

No indulgence, delay
or omission by Lender in exercising or enforcing any of its rights or remedies hereunder shall operate as a waiver of any such
rights or remedies or of the right to exercise them at any later time. No waiver of any default hereunder shall operate as a waiver
of any other default hereunder or as a continuing waiver. The Lender's acceptance of any payment hereunder, following any default,
shall not constitute a waiver of such default or of any of the Lender's rights or remedies hereunder (including charging interest
at the Default Rate), unless waived in writing by Lender.

 

All of the Lender's
rights and remedies hereunder and under any other related loan documents shall be cumulative and may be exercised singularly
or concurrently, at the Lender's sole and exclusive discretion.

 

The Undersigned jointly
and severally agree to pay on demand all costs and expenses, including, but not limited to, reasonable attorney's fees, incurred
by Lender in connection with the protection and/or enforcement of any of Lender's rights or remedies hereunder, whether or not
any suit has been instituted by Lender.

 

The word "Lender"
where used herein shall mean the named payee, its successors, assigns, affiliates, and endorsees (and/or the holder of this Note
if, at any time, it is made payable to bearer), all of whom this Note shall inure to their benefit as holders in due course.

 

The word "Undersigned"
where used herein includes the Borrower(s), any and all makers and co-makers hereof, and their respective heirs, successors, assigns,
and representatives, all of whom, along with each endorser and guarantor of this Note, and their respective heirs, successors,
assigns, and representatives, shall be jointly and severally liable hereunder. Any reference herein to the Undersigned is a reference
to such party or parties individually as well as collectively.

 

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The use of masculine
or neuter genders hereunder shall be deemed to include the feminine, and the use of the singular or the plural herein shall be
deemed to include the other, as the context may require.

 

The Undersigned represents
that the proceeds of this Note will not be used for personal, family, or household purposes and that this loan is strictly a commercial
transaction.

 

The Undersigned, at
its own expense, shall provide Lender with such financial statements and other information as Lender may from time-to-time require.

 

This Note shall be
governed by the laws of the Commonwealth of Massachusetts, and the Undersigned, and each endorser and guarantor hereof, submit
to the jurisdiction of its courts with respect to all claims concerning this Note or any collateral securing it.

 

ALL PARTIES TO THIS
NOTE, INCLUDING LENDER, HEREBY EXPRESSLY WAIVE ALL RIGHTS TO TRIAL BY JURY, AS TO ALL ISSUES, INCLUDING ANY COUNTERCLAIMS, WITHOUT
EXCEPTION, IN ANY ACTION OR PROCEEDING RELATING, DIRECTLY OR INDIRECTLY, TO THIS NOTE AND/OR OTHER INSTRUMENTS OR LOAN DOCUMENTS
(IF ANY) EXECUTED IN CONNECTION HEREWITH.

 

This Note constitutes
a final written expression of all of its terms and is a complete and exclusive statement of those terms. Any modification or waiver
of any of these terms must be in writing signed by the party against whom the modification or waiver is to be enforced.

 

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THE UNDERSIGNED ACKNOWLEDGES
THAT THIS NOTE IS A DEMAND NOTE AND THE RIGHT OF THE LENDER TO DEMAND PAYMENT OF THIS NOTE IN WHOLE OR IN PART AT ANY TIME SHALL
BE ABSOLUTE, UNCONDITIONAL AND IN THE SOLE DISCRETION OF THE LENDER.

 

The Undersigned agree
to be bound by the terms of this Note and acknowledge receipt of a signed copy hereof.

 

Signed as a sealed instrument this 8th
day of June, 2012.

 

	Witness:	 	Palmer-Mapletree LLC	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Nickolas W. Jekogian, III	 
	 	 	 	Nickolas W. Jekogian, III, Manager	 
	 	 	 	 	 
	 	 	By:	/s/ Alexander Ludwig	 
	 	 	 	Alexander Ludwig, Manager	 

 

    	6MORTGAGE AND SECURITY AGREEMENT

 

This Mortgage and Security
Agreement (collectively, the "Mortgage") is made and entered into as of this 8th day of June, 2012, by Palmer-Mapletree
LLC, a Delaware limited liability company with its principal place of business at 9 East 40th Street, Suite 900, New
York, New, York (the "Mortgagor") in favor of Country Bank for Savings, a Massachusetts banking institution with a principal
place of business at 75 Main Street, Ware, Hampshire County, Massachusetts (the "Mortgagee").

 

		I.	GRANT OF MORTGAGE AND SECURITY INTEREST

 

		1.01	For good and valuable consideration, and in order to secure the prompt and complete payment and
performance of any and all charges, debts, claims, agreements, liabilities and obligations of Mortgagor to Mortgagee of every kind,
nature and description, whether now existing or hereafter arising, absolute or contingent, direct or indirect, and whether as maker
or otherwise, including, without limitation, (i) the payment of a Commercial Note of even date in the principal amount of $500,000.00;
(ii) the payment of a Demand Revolving Line of Credit Note in the principal amount of $500,000.00; and (iii) all terms, covenants
and agreements contained in this Mortgage, (collectively, the "Obligations"), Mortgagor does hereby grant to Mortgagee,
with MORTGAGE COVENANTS, the land, with all buildings and improvements now or hereafter thereon, located at 20 WILBRAHAM STREET,
PALMER, HAMPDEN COUNTY, MASSACHUSETTS, as more particularly described in Exhibit A annexed hereto, and with all easements,
covenants, agreements and rights which are appurtenant to or benefit such land, and also including any item of Related Personal
Property (as hereinafter defined) constituting a fixture under the Uniform Commercial Code as enacted in the Commonwealth of Massachusetts
(collectively, the "Real Property") and pledges and assigns to Mortgagee, and grants to Mortgagee a security interest
in, all right, title and interest of Mortgagor in and to all tangible and intangible personal property (whether now existing or
hereafter acquired or arising, and wherever located) upon, concerning or in any way relating to the Real Property, including, without
limitation, (i) all fixtures, machinery, equipment, furniture, inventory, building supplies, appliances and other personal property,
including but not limited to, all furnaces, ranges, heaters, plumbing goods, gas and electric fixtures, screens, screen doors,
mantels, shades, storm doors and windows, awnings, oil burners and tanks or other equipment, gas or electric refrigerators and
refrigerating systems, ventilating and air conditioning apparatus and equipment, doorbell and alarm systems, sprinkler and fire
extinguishing systems, portable or sectional buildings, and all fixtures of whatever kind or nature now or hereafter contained
in or on the Real Property; (ii) all machinery, equipment, furniture, fixtures, accounts, general intangibles, instruments, documents,
chattel paper, inventory, building materials or supplies, and appliances used or useful in the construction, operation, maintenance
or occupation of the Real Property; (iii) all leases, contracts or agreements relating to the lease, rental, hire or use by Mortgagor
of any of the aforementioned personal property; (iv) all leases, tenancies, occupancies and license arrangements pertaining to
the Real Property or any portion thereof, and all guaranties and security relating thereto; (v) all rents, issues, profits and
other benefits from the Real Property, any of the above described personal property, and any of the leases, tenancies, occupancies,
license arrangements and rental agreements relating thereto; (vi) all contracts, agreements, licenses, permits and approvals, privileges,
warranties and representations relating to the use, operation, management, construction, repair or service of any of the Real Property
or personalty described above; (vii) any and all agreements to sell the Real Property or any portion thereof; (viii) all funds
held by Mortgagee as tax or insurance escrow payments or for other purposes; (ix) all insurance policies and all proceeds or unearned
insurance premiums relating thereto; (x) all claims, awards, damages, proceeds or refunds from any federal, state or local condemnation
or other taking of, and all municipal tax abatements relating to, any or all of the Real Property or any personalty relating thereto;
(xi) all construction contracts, subcontracts, architectural agreements, labor, material and payment bonds, guaranties and warranties,
and plans and specifications relating to the construction of improvements upon the Real Property, and (xii) all proceeds, products,
substitutions and accessions to any of the foregoing (collectively, the "Related Personal Property"). The Real Property
and all Related Personal Property shall hereinafter be collectively referred to as the "Collateral".

 

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		1.02	It is expressly intended by Mortgagor that this Mortgage shall at all times secure all of the Obligations,
whether now existing or hereafter incurred by future advance or otherwise, whether or not any of the Obligations are related to
the present transaction pertaining to this Mortgage or contemplated by Mortgagor or Mortgagee at the time of this Mortgage, and
whether or not this Mortgage is referenced within any document evidencing any of such Obligations. To the extent any of the Obligations
shall be that of less than all parties constituting the Mortgagor herein, any such co-mortgagor not liable for any of such Obligations
hereby expressly hypothecates his/her/its ownership interest in the Collateral to the extent of all Obligations. It is also intended
that the lien of this Mortgage shall at all times take priority over any other lien hereafter granted by Mortgagor upon any of
the Collateral, whether or not the Obligations secured hereby are incurred prior to or after the grant of such junior lien.

 

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		II.	REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Mortgagor hereby further covenants,
warrants and agrees with Mortgagee as follows:

 

		2.01	Mortgagor shall pay when due, and fully and promptly perform all of the provisions, agreements
and covenants of, the Obligations.

 

		2.02	Mortgagor is, and shall hereafter remain, the owner of the Collateral free and clear of all liens
and encumbrances, except for the mortgage and security interest created hereby and liens for real estate taxes and municipal betterments
not yet due and payable. Mortgagor has the full right, power, and authority to execute and deliver this Mortgage. Mortgagor shall
defend the Collateral and Mortgagee forever against all claims and demands of all persons and indemnify Mortgagee against any losses
or expenses resulting from such claims and demands.

 

		2.03	Mortgagor shall pay when due all taxes, charges for water, sewer and other municipal services,
and assessments, now or hereafter assessed or imposed against any of the Collateral, any interest therein, or any obligations secured
thereby. Mortgagor shall deliver to Mortgagee, upon request, evidence of such payments.

 

		2.04	At Mortgagee's request, Mortgagor shall pay monthly, in addition to any other payment due upon
the Obligations, an amount equal to one-twelfth (1/12) of the estimated yearly taxes, assessments and other charges which may be
levied against the Collateral. Such funds shall be held by Mortgagee, without obligation to pay interest thereon and free of liens
and claims of all other creditors of Mortgagor, to pay such taxes, assessments and charges when due, but only to the extent of
such funds actually held by Mortgagee. Such funds shall not be, nor deemed to be, trust funds but may at any time be commingled
with the general funds of Mortgagee. Such funds are pledged as additional security for the Obligations and may at any time be applied,
at Mortgagee's option and without notice to Mortgagor, to the payment of the Obligations. If at any time the funds held by Mortgagee
hereunder shall be less than the amount deemed necessary by Mortgagee to pay such taxes, assessments and charges when due, Mortgagor
shall pay to Mortgagee, within five (5) days after notice from Mortgagee to Mortgagor requesting payment thereof, any amount necessary
to make up the deficiency.

 

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		2.05	Mortgagor, at his own expense, shall keep the Collateral, other than intangible property, insured
at all times against fire and all other casualties and contingencies as Mortgagee shall require, and by such insurance companies,
in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are acceptable
to Mortgagee, in its sole and exclusive discretion. Mortgagor shall deposit all such policies and/or certificates evidencing such
coverages with Mortgagee on the binding thereof and shall deliver, at least thirty (30) days before the expiration, new policies
and certificates for any coverage about to expire. All such insurance policies shall be first payable in case of loss to Mortgagee
pursuant to standard mortgagee and loss payee clauses in favor of Mortgagee and shall provide that such policies shall not be cancelled
or amended without at least thirty (30) days prior written notice to Mortgagee. In the event of any loss or damage to any of the
Collateral, Mortgagor shall immediately notify Mortgagee and the insurer in writing. Mortgagor irrevocably authorizes and empowers
Mortgagee as attorney in fact for Mortgagor, at Mortgagee's option and sole discretion, to settle and adjust any claim under such
insurance polices, to appear and prosecute any action arising therefrom, and to collect and receive all proceeds thereof unless
the casualty is under $50,000 in which case Mortgagor may settle without Mortgagee’s consent. Mortgagor further authorizes
Mortgagee, at Mortgagee's option, to apply such proceeds to the Obligations or to make such proceeds available, upon such terms
and conditions as Mortgagee shall determine, for the repair, restoration or replacement of Collateral. Mortgagor also authorizes
and empowers Mortgagee, at Mortgagee's option, following any Event of Default (as hereinafter defined) under this Mortgage, to
cancel or transfer any insurance policy and/or to retain unearned premiums for application to the Obligations.

 

		2.06	Mortgagor shall (i) not commit or permit any physical waste of the Collateral; (ii) keep the Collateral
in good operating order and condition at all times; (iii) restore or repair promptly, fully and in a good workmanlike manner the
Collateral after any damage or loss thereto; (iv) comply at all times with all laws, ordinances, regulations, requirements and
restrictions applicable to the Collateral; and (v) not remove any of the Related Personal Property (unless replaced with equal
or better Related Personal Property) or demolish or materially alter any improvements to the Real Property. Mortgagee may, at Mortgagor's
sole expense, make or cause to be made reasonable entries upon the Real Property for inspections of the Collateral during normal
business hours or at any other time when necessary to protect and preserve any of the Collateral.

 

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		2.07	Mortgagor represents and warrants to Mortgagee that, except for the environmental conditions disclosed
in writing to Mortgagee, no condition, activity or conduct exists on or in connection with any of the Collateral which violates
any Environmental Law (as hereinafter defined), that no Hazardous Material (as hereinafter defined) was ever, or is now, stored
or otherwise present (except in compliance with all Environmental Laws), or disposed of, upon the Real Property, that there has
been no release, or threat of release, or any Hazardous Material upon, into or from any of the Collateral, or upon, into or from
any premises adjacent to the Real Property, and that Mortgagor has not received any notice of any such release or threat of release
or of any violation of any Environmental Law. Mortgagor shall at all times comply with all Environmental Laws, shall not store
(except in the ordinary course of Mortgagor's business and in compliance with all Environmental Laws) or otherwise allow the presence
of Hazardous Material upon, in or from any of the Collateral, and shall not dispose or release, or allow the disposal or release
by any other party, of any Hazardous Materials upon, into or from any of the Collateral. Upon receiving notice or obtaining knowledge
of the presence, release or threat of release of any Hazardous Material upon, into or from any of the Collateral, or of any violation
of any Environmental Law, Mortgagor shall immediately notify Mortgagee in writing. Upon Mortgagee's request from time to time,
Mortgagor shall, at Mortgagor's sole expense, take all such action, including, without limitation, the conducting of engineering
tests and response actions, to confirm the absence of any Hazardous Material on, in, under or emanating from any of the Collateral,
and if such Hazardous Material is present, to assess, contain and remove any such Hazardous Material. Mortgagor agrees, at Mortgagor's
sole cost and expense, to indemnify, defend and hold harmless Mortgagee from and against any and all losses, liabilities, and/or
expenses incurred by Mortgagee and arising directly or indirectly from (i) the presence and/or release of Hazardous Material upon,
into or from any of the Collateral; (ii) the violation of any Environmental Law; (iii) the Mortgagor's failure to comply with the
terms and conditions of this section and/or Mortgagor's breach of any warranty or representation made herein; and/or (iv) Mortgagee's
enforcement of this section, including, without limitation, the costs of assessment, containment and/or removal of any Hazardous
Material from all or any portion of the Real Property or any surrounding area and/or the costs incurred to effectuate compliance
with all Environmental Laws. For purposes of this section, "Environmental Law" or "Environmental Laws" shall
mean all federal, state and local laws and regulations, or any judicial or administrative decree or decision, whether now existing
or hereafter enacted, promulgated or issued with respect to the use, storage, disposal, transportation, release, or threat of release,
of hazardous or toxic materials or substances, including, without limitation, the Massachusetts Oil and Hazardous Material Release
Prevention Response Act (M.G.L. Chapter 21E), as from time to time amended, and "Hazardous Material" or substances constituting
hazardous or toxic materials or substances under any Environmental Law, including, without limitation, asbestos, urea formaldehyde
insulation, and leaded paint. All representations, warranties and indemnities set forth in this section shall survive the payment
and performance of the Obligations and shall not merge with any deed given by Mortgagor to Mortgagee in lieu of foreclosure or
any deed under a power of sale. All such warranties, representations and indemnities shall, without notice to or further consent
of Mortgagor, be assignable to Mortgagee's successors and assigns in any subsequent purchase of all or any portion of the Collateral
by, through or under Mortgagee.

 

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		2.08	Mortgagor shall maintain at all times true and complete books and records reflecting the results
of the operation of the Collateral and copies of all written contracts, leases and other instruments affecting the Collateral.
All books and records, contracts, leases and other instruments shall be subject to examination and copying by Mortgagee at any
reasonable time by Mortgagee and at Mortgagor's sole expense.

 

		2.09	That, except as agreed to in writing by Mortgagee, the legal or beneficial ownership of the Real
Property or any part thereof or interest therein will not at any time become vested in a person or entity other than Mortgagor.
The foregoing shall include, without limitation, the sale, transfer, assignment or other conveyance of the Real Property, the sale,
transfer or conveyance (whether voluntary or by operation of law) of legal, partnership, stock or beneficial interest in and/or
of Mortgagor, or security interests, except this Mortgage, without, in each instance, prior written approval of Mortgagee. Notwithstanding
the foregoing, transfers or issuance of shares of stock in Presidential Realty Corporation, the sole member of Borrower, shall
not require the consent of Mortgagee. If the legal or beneficial ownership of the Real Property or any part thereof or any interest
therein does become vested in a person or entity other than Mortgagor, Mortgagee may, without notice to Mortgagor, deal with such
successor(s) in interest with reference to this Mortgage and the Obligations secured hereby, and in the same manner as with Mortgagor,
without in any way vitiating or discharging Mortgagor's liability hereunder or under the Obligations secured hereby.

 

		2.10	Mortgagor will from time to time do all such things and execute such documents as Mortgagee may
reasonably request in order to carry into effect the provisions and intent of this Mortgage and to protect, perfect and maintain
Mortgagee's interest in and to the Collateral.

 

		2.11	Mortgagor is not in default under any terms or conditions of any lease or tenancy upon any of the
Real Property and shall, at all times, perform all Obligations of Mortgagor under any and all such leases or tenancies, with all
such leases and tenancies, and all rents and profits relating thereto, remaining assigned hereby to Mortgagee as additional security
for the Obligations. Mortgagor will not, without Mortgagee's prior written consent, (i) accept any prepayment of any rent or other
amount due upon any lease or tenancy, except for the current month's rent; (ii) modify, in any material respect, any provision
of, or cancel or terminate, any lease or tenancy; or (iii) enter into any lease or tenancy. Upon Mortgagee's request, Mortgagor
shall take all action necessary to obtain agreements (in form and substance satisfactory to Mortgagee) from each tenant subordinating
such lease or tenancy to the lien of this Mortgage.

 

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		2.12	Mortgagor is, and shall at all times remain, in full compliance with all federal and state laws
and regulations (including, without limitation, Section 15B of Chapter 186 of Massachusetts General Laws, as from time to time
amended) governing security deposits and last month's rents relating to any lease or tenancy upon the Real Property. Mortgagor
agrees, at Mortgagor's sole cost and expense, to indemnify, defend and hold harmless Mortgagee from and against any and all losses,
liabilities and/or expenses incurred by Mortgagee in connection with any failure by Mortgagor to comply fully with such laws and
regulations. This indemnity shall survive the payment and performance of the Obligations and/or any release of this Mortgage.

 

		2.13	If any of the Collateral shall be damaged or taken through condemnation, or any conveyance in lieu
thereof, Mortgagor authorizes Mortgagee, at Mortgagee's option, as irrevocable attorney in fact for Mortgagor, to commence, appear
in and/or prosecute, in Mortgagor's or Mortgagee's name, any action or proceeding leading to such condemnation or other taking
of the Collateral and to settle or compromise any claim in connection thereto. The proceeds of any award or claim for damages in
connection with such condemnation or any other taking, or for conveyances in lieu of condemnation, are hereby assigned and shall
be paid to Mortgagee to be applied, after deduction of Mortgagee's costs and expenses incurred in collecting such amounts, at Mortgagee's
option, to the payment of the Obligations, whether or not then due, and/or to the restoration or repair of the Collateral, with
the balance, if any, to Mortgagor.

 

		2.14	If any portion of the Real Property shall constitute a unit in a condominium or planned unit development,
Mortgagor shall at all times perform all of Mortgagor's obligations under the declaration, covenants and/or other constituent documents
creating or governing such condominium or planned unit development, including, without limitation, all by-laws and regulations
of the condominium or planned unit development.

 

		2.15	If Mortgagor shall fail to perform any of the covenants or agreements contained in this Mortgage,
Mortgagee may (in addition to any other right to remedy available to Mortgagee hereunder or otherwise) from time to time, and at
Mortgagee's option and without obligation to do so, disburse such amounts and take such action as Mortgagee may deem necessary
to effectuate compliance with Mortgagor's covenants and agreements herein, including, but not limited to, paying any taxes or insurance
premiums, the payment of which is then due, satisfying any liens or encumbrances on any part of this Collateral, or entering upon
the Real Property to make repairs or complete improvements. All amounts so expended or incurred by Mortgagee shall be included
in the Obligations of Mortgagor to Mortgagee, shall be payable upon demand, and shall accrue interest at the highest rate applicable
to any of the Obligations.

 

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		III.	EVENTS OF DEFAULT

 

		3.01	The term "Event of Default" as used in this Mortgage shall mean any one or more of the
following conditions or events: (i) the failure of Mortgagor to pay any amount required to be paid under this Mortgage within ten
(10) days of when due or the failure to pay when due any of the other Obligations after the expiration of any applicable grace
period; (ii) the failure of Mortgagor to perform any term, covenant, obligation or agreement contained in this Mortgage or any
other agreement with the Mortgagee, provided, however, in the event of any non-monetary default under this Mortgage which does
not pose an imminent danger to any of the Collateral and provided such default is capable of being cured within thirty (30) days
(as determined by the Mortgagee), the Mortgagor shall have thirty (30) days after written notice thereof to fully cure such default;
(iii) the occurrence of any default under, or breach of, any term or condition of this or any other mortgage, note and/or security
agreement, guaranty or any other agreement between the Mortgagee and the Mortgagor or any guarantors of the Mortgagor, after the
expiration of any applicable grace or cure period; (iv) the Mortgagee’s determination that any representation made by the
Mortgagor to the Mortgagee at any time was not true or accurate in any material respect when given; (v) the granting of any trust
mortgage upon any assets of Mortgagor, the occurrence of any assignment for the benefit of Mortgagor's creditors, or the appointment
of a custodian, trustee or receiver with respect to any assets of Mortgagor, or the filing of any petition by or against Mortgagor
under the Bankruptcy Reform Act of 1978 (as amended) or any other federal or state law by which Mortgagor is or may be relieved
from its debts, provided however, the Mortgagor shall have forty-five (45) days to effect a final dismissal of any involuntary
bankruptcy proceeding; (vi) the service of any process upon Mortgagee by which any funds of the Mortgagor being held by Mortgagee
may be attached if not dismissed or fully bonded within 30 days; (vii) the attachment of any other assets of the Mortgagor, where
such attachment is not released, terminated or fully bonded within thirty (30) days of the order authorizing it; (viii) the entry
of any judgment against the Mortgagor which is not satisfied or appealed from within fifteen (15) days of its entry; (ix) the dissolution,
termination of existence or liquidation of the Mortgagor; (x) the Real Property, in its entirety, shall be damaged by fire or other
casualty or taken through condemnation or conveyance in lieu thereof; (xi) the occurrence of any event of default under any other
permitted mortgage and/or security agreement (and/or any of the obligations secured thereby) encumbering any of the Collateral,
after the expiration of an applicable cure or grace period; or (xii) the breach of the Statutory Condition herein contained.

 

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		IV.	RIGHTS AND REMEDIES UPON DEFAULT

 

		4.01	Upon the occurrence of an Event of Default, any and all Obligations shall, at Mortgagee's option,
become immediately due and payable without notice or demand, and the Mortgagee, with or without taking possession of the Collateral,
may (i) collect all rents, payments in the nature of rents, or account receivables relating to the Collateral; (ii) sell, lease
or otherwise dispose of any or all of the Collateral in its then condition or following such preparation or processing as Mortgagee
deems advisable; (iii) without assuming the obligations of Mortgagor thereunder, exercise the rights of Mortgagor under any contract,
lease, permit, license or other beneficial right pertaining to any of the Collateral; (iv) either directly, by agent, or by appointment
of receiver, and with or without bringing any action or proceeding, maintain, repair and/or preserve the Collateral, construct
the improvements thereon, or otherwise make alterations thereto, and/or manage, lease or operate the Collateral on such terms as
Mortgagee in its sole discretion deems proper and appropriate; (v) exercise the Statutory Power of Sale; (vi) foreclose any and
all rights of Mortgagor in and to any of the Collateral; (vii) proceed by a suit or suits at law or in equity or by other appropriate
proceedings or remedy to collect the Obligations; (viii) require Mortgagor to assemble any or all of the Related Personal Property
and make it available to Mortgagee, at Mortgagor's sole risk and expense, in a place or places determined by Mortgagee; (ix) take
possession of any or all of the Collateral; and/or (x) exercise any other right or remedy of a mortgagee or secured party under
the laws of the Commonwealth of Massachusetts.

 

		4.02	This Mortgage is upon the STATUTORY CONDITION, upon the breach of which Mortgagee shall have, in
addition to all other rights and remedies hereunder, the STATUTORY POWER OF SALE.

 

		4.03	All rights and remedies of Mortgagee hereunder shall be cumulative and not exclusive of any other
rights and remedies available to Mortgagee at law or in equity. No indulgence, delay or omission by Mortgagee in exercising or
enforcing any of its rights or remedies hereunder shall operate as a waiver thereof on that occasion nor on any other occasion.
No waiver of any Event of Default hereunder shall operate as a waiver of any other Event of Default hereunder, nor as a continuing
waiver.

 

		4.04	Any sale or other disposition of the Related Personal Property may be at public or private sale
and upon such terms and in such manner as Mortgagee deems advisable. Mortgagee may conduct such sale or other disposition of the
Related Personal Property upon the Real Property, in which event Mortgagee shall not be liable for any rent or charge for such
use of the Real Property. Mortgagee may sell any of the Related Personal Property as part of the Real Property, or any portion
or unit thereof, at the foreclosure sale or sales conducted pursuant hereto. Mortgagor waives any right to require marshalling
of any of its assets in connection with any disposition conducted pursuant hereto, the single total price for the Collateral, or
for such part thereof as is sold, may be accepted by Mortgagee with no obligation to distinguish between the application of proceeds
amongst the real or personal property comprising the Collateral. If all or any portion of the Collateral is sold by Mortgagee,
Mortgagor shall pay Mortgagee, on demand, an amount equal to one percent (1.00%) of the purchase price thereof, in addition to
the Obligations and any other amounts due Mortgagee hereunder. The obligation of Mortgagor to pay such amounts shall be included
in the Obligations and shall accrue interest at the highest rate applicable to any of the Obligations.

 

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		4.05	In the event Mortgagee, in the exercise of the Statutory Power of Sale contained herein, elects
to sell the Collateral in parts or parcels, said sales may be held from time to time, and the power shall not be exhausted until
all of the Collateral not previously sold shall have been sold and the Obligations paid in full.

 

		4.06	Mortgagor hereby irrevocably constitutes and appoints Mortgagee as Mortgagor's true and lawful
attorney in fact, to take, after the occurrence of an Event of Default, any action with respect to the Collateral to preserve,
protect and/or realize upon Mortgagee's interest therein, all at the sole risk, costs and expense of Mortgagor, and for the sole
benefit of Mortgagee. Mortgagee shall not be obligated to exercise such power, but if Mortgagee so elects to exercise it, Mortgagee
shall not be accountable for more than it actually receives as a result of such exercise of power and shall not be responsible
to Mortgagor, except for Mortgagee's willful misconduct and actual bad faith. All powers conferred upon Mortgagee by this Mortgage,
being coupled with an interest, shall be irrevocable until terminated by written instrument executed by Mortgagee.

 

		V.	NOTICE

 

		5.01	All notices required or permitted hereunder shall be in writing and shall be deemed given when
personally delivered or deposited in the United States mail and, if delivered by mail, shall be mailed by registered or certified
mail, return receipt requested, which is pre-paid and addressed as follows: If to Mortgagee, to the address hereinabove stated
as Mortgagee's address or such other address as Mortgagee shall designate to Mortgagor in writing for the receipt of notice pursuant
hereto, and if to Mortgagor, to either the address hereinabove stated as Mortgagor's address, to the Real Property or any portion
thereof, or to such other address as Mortgagor shall designate to Mortgagee in writing for the receipt of notice pursuant hereto.

 

		VI.	MISCELLANEOUS

 

		6.01	In the event Mortgagor is more than one person or entity, all of such parties constituting Mortgagor
shall be jointly and severally liable hereunder, and each reference in this Mortgage to Mortgagor shall mean each of such co-mortgagors,
individually, as well as collectively.

 

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		6.02	The proceeds of any collection, sale or disposition of the Collateral or of any other payments
received hereunder, shall be applied to the Obligations in such order and manner as Mortgagee shall determine in its sole discretion,
any statute, custom or usage to the contrary notwithstanding. Mortgagor shall remain liable to Mortgagee for any deficiency remaining
following such application.

 

		6.03	This Mortgage and all other instruments executed in connection herewith incorporate all discussions
and negotiations between Mortgagor and Mortgagee concerning the matters included herein and in such other instruments. No such
discussions or negotiations shall limit, modify or otherwise affect the provisions hereof. No modification, amendment or waiver
of any provision hereof, or of any provision of any other agreement between Mortgagor and Mortgagee, shall be effective unless
executed in writing by the party to be charged with such modification, amendment or waiver.

 

		6.04	Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in connection with the
preparation, execution and delivery of this Mortgage and of any other documents and agreements by Mortgagor in favor of Mortgagee,
including, without limitation, reasonable attorneys' fees and expenses, and all expenses which Mortgagee may hereafter incur in
connection with the collection of the Obligations or the protection or enforcement of any of Mortgagee's rights and remedies against
Mortgagor, any Collateral, and any guarantor or endorser of the Obligations. Mortgagor authorizes Mortgagee to pay all such fees
and expenses and to charge the same to any account of Mortgagor with Mortgagee.

 

		6.05	Mortgagor shall, within ten (10) days of written request from Mortgagee, furnish Mortgagee with
a written statement, duly acknowledged, setting forth the amount of the Obligations, any right to set off, counterclaim or other
defense which may exist or be claimed by Mortgagor against the Obligations.

 

		6.06	Mortgagee shall not be liable for any loss sustained by Mortgagor resulting from any action, omission,
or failure to act by Mortgagee with respect to the exercise or enforcement of its rights under this Mortgage or its relationship
with Mortgagor. This Mortgage and Mortgagee's exercise of its rights hereunder shall not operate to place any responsibility upon
Mortgagee for the control, care, management or repair of the Collateral, nor shall it operate to place any responsibility upon
Mortgagee to perform the obligations of Mortgagor under any lease, license, or contract, or to make Mortgagee responsible or liable
for any waste committed on the Collateral, any damages or defective condition of the Collateral, or any negligence in the management,
upkeep, repair or control of the Collateral.

 

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		6.07	Mortgagor shall indemnify, defend and hold harmless Mortgagee of and from any and all claims or
liabilities (except for such claims or liabilities arising from Mortgagee's willful misconduct or actual bad faith) asserted against
and/or incurred by Mortgagee in connection with the Obligations, this Mortgage, the Collateral, or any part thereof, or the exercise
by Mortgagee of any of its rights or remedies hereunder.

 

		6.08	Mortgagor expressly waives all rights to trial by jury, as to all issues, including any counterclaims,
without exception, in any action or proceeding relating, directly or indirectly, to the Obligations, this Mortgage, the Collateral
or Mortgagee's relationship with Mortgagor.

 

		6.09	This Mortgage and Security Agreement shall be binding upon Mortgagor and Mortgagor's successors
and assigns and shall enure to the benefit of Mortgagee and Mortgagee's successors and assigns.

 

		6.10	Any determination that any provision of this Mortgage or any application thereof if invalid, illegal
or unenforceable in any respect in any instance shall not affect the validity, legality and enforceability of such provision in
any other instance, nor the validity, legality or enforceability of any other provision of this Mortgage.

 

		6.11	This Mortgage shall be governed by the laws of the Commonwealth of Massachusetts, and shall take
effect as a sealed instrument.

 

 

IN WITNESS WHEREOF,
Mortgagor has executed this Mortgage and Security Agreement under seal as of the day and year first above written.

 

	WITNESS:	 	Palmer-Mapletree LLC	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Nickolas W. Jekogian, III	 
	 	 	 	Nickolas W. Jekogian, III, Manager	 
	 	 	 	 	 
	 	 	By:	/s/ Alexander Ludwig	 
	 	 	 	Alexander Ludwig, Manager	 

 

    	12

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