Document:

Exhibit
10.18

 

Manhattan
Bridge Capital, Inc.

 

October
22, 2019

 

Assaf
Ran, President and CEO

Manhattan
Bridge Capital, Inc. 

60
Cutter Mill Road, Suite 205

Great
Neck, NY, 11201 

 

Re:
Waiver of Portion of Salary 

 

Dear
Mr. Ran:

 

Reference
is made to that certain Employment Agreement, dated March 1, 1999 (the “Employment Agreement”), by and between
yourself and Manhattan Bridge Capital, Inc. (formerly known as DAG Media, Inc.) , a New York corporation (the “Company”).
The purpose of this letter agreement is to set forth your voluntary agreement to forgo your base salary to be paid for the months
of November and December 2019 (the “Waived Salary”) that would otherwise be earned by you pursuant to the Employment
Agreement.

 

You
agree that (i) the Company will not pay you, and you shall have no right to, the Waived Salary and (ii) your voluntary waiver
of the Waived Salary shall not constitute a breach by the Company of the Employment Agreement and shall not give you a right to
terminate your employment pursuant to Employment Agreement for any reason.

 

Except
as set forth in this letter, all other terms and conditions set forth in the Employment Agreement shall remain unmodified and
in full force and effect. If there is any conflict between this letter and the Employment Agreement, the terms of this letter
agreement shall govern and control. This letter agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and when a counterpart
has been executed by each of the parties hereto, all of the counterparts, when taken together, shall constitute one and the same
agreement.

 

Please
execute this letter in the space provided below in order to evidence your agreement with the terms hereof.

 

Sincerely,

 

	Manhattan
    Bridge Capital, Inc.
	 	 	 
	By:	/s/
    Vanessa Kao	 
	Name:	Vanessa
    Kao	 
	Title:	Chief
    Financial Officer 	 

 

	ACKNOWLEDGED
    AND AGREED:	 
	 	 
	/s/
    Assaf Ran 	 
	Assaf
    RanExhibit 10.1

                                         

    

    

    First Amendment to Loan Agreement

    

    

    	
            Borrowers:

          	
            RW HOLDINGS NNN REIT, INC., a Maryland corporation (“NNN Holdings”)

          
	 	
            RICH UNCLES NNN LP, LLC, a Delaware limited liability company (“NNN LLC”)

          
	 	
            RW HOLDINGS NNN REIT OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“NNN OP”)

          
	 	
            BRIXINVEST, LLC, a Delaware limited liability company (“BrixInvest”)

          
	 	
            KATANA MERGER SUB, LP, a Delaware limited partnership (“Katana”)

          
	 	
            MODIV, LLC, a Delaware limited liability company (“Modiv”)

             

            

          
	
            Address:

          	
            3090 Bristol Street, Suite 550

          
	 	
            Costa Mesa, CA 92626

             

            

          
	
            Date:

          	
            March 13, 2020

          

    

    

    THIS FIRST AMENDMENT TO LOAN AGREEMENT (“Amendment”) is entered into between PACIFIC MERCANTILE BANK (“Lender”), whose
      address is 949 South Coast Drive, 3rd Floor, Costa Mesa, CA 92626, and the borrowers named above (jointly and severally, “Borrower”), whose chief executive office is located at the above address.

    

    

    The Parties agree to amend the Loan and Security Agreement between them, dated December 19, 2019 (as amended, the “Loan Agreement”), as follows, effective as of the date hereof.  (Capitalized terms
      used but not defined in this Amendment shall have the meanings set forth in the Loan Agreement.)

    

    

    1.          Extensions for Certain Purchase Contract Loans.  Reference is made to the $6,940,000 outstanding principal
      amount of Purchase Contract Loans (the “October 2019 Purchase Contract Loan”).  Notwithstanding the terms of Section 1(a)(3) of the Schedule to the Loan Agreement, the October 2019 Purchase Contract Loan shall be due and payable by Borrower on July
      31, 2020 (subject to any terms of the Loan Agreement that may provide for acceleration thereof upon the occurrence of an Event of Default or otherwise).

    
      -1-

      
        

    

    
      	
              Pacific Mercantile Bank

            	
              Amendment to Loan Agreement

            

    

     

    
    2.          Extensions for Certain Other Loans.  Reference is made to the $3,060,000 outstanding principal amount of
      Other Loans (the “February 2020 Other Loan”).  Notwithstanding the terms of Section 1(a)(4) of the Schedule to the Loan Agreement, the February 2020 Other Loan shall be due and payable by Borrower on August 31, 2020 (subject to any terms of the Loan
      Agreement that may provide for acceleration thereof upon the occurrence of an Event of Default or otherwise).

    

    

    3.          Temporary Moratorium on New Purchase Contract Loans and Other Loans.  Notwithstanding the terms of Section
      1 of the Schedule to the Loan Agreement, no additional Purchase Contract Loans or Other Loans shall be available to Borrower until October 1, 2020.

    

    

    4.          Triggered Guaranties Are Effective. The entering into of this Amendment by Borrower and Lender is hereby
      deemed a “Trigger Event” as defined in Section 8(d) of the Schedule to the Loan Agreement (the “First Amendment Trigger Event”), and the guaranty, payment and indemnification obligations set forth in the Triggered Guaranties are hereby deemed
      effective; provided that if the October 2019 Purchase Contract Loan and the February 2020 Other Loan are paid in full in accordance with the terms of this Amendment, then the First Amendment Trigger Event shall be deemed cured.

    

    

    5.          Fee; Expenses.  In consideration for Lender entering into this Amendment, Borrower shall concurrently pay
      Lender a fee in the amount of $20,000, which shall be non-refundable and in addition to all interest and other fees payable to Lender under the Loan Documents.  Without limiting the terms of the Loan Agreement, Borrower agrees to pay all of Lender’s
      expenses in connection with this Amendment.  Lender is authorized to charge said fee and expenses to Borrower’s loan account or any of Borrower’s deposit accounts with Lender.

    

    

    6.          Representations True.  Borrower represents and warrants to Lender that all representations and warranties
      set forth in the Loan Agreement, as amended hereby, are true and correct.

    

    

    7.          General Release. In consideration for Lender entering into this Amendment, Borrower and each of the
      Guarantors (together with Borrower, individually and collectively, the “Obligor”) hereby irrevocably releases and forever discharges Lender, and its successors, assigns, agents, shareholders, directors, officers, employees, agents, attorneys, parent
      corporations, subsidiary corporations, affiliated corporations, affiliates, participants, and each of them (collectively, the “Releasees”), from any and all claims, debts, liabilities, demands, obligations, costs, expenses, actions and causes of
      action, of every nature and description, known and unknown, which Obligor now has or at any time may hold, by reason of any matter, cause or thing occurred, done, omitted or suffered to be done prior to the date of this Amendment (collectively, the
      “Released Claims”). Obligor hereby irrevocably waives the benefits of any and all statutes and rules of law to the extent the same provide in substance that a general release does not extend to claims which the creditor does not know or suspect to
      exist in its favor at the time of exe-cuting the release, and, without limiting the foregoing, Obligor irrevocably waives any benefits it may have under California Civil Code Section 1542 which provides:  “A general release does not extend to claims
      that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released
      party.”  Obligor represents and warrants that it has not assigned to any other Person any Released Claim, and agrees to indemnify Lender against any and all actions, demands, obligations, causes of action, decrees, awards, claims, liabilities, losses
      and costs, including but not limited to reasonable attorneys' fees of counsel of Lender’s choice and costs, which Lender may sustain or incur as a result of a breach or purported breach of the foregoing representation and warranty.  (This Section may
      be referred to as the “Release Section”.)

    
      -2-

      
        

    

    
      	
              Pacific Mercantile Bank

            	
              Amendment to Loan Agreement

            

    

     

    
    8.          No Waiver.  Nothing herein constitutes a waiver of any default or Event of Default under the Loan
      Agreement or any other Loan Documents, whether or not known to Bank.

    

    

    9.          General Provisions.  This Amendment, the Loan
      Agreement, any prior written amendments to the Loan Agreement signed by Lender and Borrower, and the other written documents and agreements between Lender and Borrower set forth in full all of the representations and agreements of the parties with
      respect to the subject matter hereof and supersede all prior discussions, representations, agreements and under-standings between the parties with respect to the subject hereof.  Except as herein expressly amended, all of the terms and provisions of
      the Loan Agreement, and all other documents and agreements between Lender and Borrower shall continue in full force and effect and the same are hereby ratified and confirmed. The terms and provisions of Sections 9.20 (titled “Governing Law;
      Jurisdiction; Venue”) and 9.21 (titled “Dispute Resolution”) of the Loan Agreement shall apply to this Amendment, and the same are incorporated herein by this reference.  This Amendment may be executed and delivered by exchanging original signed
      counterparts, or signed counterparts by facsimile, pdf or other electronic means, or a combination of the foregoing, and this Amendment shall be fully effective if so executed and delivered.

    

    

    10.          Mutual Waiver of Jury Trial.  LENDER AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT MAY BE WAIVED.  EACH OF THE
      PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AMENDMENT
      OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM.  THESE PROVISIONS SHALL NOT BE DEEMED TO
      HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM.  IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY
      OTHER TERM OR PROVISION OF THIS AGREEMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL FORCE AND EFFECT.

    

     [Signatures on Next Page]

    
      -3-

      
        

    

    
      	
              Pacific Mercantile Bank

            	
              Amendment to Loan Agreement

            

      

      

      Borrower:

    

    

    
      	
              RW HOLDINGS NNN REIT, INC.

            	 	
              RW HOLDINGS NNN REIT OPERATING PARTNERSHIP, LP

            
	 	 	 	 	 	 	 
	
              By:

            	
              /s/ RAYMOND J. PACINI

            	 	 	 	 
	
              Name:

            	
              Raymond J. Pacini

            	 	
              By:

            	
              RW HOLDINGS NNN REIT, INC., general partner

            
	 	 	 	 	 	 	 
	 	 	 	 	 	
              By: 

              

            	
              /s/ RAYMOND J. PACINI

            
	 	 	 	 	 	
              Name:

            	
              Raymond J. Pacini

            
	 	 	 	 	 	
              Title:

            	
              CFO

            
	 	 	 	 	 	 	 
	
              RICH UNCLES NNN LP, LLC

            	 	
              KATANA MERGER SUB, LP

            
	 	 	 	 	 	 	 
	
              By:

            	
              RW HOLDINGS NNN REIT, INC., managing member

            	 	
              By:

            	
              RW HOLDINGS NNN REIT, INC., general partner

            
	 	 	 	 	 	 	 
	 	
              By: 

              

            	
              /s/ RAYMOND J. PACINI

            	 	 	
              By:

              

            	
              /s/ RAYMOND J. PACINI

            
	 	
              Name:

            	
              Raymond J. Pacini

            	 	 	
              Name:

            	
              Raymond J. Pacini

            
	 	
              Title:

            	
              CFO

            	 	 	
              Title:

            	
              CFO

            
	 	 	 	 	 	 	 
	
              MODIV, LLC

            	 	
              BRIXINVEST, LLC

            
	 	 	 	 	 	 	 
	
              By:

            	
              RW HOLDINGS NNN REIT, INC., its Manager

            	 	 	
              By:

            	
              /s/ GREGORY W. PRESTON

            
	 	 	 	 	 	
              Name:

            	
              Gregory W. Preston, Esq.

            
	 	 	 	 	 	
              Title:

            	
              Manager

            
	 	
              By:

              

            	
              /s/ RAYMOND J. PACINI

            	 	 	 	 
	 	
              Name:

            	
              Raymond J. Pacini

            	 	 	 	 
	 	
              Title:

            	
               CFO

            	 	 	 	 

    

    

    

    Lender:

    

    

    	
            PACIFIC MERCANTILE BANK

          	 
	 	 	 
	
            By:

          	
            /s/ PETER PACHECO

          	 
	
            Name:

          	
            Peter Pacheco

          	 
	
            Title:

          	
             Interim Regional Manager/VP

          	 

    

    

    [Signature Page—Amendment to Loan Agreement]

    
      -4-

      
        

    

    
      	
              Pacific Mercantile Bank

            	
              Amendment to Loan Agreement

            

      

      

      CONSENT

    

    

    Each of the undersigned hereby expressly agrees to the Release Section of the foregoing Amendment and acknowledges that the undersigned’s consent to the foregoing Amendment is not required, but the
      undersigned nevertheless does hereby consent to the foregoing Amendment and to the documents and agreements referred to therein and to all future modifications and amendments thereto, and any termination thereof, and to any and all other present and
      future documents and agreements between or among the fore-going parties.  Nothing herein shall in any way limit any of the terms or provisions of the Continuing Guaranties of the undersigned, all of which are hereby ratified and affirmed.  Each of
      the undersigned acknowledges and agrees that the foregoing Amendment is deemed a “Trigger Event” (the “First Amendment Trigger Event”) as defined in the Loan Agreement and in the Continuing Guaranties of the undersigned, and that the obligations
      referenced in Section 1A of such Continuing Guaranties are deemed effective; provided that if the October 2019 Purchase Contract Loan (as defined in foregoing Amendment) and the February 2020 Other Loan (as defined in foregoing Amendment) are paid in
      full in accordance with the terms of the foregoing Amendment, then the First Amendment Trigger Event shall be deemed cured.

    

    

    	 	 	
            WIRTA FAMILY TRUST DATED JULY 5, 1985, AS AMENDED AUGUST 15, 2006 AND APRIL 22, 2016

          
	
            /s/ RAYMOND E. WIRTA

          	 	 	 
	
            RAYMOND E. WIRTA

          	 	
            By:

          	
            /s/ RAYMOND E. WIRTA

          
	 	 	 	Raymond E. Wirta, Trustee of WIRTA FAMILY TRUST DATED JULY 5, 1985, AS AMENDED AUGUST 15, 2006 AND APRIL 22, 2016 

          
	 	 	 	 
	 	 	
            By:

          	
            /s/ SANDRA WIRTA

          
	 	 	 	Sandra Wirta, Trustee of WIRTA FAMILY TRUST DATED JULY 5, 1985, AS AMENDED AUGUST 15, 2006 AND APRIL 22, 2016 

          

    

    

  

  -5-

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