Document:

Exhibit 10.19

 

ASSIGNMENT
OF PURCHASE AND SALE AGREEMENT

 

THIS
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT (this “Assignment”) dated July 7 , 2022, is made by and among MHP PURSUITS
LLC, a North Carolina limited liability company (the “Assignor”), SOLID ROCK MHP LLC, a South Carolina limited
liability company, (the “Land Assignee”), and SOLID ROCK MHP HOMES LLC, a South Carolina limited liability company
(the “Homes Assignee”), and provides as follows:

 

RECITALS

 

A.
Pursuant to that certain Purchase and Sale Agreement dated as of February 25, 2022, (“Purchase Agreement”), by and between
Assignor and K10 ENTERPRISES LLC, a North Carolina liability company (collectively, the “Seller”), Assignor agreed to purchase
from Seller certain real property and personal property owned by Seller and located in Leesville, South Carolina, which property is more
particularly described in the Purchase Agreement, a copy of which is attached hereto as Exhibit A, and by this reference
made a part hereof.

 

B.
Assignor desires to assign to Land Assignee, and Land Assignee desires to assume from Assignor, all of Assignor’s rights and obligations
pursuant to the Purchase Agreement related to the Property, excluding the personal property consisting of the Homes (as defined below)
which shall be assumed by Homes Assignee.

 

C.
Assignor desires to assign to Homes Assignee, and Homes Assignee desires to assume from Assignor, all of Assignor’s rights and
obligations pursuant to the Purchase Agreement related to the Homes.

 

AGREEMENT

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, Assignor, Land
Assignee, and Homes Assignee agree as follows:

 

1.
Capitalized Terms. Capitalized terms used herein, unless otherwise defined in this Assignment, shall have the same meanings as
those given in the Purchase Agreement.

 

2.
Assignment. Assignor hereby transfers, assigns and conveys to Land Assignee all of Assignor’s right, title and interest
in, to and under the Purchase Agreement related to the Property, except to the extent related to the Homes, and delegates to Land Assignee
all of its duties and obligations and liabilities in, to and under the Purchase Agreement except to the extent related to the Homes.
Assignor hereby transfers, assigns and conveys to Homes Assignee all of Assignor’s right, title and interest in, to and under the
Purchase Agreement related to the manufactured homes owned by Seller and located at Solid Rock Mobile Home Park, 1015 Sandpit Rd., Leesville,
South Carolina, 29070 (the “Homes”) and delegates to Homes Assignee all of its duties and obligations and liabilities in,
to and under the Purchase Agreement related to the Homes.

 

    1

     

    

 

3.
Assumption and Acceptance. Land Assignee and Homes Assignee each hereby accept their respective assignment as aforesaid, and assume
and agree to perform the duties, obligations and liabilities of Assignor under the Purchase Agreement as set forth therein to the extent
assumed by Land Assignee and Homes Assignee respectively pursuant to this Assignment.

 

4.
Entire Agreement. This Assignment embodies the entire agreement of Assignor, Land Assignee and Homes Assignee with respect to
the subject matter of this Assignment and it supersedes any prior agreements, whether written or oral, with respect to the subject matter
of this Assignment. This Assignment may be modified only by a written instrument duly executed by Assignor, Land Assignee and Homes Assignee.

 

5.
Binding Effect. The terms and provisions of this Assignment will inure to the benefit of, and will be binding upon, the heirs,
executors, personal representatives, successors and assigns of Assignor, Land Assignee and Homes Assignee.

 

REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK

SIGNATURE PAGE TO FOLLOW

 

    2

     

    

 

SIGNATURE
PAGE TO ASSIGNMENT OF ASSET PURCHASE AGREEMENT

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, Assignor, Land Assignee and Homes Assignee have executed this Assignment
as of the day and year first above written.

 

	 	ASSIGNOR
	 	 
	 	MHP PURSUITS LLC,
	 	a North Carolina limited liability company
	 	 
	 	By:	/s/ Adam
    Martin
	 	Name: 	Adam Martin
	 	Title:	CIO
	 	 	 
	 	LAND ASSIGNEE
	 	 
	 	SOLID ROCK MHP LLC,
	 	a South Carolina limited liability company
	 	 
	 	By: 	Manufactured Housing Properties Inc., 
	 	Its:	Sole Member
	 	 	 	 
	 	 	By:	/s/ Lay Wardlaw III
	 	 	Name: 	Lay Wardlaw III
	 	 	Title:	President
	 	 	 	 
	 	HOMES ASSIGNEE
	 	 
	 	SOLID ROCK MHP HOMES LLC,
	 	a South Carolina limited liability company
	 	 	 
	 	By:	Manufactured Housing Properties Inc., 
	 	Its:	Sole Member
	 	 	 
	 	 	By:	/s/ Lay Wardlaw III
	 	 	Name:	Lay Wardlaw III
	 	 	Title:	President

 

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EXHIBIT
A

 

PURCHASE
AGREEMENT

 

(See
attached)

 

 

 

 

 

 

 

 

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

PURCHASE
AND SALE AGREEMENT

 

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

 

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

 

	SUMMARY
    OF TERMS AND DEFINED TERMS

     

	A.
    Seller and Seller’s Notice Information:	K10
    ENTERPRISES LLC, a North Carolina Limited Liability Company

    [personal
    information redacted]

	B.
    Buyer and Buyer’s Notice Information:

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

    136
    Main Street

    Pineville,
    North Carolina 28134

    Attention:
    Adam Martin

    [personal
    information redacted]

     

	C.
    Property Name and Address: 

     
	Solid
    Rock Mobile Home Park

    1015
    Sandpit Rd, Leesville, SC 29070

     

	D.
    General Description:  	Mobile
    Home Park with 39 home sites located on approximately 10.79 acres as described on Exhibit “A” attached hereto
    (the “Land”) and 39 Park-Owned Homes (as defined below) as described on Exhibit “C” attached
    hereto

     

	E.
    Property Tax ID Number(s):

     
	006100-03-050 

     

	F.
    Purchase Price:

     
	$1,700,000
    (the “Purchase Price”)

     

	G.
    Closing Date: 

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

     

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

    5935
    Carnegie Boulevard, Suite 301

    Charlotte,
    North Carolina 28209

     

	I.
    Effective Date of this Agreement:  	February
    25, 2022 (the “Effective Date”), which shall be the later of the dates that Buyer and Seller have executed this
    Agreement as set forth below their signatures attached hereto.

     

	J.
    Earnest Money: 

     
	$10,000
    (the “Earnest Money”)

     

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

     

	L.
    Buyer’s Broker:	None
    (“Buyer’s Broker”)

     

	M.
    Seller’s Broker:	Alex
    Willer with Aline Capital (“Seller’s Broker”) 

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

		8.	Obligations
                                            at Closing:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		9.	Costs.

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

		10.	Closing
                                            Prorations and Credits.

 

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

 

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

 

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

 

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

 

		11.	Title.

 

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

 

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

 

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

 

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

 

		B.	Title
                                            Objections.

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

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

 

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

 

		13.	Representations
                                            and Warranties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		16.	Notices.

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

		17.	Default.

 

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

 

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

 

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

 

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

 

		18.	Other
                                            Provisions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

[SIGNATURES
INCLUDED ON FOLLOWING PAGE]

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

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

 

	BUYER:
	 
	MHP PURSUITS LLC,
	a North Carolina limited liability company
	 
	By:	/s/
    Adam Martin	 
	Name:	Adam Martin	 
	Title:	CIO	 
	Date:	February 25, 2022	 
	 	 	 
	SELLER:	 	 
	 
	Insert Seller Name:
	K10 Enterprises LLC	 
	 	 	 
	By:	/s/ Brandon
    Klick	 
	Name:	Brandon Klick	 
	Title:	Owner	 
	Date:	February 23, 2022	 

  

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

EXHIBIT
A

 

DESCRIPTION
OF PROPERTY

 

[TO
BE ATTACHED]

 

 

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

EXHIBIT
B

 

DUE
DILIGENCE MATERIALS & SPECIAL PROVISIONS

 

The following
shall be incorporated into this Agreement.

 

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

 

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

 

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

 

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

 

		●	City,
                                            County and State Permits and Licenses

 

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

 

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

 

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

 

		●	Copy
                                            of current insurance policy and binder showing premiums and coverages

 

		●	Itemization
                                            of past two year’s capital expenditures

 

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

 

		●	List
                                            of employees/vendors with compensation

 

		●	2-3
                                            years of operating bank statements,

 

		●	Ownership
                                            entity tax returns for last three years

 

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

 

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

 

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

 

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

 

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

 

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

 

		4.	The
                                            Purchase Price shall be allocated on the Closing Statement as follows: fifty percent (50%
                                            to the Real Property and fifty percent (50%) to Personal Property/Goodwill.

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

EXHIBIT
C

 

LIST
OF PARK-OWNED HOMES

 

[TO
BE ATTACHED]

 

 

 

 

 

 

    
	 Buyer(s) Initials: /s/ AM
	Seller(s) Initials:/s/ BK

 

     

    

 

EXHIBIT
D

 

LIST
OF PERSONAL PROPERTY

 

 

 

 

 

 

 

	Buyer(s)
    Initials: /s/ AM
	Seller(s)
    Initials:/s/ BKExhibit 10.21

 

	COMMERCIAL PROMISSORY NOTE	United Bank
	 	125 Trade Ct Suite E
	 	Mooresville, North Carolina 28117

 (704)799-6702

 

	LOANNUMBER	 	NOTEDATE	 	PRINCIPAL AMOUNT	 	MATURITY DATE
	5380316-92641	 	June 30, 2022	 	$1,125,000.00	 	June 30, 2032
	 	 	 	 	 	 	 
	LOAN PURPOSE: Purchase existing 39 lot mobile home park located in Leesville, SC. Of the $l .125MM the Bank will allocate $200,000 towards infrastructure renovation upfits to the mobile home park.

 

BORROWER INFORMATION

Solid Rock MHP LLC

 136Main
St

Pineville, NC 28134

 

 

 

NOTE. This Commercial Promissory
Note will be referred to in this document as the “Note.”

 

LENDER. “Lender” means United Bank whose
address is 125 Trade Ct Suite E, Mooresville, North Carolina 28117, its successors and assigns.

 

BORROWER “Borrower” means each person or
legal entity who signs this Note.

 

PROMISE
TO PAY. For value received, receipt of which is hereby acknowledged, on or before the Maturity Date, the Borrower promises to pay
the principal amount of One Million One Hundred Twenty-five Thousand and 00/100 Dollars ($1,125,000.00) or such lesser amount as shall
have been advanced by Lender, from time to time, to or on behalf of Borrower under the terms of this Note, and all interest on the outstanding
principal balance and any other charges, including service charges, to the order of Lender at its office at the address noted above or
at such other place as Lender may designate in writing. The Borrower will make all payments in lawful money of the United States of America.

 

PAYMENT
SCHEDULE. This Note will be paid according to the following schedule: 12 consecutive payments of interest only beginning on July 30,
2022 and continuing on the same day of each month thereafter. This will be followed by 107 consecutive payments of principal and interest
in the amount of $7,470.39 beginning on July 30, 2023 and continuing on the same day of each month thereafter. This amount may change
on July 30, 2027 and every 5 years thereafter. One final balloon payment shall be due on the
Maturity Date in an amount equal to the then unpaid principal and accrued and unpaid interest. All payments received by the Lender from
the Borrower for application to this Note may be applied to the Borrower’s obligations under this Note in such order as determined by
the Lender.

 

INTEREST
RATE AND SCHEDULED PAYMENT CHANGES. Interest will begin to accrue on June 30, 2022. The initial variable interest rate on this Note
will be 5.000% per annum. This interest rate may change on June 30, 2027, and every 5 years
thereafter. Each date on which the interest rate may change is called the “Change Date.” Prior to each Change Date, Lender will
calculate the new interest rate based on the following index: the base rate on corporate loans posted by at least 70% of the 10 largest
U.S. banks known as the Wall Street Journal U.S. Prime Rate in effect on the Change Date (the “Index”) plus 1.000 percentage
points (the “Margin”). The interest rate will never be less than 5.000%.

 

If
the Index is not available at the time of the Change Date, Lender will choose a new Index which is based on comparable information.
The Index is used solely to establish a base from which the actual rate of interest payable under the Note will be calculated, and is
not a reference to any actual rate of interest charged by any lender to any particular borrower.

 

Nothing contained
herein shall be construed as to require the Borrower to pay interest at a greater rate than the maximum allowed by law. If,
however, from any circumstances, Borrower pays interest at a greater rate than the maximum allowed by law, the obligation to be
fulfilled will be reduced to an amount computed at the highest rate of interest permissible under applicable law and if, for any reason
whatsoever, Lender ever receives interest in an amount which would be deemed unlawful under applicable law, such interest shall be automatically
applied to amounts owed, in Lender’s sole discretion, or as otherwise allowed by applicable law. An increase in the interest rate will
result in a higher payment amount. Interest on this Note is calculated on an Actual/360 day basis. This calculation method results
in a higher effective interest rate than the numeric interest rate stated in this Note.

 

LATE PAYMENT CHARGE.
If any required payment is more than 15 days late,
then at Lender’s option, Lender will assess a late payment charge of 4.000% of the am01.mt past due.

 

PREPAYMENT
PENALTY. This Note is subject to a prepayment penalty. Payment of all unpaid principal, accrued and unpaid interest and all other
fees then outstanding prior to the Maturity Date will result in a penalty that shall be equal to: The Borrower shall have the privilege
to pay the principal amount of the loan in full (or in part) in the 1st year subject to a five percent (5%) prepayment premium, in the
2nd year to a four percent (4%) prepayment premium, in the 3rd year to a
three percent (3%) prepayment premium, in the 4th year to a two percent (2%) prepayment premium, in the 5th year to a one percent
(1%) prepayment premium with no prepayment premium being in effect after the 5th year. Notwithstanding the foregoing, the prepayment premium
shall be waived on that portion of the loan which is prepaid from net operating income of the business operations of the Borrower/Guarantor.

 

    
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ADVANCES.
The Borrower and Lender agree that the Borrower may borrow up to the maximum amount of principal only one time. Subject to the terms of
this Note and all of the related agreements, advances under this Note are obligatory. Regardless of the obligatory nature of this Note,
principal advances will not be made to the Borrower if any of the following conditions exist:

 

		●	The maximum amount on this Note has been reached or is outstanding.

 

		●	Borrower has breached any of the terms, provisions, representations, requirements or promises contained
in this Note or any other agreement.

 

		●	Borrower makes a request for an advance after the Maturity Date.

 

		●	The Note or any other agreement relating to the extension of credit is in default.

 

		●	The Lender has deemed itself insecure or there has been a material adverse change of conditions.

 

		●	The Lender is precluded by law from making the advance.

 

Advances under this Note may be requested
orally or in writing by the Borrower or by an authorized person.

 

The total
of any advance requested and unpaid principal cannot exceed the available principal amount. The available principal amount refeJN to the
principal amount minus the aggregate amount of outstanding advances.

 

All advances
will be charged to a loan account in Borrower’s name on Lender’s books, and the Lender shall debit in such account the amount of each
advance made to, and credit to such account the amount of each repayment made by Borrower. The Lender shall provide to Borrower a monthly
statement of Borrower’s loan account, which shall be deemed to be correct, accepted by, and binding upon Borrower unless Lender receives
a written statement of exception from Borrower within 10 days after such statement is furnished.

 

SECURITY
TO NOTE. Security (the “Collateral”) for this Note is granted pursuant to the following security document(s):

 

Assignment
of Leases and Rents dated June 30, 2022 evidencing an assignment of leases and rents on the property located at 1015 Sandpit Rd, Leesville
SC 29070.

 

Security
Instrument (Mortgage/Deed of Trust/Security Deed) in the amount of $1,125,000.00, dated June 30, 2022 evidencing a lien on the property
located at 1015 Sandpit Rd, Leesville SC 29070.

 

GUARANTY.
In support of this transaction, a Guaranty dated June 30, 2022 has been executed by Raymond M Gee.

 

RIGHT
OF SET-OFF. To the extent permitted by law, Borrower agrees that Lender has the right to set-off any amount due and payable
under this Note, whether matured or unmatured, against any amount owing by Lender to Borrower including any or all of Borrower’s accounts
with Lender. This shall include all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future.
Such right of set-off may be exercised by Lender against Borrower or against any assignee for the benefit of creditors, receiver, or execution,
judgment or attachment creditor of Borrower, or against anyone else claiming through or against Borrower or such assignee for the benefit
of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off has not been
exercised by Lender prior to the making, filing or issuance or service upon Lender of, or of notice of, assignment for the benefit of
creditors, appointment or application for the appointment of a receiver, or issuance of execution, subpoena or order or warrant. Lender
will not be liable for the dishonor of any check when the dishonor occurs because Lender set-off a debt against Borrower’s account. Borrower
agrees to hold Lender harmless from any claim arising as a result of Lender exercising Lender’s right to set-off.

 

RELATED
DOCUMENTS. The words “Related Documents” mean all promissory notes, security agreements, mortgages, deeds of trust,
deeds to secure debt, business loan agreements, construction loan agreements, resolutions, guaranties, environmental agreements, subordination
agreements, assignments, and any other documents or agreements executed in connection with the indebtedness evidenced hereby this Note
whether now or hereafter existing, including any modifications, extensions, substitutions or renewals of any of the foregoing. The Related
Documents are hereby made a part of this Note by reference thereto, with the same force and effect as if fully set forth herein.

 

DEFAULT. Upon
the occurrence of any one of the following events (each, an “Event of Default” or “default” or “event of
default”), Lender’s obligations, if any, to make any advances will, at Lender’s option, immediately terminate and Lender, at
its option, may declare all indebtedness of Borrower to Lender under this Note immediately due and payable without further notice of
any kind notwithstanding anything to the contrary in this Note or any other agreement: (a) Borrower’s failure to make any payment on
time or in the amount due; (b) any default by Borrower under the terms of this Note or any other Related Documents; (c) any default
by Borrower under the terms of any other agreement between Lender and Borrower; (d) the death, dissolution, or termination of
existence of Borrower or any guarantor; (e) Borrower is not paying Borrower’s debts as such debts become due; (t) the
commencement of any proceeding under bankruptcy or insolvency laws by or against Borrower or any guarantor or the appointment of a
receiver; (g) any default under the terms of any other indebtedness of Borrower to any other creditor; (h) any writ of attachment,
garnishment, execution, tax lien or similar instrument is issued against any collateral securing the loan, if any, or any of
Borrower’s property or any judgment is entered against Borrower or any guarantor; (i) any part of Borrower’s business is sold to or
merged with any other business, individual, or entity; G) any representation or warranty made
by Borrower to Lender in any of the Related Documents or any financial statement delivered to Lender proves to have been false in
any material respect as of the time when made or given;

 

    
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(k)
if any guarantor, or any other party to any Related Documents terminates, attempts to terminate or defaults under any such Related
Documents; (l) Lender has deemed itself insecure or there has been a material
adverse change of condition of the financial prospects of Borrower or any collateral securing the obligations owing to Lender by Borrower.
Upon the occurrence of an event of default, Lender may pursue any remedy available under any Related Document, at law or in equity.

 

GENERAL
WAIVERS. To the extent permitted by law, the Borrower severally waives any required notice of presentment, demand, acceleration,
intent to accelerate, protest, and any other notice and defense due to extensions of time or other indulgence by Lender or to any substitution
or release of collateral. No failure or delay on the part of Lender, and no course of dealing between Borrower and Lender, shall operate
as a waiver of such power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise
thereof or the exercise of any other power or right.

 

JOINT
AND SEVERAL LIABILITY. If
permitted by law, each Borrower executing this Note is jointly and severally bound 

 

SEVERABILITY. If
a court of competent jurisdiction determines any term or provision of this Note is invalid or prohibited by applicable law, that
term or provision will be ineffective to the extent required. Any term or provision that has been determined to be invalid or
prohibited will be severed from the rest of this Note without invalidating the remainder of either the affected provision or this
Note.

 

SURVIVAL.
The rights and privileges of the Lender hereunder shall inure to the benefits of its successors and assigns, and this Note
shall be binding on all heirs, executors, administrators, assigns, and successors of Borrower.

 

ASSIGNABILITY.
Lender may assign, pledge or otherwise transfer this Note or any of its rights and powers under this Note without notice,
with all or any of the obligations owing to Lender by Borrower, and in such event the assignee shall have the same rights as if originally
named herein in place of Lender. Borrower may not assign this Note or any benefit accruing to it hereunder without the express written
consent of the Lender.

 

DUTY
TO NOTIFY. Borrower agrees to notify Lender if there is any change in the beneficial ownership information provided to Lender.
Additionally, Borrower agrees to provide Lender with updated beneficial ownership information in the event there is any change in the
beneficial ownership information provided to Lender.

 

ORAL
AGREEMENTS DISCLAIMER. This Note represents the final agreement between the parties and may not be contradicted by evidence
of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

 

GOVERNING
LAW. This Note is governed by the laws of the state of North Carolina except to the extent that federal law controls.

 

HEADING
AND GENDER. The headings preceding text in this Note are for general convenience in identifying subject matter, but have no
limiting impact on the text which follows any particular heading. All words used in this Note shall be construed to be of such gender
or number as the circumstances require.

 

ATTORNEYS’
FEES AND OTHER COSTS. Borrower agrees to pay all of Lender’s costs and expenses in connection with the enforcement of this
Note including, without limitation, reasonable attorneys’ fees, to the extent permitted by law.

 

ADDITIONAL
PROVISIONS. Interest After Default. If the Lender declares a default under the terms of the Loan, including for failure to
pay in full at maturity, you may increase the Interest Rate payable on the outstanding Principal balance of this Note. In such event,
interest will accrue on the outstanding Principal balance at the variable Interest Rate in
effect from time to time, plus an additional 5.000 percent,
until paid in full.

 

By signing this Note, Borrower acknowledges reading, understanding,
and agreeing to all its provisions and receipt hereof.

 

	Solid Rock MHP LLC	 
	 	 
	By:	Manufactured Housing Properties Inc., Member	 
	 	 	 
		/s/ Jhon Wallerd Wardlaw	7-22-22
	By:	Jhon Wallerd Wardlaw	Date
	Its:	President	 

 

 

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