Document:

jcap_Ex4_3

		

			Exhibit 4.3

		

		

			 

		

		
			DESCRIPTION OF 7.00% SERIES B CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK of jernigan capital, inc.
		

		
			 
		

		
			The following summary of the material terms of our 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share, or the Series B Preferred Stock, does not purport to be complete. For a complete description, we refer you to the Maryland General Corporation Law, or the MGCL, and to our Amended and Restated Articles of Incorporation, as amended and supplemented, including by the Articles Supplementary Designating the Rights and Preferences of our 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock and the Articles Supplementary Designating the Rights and Preferences of our 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock with respect to the Designation of Additional Shares of our 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock (such Articles Supplementary together, the “Series B Articles Supplementary”), or our charter, and Amended and Restated Bylaws, or our bylaws. For a more complete understanding of our Series B Preferred Stock, we encourage you to read our charter and bylaws, each of which is incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2019. References below to “the Company,” “we,” “us,” or “our” refer to Jernigan Capital, Inc.
		

		
			General 
		

		
			Under our charter, we currently are authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share. Our charter further provides that our board of directors may classify any unissued preferred stock into one or more classes or series of shares by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such preferred stock. The Articles Supplementary to our charter designating the terms of the Series A Preferred Stock classify 300,000 shares of our preferred stock as Series A Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”).  The Series B Articles Supplementary classify 4,000,000 shares of our preferred stock as Series B Preferred Stock.  
		

		
			Maturity 
		

		
			The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless and until (i) we redeem such Series B Preferred Stock at our option as described below in “- Redemption,” or (ii) they are converted by the holder of such Series B Preferred Stock in the event of a Change of Control as described below in “- Conversion Right upon a Change of Control.” 
		

		
			Reopening 
		

		
			The Series B Articles Supplementary permit us to “reopen” this series, without the consent of the holders of our Series B Preferred Stock, in order to issue additional shares of Series B Preferred Stock from time to time. Therefore, we may in the future issue additional Series B Preferred Stock without stockholder consent. Any additional Series B Preferred Stock will have the same terms as the Series B Preferred Stock that we are issuing in this offering (except, in our sole discretion, the price of such additional Series B Preferred Stock). These additional shares of Series B Preferred Stock will, together with our outstanding Series B Preferred Stock, constitute a single series of securities. 
		

		
			Ranking 
		

		
			The Series B Preferred Stock ranks, with respect to dividend rights and rights upon our liquidation, dissolution or winding up: 
		

			
	
			
				 1)
			

			
	
			
			senior to our common stock and to any other class or series of our equity securities expressly designated as ranking junior to the Series B Preferred Stock; 

			
	
			
				 2)
			

			
	
			
			on parity with our Series A Preferred Stock and with any future class or series of our capital stock expressly designated as ranking on parity with the Series B Preferred Stock; 

			
	
			
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			junior to all equity securities issued by us with terms specifically providing that those equity securities rank senior to the Series B Preferred Stock with respect to rights of dividend payments and the 

		 

		

			 

		

		

			 

		

	distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of our company; and 

			
	
			
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			junior in right of payment to our existing and future indebtedness.

		
			The term “equity securities” does not include convertible debt securities, which debt securities would rank senior to the Series B Preferred Stock. 
		

		
			Dividends 
		

		
			Subject to the preferential rights of the holders of any class or series of our capital stock ranking senior to the Series B Preferred Stock with respect to dividend rights, holders of Series B Preferred Stock will be entitled to receive, when, as and if authorized by our board of directors and declared by us, out of funds legally available for the payment of dividends under Maryland law, cumulative cash dividends from, and including, the original issue date quarterly in arrears on the fifteenth (15th) day of January, April, July and October of each year (or if not a business day, on the immediately preceding business day) (each, a dividend payment date). These cumulative cash dividends will accrue on the liquidation preference amount of $25.00 per share at a rate per annum equal to 7.00% with respect to each dividend period from and including the original issue date (equivalent to an annual rate of $1.7500 per share). No holder of any shares of Series B Preferred Stock shall be entitled to receive any dividends paid or payable on the Series B Preferred Stock with a dividend payment date before the date such shares of Series B Preferred Stock are issued. Dividends will be payable to holders of record as of 5:00 p.m., New York City time, on the related record date. The record dates for the Series B Preferred Stock are the close of business on the first (1st) day of January, April, July or October immediately preceding the relevant dividend payment date (each, a dividend record date). If any dividend record date falls on any day other than a business day as defined in the Articles Supplementary for our Series B Preferred Stock, the dividend record date shall be the immediately succeeding business day. 
		

		
			The term “business day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New York. 
		

		
			A dividend period is the period from and including a dividend payment date to but excluding the next dividend payment date or any earlier redemption date. Dividends payable on the Series B Preferred Stock for any period greater or less than a full dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends payable on the Series B Preferred Stock for each full dividend period will be computed by dividing the applicable annual dividend rate by four. After full cumulative dividend on the Series B Preferred Stock have been paid or declared and funds therefor set aside for payment with respect to a dividend period, the holders of Series B Preferred Stock will not be entitled to any further dividend with respect to that dividend period. 
		

		
			Our board of directors will not authorize and we will not pay or set apart for payment dividends on our Series B Preferred Stock at any time when the terms and provisions of any agreement of ours, including any agreement relating to our indebtedness, prohibits the authorization, payment or setting apart for payment or provides that the authorization, payment or setting apart for payment would constitute a breach of the agreement or a default under the agreement, or if the authorization, payment or setting apart for payment shall be restricted or prohibited by law. We also have the right to withhold, from any amounts otherwise payable to holders  of the Series B Preferred Stock with respect to all distributions (deemed or actual) to the extent that withholding is or was required for such distributions under applicable tax withholding rules.
		

		
			Notwithstanding the foregoing, dividends on the Series B Preferred Stock will accrue whether or not our agreements at any time prohibit the current payment of dividends, whether or not funds are legally available for the payment of those dividends, whether or not we have earnings and whether or not those dividends are authorized. No interest, or sum in lieu of interest, will be payable in respect of any dividend payment or payments on the Series B Preferred Stock which may be in arrears, and holders of the Series B Preferred Stock will not be entitled to any dividends in excess of full cumulative dividends described above. Any dividend payment made on the Series B Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to those shares. 
		

		
			If, for any taxable year, we designate as a “capital gain dividend,” as defined in Section 857 of the Internal Revenue Code of 1986 (the “Code”), as amended, any portion of the dividends, or the Capital Gains Amount, as 

		 

		

			 

		

		

			 

		

		

			 

		

determined for federal income tax purposes, paid or made available for that year to holders of all classes of our shares, then, except as otherwise required by applicable law, the portion of the Capital Gains Amount that shall be allocable to the holders of the Series B Preferred Stock will be in proportion to the amount that the total dividends, as determined for federal income tax purposes, paid or made available to holders of Series B Preferred Stock for the year bears to the total dividends paid or made available for that year to holders of all classes of our shares. In addition, except as otherwise required by applicable law, we will make a similar allocation with respect to any undistributed long-term capital gains that are to be included in our stockholders’ long-term capital gains, based on the allocation of the Capital Gains Amount that would have resulted if those undistributed long-term capital gains had been distributed as “capital gain dividends” by us to our stockholders. 
		

		
			The Series B Preferred Stock will rank junior as to payment of dividends to any class or series of our preferred stock that we may issue in the future that is expressly stated to be senior as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of our company. If at any time we have failed to pay, on the applicable payment date, accrued dividends on any shares that rank in priority to the Series B Preferred Stock with respect to dividends, we may not pay any dividends on the Series B Preferred Stock or redeem or otherwise repurchase any Series B Preferred Stock until we have paid or set aside for payment the full amount of the accrued and unpaid dividends on the shares that rank in priority with respect to dividends that must, under the terms of such shares, be paid before we may pay dividends on, or redeem or repurchase, the Series B Preferred Stock. 
		

		
			When dividends are not paid (or duly provided for) on any dividend payment date (or, in the case of parity equity securities having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) in full upon the Series B Preferred Stock and any shares of parity equity securities, including our Series A Preferred Stock, all dividends declared upon the Series B Preferred Stock and all such parity equity securities, including our Series A Preferred Stock, payable on such dividend payment date (or, in the case of parity equity securities having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) shall be declared pro rata so that the respective amounts of such dividends shall bear the same ratio to each other as all accrued but unpaid dividends per share on the Series B Preferred Stock and all parity equity securities, including our Series A Preferred Stock, payable on such dividend payment date (or, in the case of parity equity securities having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) bear to each other. 
		

		
			Except as provided in the immediately preceding paragraph, so long as any Series B Preferred Stock remains outstanding, no dividend or distribution shall be paid or declared on junior equity securities or parity equity securities, including the Series A Preferred Stock, and no junior equity securities or parity equity securities shall be purchased, redeemed or otherwise acquired for consideration by us, directly or indirectly, unless the full cumulative dividends on all outstanding Series B Preferred Stock have been declared and paid or are contemporaneously declared and paid (or declared and a sum sufficient for the payment thereof has been set aside), for all past dividend periods. 
		

		
			The foregoing limitation does not apply to: 
		

			
	
			
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			repurchases, redemptions or other acquisitions of shares of junior equity securities of our company in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a dividend reinvestment or stockholder share purchase plan or (3) preserving our status as a real estate investment trust (“REIT”);  

			
	
			
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			an exchange, redemption, reclassification or conversion of any class or series of our company’s junior equity securities, or any junior equity securities of a subsidiary of our company, for any class or series of our company’s junior equity securities; 

			
	
			
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			the purchase of fractional interests in shares of our company’s equity securities under the conversion or exchange provisions of the junior equity securities or the securities being converted or exchanged; 

			
	
			
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			any declaration of a dividend in connection with any stockholders’ rights plan, or the issuance of rights, 

		 

		

			 

		

		

			 

		

		

			 

		

	shares or other property under any stockholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan, in each case, provided that such security is a junior equity security; or 

			
	
			
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			any dividend in the form of shares, warrants, options or other rights where the dividend security or the security issuable upon exercise of such warrants, options or other rights is the same security as that on which the dividend is being paid or ranks equal or junior to that security. 

		
			As used herein, “junior equity security” means any class or series of shares of our company that ranks junior to the Series B Preferred Stock as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of our company. Junior equity securities include our common stock. 
		

		
			As used herein, “parity equity securities” means any other class or series of shares of our company that ranks equally with the Series B Preferred Stock in the payment of dividends, whether cumulative or non-cumulative, and the distribution of assets upon liquidation, dissolution or winding up of our company. Except where the context otherwise indicates, parity equity securities include our Series A Preferred Stock. 
		

		
			Future distributions on our common stock and preferred stock, including our Series B Preferred Stock, will be at the discretion of our board of directors and will depend on, among other things, our results of operations, funds from operations, cash flow from operations, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code, our debt service requirements and any other factors our board of directors deems relevant. In addition, our credit facility contains provisions that could limit or, in certain cases, prohibit the payment of distributions on our common stock and preferred stock, including our Series B Preferred Stock. Accordingly, although we expect to pay quarterly cash distributions on our common stock and scheduled cash dividends on our Series B Preferred Stock, we cannot guarantee that we will maintain these distributions or what the actual distributions will be for any future period. 
		

		
			Subject to the foregoing, dividends (payable in cash, shares or otherwise) may be determined by our board of directors and may be declared and paid on our common stock and any shares ranking, as to dividends, equally with or junior to our Series B Preferred Stock from time to time out of any funds legally available for such payment, and our Series B Preferred Stock shall not be entitled to participate in any such dividend. 
		

		
			Liquidation Rights 
		

		
			Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, holders of the Series B Preferred Stock are entitled to receive out of assets of our company legally available for distribution to stockholders, after satisfaction of liabilities to creditors, if any, and subject to the rights of holders of any shares then outstanding ranking senior to our Series B Preferred Stock in respect of distributions upon liquidation, dissolution or winding up of our company, and before any distribution of assets is made to holders of common stock or of any of our other classes or series of shares ranking junior to our Series B Preferred Stock as to such a distribution, a liquidating distribution in the amount of  $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date of final distribution to such holders. Holders of our Series B Preferred Stock will not be entitled to any other amounts from us after they have received their full liquidation preference. Written notice will be given to each holder of Series B Preferred Stock of any such liquidation no fewer than 30 days and no more than 60 days prior to the payment date. 
		

		
			In any such distribution, if the assets of our company are not sufficient to pay the liquidation preferences in full to all holders of our Series B Preferred Stock and all holders of any of our other shares ranking equally as to such distribution with our Series B Preferred Stock, the amounts paid to the holders of Series B Preferred Stock and to the holders of all such other shares will be paid pro rata in accordance with the respective aggregate liquidation preferences of those holders. In any such distribution, the “liquidation preference” of any holder of preferred stock means the amount otherwise payable to such holder in such distribution (assuming no limitation on our assets available for such distribution), including any accrued but unpaid dividends (whether or not authorized or declared). If the liquidation preference has been paid in full to all holders of Series B Preferred Stock and any of our other shares ranking equally as to the liquidation preference, the holders of our shares ranking junior as to the liquidation preference shall be entitled to receive all remaining assets of our company according to their respective rights and preferences. 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			For purposes of this section, the merger or consolidation of our company with or into any other entity, including a merger or consolidation in which the holders of Series B Preferred Stock receive cash, securities or property for their shares, or the sale, lease or exchange of all or substantially all of the assets of our company, for cash, securities or other property shall not constitute a liquidation, dissolution or winding up of our company. See “- Conversion Right upon a Change of Control” below for information about conversion of the Series B Preferred Stock in the event of a change of control of our company. 
		

		
			In determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our capital stock or otherwise, is permitted under Maryland law with respect to any share of any class or series of our capital stock, amounts that would be needed, if we were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of shares of Series B Preferred Stock will not be added to our total liabilities. 
		

		
			Redemption 
		

		
			Redemption at Our Option 
		

		
			Shares of Series B Preferred Stock are perpetual and have no maturity date, and are not subject to any mandatory redemption, sinking fund or other similar provisions. Except with respect to the special redemption option described below, to preserve our status as a REIT or in certain other limited circumstances relating to our maintenance of our ability to qualify as a REIT as described in “- Restrictions on Ownership and Transfer,” we cannot redeem the Series B Preferred Stock prior to January 26, 2023. On or after January 26, 2023, we may, at our option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series B Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date fixed for redemption. Holders of Series B Preferred Stock will have no right to require the redemption or repurchase of the Series B Preferred Stock. 
		

		
			If shares of Series B Preferred Stock are to be redeemed, the notice of redemption shall be given by first class mail to the holders of record of the Series B Preferred Stock to be redeemed, mailed not less than 10 days nor more than 60 days prior to the date fixed for redemption thereof (provided that, if the Series B Preferred Stock are held in book-entry form through The Depository Trust Company, or DTC, we may give such notice in any manner permitted by DTC). Each notice of redemption will include a statement setting forth: (i) the redemption date, (ii) the number of shares of Series B Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder, (iii) the redemption price and (iv) the place or places where holders may surrender certificates representing Series B Preferred Stock for payment of the redemption price. No failure to give such notice or any defect therein or in the mailing thereof will affect the validity of the proceedings for the redemption of any shares of Series B Preferred Stock except as to the holder to whom notice was defective or not given. 
		

		
			If notice of redemption of any Series B Preferred Stock has been given and if the funds necessary for such redemption have been set aside by us for the benefit of the holders of any Series B Preferred Stock so called for redemption, then, from and after the redemption date, dividends will cease to accrue on such Series B Preferred Stock, such Series B Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price, without interest. 
		

		
			In the case of any redemption of only part of the Series B Preferred Stock at the time outstanding, the shares to be redeemed shall be selected pro rata.  
		

		
			We may also redeem the Series B Preferred Stock in limited circumstances relating to maintaining our qualification as a REIT, as described below in “- Restrictions on Ownership and Transfer.” 
		

		
			Special Redemption Option upon a Change of Control 
		

		
			Upon the occurrence of a Change of Control (as defined in the Series B Articles Supplementary), we may redeem for cash, in whole or in part, the Series B Preferred Stock within 120 days after the date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends (whether or not 

		 

		

			 

		

		

			 

		

		

			 

		

authorized or declared) to, but excluding, the date fixed for redemption. If, prior to the Change of Control Conversion Date (as defined below under the caption “- Conversion Rights upon a Change of Control”), we have provided or provide notice of redemption with respect to the Series B Preferred Stock (whether pursuant to our optional redemption right or our special redemption option), the holders of Series B Preferred Stock will not be permitted to exercise the conversion right described below under “- Conversion Rights upon a Change of Control” with respect to the shares subject to such notice. 
		

		
			We will mail to holders  of the Series B Preferred Stock a notice of redemption no fewer than 30 days nor more than 60 days before the redemption date. We will send the notice to the applicable address shown on our transfer books. A failure to give notice of redemption or any defect in the notice or in its mailing will not affect the validity of the redemption of any Series B Preferred Stock except as to the holder to whom notice was defective. Each notice will state the following: 
		

		
			 
		

			
	
			
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			the redemption date;

		
			 
		

			
	
			
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			the special redemption price;

		
			 
		

			
	
			
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			a statement setting forth the calculation of such special redemption price;

		
			 
		

			
	
			
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			the number of shares of Series B Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder;

		
			 
		

			
	
			
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			the place or places where the certificates, if any, representing Series B Preferred Stock are to be surrendered for payment of the redemption price;

		
			 
		

			
	
			
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			procedures for surrendering noncertificated Series B Preferred Stock for payment of the redemption price;

		
			 
		

			
	
			
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			that dividends on the Series B Preferred Stock to be redeemed will cease to accrue on such redemption date unless we fail to pay the redemption price on such date;

		
			 
		

			
	
			
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			that payment of the redemption price and any accrued and unpaid dividends (whether or not authorized or declared) will be made upon presentation and surrender of such Series B Preferred Stock;

		
			 
		

			
	
			
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			​that the Series B Preferred Stock is being redeemed pursuant to our special redemption option right in connection with the occurrence of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control; and

		
			 
		

			
	
			
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			that the holders of the Series B Preferred Stock to which the notice relates will not be able to tender such Series B Preferred Stock for conversion in connection with the Change of Control and each Series B Preferred Stock tendered for conversion that is selected, prior to the Change of Control Conversion Date, for redemption will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.

		
			Conversion Right upon a Change of Control 
		

		
			Upon the occurrence of a Change of Control, each holder of Series B Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem, in whole or in part, the Series B Preferred Stock as described above under “- Redemption”) to convert some or all of the Series B Preferred Stock held by such holder, or the Change of Control Conversion Right, on the Change of Control Conversion Date (as defined below) into a number of shares of our common stock per Series B Preferred Stock to be converted equal to the lesser of: 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

			
	
			
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			the quotient obtained by dividing (i) the sum of   (x) the liquidation preference amount of  $25.00 per Series B Preferred Stock, plus (y) any accrued and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series B Preferred Stock dividend payment for which dividends have been declared and prior to the corresponding Series B Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum and such declared dividend will instead be paid, on such dividend payment date, to the holder of record of the Series B Preferred Stock to be converted as of 5:00 p.m. New York City time, on such record date) by (ii) the Stock Price (as defined below); and

			
	
			
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			2.74876, the Share Cap, subject to certain adjustments,

		
			 
		

		
			subject, in each case, to provisions for the receipt of alternative consideration as described herein.
		

		
			The Share Cap is subject to pro rata adjustments for any stock splits (including those effected pursuant to a distribution of our common stock), subdivisions or combinations (in each case, a Stock Split) with respect to our common stock as follows: the adjusted Share Cap as the result of a Stock Split will be the number of common stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such Stock Split by (ii) a fraction, the numerator of which is the number of common stock outstanding after giving effect to such Stock Split and the denominator of which is the number of our common stock outstanding immediately prior to such Stock Split. 
		

		
			In the case of a Change of Control pursuant to which our common stock will be converted into cash, securities or other property or assets (including any combination thereof), or the Alternative Form Consideration, a holder of Series B Preferred Stock will receive upon conversion of such Series B Preferred Stock the kind and amount of Alternative Form Consideration that such holder would have owned or to which that holder would have been entitled to receive upon the Change of Control had such holder held a number of shares of our common stock equal to the Common Stock Conversion Consideration immediately prior to the effective time of the Change of Control, or the Alternative Conversion Consideration, and the Common Stock Conversion Consideration or the Alternative Conversion Consideration, as may be applicable to a Change of Control, is referred to as the Conversion Consideration. 
		

		
			If the holders of our common stock have the opportunity to elect the form of consideration to be received in the Change of Control, the Conversion Consideration will be deemed to be the kind and amount of consideration actually received by holders of a majority of our common stock that voted for such an election (if electing between two types of consideration) or holders of a plurality of our common stock that voted for such an election (if electing between more than two types of consideration), as the case may be, and will be subject to any limitations to which all holders of our common stock are subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the Change of Control. 
		

		
			Within 15 days following the occurrence of a Change of Control, we will provide to holders of Series B Preferred Stock a notice of occurrence of the Change of Control that describes the resulting Change of Control Conversion Right. This notice will state the following: 
		

		
			 
		

			
	
			
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			the events constituting the Change of Control;

		
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			the date of the Change of Control;

		
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			the last date and time by which the holders of Series B Preferred Stock may exercise their Change of Control Conversion Right;

		
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			the method and period for calculating the Stock Price;

		
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			the Change of Control Conversion Date;

		
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			that if, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem all or any portion of the Series B Preferred Stock, holders will not be able to convert Series B Preferred Stock designated for redemption and such shares will be redeemed on the related redemption date, even if such shares have already been tendered for conversion pursuant to the Change of Control Conversion Right;

		
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			if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series B Preferred Stock;

		
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			the name and address of the paying agent and the conversion agent; and

		
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			the procedures that the holders of Series B Preferred Stock must follow to exercise the Change of Control Conversion Right.

		
			A failure to give such notice or any defect in the notice or in its mailing shall not affect the validity of the proceedings for the conversion of any Series B Preferred Stock except as to the holder to whom the notice was defective or not given. 
		

		
			We will issue a press release for publication on the Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information to the public), or post a notice on our website, in any event prior to the opening of business on the first business day following any date on which we provide the notice described above to the holders of Series B Preferred Stock. 
		

		
			To exercise the Change of Control Conversion Right, the holders of Series B Preferred Stock will be required to deliver, on or before the close of business on the Change of Control Conversion Date, the certificates (if any) or book entries representing Series B Preferred Stock to be converted, duly endorsed for transfer (if certificates are delivered), together with a completed written conversion notice to our transfer agent. The conversion notice must state: 
		

		
			 
		

			
	
			
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			the relevant Change of Control Conversion Date;

		
			 
		

			
	
			
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			the number of Series B Preferred Stock to be converted; and

		
			 
		

			
	
			
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			that the shares of Series B Preferred Stock are to be converted pursuant to the change of control conversion right held by holders of Series B Preferred Stock.

		
			We will not issue fractional common stock upon the conversion of the Series B Preferred Stock. Instead, we will pay the cash value of any fractional share otherwise due, computed on the basis of the applicable Stock Price.
		

		
			The “Change of Control Conversion Date” is the date on which the Series B Preferred Stock are to be converted, which will be a business day selected by us that is no fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of Series B Preferred Stock. 
		

		
			The “Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of our common stock is solely cash, the amount of cash consideration per common stock or (ii) if the consideration to be received in the Change of Control by holders of our common stock is other than solely cash (x) the average of the closing sale prices per share of our common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which our common stock are then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter market as reported by OTC Markets Group, Inc. or similar organization for the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if our common stock are not then listed for trading on a U.S. securities exchange. 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			Limited Voting Rights 
		

		
			Holders of the Series B Preferred Stock generally will have no voting rights. However, if we are in arrears on dividends, whether or not authorized or declared, on the Series B Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of Series B Preferred Stock (voting together as a single class with the holders of all other classes or series of parity preferred stock (which excludes holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors) upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors at a special meeting called upon the request of the holders of at least 10% of such outstanding shares of Series B Preferred Stock or the holders of at least 10% of outstanding shares of any such other class or series of our parity preferred stock or at our next annual meeting and each subsequent annual meeting of stockholders, each additional director being referred to as a Preferred Stock Director, until all accrued and unpaid dividends with respect to the Series B Preferred Stock have been paid. Preferred Stock Directors will be elected by a vote of holders of a majority of the outstanding Series B Preferred Stock and any other series of parity equity securities upon which like voting rights have been conferred and are exercisable, voting together as a single class (which excludes holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors). Special meetings called in accordance with the provisions described in this paragraph shall be subject to the procedures in our bylaws, except that we, rather than the holders of Series B Preferred Stock or any other class or series of parity preferred stock entitled to vote thereon when they have the voting rights described above (voting together as a single class, but excluding holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors), will pay all costs and expenses of calling and holding the meeting. In no event shall the holders of Series B Preferred Stock be entitled pursuant to these voting rights to elect a Preferred Stock Director that would cause us to fail to satisfy a requirement relating to director independence of any national securities exchange on which any class or series of our shares are listed. 
		

		
			Any Preferred Stock Director may be removed at any time with or without cause by the vote of, and may not be removed otherwise than by the vote of, the holders of a majority of the outstanding shares of Series B Preferred Stock and all other classes or series of parity preferred stock entitled to vote thereon when they have the voting rights described above (voting together as a single class, but excluding holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors). So long as a dividend arrearage continues, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of a majority of the outstanding shares of Series B Preferred Stock and all other classes or series of parity preferred stock entitled to vote thereon when they have the voting rights described above (voting together as a single class, but excluding holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors). 
		

		
			So long as any shares of Series B Preferred Stock remain outstanding, we will not, without the affirmative vote or written consent of the holders of at least two-thirds of the then outstanding shares of Series B Preferred Stock and each other class or series of parity preferred stock with like voting rights (voting together as a single class, but excluding holders of Series A Preferred Stock, who are entitled to a separate class vote), authorize, create, or increase the number of authorized or issued shares of, any class or series of equity securities ranking senior to the Series B Preferred Stock with respect to rights of dividend payments and the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of our company, or reclassify any of our authorized equity securities into such equity securities, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such equity securities. However, we may create additional classes of parity equity securities and junior equity securities, increase the authorized number of shares of parity equity securities (including the Series B Preferred Stock) and junior equity securities and issue additional series of parity equity securities and junior equity securities without the consent of any holder of Series B Preferred Stock. However, holders of Series A Preferred Stock are entitled to separate voting rights in connection with the creation and issuance of equity securities that constitute parity securities with the Series A Preferred Stock. 
		

		
			In addition, the affirmative vote or written consent of the holders of at least two-thirds of the outstanding Series B Preferred Stock and each other class or series of parity preferred stock with like voting rights (voting together as a single class, but excluding holders of Series A Preferred Stock, who may be entitled to a separate class vote to the extent any of these matters materially and adversely alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock) is required for us to amend, alter or repeal any provision of our charter whether by 

		 

		

			 

		

		

			 

		

		

			 

		

merger, consolidation or otherwise, so as to materially and adversely affect the terms of the Series B Preferred Stock, unless in connection with any such amendment, alteration or repeal, the Series B Preferred Stock remains outstanding without the terms thereof being materially changed in any respect adverse to the holders thereof or is converted into or exchanged for shares of preferred stock of the surviving entity having preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption thereof that are substantially similar to those of the Series B Preferred Stock. If such amendment to our charter does not equally affect the terms of the Series B Preferred Stock and the terms of one or more other classes or series of parity preferred stock with like voting rights, the affirmative vote or written consent of the holders of at least two-thirds of the shares outstanding at the time of Series B Preferred Stock and of each other class or series so affected, voting together as a single class, but excluding holders of Series A Preferred Stock, who will be entitled to a separate class vote to the extent any of these matters materially and adversely alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock,  is required. Holders of the Series B Preferred Stock also will have the exclusive right to vote on any amendment to our charter on which holders of the Series B Preferred Stock are otherwise entitled to vote and that would alter only the rights, as expressly set forth in our charter, of the Series B Preferred Stock (except to the extent such amendment may also be deemed to materially and adversely alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock, in which case the holders of our Series A Preferred Stock will have a separate class voting right). 
		

		
			In any matter in which holders of Series B Preferred Stock may vote (as expressly provided in the Articles Supplementary setting forth the terms of the Series B Preferred Stock), each share of Series B Preferred Stock shall be entitled to one vote per share, except that when any other class or series of preferred stock shall have the right to vote with the Series B Preferred Stock as a single class, then the Series B Preferred Stock and such other class or series shall have one vote per $25.00 of stated liquidation preference. 
		

		
			Information Rights 
		

		
			During any period in which we are not subject to Section 13 or 15(d) of the Exchange Act and any Series B Preferred Stock are outstanding, we will (i) transmit by mail (or other permissible means under the Exchange Act) to all holders of Series B Preferred Stock, as their names and addresses appear on our record books and without cost to such holders, copies of the annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, that we would have been required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act if we were subject thereto (other than any exhibits that would have been required) and (ii) promptly, upon request, supply copies of such reports to any holders or prospective holder of Series B Preferred Stock. We will mail (or otherwise provide) the information to the holders of the Series B Preferred Stock within 15 days after the respective dates by which a report on Form 10-K or Form 10-Q, as the case may be, in respect of such information would have been required to be filed with the SEC, if we were subject to Section 13 or 15(d) of the Exchange Act, in each case, based on the dates on which we would be required to file such periodic reports if we were a “non-accelerated filer” within the meaning of the Exchange Act. 
		

		
			Power to Reclassify and Issue Stock 
		

		
			Our board of directors may classify any unissued shares of preferred stock, and reclassify any unissued shares of common stock or any previously classified but unissued shares of preferred stock into other classes or series of stock, including one or more classes or series of stock that have priority over our common stock with respect to voting rights or distributions or upon liquidation, and authorize us to issue the newly classified shares. Prior to the issuance of shares of each class or series, our board of directors is required by the MGCL and our charter to set, subject to the provisions of our charter regarding the restrictions on ownership and transfer of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption for each such class or series. These actions can be taken without stockholder approval (subject in certain instances to the approval of the holders of our Series A Preferred Stock and the Series B Preferred Stock), unless stockholder approval is required by applicable law, the terms of any other class or series of our stock or the rules of any stock exchange or automated quotation system on which our stock may be then listed or quoted. 
		

		
			Power to Increase Authorized Stock and Issue Additional Shares of our Preferred Stock 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			Our charter authorizes our board of directors, with the approval of a majority of the entire board of directors, to amend our charter to increase or decrease the aggregate number of authorized shares of stock or the number of authorized shares of stock of any class or series without stockholder approval, but subject in certain instances to the approval of the holders of our Series A Preferred Stock and Series B Preferred Stock. The additional classes or series, as well as the additional shares of stock, will be available for future issuance without further action by our stockholders (subject in certain instances to the approval of the holders of our Series A Preferred Stock and Series B Preferred Stock), unless such action is required by applicable law, the terms of any other class or series of stock or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded. 
		

		
			Restrictions on Ownership and Transfer 
		

		
			In order to qualify as a REIT under the Code, our shares of stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months (other than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year (other than the first year for which an election to be a REIT has been made). 
		

		
			Our charter, subject to certain exceptions, contains restrictions on the number of our shares of stock that a person may own. Our charter provides that, subject to certain exceptions, no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock, or the ownership limit. 
		

		
			Our charter also prohibits any person from: 
		

			
	
			
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			beneficially owning shares of our capital stock to the extent that such beneficial ownership would result in our being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of the taxable year);

			
	
			
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			transferring shares of our capital stock to the extent that such transfer would result in our shares of capital stock being beneficially owned by fewer than 100 persons (determined under the principles of Section 856(a)(5) of the Code);

			
	
			
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			beneficially or constructively owning shares of our capital stock to the extent such beneficial or constructive ownership would cause us to constructively own ten percent or more of the ownership interests in a tenant (other than a TRS) of our real property within the meaning of Section 856 (d)(2)(B) of the Code; or

			
	
			
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			beneficially or constructively owning or transferring shares of our capital stock if such beneficial or constructive ownership or transfer would otherwise cause us to fail to qualify as a REIT under the Code.

		
			Our board of directors, in its sole discretion, may prospectively or retroactively exempt a person from certain of the limits described above and may establish or increase an excepted holder percentage limit for that person. The person seeking an exemption must provide to our board of directors any representations, covenants and undertakings that our board of directors may deem appropriate in order to conclude that granting the exemption will not cause us to lose our status as a REIT. Our board of directors may not grant an exemption to any person if that exemption would result in our failing to qualify as a REIT. Our board of directors may require a ruling from the IRS or an opinion of counsel, in either case in form and substance satisfactory to our board of directors, in its sole discretion, in order to determine or ensure our status as a REIT. 
		

		
			Notwithstanding the receipt of any ruling or opinion, our board of directors may impose such guidelines or restrictions as it deems appropriate in connection with granting such exemption. In connection with granting a waiver of the ownership limit or creating an exempted holder limit or at any other time, our board of directors from time to time may increase or decrease the ownership limit, subject to certain exceptions. 
		

		
			Any attempted transfer of shares of our capital stock which, if effective, would violate any of the restrictions described above will result in the number of shares of our capital stock causing the violation (rounded up to the nearest whole share) to be automatically transferred to a trust for the exclusive benefit of one or more charitable 

		 

		

			 

		

		

			 

		

		

			 

		

beneficiaries, except that any transfer that results in the violation of the restriction relating to shares of our capital stock being beneficially owned by fewer than 100 persons will be null and void. In either case, the proposed transferee will not acquire any rights in those shares. The automatic transfer will be deemed to be effective as of the close of business on the business day prior to the date of the transfer. If, for any reason, the transfer to the trust would not be effective to prevent the violation of the foregoing restrictions, our charter provides that the purported transfer in violation of the restrictions will be void. Shares of our capital stock held in the trust will be issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares held in the trust, will have no rights to dividends or other distributions and will have no rights to vote or other rights attributable to the shares held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the charitable beneficiary. Any dividend or other distribution paid prior to our discovery that shares have been transferred to the trust will be paid by the recipient to the trustee upon demand. Any dividend or other distribution authorized but unpaid will be paid when due to the trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiary. Subject to Maryland law, the trustee will have the authority (i) to rescind as void any vote cast by the proposed transferee prior to our discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote. 
		

		
			Within 20 days of receiving notice from us that shares of our stock have been transferred to the trust, the trustee will sell the shares to a person, designated by the trustee, whose ownership of the shares will not violate the above ownership and transfer limitations. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds from the sale to the proposed transferee and to the charitable beneficiary as follows. The proposed transferee will receive the lesser of  (i) the price paid by the proposed transferee for the shares or, if the proposed transferee did not give value for the shares in connection with the event causing the shares to be held in the trust (e.g., a gift, devise or other similar transaction), the market price (as defined in our charter) of the shares on the day of the event causing the shares to be held in the trust and (ii) the price per share received by the trustee (net of any commission and other expenses of sale) from the sale or other disposition of the shares. The trustee may reduce the amount payable to the proposed transferee by the amount of dividends or other distributions paid to the proposed transferee and owed by the proposed transferee to the trustee. Any net sale proceeds in excess of the amount payable to the proposed transferee will be paid immediately to the charitable beneficiary. If, prior to our discovery that our shares of our stock have been transferred to the trust, the shares are sold by the proposed transferee, then (i) the shares shall be deemed to have been sold on behalf of the trust and (ii) to the extent that the proposed transferee received an amount for the shares that exceeds the amount he or she was entitled to receive, the excess shall be paid to the trustee upon demand. 
		

		
			In addition, shares of our stock held in the trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of  (i) the price per share in the transaction that resulted in the transfer to the trust (or, in the case of a devise or gift, the market price at the time of the devise or gift) and (ii) the market price on the date we, or our designee, accept the offer, which we may reduce by the amount of dividends and distributions paid to the proposed transferee and owed by the proposed transferee to the trustee. We will have the right to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds from the sale to the proposed transferee. 
		

		
			If a transfer to a charitable trust, as described above, would be ineffective for any reason to prevent a violation of a restriction, the transfer that would have resulted in a violation will be null and void, and the proposed transferee shall acquire no rights in those shares. 
		

		
			Any certificate representing shares of our capital stock, and any notices delivered in lieu of certificates with respect to the issuance or transfer of uncertificated shares, will bear a legend referring to the restrictions described above. 
		

		
			Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our capital stock that will or may violate any of the foregoing restrictions on transferability and ownership, or any person who would have owned shares of our capital stock that resulted in a transfer of shares to a charitable trust, is 

		 

		

			 

		

		

			 

		

		

			 

		

required to give written notice immediately to us, or in the case of a proposed or attempted transaction, to give at least 15 days’ prior written notice, and provide us with such other information as we may request in order to determine the effect of the transfer on our status as a REIT. The foregoing restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. 
		

		
			Every owner of more than 5% (or any lower percentage as required by the Code or the regulations promulgated thereunder) in number or value of the outstanding shares of our capital stock, within 30 days after the end of each taxable year, is required to give us written notice, stating his or her name and address, the number of shares of each class and series of shares of our capital stock that he or she beneficially owns and a description of the manner in which the shares are held. Each of these owners must provide us with additional information that we may request in order to determine the effect, if any, of his or her beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, each stockholder will upon demand be required to provide us with information that we may request in good faith in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine our compliance. 
		

		
			 
		

		
			Certain Provisions of Maryland Law and Our Charter and Bylaws
		

		
			Business Combinations
		

		
			 Under the MGCL, certain “business combinations” (including a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities) between a Maryland corporation and an interested stockholder (i.e., any person (other than the corporation or any subsidiary) who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock after the date on which the corporation had 100 or more beneficial owners of its stock, or an affiliate or associate of the corporation who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation after the date on which the corporation had 100 or more beneficial owners of its stock) or an affiliate of an interested stockholder, are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. Thereafter, any such business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of such corporation and approved by the affirmative vote of at least (1) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation and (2) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested stockholder, unless, among other conditions, the corporation’s common stockholders receive a minimum price (as defined in the MGCL) for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares. A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. The board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by it. 
		

		
			 
		

		
			The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors prior to the time that the interested stockholder became an interested stockholder. As permitted by the MGCL, our board of directors has adopted a resolution exempting any business combination between us and any other person from the provisions of this statute, provided that the business combination is first approved by our board of directors (including a majority of directors who are not affiliates or associates of such persons). However, our board of directors may repeal or modify this resolution at any time in the future, in which case the applicable provisions of this statute will become applicable to business combinations between us and interested stockholders.
		

		
			 
		

		
			Control Share Acquisitions
		

		
			 
		

		
			The MGCL provides that holders of “control shares” of a Maryland corporation acquired in a “control share acquisition” have no voting rights with respect to those shares except to the extent approved by the affirmative 

		 

		

			 

		

		

			 

		

		

			 

		

vote of at least two-thirds of the votes entitled to be cast by stockholders entitled to vote generally in the election of directors, excluding votes cast by (1) the person who makes or proposes to make a control share acquisition, (2) an officer of the corporation or (3) an employee of the corporation who is also a director of the corporation. “Control shares” are voting shares of stock which, if aggregated with all other such shares of stock previously acquired by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power: (1) one-tenth or more but less than one-third, (2) one-third or more but less than a majority or (3) a majority or more of all voting power. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A “control share acquisition” means the acquisition of issued and outstanding control shares, subject to certain exceptions.
		

		
			 
		

		
			A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may compel the board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.
		

		
			 
		

		
			If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of such shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.
		

		
			 
		

		
			The control share acquisition statute does not apply to, among other things, (1) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (2) acquisitions approved or exempted by the charter or bylaws of the corporation.
		

		
			 
		

		
			Our bylaws contain a provision exempting from the control share acquisition statute any acquisition by any person of shares of our stock. 
		

		
			 
		

		
			Amendments to our Charter and Bylaws
		

		
			 
		

		
			Under the MGCL, a Maryland corporation generally cannot amend its charter unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation’s charter. Except for certain amendments related to the removal of directors and the restrictions on ownership and transfer of our stock and the vote required to amend those provisions (which must be declared advisable by our board of directors and approved by the affirmative vote of stockholders entitled to cast not less than two-thirds of all the votes entitled to be cast on the matter), our charter generally may be amended only if the amendment is declared advisable by our board of directors and approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. Our board of directors, with the approval of a majority of the entire board, and without any action by our stockholders, may also amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series we are authorized to issue.
		

		
			 
		

		
			Our board of directors has the power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. Our stockholders have the right to alter or repeal any provision of our bylaws and adopt new bylaw provisions if such alteration, repeal or adoption is approved by the affirmative vote of a majority of votes entitled to be cast on the matter.
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			Extraordinary Transactions
		

		
			 Under the MGCL, a Maryland corporation generally cannot dissolve, merge, sell all or substantially all of its assets, engage in a statutory share exchange or engage in similar transactions outside the ordinary course of business unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation’s charter. As permitted by the MGCL, our charter provides that any of these actions may be approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. Many of our operating assets will be held by our subsidiaries, and these subsidiaries may be able to merge or sell all or substantially all of their assets without the approval of our stockholders.
		

		
			Appraisal Rights
		

		
			Our holders of Series B Preferred Stock generally will not be entitled to exercise statutory appraisal rights.
		

		
			Listing 
		

		
			Our Series B Preferred Stock is listed on the New York Stock Exchange under the symbol “JCAP PR B”.
		

		
			Transfer Agent, Registrar and Depositary 
		

		
			The transfer agent, registrar, dividend disbursing agent, redemption agent and depositary for the Series B Preferred Stock is American Stock Transfer & Trust Company, LLC.jcap_Ex10_47

		
			Exhibit 10.47
		

		
			FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			THIS FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of January 31, 2020, by and among JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company (“Borrower”), JERNIGAN CAPITAL, INC., a Maryland corporation (“REIT”), each of the entities identified as a “Subsidiary Guarantor” on the signature pages of this Amendment (collectively the “Subsidiary Guarantors”; the REIT and the Subsidiary Guarantors are hereinafter referred to collectively as the “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), RAYMOND JAMES BANK, N.A., (“Raymond James”), BMO HARRIS BANK N.A., (“BMO”), TRUSTMARK NATIONAL BANK (“Trustmark”), FIRSTBANK (“FirstBank”), TRIUMPH BANK (“Triumph”), RENASANT BANK (“Renasant”), and PINNACLE BANK (“Pinnacle”); KeyBank, Raymond James, BMO, Trustmark, FirstBank, Triumph, Renasant and Pinnacle, collectively, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower, Agent and the Lenders are parties to that certain First Amended and Restated Credit Agreement dated as of December 28, 2018 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);
		

		
			WHEREAS, the REIT and certain of the Subsidiary Guarantors executed and delivered to Agent and the Lenders that certain First Amended and Restated Unconditional Guaranty of Payment and Performance dated as of December 28, 2018 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”); and
		

		
			WHEREAS, certain of the Subsidiary Guarantors have become parties to the Guaranty by virtue of the execution and delivery to Agent of Joinder Agreements dated April 5, 2019, June 10, 2019, November 13, 2019 and December 18, 2019; and
		

		
			WHEREAS, certain of the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement and Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.
		

		
			NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
		

		
			1.         Definitions.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit Agreement.
		

		
			2.         Modifications of the Credit Agreement.  The Borrower, Agent and the Lenders do hereby modify and amend the Credit Agreement as follows:
		

		
			 
		

		
			 
		

		
			

		 

		

		
			(a)        By deleting in its entirety §9.6 of the Credit Agreement, and inserting in lieu thereof the following:
		

		
			“§9.6    Liquidity.  The Borrower will not at any time (a) commencing with the fiscal quarter ending December 31, 2018 through and including December 31, 2019, permit its Liquidity to be less than the greater of (i) an amount equal to the Future Funding Commitments for the next three (3) calendar months following the date of determination and (ii) $50,000,000.00, (b) on and after January 1, 2020 permit its Liquidity to be less than the greater of (i) an amount equal to the Future Funding Commitments for the next three (3) months following the date of determination, and (ii) $25,000,000.00, or (c) on and after January 1, 2021 permit its Liquidity to be less than the greater of (i) an amount equal to the Future Funding Commitments for the next six (6) months following the date of determination, and (ii) $25,000,000.00.”
		

		
			(b)        The covenant calculation template attached to the Compliance Certificate shall be revised by Borrower and Agent to reflect the revision to §9.6.
		

		
			3.         References to Credit Agreement.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit Agreement as modified and amended herein.
		

		
			4.         Consent of Guarantors.  By execution of this Amendment, each Guarantor hereby expressly consents to the modifications and amendments relating to the Credit Agreement as set forth herein and any other agreements contemplated hereby, and Borrower and Guarantors hereby acknowledge, represent and agree that the Credit Agreement, as modified and amended herein, and the other Loan Documents remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.
		

		
			5.         Representations.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date of this Amendment:
		

		
			(a)        Authorization.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any material agreement or other material instrument binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons, and (vi) do not require any
		

		
			
		

		
			

		 

		

			2

		

		

		
			material approval or consent of any Person other than those already obtained and as are in full force and effect.
		

		
			(b)        Enforceability.  This Amendment is the valid and legally binding obligation of Borrower and Guarantors enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
		

		
			(c)        Approval.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained and other than any disclosure filings with the SEC as may be required with respect to this Amendment.
		

		
			(d)        Reaffirmation.  Borrower and the Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by the Borrower, the Guarantors and their respective Subsidiaries in the Loan Documents except for representations or warranties that expressly relate to an earlier date.  Each of the representations and warranties made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement are true and correct in all material respects as of the date as of which they were made and are true and correct in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions or other events permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date).
		

		
			(e)        No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith, and that no Default or Event of Default has occurred and is continuing.
		

		
			6.         Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
		

		
			7.         Ratification.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement, the Guaranty and the other Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement, the Guaranty and the other Loan Documents.  Nothing in this Amendment or any other document executed in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or
		

		
			
		

		
			

		 

		

			3

		

		

		
			substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).  This Amendment shall constitute a Loan Document.
		

		
			8.         Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
		

		
			9.         Miscellaneous.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.
		

		
			10.       Effective Date.  This Amendment shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the Agent of the satisfaction of the following conditions:
		

		
			(a)        the execution and delivery of this Amendment by Borrower, Guarantors, Agent and the Required Lenders; and
		

		
			(b)        the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment and the transactions contemplated hereby.
		

		
			[CONTINUED ON NEXT PAGE]
		

		
			 
		

		
			 
		

		
			

		 

		

			4

		

		

		
			IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or other representatives, have duly executed this Amendment under seal as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						JERNIGAN CAPITAL OPERATING COMPANY, LLC,

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland limited

				
	
					
						 

					
					
						 

					
					
						liability company, its managing member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President,

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						REIT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						JERNIGAN CAPITAL, INC.,

				
	
					
						 

					
					
						a Maryland corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

		
			[Signatures Continue On Next Page]
		

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to First Amendment to First Amended and Restated Credit Agreement – KeyBank/Jernigan]

		

		

		
			 
		

			
					
						 

					
					
						SUBSIDIARY GUARANTORS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MIAMI CITY SELF STORAGE 3RD AVE, LLC,

				
	
					
						 

					
					
						MIAMI CITY SELF STORAGE DORAL 77TH OWNER, LLC;

				
	
					
						 

					
					
						MIAMI CITY SELF STORAGE 6TH AVE, LLC;

				
	
					
						 

					
					
						MIAMI CITY SELF STORAGE 28TH LANE, LLC;

				
	
					
						 

					
					
						MIAMI CITY SELF STORAGE PEMBROKE PINES BLVD OWNER, LLC,

				
	
					
						 

					
					
						each a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, their sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President,

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						BAKERY SQUARE SELF STORAGE, LLC, 

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bakery Square Self Storage Parent, LLC,

				
	
					
						 

					
					
						 

					
					
						a Florida limited liability company, its manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 a Delaware limited liability company, its manager

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President,

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

		
			[Signatures Continued on Next Page]
		

		
			
		

		

		 

		

			Signature Page to Joinder Agreement

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BAKERY SQUARE SELF STORAGE PARENT, LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, its manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BAKERY SQUARE OPERATIONS, LLC,

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						PLG JACKSONVILLE STORAGE, LLC,

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

		
			[Signatures Continued on Next Page]
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LR-BAYSHORE 1, LLC,

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, its managing member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FLEMING ISLAND SS, LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Fleming Island SS Holding, LLC,

				
	
					
						 

					
					
						 

					
					
						a Florida limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						JCAP FI Holdings, LLC, a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						(SEAL)

				

		
			 
		

		
			[Signatures Continued on Next Page]
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FLEMING ISLAND SS HOLDING, LLC,

				
	
					
						 

					
					
						a Florida limited liability company,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						JCAP FI Holdings, LLC, a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						(SEAL)

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JCAP FI HOLDINGS, LLC,

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Jernigan Capital Operating Company, LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Jernigan Capital, Inc., a Maryland corporation, its managing member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Kelly P. Luttrell

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Chief Financial Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						(SEAL)

				

		
			 
		

		
			[Signatures Continued on Next Page]
		

		
			
		

		
			

		 

		

			[Signature Page to First Amendment to First Amended and Restated Credit Agreement – KeyBank/Jernigan]

		

		

		
			 
		

			
					
						 

					
					
						LENDERS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						KEYBANK NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						individually and as Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Sara Jo Smith

				
	
					
						 

					
					
						Name:

					
					
						Sara Jo Smith

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						RAYMOND JAMES BANK, N.A.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Matt Stein

				
	
					
						 

					
					
						Name:

					
					
						Matt Stein

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

			
					
						 

					
					
						BMO HARRIS BANK N.A.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jonas Robinson

				
	
					
						 

					
					
						Name:

					
					
						Jonas Robinson

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						TRUSTMARK NATIONAL BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Peeler

				
	
					
						 

					
					
						Name:

					
					
						Michael Peeler

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

			
					
						 

					
					
						FIRSTBANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Bill Harter

				
	
					
						 

					
					
						Name:

					
					
						Bill Harter

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

			
					
						 

					
					
						TRIUMPH BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jeffrey L. Pedron

				
	
					
						 

					
					
						Name:

					
					
						Jeffrey L. Pedron

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to First Amendment to First Amended and Restated Credit Agreement – KeyBank/Jernigan]

		

		

		
			 
		

			
					
						 

					
					
						RENASANT BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jeffrey Rowe

				
	
					
						 

					
					
						Name:

					
					
						Jeffrey Rowe

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

			
					
						 

					
					
						PINNACLE BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joelle Rogin

				
	
					
						 

					
					
						Name:

					
					
						Joelle Rogin

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]