Document:

Exhibit
10.29

 

LOAN
AGREEMENT

 

Dated
as of August 26, 2020

 

among

 

THE
ENTITIES SET FORTH ON SCHEDULE 1 ATTACHED HERETO,

 

individually
and collectively, as Borrower

 

and

 

DLP
LENDING FUND LLC,

 

as
Lender

 

    	 

     

    

 

	TABLE
    OF CONTENTS	Page
	 	 	 	 	 
	ARTICLE
    I DEFINITIONS; PRINCIPLES OF CONSTRUCTION	1
	 	Section	1.1	Definitions	1
	 	Section	1.2	Principles
    of Construction	10
	 	 	 	 	 
	ARTICLE
    II GENERAL TERMS	10
	 	Section	2.1	Loan
    Commitment; Disbursement to Borrower	10
	 	 	2.1.1	Agreement
    to Lend and Borrow	10
	 	 	2.1.2	Single
    Disbursement to Borrower	10
	 	 	2.1.3	The
    Note, Security Instrument and Loan Documents	10
	 	 	2.1.4	Use
    of Proceeds	10
	 	 	2.1.5	Upfront
    Payment	11
	 	Section	2.2	Interest
    Rate	11
	 	 	2.2.1	Interest
    Rate	11
	 	 	2.2.2	Interest
    Calculation	11
	 	 	2.2.3	Default
    Rate	11
	 	 	2.2.4	Usury
    Savings	11
	 	Section	2.3	Debt
    Service Payments	11
	 	 	2.3.1	Payments
    Generally	11
	 	 	2.3.2	Monthly
    Debt Service Payment	11
	 	 	2.3.3	Payment
    on Maturity Date	11
	 	 	2.3.4	Late
    Payment Charge	11
	 	 	2.3.5	Method
    and Place of Payment	12
	 	Section	2.4	Prepayments	12
	 	 	2.4.1	Voluntary
    Prepayments	12
	 	 	2.4.2	Mandatory
    Prepayments	13
	 	 	2.4.3	Prepayments
    After Default	13
	 	Section	2.5	Release
    of Property	13
	 	Section	2.6	Extension
    Option(s)	13
	 	 	2.6.1	Extension
    Option(s)	14
	 	 	2.6.2	Extension
    Documentation	14
	 	Section	2.7	Release
    of Individual Property	14
	 	 	 	 	 
	ARTICLE
    III [Intentionally Omitted]	15
	 	 	 	 	 
	ARTICLE
    IV REPRESENTATIONS AND WARRANTIES	15
	 	Section	4.1	Borrower
    Representations	15
	 	 	4.1.1	Organization	15
	 	 	4.1.2	Proceedings	15
	 	 	4.1.3	Litigation	16
	 	 	4.1.4	Agreements	16
	 	 	4.1.5	Title	16
	 	 	4.1.6	Solvency	16
	 	 	4.1.7	Full
    and Accurate Disclosure	17
	 	 	4.1.8	No
    Plan Assets	17
	 	 	4.1.9	Compliance	17
	 	 	4.1.10	Financial
    Information	17
	 	 	4.1.11	Condemnation	18
	 	 	4.1.12	Federal
    Reserve Regulations	18
	 	 	4.1.13	Public
    Access	18

 

    	i

     

    

 

	 	 	4.1.14	Not
    a Foreign Person	18
	 	 	4.1.15	Separate
    Lots	18
	 	 	4.1.16	Assessments	18
	 	 	4.1.17	Enforceability	18
	 	 	4.1.18	No
    Prior Assignment	18
	 	 	4.1.19	Insurance	18
	 	 	4.1.20	Flood
    Zone	18
	 	 	4.1.21	Leases	18
	 	 	4.1.22	Survey	19
	 	 	4.1.23	Principal
    Place of Business; State of Organization	19
	 	 	4.1.24	Filing
    and Recording Taxes	19
	 	 	4.1.25	Intentionally
    Omitted	19
	 	 	4.1.26	Illegal
    Activity	19
	 	 	4.1.27	No
    Change in Facts or Circumstances; Disclosure	19
	 	 	4.1.28	Investment
    Company Act	19
	 	 	4.1.29	Embargoed
    Person	19
	 	 	4.1.30	Filing
    of Returns	19
	 	 	4.1.31	Operations
    Agreements	20
	 	Section	4.2	Survival
    of Representations	20
	 	 	 	 	 
	ARTICLE
    V BORROWER COVENANTS	20
	 	Section	5.1	Affirmative
    Covenants	20
	 	 	5.1.1	Existence;
    Compliance with Legal Requirements	20
	 	 	5.1.2	Taxes
    and Other Charges	21
	 	 	5.1.3	Litigation	21
	 	 	5.1.4	Access
    to Property	21
	 	 	5.1.5	Notice
    of Default	21
	 	 	5.1.6	Cooperate
    in Legal Proceedings	21
	 	 	5.1.7	Perform
    Loan Documents	21
	 	 	5.1.8	Award
    and Insurance Benefits	21
	 	 	5.1.9	Further
    Assurances	21
	 	 	5.1.10	Mortgage
    Taxes	22
	 	 	5.1.11	Financial
    Reporting	22
	 	 	5.1.12	Business
    and Operations	23
	 	 	5.1.13	Title
    to the Property	23
	 	 	5.1.14	Costs
    of Enforcement	23
	 	 	5.1.15	Estoppel
    Statement	23
	 	 	5.1.16	Loan
    Proceeds	24
	 	 	5.1.17	Performance
    by Borrower	24
	 	 	5.1.18	No
    Joint Assessment	24
	 	 	5.1.19	Leasing
    Matters	24
	 	 	5.1.20	Operation
    of Property	24
	 	 	5.1.21	Changes
    in the Legal Requirements Regarding Taxation	25
	 	 	5.1.22	No
    Credits on Account of the Obligations	25
	 	 	5.1.23	Personal
    Property	25
	 	 	5.1.24	Infrastructure
    Project	25
	 	Section	5.2	Negative
    Covenants	26
	 	 	5.2.1	Operation
    of Property	26
	 	 	5.2.2	Liens	26
	 	 	5.2.3	Dissolution	26
	 	 	5.2.4	Change
    in Business	26

 

    	ii

     

    

 

	 	 	5.2.5	Debt
    Cancellation	26
	 	 	5.2.6	Zoning	26
	 	 	5.2.7	No
    Joint Assessment	26
	 	 	5.2.8	Principal
    Place of Business and Organization	26
	 	 	5.2.9	ERISA	26
	 	 	5.2.10	Transfers;
    Assumptions	26
	 	 	5.2.11	Operations
    Agreements	27
	 	 	5.2.12	[Intentionally
    omitted]	27
	 	 	5.2.13	Embargoed
    Person; OFAC	27
	 	 	5.2.14	Distributions	28
	 	 	5.2.15	Affiliate
    Agreements	28 
	 	 	 	 	28
	ARTICLE
    VI INSURANCE; CASUALTY; CONDEMNATION	28
	 	Section	6.1	Insurance	30
	 	Section	6.2	Casualty	30
	 	Section	6.3	Condemnation	30
	 	Section	6.4	Restoration	31
	 	 	 	 	 
	ARTICLE
    VII RESERVE FUNDS	33
	 	Section	7.1	[Intentionally
    Omitted]	33
	 	Section	7.2	[Intentionally
    Omitted]	33
	 	Section	7.3	Reserve
    Funds, Generally	33
	 	Section	7.4	Project
    Reserve Funds	34
	 	 	7.4.1	Deposits
    of Project Reserve Funds	34
	 	 	7.4.2	Disbursement
    of Project Reserve Funds	34
	 	 
	ARTICLE
    VIII DEFAULTS	36
	 	Section	8.1	Event
    of Default	36
	 	 	8.1.1	Generally	36
	 	 	8.1.2	Remedies	37
	 	 	8.1.3	Remedies
    Cumulative; Waivers	38
	 	 	 	 	 
	ARTICLE
    IX SPECIAL PROVISIONS	40
	 	Section	9.1	Transfer
    of Loan	40
	 	Section	9.2	Severed
    Loan Documents	40
	 	Section	9.3	Servicer	40
	 	Section	9.4	Cooperation	40
	 	 	 	 	 
	ARTICLE
    X MISCELLANEOUS	40
	 	Section	10.1	Survival	40
	 	Section	10.2	Lender’s
    Discretion	41
	 	Section	10.3	Governing
    Law	41
	 	Section	10.4	Modification,
    Waiver in Writing	42
	 	Section	10.5	Delay
    Not a Waiver	42
	 	Section	10.6	Notices	43
	 	Section	10.7	Waiver
    of Trial by Jury	43
	 	Section	10.8	Headings	44
	 	Section	10.9	Severability	44
	 	Section	10.10	Preferences	44
	 	Section	10.11	Waiver
    of Notice	44
	 	Section	10.12	Remedies
    of Borrower	44

 

    	iii

     

    

 

	 	Section	10.13	Expenses;
    Indemnity	44
	 	Section	10.14	Exhibits
    and Schedules Incorporated	45
	 	Section	10.15	Offsets,
    Counterclaims and Defenses	45
	 	Section	10.16	No
    Joint Venture or Partnership; No Third Party Beneficiaries	45
	 	Section	10.17	Publicity	45
	 	Section	10.18	Waiver
    of Marshalling of Assets; Homestead Waiver	46
	 	Section	10.19	Waiver
    of Counterclaim	46
	 	Section	10.20	Conflict;
    Construction of Documents; Reliance	46
	 	Section	10.21	Brokers
    and Financial Advisors	46
	 	Section	10.22	Prior
    Agreements	46
	 	Section	10.23	Cumulative
    Rights	46
	 	Section	10.24	Counterparts;
    Electronic Delivery	46
	 	Section	10.25	Time
    is of the Essence	47
	 	Section	10.26	Consent
    of Holder	47
	 	Section	10.27	Successor
    Laws	47
	 	Section	10.28	Reliance
    on Third Parties	47
	 	Section	10.29	Joint
    Borrower	47

 

SCHEDULES

 

	 	Schedule
    1	Borrower
    Entities
	 	 	 
	 	Schedule
    1.1(a)	Allocated
    Loan Amounts
	 	 	 
	 	Schedule
    1.1(b)	List
    of Projects
	 	 	 
	 	Schedule
    4.1.1	Organizational
    Chart

 

    	iv

     

    

 

LOAN
AGREEMENT

 

This
LOAN AGREEMENT, dated as of August 26, 2020 (as amended, restated, replaced, supplemented or otherwise modified from time to time,
this “Agreement”), between DLP LENDING FUND LLC, a Delaware limited liability company (“Lender”),
having an address at 95 Highland Avenue, St. Augustine, FL 32095, and THE ENTITIES SET FORTH ON SCHEDULE 1 ATTACHED HERETO, jointly
and severally (individually and collectively, “Borrower”), having its principal place of business at
16 Berryhill Road, Suite 200 Columbia, SC 29210

 

W
I T N E S S E T H:

 

WHEREAS,
Borrower desires to obtain a loan in the original principal amount of FIVE MILLION FOUR THOUSAND EIGHT HUNDRED EIGHTY EIGHT and
00/100 Dollars ($5,004,888.00) from Lender pursuant to this Agreement (the “Loan”); and

 

WHEREAS,
Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (as hereinafter defined).

 

NOW
THEREFORE, in consideration of the making of the Loan by Lender to Borrower and the covenants, agreements, representations and
warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows:

 

ARTICLE
I

 

DEFINITIONS;
PRINCIPLES OF CONSTRUCTION

 

Section
1.1 Definitions For all purposes of this Agreement, except as otherwise expressly required or unless the context
clearly indicates a contrary intent:

 

“Accrued
Interest” shall mean all accrued and unpaid interest on the outstanding principal balance of the Loan from time
to time.

 

“Affiliate”
shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common
Control with such Person or is a director or officer of such Person or of an Affiliate of such Person or of an Affiliate of such
Person.

 

“Agreement”
shall mean this Loan Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time.

 

“Allocated
Loan Amount” shall mean, with respect to each Individual Property, the amount set forth on Schedule 1.1(a)
hereof.

 

“ALTA”
shall mean American Land Title Association or any successor thereto.

 

“Approved
Plans” means complete plans, drawings, specifications and scope of work, that comply with applicable Legal Requirements
and have been approved in writing by Lender, for the Project.

 

“Assignment
of Management Agreement” shall mean individually and collectively as applicable, an Assignment of Management Agreement
and Subordination of Management Fees, dated as of the date hereof or thereafter, as applicable, among Lender, Borrower and Manager,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or part of
the Property.

 

    	1

     

    

 

“Bankruptcy
Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under
the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning
creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing
in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal
or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition
from any Person; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian,
receiver, trustee, assignee, sequestrator (or similar official), liquidator, or examiner for such Person or any portion of the
Property; (e) the filing of a petition against a Person seeking reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under the Bankruptcy Code or any other applicable law, (f) under the provisions of any other law
for the relief or aid of debtors, an action taken by any court of competent jurisdiction that allows such court to assume custody
or Control of a Person or of the whole or any substantial part of its property or assets or (g) such Person making an assignment
for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts
as they become due.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et seq., as the same may be amended
from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder,
and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or state bankruptcy
or insolvency law.

 

“Basic
Carrying Costs” shall mean, for any period, the sum of the following costs: (a) Taxes, (b) Other Charges and (c)
Insurance Premiums.

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with its permitted successors and assigns.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which any of the following institutions
is not open for business: (i) banks and savings and loan institutions in New York or Pennsylvania, (ii) the financial institution
that maintains any collection account for or on behalf of any Reserve Funds, (iii) the New York Stock Exchange or (iv) the Federal
Reserve Bank of New York.

 

“Casualty”
shall have the meaning set forth in Section 6.2 hereof.

 

“Casualty
Consultant” shall have the meaning set forth in Section 6.4(b)(iii) hereof.

 

“Closing
Date” shall mean the date of this Agreement.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes
thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

 

“Collateral”
shall have the meaning ascribed to such term in the Security Instrument.

 

“Completion”
or “Complete” shall mean one hundred percent (100%) completion of construction, renovation, rehabilitation
of a Project, as applicable, subject to usual and customary punch list items, in a good and workmanlike manner and in compliance
with all Legal Requirements, and in a manner consistent and compliant in all material respects with the applicable Project Documents
as approved by Lender, and free and clear of all liens, claims, encumbrances and rights of others, other than Permitted Encumbrances,
as evidenced by the issuance of certificates of completion by Lender’s consultant or inspecting architect or engineer, if
any, in each case in form and substance acceptable to Lender and, if available or required under applicable Legal Requirements,
a final or partial certificate of occupancy and, as applicable, acceptance of completion by the applicable tenant.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing
thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.

 

    	2

     

    

 

“Condemnation
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Control”
shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction
of the management, policies or activities of such Person, whether through ownership of voting securities, by contract or otherwise.
“Controlled” and “Controlling” shall have correlative meanings.

 

“Debt”
shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums due to Lender
in respect of the Loan under the Note, this Agreement, the Security Instrument or any other Loan Document.

 

“Debt
Service” shall mean, with respect to any particular period of time, scheduled principal and interest payments due
under this Agreement and the Note.

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage
of time, or both, would be an Event of Default.

 

“Default
Rate” shall mean twenty-four percent (24%) per annum.

 

“Distribution”
means (i) any dividend, distribution or other payment of any kind on any shares of capital stock or other securities or partnership,
membership, economic or other interests, or (ii) any fee, payment, bonus or other remuneration of any kind, or (iii) any repayment
of or debt service on loans or other indebtedness other than the Loan.

 

“Dollars”
and the sign “$” shall mean lawful money of the United States of America.

 

“Embargoed
Person” shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but
not limited to, The USA Patriot Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers
Act, 50 U.S.C. §§ 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders
or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global
Terrorists, with the result that the investment in Borrower or any Guarantor, as applicable (whether directly or indirectly),
is prohibited by law or the Loan made by Lender is in violation of law.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement (Unsecured), dated as of the date hereof, executed
by Borrower and each Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

“Environmental
Statutes” shall mean any present and future Federal, state and local laws, statutes, ordinances, rules, regulations
and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances,
and/or relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Statutes” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations
promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar
issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know
Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle
I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the
Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the
River and Harbors Appropriation Act. The term “Environmental Statutes” also includes, but is not limited to, any present
and future Federal, state and local laws, statutes ordinances, rules, regulations, permits or authorizations and the like, as
well as common law, that (a) condition transfer of property upon a negative declaration or other approval of a Governmental Authority
of the environmental condition of the Property; (b) require notification or disclosure of releases of Hazardous Substances or
other environmental condition of a property to any Governmental Authority or other Person, whether or not in connection with any
transfer of title to or interest in such property; (c) impose conditions or requirements in connection with permits or other authorization
for lawful activity relating to Hazardous Substances; (d) relate to nuisance, trespass or other causes of action relating to Hazardous
Substances in connection with the Property; and/or (e) relate to wrongful death, personal injury, or property or other damage
in connection with any physical condition or use relating to Hazardous Substances in connection with the Property.

 

    	3

     

    

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated
and the ruling issued thereunder.

 

“ERISA
Affiliate” shall mean each person (as defined in section 3(9) of ERISA) that together with Borrower would be deemed
to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Event
of Default” shall have the meaning set forth in Section 8.1.1(a) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as the same may be amended, modified or replaced, from time
to time.

 

“Exchange
Act Filing” shall have the meaning set forth in Section 5.1.11(f) hereof.

 

“Extended
Maturity Date” shall have the meaning set forth in Section 2.6.1 hereof.

 

“Extension
Notice” shall have the meaning set forth in Section 2.6.1 hereof.

 

“First
Extension Option” shall have the meaning set forth in Section 2.6.1 hereof.

 

“First
Payment Date” shall have the meaning set forth in Section 2.3.2 hereof.

 

“Fiscal
Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year
of the term of the Loan.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial
report.

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for
any governmental unit (Federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Guarantor”
shall mean, jointly and severally, and, as the context requires, individually and collectively, Alexander Szkaradek, Antoni
Szkaradek, Michael P. Beys each an individual; US Home Rentals, LLC, a Delaware limited liability company and FTE Networks, Inc.,
a Delaware corporation.

 

“Guaranty”
shall mean that certain Guaranty dated as of the date hereof, from Guarantor in favor of Lender, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time.

 

“Hazardous
Substances” shall include, but is not limited to, (a) any and all substances (whether solid, liquid or gas) defined,
listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous
wastes, or words of similar meaning or regulatory effect under any present or future Environmental Statutes or that may have a
negative impact on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos
and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but
excluding substances of kinds and in amounts ordinarily and customarily used or stored in properties similar to the Property for
the purposes of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Statutes, and (b)
mold, mycotoxins, microbial matter, and/or airborne pathogens (naturally occurring or otherwise) which pose a threat (imminent
or otherwise) to human health or the environment or adversely affect the Property.

 

    	4

     

    

 

“Improvements”
shall have the meaning set forth in the granting clause of the Security Instrument.

 

“In
Balance” means, with respect to each Project, no Deficiency then exists with respect to such Project.

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.

 

“Indemnified
Parties” shall mean Lender and any of its Affiliates and any of their officers, directors, members, partners, employees,
representatives and consultants.

 

“Indemnifying
Person” shall mean Borrower and each Guarantor, on a joint and several basis.

 

“Individual
Property” shall mean all parcels of land, the Improvements thereon and all personal property owned by the Borrower
and encumbered by a Security Instrument, together with all rights pertaining to such property and Improvements, as more particularly
described in the granting clauses of each such Security Instrument and referred to therein as the “Property”.

 

“Interest
Period” shall mean (i) initially, the period commencing on and including the date of the funding of the Loan and
ending on and including the last day of the calendar month of the Closing Date, and (ii) thereafter, for any specified Payment
Date including the Maturity Date, the period commencing on and including the first (1st) day of the calendar month
prior to such Payment Date and ending on the last day of the calendar month in which such Payment Date occurs.

 

“Interest
Rate” shall mean a fixed rate of Eleven and Ninety-Nine Hundredths percent (11.99%) per annum.

 

“Lease”
shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether
now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or
any portion of any space in the Property by or on behalf of Borrower, and (a) every modification, amendment or other agreement
relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease,
or other agreement, and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be
performed and observed by the other party thereto.

 

“Legal
Requirements” shall mean all Federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof,
or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force,
including, without limitation, any Environmental Statutes, the Americans with Disabilities Act of 1990, as amended, and all permits,
licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained
in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, the Property or any part thereof,
including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part
thereof, or (b) in any way limit the use and enjoyment thereof.

 

“Lender”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns.

 

“Lien”
shall mean any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien (statutory or otherwise), pledge, hypothecation,
easement, restrictive covenant, preference, assignment, security interest, or any other encumbrance, charge or transfer of, or
any agreement to enter into or create any of the foregoing, on or affecting Borrower, the Property, or any portion thereof or
any interest therein, or any direct or indirect interest in Borrower, including, without limitation, any conditional sale or other
title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing
of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

    	5

     

    

 

“Loan”
shall have the meaning set forth in the recitals hereof.

 

“Loan
Documents” shall mean, collectively, this Agreement, the Note, Security Instrument, the Environmental Indemnity,
the Assignment of Management Agreement and Subordination of Management Fees, if applicable, the Guaranty, and all other documents
executed and/or delivered in connection with the Loan.

 

“Management
Agreement” shall mean any property management agreement or similar agreement entered into by and between Borrower
and Manager, pursuant to which Manager is to provide management and other services with respect to the Property, and any successor
property management approved by Lender, in writing, in Lender’s sole discretion.

 

“Manager”
shall mean, the individual or entity who provides management and other services with respect to the Property pursuant to a Management
Agreement.

 

“Material
Adverse Change” or “Materially Adverse Effect” shall mean that the business, operations,
property, assets, liabilities or financial condition of any applicable Person and each of their subsidiaries, taken as a whole,
or the ability of any such Person to perform its obligations under the Loan Documents, has changed in a manner which could materially
impair the value of Lender’s security for the Loan or prevent timely repayment of the Loan or otherwise prevent the applicable
person or entity from timely performing any of its material obligations under the Loan Documents or any Lease, as the case may
be, as determined by Lender.

 

“Material
Agreements” shall have the meaning set forth in Section 15.20 hereof.

 

“Maturity
Date” shall mean the Stated Maturity Date, provided that (a) in the event of the exercise by Borrower of the First
Extension Option pursuant to Section 2.6, the Maturity Date shall be the First Extended Maturity Date, and (b) in the event
of the exercise by Borrower of the Second Extension Option pursuant to Section 2.6, the Maturity Date shall be the Second
Extended Maturity Date, or such earlier date on which the final payment of principal of the Note becomes due and payable as herein
or therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

“Maximum
Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may
be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or
the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to
govern the interest rate provisions of the Loan.

 

“Multiemployer
Plan” shall mean a multiemployer plan, as defined in Section 4001(a)(3) of ERISA to which Borrower or any ERISA
Affiliate is making or accruing an obligation to make contributions or has within any of the preceding three plan years made or
accrued an obligation to make contributions.

 

“Multiple
Employer Plan” shall mean an employee benefit plan, other than a Multiemployer Plan, to which Borrower or any ERISA
Affiliate, and one or more employers other than Borrower or an ERISA Affiliate, is making or accruing an obligation to make contributions
or, in the event that any such plan has been terminated, to which Borrower or an ERISA Affiliate made or accrued an obligation
to make contributions during any of the five plan years preceding the date of termination of such plan.

 

“Net
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Net
Proceeds Account” shall have the meaning set forth in Section 6.4(b)(ii) hereof.

 

“Net
Proceeds Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof.

 

“Note”
shall mean that certain Promissory Note of even date herewith in the principal amount of the Loan made by Borrower in favor of
Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

    	6

     

    

 

“Obligations”
shall mean, collectively, Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations.

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of
(i) Borrower, or (ii) any direct or indirect general partner or member of Borrower with authority to act on behalf of and bind
Borrower.

 

“Operations
Agreements” shall mean any covenants, restrictions, easements, declarations or agreements of record relating to
the construction, operation or use of the Property, together with all amendments, modifications or supplements thereto.

 

“Other
Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, any “common expenses”
or expenses allocated to and required to be paid by Borrower under any Operations Agreements and any other charges, including,
without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now
or hereafter levied or assessed or imposed against the Property or any part thereof.

 

“Other
Obligations” shall mean (a) the performance of all obligations of Borrower contained herein; (b) the performance
of each obligation of Borrower or any Guarantor contained in any other Loan Document; (c) the payment of all costs, expenses,
legal fees and liabilities incurred by Lender in connection with the enforcement of any of Lender’s rights or remedies under
the Loan Documents, or any other instrument, agreement or document which evidences or secures any other Obligations or collateral
therefor, whether now in effect or hereafter executed; and (d) the payment, performance, discharge and satisfaction of all other
liabilities and obligations of Borrower and/or Guarantor to Lender, whether now existing or hereafter arising, direct or indirect,
absolute or contingent, and including, without limitation, each liability and obligation of Borrower and each Guarantor under
any one or more of the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more
of the instruments, agreements and documents referred to herein or therein or executed in connection with the transactions contemplated
hereby or thereby.

 

“Outstanding
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan. For the avoidance
of doubt, the outstanding principal balance of the Loan shall include Project Reserve Funds and all other funds held by lender
or escrow agent.

 

“Payment
Date” shall mean, commencing with the First Payment Date, the first (1st) day of each calendar month
during the term of the Loan until and including the Maturity Date or, for purposes of making payments hereunder, but not for purposes
of calculating Interest Periods, if such day is not a Business Day, the immediately preceding Business Day.

 

“Permitted
Encumbrances” shall mean, collectively (a) the Liens and security interests created by the Loan Documents, (b) all
Liens, encumbrances and other matters disclosed in “Schedule B-I” of the Title Insurance Policy, (c) Liens, if any,
for Taxes imposed by any Governmental Authority which are not yet due or delinquent, and (d) such other title and survey exceptions
as Lender has approved or may approve in writing in Lender’s sole discretion, which Permitted Encumbrances in the aggregate
do not materially adversely affect the value or use of the Property or Borrower’s ability to repay the Loan.

 

“Permitted
Transfer” means any of the following: (a) any Transfer, directly as a result of the death of a natural person, of
stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to
the Person or Persons lawfully entitled thereto; (b) any Transfer, directly as a result of the legal incapacity of a natural person,
of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the
Person or Persons lawfully entitled thereto; and (c) any Transfer expressly permitted by and completed strictly in accordance
with Section 5.2.10.

 

    	7

     

    

 

“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any Governmental Authority, and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Personal
Property” shall have the meaning set forth in the granting clause of the Security Instrument.

 

“Policies”
shall have the meaning specified in Section 6.1(b) hereof.

 

“Prohibited
Transaction” shall mean any action or transaction which would cause any obligation, or action taken or to be taken,
hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a
non-exempt (under a statutory or administrative class exemption) prohibited transaction under the ERISA or Section 4975 of the
Code.

 

“Project”
shall mean and refer to, individually and collectively as applicable, the rehabilitation improvements to each Individual Property
more particularly described on Schedule 1.1(b) hereto, that will be funded, in whole or in part, with disbursements of
Project Reserve Funds.

 

“Project
Budget” shall mean a budget for construction of each Project approved by Lender in its sole discretion and any modifications
thereof approved by Lender in writing in its sole and absolute discretion.

 

“Project
Contracts” shall mean each contract or agreement to which Borrower or any agent of Borrower is a party, providing
for the provision of construction services (including architect’s or engineering services), labor or material in connection
with a Project.

 

“Project
Costs” shall mean all costs and expenses of every kind and nature whatsoever to be incurred by Borrower in connection
with the Completion of a Project, including such reserves and contingencies as Lender shall reasonably require.

 

“Project
Documents” shall mean each of the following as approved by Lender with respect to each Project: the Approved Plans
and the applicable Project Contracts.

 

“Project
Reserve Account” shall have the meaning set forth in Section 7.4.1 hereof.

 

“Project
Reserve Funds” shall have the meaning set forth in Section 7.4.1 hereof.

 

“Property”
shall mean, collectively, each and every Individual Property which is subject to the terms of this Agreement.

 

“Release
Amount” shall mean, for an Individual Property, the lesser of:

 

(a)
the Debt; or

 

(b)
an amount equal to the Allocated Loan Amount for such Individual Property set forth on Schedule 1.1(a) (as adjusted pursuant
to Sections 2.4.1(c) and 2.4.2(a) if applicable) multiplied by one hundred and ten percent (110%).

 

“Release
Property” shall have the meaning set forth in Section 2.7 hereof.

 

“Rents”
shall mean all rents (including additional rents of any kind and percentage rents), rent equivalents, moneys payable as damages
(including payments by reason of the rejection of a Lease in a Bankruptcy Action) or in lieu of rent or rent equivalents, royalties
(including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues,
deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and
other payments and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower
or any of their agents or employees from any and all sources arising from or attributable to the Property, and the Improvements,
including charges for oil, gas, water, steam, heat, ventilation, air-conditioning, electricity, license fees, maintenance fees,
charges for Taxes, operating expenses or other amounts payable to Borrower (or for the account of Borrower), revenues from telephone
services, vending and all receivables, customer obligations now existing or hereafter arising or created out of the sale, lease,
sublease, license, concession or other grant of the right of the use and occupancy of the Property or rendering of services by
Borrower, or any of its agents or employees and proceeds, if any, from business interruption or other loss of income insurance.

 

    	8

     

    

 

“Reserve
Accounts” shall mean, collectively, the Project Reserve Account, the Net Proceeds Account, and any other escrow
or reserve account established pursuant to the Loan Documents

 

“Reserve
Funds” shall mean, collectively, the Project Reserve Funds and any other escrow or reserve funds established pursuant
to the Loan Documents.

 

“Restoration”
shall mean the repair and restoration of the Property after a Casualty or Condemnation as nearly as possible to the condition
the Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by
Lender.

 

“Retention
Amount” shall have the meaning set forth in Section 6.4(b)(iv) hereof.

 

“Second
Extension Option” shall have the meaning set forth in Section 2.6.1 hereof.

 

“Securities”
shall have the meaning set forth in Section 9.1 hereof.

 

“Security
Instrument” shall mean those certain first priority Deeds of Trust, Security Agreements, Assignment of Leases and
Fixture Filings of even date herewith, made by Borrower for the benefit of Lender as security for the Obligations and encumbering
the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Servicer”
shall have the meaning set forth in Section 9.3 hereof.

 

“Servicing
Agreement” shall have the meaning set forth in Section 9.3 hereof.

 

“Severed
Loan Documents” shall have the meaning set forth in Section 9.2 hereof.

 

“State”
shall mean the State or Commonwealth in which the Property or any part thereof is located.

 

“Stated
Maturity Date” shall mean August 31, 2021.

 

“Survey”
shall mean a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and the company or
companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender.

 

“Taxes”
shall mean all taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against (a) the
Property or part thereof, together with all interest and penalties thereon and (b) against the rents, issues, income or profits
thereof or upon the lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly
or indirectly or as excise taxes or ad valorem real estate or personal property taxes or as income taxes.

 

“Tenant”
shall mean the lessee of all or any portion of the Property under a Lease.

 

“Title
Company” shall mean the title insurance company which issued the Title Insurance Policy.

 

“Title
Insurance Policy” shall mean an ALTA mortgagee title insurance policy in a form acceptable to Lender (or, if the
State does not permit the issuance of such ALTA policy, such form as shall be permitted in the State and acceptable to Lender)
with respect to the Property and insuring the Lien of any of the Security Instrument encumbering the Property.

 

    	9

     

    

 

“Transfer”
shall mean means the sale, transfer, hypothecation, pledge, encumbrance, mortgage, conveyance, lease, alienation, assignment,
disposition, divestment, or leasing with option to purchase, or assignment of the Property, or any portion thereof or interest
therein or in Borrower (whether direct or indirect, legal or equitable including the issuance, sale, assignment, alienation, conveyance,
divestment, transfer, disposition, hypothecation, pledge, mortgage or encumbrance of any ownership interest in Borrower or in
any entity having an ownership interest in Borrower, whether direct or indirect); or entering into any agreement or contract to
do any of the foregoing which is not conditioned on compliance with the terms of the Loan Documents with respect to Transfers,
or undertaking, suffering or causing any of the foregoing to occur voluntarily, involuntarily or by operation of law.

 

“UCC”
shall mean the Uniform Commercial Code as in effect in the State in which the Property is located, as the same may be amended
from time to time; provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of
perfection or non-perfection or priority of the security interest in any item or portion of the collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State in which the Property is located (“Other
UCC State”), “UCC” means the Uniform Commercial Code as in effect in such Other UCC State,
as the same may be amended from time to time, for purposes of the provisions hereof relating to such perfection or effect of perfection
or non-perfection or priority.

 

“U.S.
Obligations” shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest
in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full
faith and credit is pledged, or (b) to the extent acceptable to the Lender, in its sole discretion, other “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended.

 

Section
1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement
unless otherwise specified. All uses of the word “including” shall mean “including, without limitation”
unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein
shall be equally applicable to both the singular and plural forms of the terms so defined.

 

ARTICLE
II

GENERAL TERMS

 

Section
2.1 Loan Commitment; Disbursement to Borrower.

 

2.1.1
Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make,
and Borrower hereby agrees to borrow, the Loan on the Closing Date.

 

2.1.2
Single Disbursement to Borrower. Borrower may request and receive only one disbursement hereunder in respect of the Loan
and any amount borrowed and repaid in respect of the Loan may not be re-borrowed. Borrower acknowledges and agrees that the Loan
has been fully funded as of the Closing Date.

 

2.1.3
The Note, Security Instrument and Loan Documents. The Loan shall be evidenced by the Note and secured by the Security Instrument,
and the other Loan Documents.

 

2.1.4
Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) refinance the Property, (b) make deposits of Reserve
Funds into the Reserve Accounts on the Closing Date in the amounts provided herein (Borrower hereby authorizing Lender to reserve
a portion of the proceeds of the Loan in the amount of the Reserve Funds from disbursement of the proceeds of the Loan on the
date hereof), (c) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, and (d) pay
for Project Costs.

 

    	10

     

    

 

2.1.5
Upfront Payment. At Closing, Borrower shall pay to Lender an upfront fee (the “Upfront Payment”)
in an amount equal to Seventy-Five Thousand and No/100 Dollars ($75,000.00), less any portion of the Upfront Fee paid to Lender
prior to the Closing. The Upfront Payment is fully earned and non-refundable.

 

Section
2.2 Interest Rate.

 

2.2.1
Interest Rate. Subject to Section 2.2.4 hereof, interest on the Outstanding Principal Balance shall accrue from
the date of the funding of the Loan to but excluding the Maturity Date at the Interest Rate.

 

2.2.2
Interest Calculation. With respect to any applicable period, interest on the Outstanding Principal Balance shall be calculated
by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate
based on the Interest Rate and a three hundred sixty (360) day year by (c) the average Outstanding Principal Balance in effect
for the applicable period as calculated by Lender.

 

2.2.3
Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding
Principal Balance and, to the extent permitted by law, all accrued and unpaid interest in respect thereof and any other amounts
due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated from the date such payment was due without
regard to any grace or cure periods contained herein.

 

2.2.4
Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time
shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender
to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement
or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder
at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to
have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid
to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the
rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect
and applicable to the Loan for so long as the Loan is outstanding.

 

Section
2.3 Debt Service Payments.

 

2.3.1
Payments Generally. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if
the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately succeeding
Business Day. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim,
defense or any other deduction whatsoever.

 

2.3.2
Monthly Debt Service Payment. On the Closing Date, Borrower shall make a payment of interest only for the period commencing
on and including the date of the funding of the Loan through and including September 30, 2020. Beginning on October 1, 2020 (the
“First Payment Date”) and each subsequent Payment Date up to and including the Maturity Date, Borrower
shall make a payment to Lender of principal (if any) and interest in an amount equal to the Monthly Debt Service Payment Amount,
which payments shall be applied to accrued and unpaid interest.

 

2.3.3
Payment on Maturity Date. Borrower shall pay to Lender not later than 3:00 P.M., Philadelphia city time, on the Maturity
Date the Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note,
the Security Instrument and the other Loan Documents.

 

2.3.4
Late Payment Charge. If any principal, interest or any other sums due under the Loan Documents, including the payment of
principal due on the Maturity Date, is not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to
Lender upon demand an amount equal to the lesser of (a) five percent (5%) of such unpaid sum, and (b) the Maximum Legal Rate,
in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender
for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other
Loan Documents to the extent permitted by applicable law.

 

    	11

     

    

 

2.3.5
Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this
Agreement and the Note shall be made to Lender not later than 2:00 P.M., Philadelphia city time, on the date when due and shall
be made in Dollars in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received
by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Any
prepayments required to be made hereunder shall be deemed to have been timely made for purposes of this Section 2.3.5.

 

2.3.6
ACH Payment. All payments due and owing under this Agreement or any other Loan Documents shall be made by wire transfer
to an account designated by Lender to Borrower from time to time, or at Lender’s election, shall be made through automated
clearing house (“ACH”) transfers from the Borrower directly to Lender. In this regard, if Lender elects
to receive payments through ACH, shall execute and deliver to Lender an authorization agreement for direct payments whereby, among
other things, Lender shall be irrevocably authorized to initiate ACH transfers from the a payment account designated by Borrower
to Lender in the amounts required or permitted under this Agreement and all other Loan Documents. Lender’s authorization
for direct ACH transfers as hereby provided shall be irrevocable and such ACH transfers shall continue until all Obligations are
paid in full. For so long as any Obligations remain outstanding, Borrower shall: (i) not revoke Lender’s authority to initiate
ACH transfers as hereby contemplated; (ii) not change, modify, close or otherwise affect the designated payment account; (iii)
deposit all revenues of any nature or kind whatsoever relating to Borrower or its business only into the designated payment account;
and (iv) be responsible for all costs, expenses or other fees and charges incurred by Lender as a result of any failed or returned
ACH transfers, whether resulting from insufficient sums being available in the designated payment account, or otherwise. Borrower
shall undertake any and all required actions, execute any required documents, instruments or agreements, or to otherwise do any
other thing required or requested by Lender in order to effectuate the requirements of this Section 2.3.6.

 

Section
2.4 Prepayments.

 

2.4.1
Voluntary Prepayments.

 

(a)
Except as otherwise provided in this Section 2.4, Borrower shall not have the right to prepay the Loan in whole or in part.
Provided no Event of Default has occurred and is continuing, Borrower may prepay the Loan in whole upon the satisfaction of the
following conditions:

 

(b)
Borrower shall provide a written notice to Lender of such prepayment no less than thirty (30) days, and no more than sixty (60)
days, prior to the date of such prepayment, specifying the Business Day on which a prepayment of the Debt (the “Prepayment
Date”) is to be made; and

 

(c)
Borrower shall pay to Lender on the Prepayment Date, together with any portion of the Outstanding Principal Balance being repaid:

 

(i)
all accrued and unpaid interest on the amount of the Outstanding Principal Balance being prepaid, which, for the avoidance of
doubt, shall include interest on such amount calculated at the applicable Interest Rate through the end of the Interest Period
in which such prepayment occurs; and

 

(ii)
without duplication of any of the foregoing, all other sums, then due under the Note, this Agreement, the Security Instrument,
and the other Loan Documents.

 

(d)
If for any reason Borrower fails to prepay the Loan on the Prepayment Date (including if such notice is revoked), Borrower shall
pay to Lender any actual out-of-pocket losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses)
incurred by Lender in connection therewith.

 

(e)
Upon receipt by Lender of a voluntary prepayment permitted pursuant to the terms of this Agreement, except for a prepayment made
(i) in connection with a release of any Individual Property from the Lien of any of the Security Instruments or (ii) any Casualty/Condemnation
Prepayment up to the Allocated Loan Amount of the applicable Individual Property, the Allocated Loan Amount for each Individual
Property that is then subject to the Lien of any of the Security Instruments shall be reduced on a pro rata basis by such amount.

 

    	12

     

    

 

2.4.2
Mandatory Prepayments.

 

(a)
90-Day Principal Payments. On December 1, 2020, Borrower shall make a payment to Lender (the “Initial 90-Day
Principal Payment”) in an amount equal to five percent (5%) of the Outstanding Principal Balance. Beginning on March
1, 2021 and on each third (3rd) Payment Date thereafter (i.e., on June 1, September 1, December 1 and March 1 of each
calendar year), Borrower shall make a payment to Lender (each such payment, and together with the Initial 90-Day Principal Payment,
collectively the “90-Day Principal Payments”) in an amount (but not less than zero) equal to (a) ten
percent (10%) of the Outstanding Principal Balance, less (b) all Release Amounts paid to Lender pursuant to and in accordance
with Section 2.7 hereof and applied to pay down the Outstanding Principal Balance but only to the extent such Release Amounts
have not been applied to reduce any prior 90-Day Principal Payments. Provided no Event of Default exists, Lender shall apply the
90-Day Principal Payments to the Outstanding Principal Balance.

 

(b)
Net Proceeds Payments. On the Payment Date immediately succeeding the date on which Lender actually receives any Net Proceeds,
and if Lender is not required to make such Net Proceeds available to Borrower for a Restoration in accordance with the terms of
this Agreement, Borrower shall prepay or authorize Lender to apply the Net Proceeds as a prepayment of the Outstanding Principal
Balance in an amount equal to one hundred percent (100%) of such Net Proceeds provided that Borrower shall simultaneously therewith
pay to Lender all accrued and unpaid interest on the principal amount being repaid (which, for the avoidance of doubt, shall include
interest accruing on such amounts through the last day of the Interest Period in which such repayment occurs). Notwithstanding
anything herein to the contrary, so long as no Event of Default has then occurred and is continuing, no or any other prepayment
premium, penalty or fee shall be due in connection with any prepayment made pursuant to this Section 2.4.2.

 

2.4.3
Prepayments After Default. If, during the continuance of an Event of Default, payment of all or any part of the Debt is
tendered by Borrower and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve
Funds), such tender or recovery shall be deemed to be a voluntary prepayment by Borrower in violation of the prohibition against
prepayment set forth in Section 2.4.1 hereof, and Borrower shall pay, as part of the Debt, all of the interest calculated
at the Interest Rate on the amount of principal being prepaid through and including the end of the Interest Period in which such
prepayment occurs.

 

Section
2.5 Release of Property. Except as set forth in Section 2.7 below, no repayment, prepayment of all or any portion
of the Note shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of any of the Security
Instruments. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the Debt in accordance
with the terms of this Agreement and the other Loan Documents, release the Lien of the Security Instruments.

 

Section
2.6 Extension Option(s).

 

2.6.1
Extension Option(s). Subject to the provisions of this Section 2.6.1, Borrower shall have the option (the
“First Extension Option”), by irrevocable written notice (the “First Extension Notice”)
delivered to Lender no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to August 31,
2022 (the “First Extended Maturity Date”). Borrower’s right to so extend the Maturity Date shall
be subject to the satisfaction of the following conditions precedent prior to the effectiveness of any such extension:

 

(a)
(i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice or the
Second Extension Notice, as applicable, and (ii) no Default or Event of Default shall have occurred and be continuing on the Stated
Maturity Date and the First Extended Maturity Date, as applicable;

 

(b)
All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the
Stated Maturity Date or the First Maturity Date, as applicable, and all costs and expenses of Lender, including fees and expenses
of Lender’s counsel, in connection with the Loan and/or the extension shall have been paid in full;

 

    	13

     

    

 

(c)
Borrower shall deliver an Officer’s Certificate to Lender (i) certifying that all representations and warranties set forth
in this Agreement remain true, correct and complete in all material respects as of the commencement of the applicable Extension
Option, and (ii) waiving any claims, counterclaims, rights of rescission, set-offs or defenses, known or unknown, against Lender
as of the commencement of the applicable Extension Option.

 

If
Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no
obligation to extend the Stated Maturity Date hereunder.

 

2.6.2
Extension Documentation. If requested by Lender, Borrower shall execute and deliver an agreement in form and substance
reasonably acceptable to Lender commemorating the extension of the Maturity Date upon the exercise of an Extension Option and
satisfaction of all applicable conditions to such extension as provided in Section 2.6.1; provided that no such agreement
shall materially increase or alter the obligations of Borrower pursuant to the Loan Documents (it being acknowledged that a ratification
by Borrower or any Guarantor of its respective obligations under the Loan Documents to which it is a party or a certification
by Borrower and/or any Guarantor that its respective representations and warranties set forth in the Loan Documents to which it
is a party remain true and correct in all material respects as of the first day of any extension term shall not constitute an
increase in Borrower’s obligations for such purpose).

 

2.7
Release of Individual Property. At any time Borrower may obtain the release of an Individual Property from the Lien of
the applicable Security Instrument thereon and related Loan Documents (each such Individual Property, a “Release Property”)
and the release of Borrower’s obligations under the Loan Documents with respect to such Release Property (other than those
expressly stated to survive), upon the satisfaction of each of the following conditions:

 

(a)
Not more than ninety (90) calendar days and not less than ten (10) calendar days prior to the date of the release, Borrower delivers
a notice to Lender setting forth (i) the date of the proposed release and (ii) a description of the Release Property that will
be subject to the release;

 

(b)
no Event of Default shall be continuing on the date that the Release Property is released from the Lien of the Security Instrument
thereon other than as expressly permitted below;

 

(c)
Borrower shall have paid to Lender the applicable Release Amount;

 

(d)
Borrower shall submit to Lender, not less than ten (10) days prior to the date of such release, a release of Lien (and related
Loan Documents) for such Release Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction
in which such Release Property is located and that would be reasonably satisfactory to a prudent lender. In addition, Borrower
shall provide all documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together
with an Officer’s Certificate certifying that such documentation (A) will effect such release in accordance with the terms
of this Agreement, and (B) will not impair or otherwise adversely affect the Liens, security interests and other rights of Lender
under the Loan Documents not being released (or as to the parties to the Loan Documents and Individual Properties subject to the
Loan Documents not being released);

 

(e)
Borrower shall have paid or reimbursed Lender for all reasonable out of pocket costs and expenses incurred by Lender (including,
without limitation, reasonable attorneys’ fees and disbursements) in connection with any release effectuated pursuant to
this Section 2.7, and Borrower shall have paid all third-party fees, costs and expenses incurred in connection with any such release,
including but not limited to, the payment of all recording charges, filing fees, taxes or other similar expenses incurred in the
reasonable judgment of Lender in order to effectuate the release;

 

(f)
[Intentionally omitted]

 

    	14

     

    

 

(g)
At Lender’s request, Borrower shall deliver to Lender (i) an endorsement to the Title Insurance Policy for the remaining
Property (to the extent reasonably available in the State in which the remaining Property is located) insuring the Security Instrument,
which endorsement (A) extends the effective date of such Title Insurance Policy for the remaining Property to the effective date
of the release, (B) confirms no change in the priority of the Security Instrument on the balance of the Property (exclusive of
the Release Parcel); and (C) lists any Permitted Encumbrances; and (ii) at Lender’s request, a survey in form and substance
reasonably acceptable to Lender of the remaining portion of the Property; and

 

(h)
Notwithstanding the foregoing provisions of this Section 2.7, if the Loan is included in a REMIC Trust, as a condition to such
release, Borrower shall have established to Lender’s reasonable satisfaction that the loan-to-value ratio of the Loan (expressed
as a percentage) based upon valuations obtained by Borrower at its sole cost and expense using (i) an existing appraisal (if such
release occurs within twenty-four (24) months of the Closing Date), (ii) a new appraisal or (iii) a broker’s price opinion
or other written determination of value using a commercially reasonable valuation method (provided, in each case, that such appraisal,
opinion or other determination constitutes a commercially reasonable method permitted to a REMIC Trust, and provided, further,
that such valuation shall be based solely on the value of real property and shall exclude personal property and going-concern
value) does not exceed 125% immediately after the release of the Release Property, no such release will be permitted unless the
Borrower pays down the principal balance of the Loan by an amount not less than the greater of (A) the Release Amount or (B) the
least of one of the following amounts: (i) if the Individual Property is sold, the net proceeds of an arm’s-length sale
of the Release Property to an unrelated Person, (ii) the fair market value of the Release Property at the time of the release,
or (iii) an amount such that the loan-to-value ratio of the Loan as so determined by Lender after the release is not greater than
the loan-to-value ratio of the Loan immediately prior to the release, unless the Lender receives an opinion of counsel that, if
(B) is not followed, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the release.

 

ARTICLE
III

 

[**Intentionally
Omitted**]

 

ARTICLE
IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section
4.1 Borrower Representations. Borrower represents and warrants as of the date hereof that:

 

4.1.1
Organization. Borrower has been duly organized and is validly existing and in good standing with requisite power
and authority to own its properties and to transact the business in which it is now engaged and as contemplated by this Agreement,
including, without limitation, the power and authority to do business in the State. Borrower is duly qualified to do business
and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses
and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle
it to own its properties and to transact the businesses in which it is now engaged. The sole business of Borrower is the ownership,
management and operation of the Property. The ownership interests of Borrower are as set forth on the organizational chart attached
hereto as Schedule 4.1.1. Borrower (a) has complied in all respects with its articles of organization or limited liability
company agreement; (b) has maintained complete books and records and bank accounts separate from those of its Affiliates; and
(c) has obeyed all formalities required to maintain its status as, and at all times has held itself out to the public as, a legal
entity separate and distinct from any other entity (including, but not limited to, any Affiliate thereof). The signatory hereto
has all necessary power, authority and legal right to execute this Agreement, the Note and the other Loan Documents on Borrower’s
behalf to which Borrower is a party. Guarantor has the necessary power, authority and legal right to execute, deliver and perform
its obligations under the Guaranty.

 

4.1.2
Proceedings. Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement
and the other Loan Documents. This Agreement and the other Loan Documents to which it is a party have been duly executed and delivered
by or on behalf of Borrower and constitute the legal, valid and binding obligations of Borrower enforceable against Borrower in
accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of
creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law).

 

    	15

     

    

 

4.1.3
No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and/or
Guarantor, as applicable, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any Lien, charge or encumbrance (other than pursuant to the Loan Documents)
upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement,
partnership agreement, management agreement or other agreement or instrument to which Borrower is a party or by which any of Borrower’s
property or assets is subject, nor will such action result in any violation of the provisions of any Legal Requirements of any
Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval,
authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution,
delivery and performance by Borrower and/or any Guarantor, as applicable, of this Agreement or any other Loan Documents has been
obtained and is in full force and effect.

 

4.1.4
Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other
agency now pending or threatened against or affecting Borrower, any Guarantor, or the Property, which actions, suits or proceedings,
if determined against Borrower, any Guarantor, or the Property.

 

4.1.5
Agreements. Borrower is not a party to any agreement or instrument or subject to any restriction which might materially
and adversely affect Borrower or the Property, or Borrower’s business, properties or assets, operations or condition, financial
or otherwise. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property are
bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than as permitted by
this Agreement.

 

4.1.6
Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property
and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such
other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Security Instrument,
when properly recorded in the appropriate records, together with any UCC-1 financing statements required to be filed in connection
therewith, will create (a) a valid, perfected first priority lien on the Property, subject only to Permitted Encumbrances and
the Liens created by the Loan Documents, and (b) perfected security interests in and to, and perfected collateral assignments
of, all personalty, solely to the extent such security interests can be perfected by the filing of a UCC-1 financing statement,
all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens
as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. There are no claims for payment for
work, labor or materials affecting the Property which are or may become a Lien prior to, or of equal priority with, the Liens
created by the Loan Documents.

 

4.1.7
Solvency. Borrower has (a) not entered into the transaction contemplated by this Agreement or executed the Note, this Agreement
or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent
value in exchange for its obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of Borrower’s
assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without
limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets
is and will, immediately following the making of the Loan, be greater than Borrower’s liabilities (including contingent
liabilities, if any), including the maximum amount of its contingent liabilities on its debts as such debts become absolute and
matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small
capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to incur debts and liabilities
(including contingent liabilities and other commitments) beyond its ability to pay such debts and liabilities as they mature (taking
into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of the obligations
of Borrower). No Bankruptcy Action exists against Borrower and Borrower has never been a debtor party in a Bankruptcy Action.
No Bankruptcy Action exists against any Guarantor, and neither Borrower nor has any Guarantor has ever been a debtor party in
a Bankruptcy Action. Neither Borrower nor any Guarantor is contemplating either a Bankruptcy Action or the liquidation of all
or a major portion of Borrower’s or Guarantor’s respective assets or properties, and Borrower has no knowledge of
any Person contemplating the filing of any petition against Borrower or any Guarantor.

 

    	16

     

    

 

4.1.8
Full and Accurate Disclosure. No statement of fact made by or on behalf of Borrower in this Agreement or in any of the
other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements
contained herein or therein not misleading. There is no material information that has not been disclosed to Lender which adversely
affects, nor as far as Borrower can reasonably foresee, might materially adversely affect, the Property or the business, operations
or condition (financial or otherwise) of Borrower or any Guarantor.

 

4.1.9
No Plan Assets. Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to
Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets”
of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. Compliance by Borrower and each Guarantor with the
provisions hereof will not involve any Prohibited Transaction. Neither Guarantor nor Borrower has any pension, profit sharing,
stock option, insurance or other arrangement or plan for employees covered by Title IV of ERISA, and no “Reportable Event”
as defined in ERISA has occurred and is now continuing with respect to any such plan. The performance by Borrower of its obligations
under the Loan Documents and Borrower’s conducting of its operations do not violate any provisions of ERISA. In addition,
(a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA, (b) transactions by or with
Borrower are not subject to any state statute or regulation regulating investments of, or fiduciary obligations with respect to,
governmental plans within the meaning of Section 2(32) of ERISA which is similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement,
and (c) none of Borrower, Guarantor or ERISA Affiliate is at the date hereof, or has been at any time within the two years preceding
the date hereof, an employer required to contribute to any Multiemployer Plan or Multiple Employer Plan, or a “contributing
sponsor” (as such term is defined in Section 4001 of ERISA) in any Multiemployer Plan or Multiple Employer Plan; and none
of Borrower, Guarantor or any ERISA Affiliate has any contingent liability with respect to any post-retirement “welfare
benefit plan” (as such term is defined in ERISA) except as disclosed to Lender in writing.

 

4.1.10
Compliance. Borrower and the Property (including the use thereof) comply in all material respects with all applicable Legal
Requirements, including, without limitation, building and zoning ordinances and codes. Borrower is not in default or violation
of any order, writ, injunction, decree or demand of any Governmental Authority, including, without limitation, any order of a
bankruptcy court or plan approved thereby. There has not been committed by Borrower (or any other Person), any act or omission
affording any Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in
performance of Borrower’s obligations under any of the Loan Documents. Neither the Improvements, if any, as constructed,
nor the use of the Property or any contemplated accessory uses, will violate (a) any Legal Requirements (including subdivision,
zoning, building, environmental protection and wetland protection Legal Requirements), or (b) any building permits, restrictions
or records, or agreements affecting the Property or any part thereof. Neither the zoning authorizations, approvals or variances
nor any other right to construct or to use the Property is to any extent dependent upon or related to any real estate other than
the Property.

 

4.1.11
Financial Information. All financial data with respect to the Property and Guarantor, including, without limitation, the
statements of cash flow and income and operating expense, that have been delivered to Lender in connection with the Loan (a) are
true, complete and correct in all material respects, (b) fairly and accurately represent the financial condition of the Property
and each Guarantor as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public
accounting firm, have been prepared in accordance with GAAP (or such other accounting basis acceptable to Lender) throughout the
periods covered, except as disclosed therein. Except for Permitted Encumbrances, Borrower does not have any contingent liabilities,
liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments
that are known to Borrower and reasonably likely to have a Materially Adverse Effect on the Property or the Project. Since the
date of such financial statements, there has been no Material Adverse Change (or any other material change) in the financial condition,
operation or business of Borrower or any Guarantor from that set forth in said financial statements.

 

    	17

     

    

 

4.1.12
Condemnation. No Condemnation or other similar proceeding has been commenced or, to Borrower’s best knowledge, is
threatened with respect to all or any portion of the Property or for the relocation of any roadway providing access to the Property.

 

4.1.13
Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring
any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for
any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for
any purposes prohibited by any Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.

 

4.1.14
Public Access. The Property has rights of access to public ways and, upon construction thereon, will be served by water,
sewer, sanitary sewer and storm drain facilities adequate to service the Property for its intended uses. All public utilities
necessary or convenient to the full use and enjoyment of the Property are located either in the public right-of-way abutting the
Property (which will be connected so as to serve the Property without passing over other property) or in recorded easements serving
the Property and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for the use of
the Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities.
There is no on-site sewage disposal system and, upon construction thereon, the Property will be served by a sewer system maintained
by a Governmental Authority or property owners association.

 

4.1.15
Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

 

4.1.16
Separate Lots. The Property is comprised of multiple parcels more particularly described on Schedule 1.1(a) which
each constitute(s) a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Property.

 

4.1.17
Assessments. There are no pending or proposed special or other assessments for public improvements or otherwise affecting
the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.

 

4.1.18
Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their
respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’
rights and the enforcement of debtors’ obligations. The Loan Documents are not subject to any right of rescission, set-off,
counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms
of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles
of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’
obligations), and neither Borrower nor any Guarantor have asserted any right of rescission, set-off, counterclaim or defense with
respect thereto.

 

4.1.19
No Prior Assignment. There are no prior assignments of any Leases or any portion of the Rents due and payable or to become
due and payable which are presently outstanding.

 

4.1.20
Insurance. Borrower has obtained and has delivered to Lender evidence of all Policies, with all premiums paid thereunder,
reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are
currently pending, outstanding or otherwise remain unsatisfied under any such Policies, and neither Borrower nor any other Person,
has done, by act or omission, anything which would impair the coverage of any such Policies.

 

4.1.21
Flood Zone. None of the Improvements on the Property are located in an area as identified by the Federal Emergency Management
Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 6.1(a)(i)
hereof is in full force and effect with respect to the Property.

 

4.1.22
Leases. Any and all Leases at the Property (a) provide for rental rates comparable to existing local market rates, contain
reasonable market rate terms and do not contain any terms which would materially adversely affect Lender’s rights under
the Loan Documents, (b) are for a lease term not exceeding one year, including all extensions, (c) are with individual, residential,
non-commercial tenants, and (d) have been entered into by Borrower in its ordinary course of business. No Person has any possessory
interest in the Property or right to occupy the same other than tenants pursuant to the express terms of the Leases.

 

    	18

     

    

 

4.1.23
Survey. Each Survey for the Property delivered to Lender is accurate.

 

4.1.24
Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof
is the address set forth in the introductory paragraph of this Agreement. Borrower is organized under the laws of the State of
Delaware and is qualified to do business in the all states in which Borrower is required to be qualified.

 

4.1.25
Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer
of the Property to Borrower have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required
to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation,
filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Instrument,
have been paid or are being paid simultaneously with the disbursement of the proceeds of the Loan to Borrower.

 

4.1.26
[Intentionally omitted].

 

4.1.27
Illegal Activity. No portion of the Property has been or will be purchased with proceeds of any illegal activity.

 

4.1.28
No Change in Facts or Circumstances; Disclosure. All information submitted by Borrower and any Guarantor to Lender
including, but not limited to, all financial statements, rent rolls, reports, certificates and other documents submitted in connection
with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower and each Guarantor in this Agreement
or in any other Loan Document, are accurate, complete and correct in all material respects. There has been no Material Adverse
Change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise
misleading in any material respect or that otherwise materially and adversely affects or might materially and adversely affect
the use, operation or value of the Property or the business operations and/or the financial condition of Borrower or any Guarantor.
Borrower and each Guarantor have disclosed to Lender all material facts and have not failed to disclose any material fact that
could cause any information provided to Lender or representation or warranty made herein to be materially misleading.

 

4.1.29
Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding
company” or a “subsidiary company” of a “holding company” or an “affiliate” of either
a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company
Act of 2005, as amended; or (c) subject to any other Federal or state law or regulation which purports to restrict or regulate
its ability to borrow money.

 

4.1.30
Embargoed Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect
to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and any Guarantor
constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has
any interest of any nature whatsoever in Borrower or any Guarantor, as applicable, with the result that the investment in Borrower
or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and
(c) none of the funds of Borrower or any Guarantor, as applicable, have been derived from any unlawful activity with the result
that the investment in Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the
Loan is in violation of law.

 

4.1.31
Filing of Returns. Borrower and each Guarantor have filed all Federal income tax returns and all other material tax returns,
domestic and foreign, or extensions, as the case may be, required to be filed by it and have paid all material taxes and assessments
payable by it that have become due, other than those not yet delinquent and except for those being contested in good faith. Borrower
and each Guarantor have each established on its books such charges, accruals and reserves in respect of taxes, assessments, fees
and other governmental charges for all fiscal periods as are required by sound accounting principles consistently applied. Neither
Borrower, nor any Guarantor knows of any proposed assessment for additional Federal, foreign or state taxes for any period, or
of any basis therefor, that, individually or in the aggregate, taking into account such charges, accruals and reserves in respect
thereof as such Person has made, could reasonably be expected to cause a Material Adverse Change with respect to Borrower, Guarantor
or the Property.

 

    	19

     

    

 

4.1.32
Operations Agreements. Each Operations Agreement is in full force and effect and neither Borrower nor, to the best of Borrower’s
knowledge, any other party to any such Operations Agreement, is in default thereunder, and to the best of Borrower’s knowledge,
there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder.

 

Section
4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in
Section 4.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains
owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All representations, warranties, covenants
and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender
notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf.

 

ARTICLE
V

 

BORROWER
COVENANTS

 

Section
5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all Obligations, Borrower hereby
covenants and agrees with Lender that:

 

5.1.1
Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply with all Legal Requirements
applicable to Borrower and the Property. There shall never be committed by Borrower, and Borrower shall not permit any other Person
in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording any Governmental
Authority the right of forfeiture against the Property or any part thereof or any monies paid in performance of Borrower’s
obligations under any of the Loan Documents. Borrower shall not commit, permit or suffer to exist any act or omission affording
such right of forfeiture. Borrower shall at all times maintain, preserve and protect all franchises and trade names, preserve
all the remainder of its property used or useful in the conduct of its business, and shall keep the Property in good working order
and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments
and improvements thereto, all as more fully provided in the Security Instrument. Borrower shall keep the Property insured at all
times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other
insurance, as is more fully provided in this Agreement. After prior notice to Lender, Borrower, at its own expense, may contest
by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal
Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation of any Legal Requirement,
provided, that: (a) no Default or Event of Default has occurred and is continuing; (b) such proceeding shall be permitted under,
and be conducted in accordance with, the provisions of any instrument to which Borrower is subject and shall not constitute a
default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c)
neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled
or lost; (d) Borrower shall, upon final determination thereof, promptly comply with any such Legal Requirement determined to be
valid or applicable or cure any violation of any Legal Requirement; (e) such proceeding shall suspend the enforcement of the contested
Legal Requirement against Borrower and the Property; and (f) Borrower shall furnish such security as may be required in the proceeding,
or as may be requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable
in connection therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any
time when, in the judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established
or the Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or
lost.

 

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5.1.2
Taxes and Other Charges. Borrower shall pay, all Taxes and Other Charges now or hereafter levied or assessed or imposed
against the Property, or any part thereof, as the same become due and payable. Borrower will deliver or cause to be delivered
to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or
are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise
be delinquent if not paid. Borrower shall not suffer and shall promptly pay or cause to be paid and discharged any Lien or charge
whatsoever which may be or become a Lien or charge against the Property, and shall promptly pay or cause to be paid all utility
services provided to the Property. After prior notice to Lender, Borrower, at its own expense, may contest by appropriate legal
proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole
or in part of any Taxes or Other Charges, provided that (a) no Default or Event of Default has occurred and remains uncured; (b)
such proceeding shall be permitted under, and be conducted in accordance with, the provisions of any other instrument to which
Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all
applicable statutes, laws and ordinances; (c) neither the Property nor any part thereof or interest therein will be in danger
of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall promptly upon final determination thereof pay or cause
to be paid the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable
in connection therewith; (e) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the Property
(except that if such Taxes or Other Charges must be paid sooner in order to avoid being delinquent, then Borrower shall pay or
cause the same to be paid prior to delinquency, and upon making such payment or causing such payment to be made prior to delinquency
Borrower may continue such contest); and (f) Borrower shall furnish such security as may be required in the proceeding, or as
may be requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties
thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time
when, in the judgment of Lender, the entitlement of such claimant is established or the Property (or part thereof or interest
therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of
the Security Instrument being primed by any related Lien.

 

5.1.3
Litigation. Borrower shall give prompt notice to Lender of any litigation or proceedings by any Governmental Authority
pending or threatened against Borrower and/or any Guarantor which might have a Materially Adverse Effect on Borrower’s or
any Guarantor’s condition (financial or otherwise) or business or the Property.

 

5.1.4
Access to Property. Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any
part thereof at reasonable hours upon reasonable advance notice (which may be given verbally).

 

5.1.5
Notice of Default. Borrower shall promptly advise Lender of any Material Adverse Change in Borrower’s or any Guarantor’s
condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower has knowledge.

 

5.1.6
Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any court,
board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender
under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such
proceedings.

 

5.1.7
Perform Loan Documents. Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions
of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents. Payment of the costs
and expenses associated with any of the foregoing shall be in accordance with the terms and provisions of this Agreement, including,
without limitation, the provisions of Section 10.13 hereof.

 

5.1.8
Award and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or
Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses
incurred in connection therewith (including attorneys’ fees and disbursements, and the payment by Borrower of the expense
of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting the Property or any part thereof) out of such
Insurance Proceeds.

 

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5.1.9
Further Assurances. Borrower shall, at Borrower’s sole cost and expense:

 

(a)
furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument
required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in
connection therewith;

 

(b)
authorize the filing or recording of or execute and deliver to Lender such documents, instruments, certificates, assignments,
financing statements and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the
collateral at any time securing or intended to secure the Obligations under the Loan Documents, as Lender may reasonably require;
and

 

(c)
do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying
out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to
time. In furtherance hereof, Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose
of protecting, perfecting, preserving and realizing upon the interests granted pursuant to this Agreement and to effect the intent
hereof, all as fully and effectually as Borrower might or could do; and Borrower hereby ratifies all that Lender shall lawfully
do or cause to be done by virtue hereof. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction
or mutilation of the Note or any other Loan Document which is not of public record, and, in the case of any such mutilation, upon
surrender and cancellation of such Note or other applicable Loan Document, and in the case of the Note, receipt of an indemnity
from Lender, Borrower will issue, in lieu thereof, a replacement Note or other applicable Loan Document, dated the date of such
lost, stolen, destroyed or mutilated Note or other Loan Document in the same principal amount thereof and otherwise of like tenor.
Borrower hereby authorizes Lender to file an “all assets” financing statement with respect to the Collateral.

 

5.1.10
Mortgage Taxes. Borrower shall simultaneously with the disbursement of the proceeds of the Loan pay all state, county and
municipal recording and all other taxes imposed upon the execution and recordation of the Security Instrument.

 

5.1.11
Financial Reporting.

 

(a)
Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis in accordance with GAAP (or such
other accounting basis selected by Borrower and reasonably acceptable to Lender), proper and accurate books, records and accounts
reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the
Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice (which
may be verbal) to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books,
records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default,
Borrower shall pay any costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the
Property, as Lender shall reasonably determine to be necessary or appropriate in the protection of Lender’s interest. Upon
Lender’s request, Borrower shall furnish to Lender such other information reasonably necessary and sufficient to fairly
represent the financial condition of Borrower and the Property.

 

(b)
Borrower will furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower,
and within thirty (30) days of the end of each calendar quarter, a complete copy of Borrower’s and each Guarantor’s
annual (or quarterly, as applicable) financial statements certified as true and correct by the party providing such statements
(and, for the annual of statements of Borrower prepared by an independent certified public accountant acceptable to Lender) in
accordance with GAAP (or such other accounting basis acceptable to Lender, consistently applied) covering the Property for such
Fiscal Year (or calendar quarter) and containing statements of profit and loss for Borrower, Guarantor and the Property and a
balance sheet for Borrower and each Guarantor. Such statements of Borrower shall set forth the financial condition and the results
of operations for the Property for such Fiscal Year (or calendar quarter), and an Officer’s Certificate certifying that
each annual financial statement of Borrower fairly presents the financial condition and the results of operations of Borrower
and the Property subject to such reporting, and that such financial statements have been prepared in accordance with GAAP and
as of the date thereof whether there exists an event or circumstance which constitutes a Default or Event of Default by Borrower
under the Loan Documents, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed
and the action then being taken to remedy the same. Guarantor’s annual financial statements shall be accompanied by a certificate
executed and delivered by Guarantor (if such Guarantor is a natural person) or an officer or other duly authorized representative
of Guarantor (if such Guarantor is an entity) certifying that each annual financial statement presents fairly the financial condition
and the results of operations of Guarantor being reported upon and that such financial statements have been prepared in accordance
with GAAP (or such other accounting basis acceptable to Lender, and, for Guarantors, Lender hereby approves sound and prudent
cash based financial statements consistently applied)and as of the date thereof whether there exists an event or circumstance
which constitutes a Default or Event of Default by Guarantor under the Loan Documents, and if such Default or an Event of Default
exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same.

 

    	22

     

    

 

(c)
Borrower shall also provide such monthly reports and statements as are reasonably required by Lender within twenty (20) days after
the end of each calendar month.

 

(d)
Borrower shall furnish to Lender, within twenty (20) days after request (or as soon thereafter as may be reasonably possible),
such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be
reasonably requested by Lender.

 

(e)
Any reports, statements or other information required to be delivered under this Agreement shall be delivered in electronic form
(or such other form as required by Lender) and Borrower agrees that Lender may disclose information regarding the Property and
Borrower that is provided to Lender pursuant to this Section 5.1.11 in connection with any Lender Assignment to such parties
requesting such information in connection with such Lender Assignment.

 

(f)
Without limitation on other requirements of this Agreement, Lender may require, at Borrower’s cost and expense, quarterly
valuations of the Loan and Borrower shall cooperate in connection therewith; provided, however, so long as no Event of Default
exists, Borrower shall not be required to reimburse Lender more than $2,500 for the cost of any such quarterly valuation.

 

5.1.12
Business and Operations. Borrower will continue to engage in the businesses presently conducted by it as and to the extent
the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower will qualify to do business
and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership,
maintenance, management and operation of the Property or ownership and management of an interest in Borrower (as applicable).

 

5.1.13
Title to the Property. Borrower will warrant and defend (a) the title to the Property and every part thereof, subject only
to Permitted Encumbrances, and (b) the validity and priority of the Lien of each of the Security Instruments, subject only to
Permitted Encumbrances, in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses,
costs, damages or expenses (including attorneys’ fees and expenses, and court costs) incurred by Lender if an interest in
the Property, other than as permitted hereunder, is claimed by another Person.

 

5.1.14
Costs of Enforcement. In the event (a) that the Security Instrument is foreclosed in whole or in part or that the Security
Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage
prior to or subsequent to the Security Instrument in which proceeding Lender is made a party, or (c) of a Bankruptcy Action related
to Borrower or an assignment by Borrower for the benefit of its creditors, Borrower, on behalf of itself and its successors and
assigns, agrees that it/they shall be chargeable with and shall pay all costs of collection and defense, including attorneys’
fees and expenses, and court costs, incurred by Lender or Borrower in connection therewith and in connection with any appellate
proceeding or post-judgment action involved therein, together with all required service or use taxes.

 

5.1.15
Estoppel Statement.

 

(a)
After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement, duly acknowledged and certified,
setting forth (i) the original principal amount of the Loan, (ii) the Outstanding Principal Balance, (iii) the Interest Rate of
the Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the performance
of the Obligations, if any, and (vi) that the Note, this Agreement, the Security Instrument and the other Loan Documents are valid,
legal and binding obligations of Borrower and have not been modified or if modified, giving particulars of such modification.

 

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(b)
Borrower shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each commercial
Tenant, if any, in form and substance reasonably satisfactory to Lender provided that Borrower shall not be required to deliver
such certificates more frequently than once in any calendar year.

 

5.1.16
Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set
forth in Section 2.1.4.

 

5.1.17
Performance by Borrower. Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and
provision of each Loan Document executed and delivered by, or applicable to, Borrower and shall not enter into or otherwise suffer
or permit any amendment, waiver, supplement, termination or other modification of any Loan Document without the prior written
consent of Lender.

 

5.1.18
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other
real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the
Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be
levied against such personal property shall be assessed or levied or charged to such real property portion of the Property.

 

5.1.19
Leasing Matters. Any Lease executed after the date hereof (and any amendment or termination thereof) shall require the
prior written consent of Lender, which consent shall be in Lender’s sole and absolute discretion. Borrower shall furnish
Lender with true, correct and complete executed copies of all Leases, amendments thereof and any related agreements. Without limitation,
and as applicable, Lender shall be deemed to have approved all renewals of Leases and all proposed Leases so long as the same
(a) provide for rental rates comparable to existing local market rates, contain reasonable market rate terms and do not contain
any terms which would materially adversely affect Lender’s rights under the Loan Documents, (b) are for a lease term not
exceeding one year, including all extensions, (c) are with individual, residential, non-commercial tenants, and (d) have been
entered into by Borrower in its ordinary course of business. All Leases executed after the date hereof shall provide that they
are subordinate to the Security Instrument and the Liens created thereby and that the Tenant thereunder agrees to attorn to Lender
or any other purchaser of the Property at a sale by foreclosure (or deed in lieu thereof) or power of sale. Borrower (a) shall
observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (b) shall enforce
the terms, covenants and conditions contained in the Leases upon the part of the Tenant thereunder to be observed or performed
in a commercially reasonable manner and in a manner which does not impair the value of the Property involved, provided that in
no event shall Borrower terminate or accept the surrender of any Lease by a Tenant unless by reason of a Tenant default and then
only in a commercially reasonable manner to preserve and protect the Property; provided, however, that no such termination
or surrender of any Lease will be permitted without the prior written consent of Lender or unless such termination or surrender
is specifically provided for in the Lease; (c) shall not collect any of the Rents more than one (1) month in advance (other than
security deposits required pursuant to such Lease); (d) shall not execute any other assignment of the lessor’s interest
in the Leases or the Rents (except to Lender pursuant to the Loan Documents); (e) shall not alter, modify or change the terms
of the Leases; and (f) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments
in connection with the Leases as Lender shall from time to time reasonably require. Lender shall have the right to require each
new Tenant to execute and deliver to Lender a subordination, non-disturbance of possession and attornment agreement in form, content
and manner of execution reasonably acceptable to Lender.

 

5.1.20
Operation of Property.

 

(a)
Borrower shall: (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be
performed and observed by it under any of the Operations Agreements and do all things necessary to preserve and to keep unimpaired
its material rights thereunder; (ii) promptly notify Lender of any material default under any Operations Agreement of which it
is aware; and (iii) enforce the performance and observance of all of the covenants and agreements required to be performed and/or
observed by any party (other than Borrower) under the Operations Agreements, in a commercially reasonable manner.

 

    	24

     

    

 

(b)
All Material Agreements shall be subject to the prior review and approval, not to be unreasonably withheld, of Lender. As used
herein, “Material Agreements” shall mean each contract and agreement relating to the ownership, management,
development, use, operation, leasing, maintenance, repair or improvement of the Property, as to which either (a) there is an obligation
of Borrower to pay more than $50,000 in the aggregate, or (b) the term thereof extends beyond one year (unless cancelable on thirty
(30) days or less notice without requiring the payment of termination fees or payments of any kind).

 

5.1.21
Changes in the Legal Requirements Regarding Taxation. If any Legal Requirement or other law, order, requirement or regulation
of any Governmental Authority is enacted or adopted or amended after the date the Loan is funded which imposes a tax, either directly
or indirectly, on the Obligations or Lender’s interest in the Property, Borrower must pay or cause to be paid such tax,
with interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of such tax or interest
and penalties by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury,
then in any such event, Lender may, by written notice to Borrower of not less than ninety (90) days, declare the Obligations immediately
due and payable.

 

5.1.22
No Credits on Account of the Obligations. Borrower will not claim or demand or be entitled to any credit or credits on
account of the Obligations for any payment of Taxes assessed against the Property and no deduction shall otherwise be made or
claimed from the assessed value of the Property for real estate tax purposes because of the Loan Documents or the Obligations.
If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may,
by written notice to Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.

 

5.1.23
Personal Property. Borrower shall cause all of its personal property, fixtures, attachments and equipment delivered upon,
attached to or used in connection with the operation of the Property to always be located at the Property and shall be kept free
and clear of all Liens, encumbrances and security interests, except Permitted Encumbrances.

 

5.1.24
Rehabilitation Project.

 

(a)
Project Documents. Borrower shall diligently and continuously undertake to Complete each Project in conformance with the
applicable Project Documents. Borrower will perform its obligations under the Project Documents and will enforce the terms of
the Project Documents.

 

(b)
Permits. Borrower shall pay for and obtain or cause to be paid for and obtained all permits, licenses and approvals required
by applicable Legal Requirements with regard to each Project.

 

(c)
Lender Consultants. At Borrower’s expense, Lender shall have the right to employ an inspecting architect, engineer
or consultant with respect to a Project. Borrower shall pay immediately upon demand the fees and expenses of any architect, engineer
or consultant employed by Lender for the purpose of reviewing plans or otherwise engaged by Lender with respect to any Project.

 

(d)
Performance by Lender. Upon the occurrence of an Event of Default, Lender shall have the right, without limitation of Lender’s
other remedies under the Loan Documents, upon written notice to Borrower, either before or after accelerating the Debt or commencing
foreclosure, either directly or through Lender’s agents and contractors to (i) enter onto the Property, (ii) complete the
Project, (iii) modify the Project as Lender deems necessary, (iv) hire or replace any contractor or vendor retained by Borrower
in connection with the Project as Lender deems necessary, (v) expend such sums as Lender determines necessary to Complete such
Project and (vi) purchase any insurance coverage deemed appropriate by Lender in its sole discretion relating to the Project or
Lender’s exercise of its rights under this Section 5.1.24(d). Borrower hereby waives any right to contest any such costs
or expenses incurred by Lender in the exercise of Lender’s rights under this Section 5.1.24(d), and such costs and expenses
(a) shall be added to the Debt, (b) shall be secured by the Security Instrument, (c) shall accrue interest at the Default Rate,
and (d) shall be payable to Lender upon demand. Borrower hereby agrees to indemnify and hold harmless Lender for any such costs
or expenses. Borrower hereby grants Lender an irrevocable power of attorney, coupled with an interest, to exercise Lender’s
rights under this Section 5.1.24(d). Lender does not have and shall not have any obligation to complete any Project.

 

    	25

     

    

 

Section
5.2 Negative Covenants. From the date hereof until payment and performance in full of the Obligations, Borrower covenants
and agrees with Lender that it will not do, directly or indirectly, any of the following:

 

5.2.1 Operation
of Property Borrower shall not, without Lender’s prior consent (which consent shall be in Lender’s sole and
absolute discretion): enter into, amend, surrender, terminate, waive any rights under or cancel any Management
Agreement.

 

5.2.3
Liens. Borrower shall not create, incur, assume, permit or suffer to exist any Lien on any portion of the Property or permit
any such action to be taken, except for Permitted Encumbrances.

 

5.2.4
Dissolution. Borrower shall not (a) engage in any dissolution, liquidation, consolidation or merger with or into any
other business entity, (b) engage in any business activity not related to the ownership and operation of the Property, (c) transfer,
lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties
or assets of Borrower except to the extent permitted by the Loan Documents, or (d) modify, amend, waive or terminate its
organizational documents or its qualification and good standing in any jurisdiction.

 

5.2.5
Change in Business. Borrower shall not enter into any line of business other than the ownership and operation of the Property,
or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate
in activities other than the continuance of its present business.

 

5.2.6
Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination
of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course
of Borrower’s business.

 

5.2.7
Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or seek any
variance under any existing zoning ordinance, or use or permit the use of any portion of the Property in any manner that could
result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation,
in each case, without the prior written consent of Lender.

 

5.2.8
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of all or any portion of the Property
with (a) any other real property constituting a tax lot separate from the Property, or (b) any portion of the Property
which may be deemed to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied
against such personal property shall be assessed or levied or charged to the Property.

 

5.2.9
Principal Place of Business and Organization. Borrower shall not change its principal place of business set forth in the
introductory paragraph of this Agreement without first giving Lender at least thirty (30) days prior notice. Borrower shall not
change the place of its organization as set forth in Section 4.1.24 without the consent of Lender, which consent shall
not be unreasonably withheld. Upon Lender’s request, Borrower shall execute and deliver additional financing statements,
security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest
in the Property as a result of such change of principal place of business or place of organization.

 

5.2.10
ERISA.

 

(a)
Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the
exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under
a statutory or administrative class exemption) prohibited transaction under ERISA.

 

    	26

     

    

 

(b)
Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout
the term of the Loan, as requested by Lender in its sole discretion, that (1) Borrower is not an “employee benefit
plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan”
within the meaning of Section 3(32) of ERISA; (2) Borrower is not subject to any state statute regulating investments of,
or fiduciary obligations with respect to, governmental plans; and (3) one or more of the following circumstances is true:
(i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);
(ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in Borrower is held by “benefit
plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); (iii) Borrower qualifies as an “operating
company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e); or
(iv) The Loan meets the requirements of PTE 95-60, 90-1, 84-14 or similar exemption.

 

5.2.11
Transfers; Assumptions.

 

(a)
Without the prior written consent of Lender and except to the extent otherwise set forth in this Section 5.2.10, no Transfer
may occur without the prior written consent of Lender in its sole and absolute discretion.

 

(b)
Notwithstanding the provisions of this Section 5.2.10, Lender’s consent shall not be required in connection with a
Permitted Transfer; provided, however, that all of the following conditions are satisfied with respect to any such Transfers:
(1) Borrower shall provide Lender thirty (30) days’ prior written notice thereof (other than a Permitted Transfer for which
notice shall occur within thirty (30) days’ after such Transfer), (2) such Transfer shall not result in a change in the
day-to-day management and operations of the Property, (3) [intentionally omitted], and (4) such Transfer shall not result
in a breach of Section 5.2.9 or 5.2.13. Notwithstanding anything set forth herein, and without limiting any restrictions on any
Transfer set forth herein, if any proposed transfer of any direct or indirect interests in Borrower would otherwise be a Permitted
Transfer or not require Lender’s consent but shall result in any Person owning more than twenty percent (20%) of the direct
or indirect legal, beneficial or economic interest in Borrower (other than Persons currently owning more than twenty percent (20%)
of the direct or indirect legal, beneficial or economic interest in Borrower), approval of such transferee is required so that
Lender can confirm the transfer and transferee complies with all legal and regulatory requirements and Lender policies relating
to such transfer and transferee, including, without limitation, the Patriot Act and federal regulations issued with respect thereto
and to ensure compliance with the representations in Section 4.1.30 hereof.

 

(c)
Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in
order to declare the Debt immediately due and payable upon a Transfer without Lender’s consent. This provision shall apply
to every Transfer regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer.

 

5.2.12
Operations Agreements. Borrower shall not, without the prior written consent of Lender, modify any of the Operations Agreements.

 

5.2.13
[Intentionally omitted].

 

5.2.14
Embargoed Person; OFAC. As of the date hereof and at all times throughout the term of the Loan, including after giving
effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and any
Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed
Person has any interest of any nature whatsoever in Borrower or any Guarantor, as applicable, with the result that the investment
in Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation
of law; and (c) none of the funds of Borrower or any Guarantor, as applicable, have been derived from any unlawful activity
with the result that the investment in Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited
by law or the Loan is in violation of law. Neither Borrower nor any Guarantor is (or will be) a Person with whom Lender is restricted
from doing business under OFAC regulations (including those persons named on OFAC’s Specially Designated and Blocked Persons
list) or under any statute, executive order (including the September 24, 2001 #13224 Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and
is not and shall not engage in any dealings or transactions or otherwise be associated with such Persons. In addition, to help
the US Government fight the funding of terrorism and money laundering activities, The USA Patriot Act (and the regulations thereunder)
requires Lender to obtain, verify and record information that identifies its customers. Borrower shall provide Lender with any
additional information that Lender deems necessary from time to time in order to ensure compliance with The USA Patriot Act and
any other applicable Legal Requirements concerning money laundering and similar activities.

 

    	27

     

    

 

5.2.15
Distributions. Borrower shall not make or permit any Distribution.

 

5.2.16
Affiliate Agreements. Borrower shall not enter into any agreement with an Affiliate without Lender’s prior written
consent, in its sole and absolute discretion.

 

ARTICLE
VI

 

INSURANCE;
CASUALTY; CONDEMNATION

 

Section
6.1 Insurance.

 

(a)
Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the
following coverages:

 

(i)
comprehensive “All Risk” or “Special Form” insurance on the Improvements and the Personal Property (A) in
an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of
this Agreement shall mean actual replacement value (exclusive of costs of excavations) with no depreciation; (B) containing
an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions, or confirmation
that co-insurance does not apply; and (C) providing for no deductible in excess of Twenty-Five Thousand and No/100 Dollars
($25,000.00) for all such insurance coverage. In addition, Borrower shall obtain: (x) if any portion of the Improvements is currently,
or at any time in the future, located in a Federally designated “special flood hazard area”, flood hazard insurance
in an amount equal to the Outstanding Principal Balance or such other amount as Lender shall require; (y) earthquake insurance
in amounts and in form and substance satisfactory to Lender in the event the Property is located in an area with a high degree
of seismic activity; and (z) windstorm insurance in amounts and in form and substance satisfactory to Lender in the event
such windstorm coverage is excluded under the Special Form Coverage, provided that the insurance pursuant to clauses (x), (y)
and (z) hereof shall be on terms consistent with the comprehensive “All Risk” or “Special Form” insurance
policy required under this subsection (i);

 

(ii)
commercial general liability insurance, including a broad form comprehensive general liability endorsement and coverage against
claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to
be on the so-called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000.00)
in the aggregate and One Million and No/100 Dollars ($1,000,000.00) per occurrence (and, if on a blanket policy, containing an
“Aggregate Per Location” endorsement); (B) to continue at not less than the aforesaid limit until required to
be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover
at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any”
basis; (3) independent contractors; (4) blanket contractual liability for all insured contracts; and (5) contractual
liability covering the indemnities contained in Article VIII of the Security Instrument to the extent the same is available;

 

(iii)
if there are tenants of the Property, rental loss insurance (A) with loss payable to Lender; (B) covering all risks
required to be covered by the insurance provided for in subsection (i) above; and (C) for loss of Rents in an amount equal
to one hundred percent (100%) of the projected rents from ` for a period of twelve (12) months from the date of such Casualty
(assuming such Casualty had not occurred) and notwithstanding that the policy may expire prior to or at the end of such period.
The amount of such loss of Rents or business income insurance shall be determined prior to the date hereof and at least once each
year thereafter based on Borrower’s reasonable estimate of income to be derived from the Property for the succeeding twelve (12)
month period. Notwithstanding anything to the contrary set forth herein, all proceeds payable to Lender pursuant to this subsection
shall be held by Lender and shall be applied at Lender’s sole discretion to (I) the Debt, or (II) operating expenses for
the Property approved by Lender in its sole discretion; provided, however, that nothing herein contained shall be deemed
to relieve Borrower of its obligations to pay the Debt, except to the extent such amounts are actually paid out of the proceeds
of such business income insurance;

 

    	28

     

    

 

(iv)
at all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and
only if the Property coverage forms do not otherwise apply, (A) owner’s and contractor’s protective liability
insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability
insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s
risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i)
above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance
provision, or confirmation that co-insurance does not apply;

 

(v)
if Borrower ever has any direct employees, worker’s compensation insurance with respect to any employees of Borrower, as
required by any Governmental Authority or Legal Requirement;

 

(vi)
comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent
with the commercial property insurance policy required under subsection (i) above;

 

(vii)
if Borrower ever has any direct employees or owns any motor vehicles, motor vehicle liability coverage for all owned and non-owned
vehicles, including rented and leased vehicles containing minimum limits per occurrence of not less than One Million and No/100
Dollars ($1,000,000.00);

 

(viii)
umbrella or excess liability insurance in an amount not less than Five Million and No/100 Dollars ($5,000,000.00) per occurrence
on terms consistent with the commercial general liability insurance policy required under subsection (ii) above;

 

(ix)
if the Property is or becomes a legal “non-conforming” use or structure, ordinance or law coverage to compensate for
the value of the undamaged portion of the Property, the cost of demolition and increased cost of construction in amounts as requested
by Lender;

 

(x)
if applicable, the commercial property, business income, general liability and umbrella or excess liability insurance
required under Sections 6.1(a)(i), (ii), (iii) and (viii) above shall cover perils of terrorism and
acts of terrorism and Borrower shall maintain commercial property and business income insurance for loss resulting from
perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 6.1(a)(i),
(ii), (iii) and (viii) above at all times during the term of the Loan so long as Lender determines that
either (I) prudent owners of real estate comparable to the Property are maintaining same or (II) prudent
institutional lenders (including, without limitation, investment banks) to such owners are requiring that such owners
maintain such insurance; and

 

(xi)
upon sixty (60) days’ notice, such other insurance and in such amounts as Lender from time to time may request against such
other insurable hazards which at the time are commonly insured against for properties similar to the Property located in or around
the region in which the Property is located.

 

(b)
All insurance provided for in Section 6.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies,
amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies
authorized to do business in the State and having a claims paying ability rating of “A-” or better by S&P or “A-X”
or better by AM Best or “A3” or better by Moody’s Investor Service, Inc.. Prior to the expiration dates of the
Policies theretofore furnished to Lender, certificates of insurance evidencing the renewal or successor Policies accompanied by
evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”),
shall be delivered by Borrower to Lender. Borrower shall supply an original or certified copy of the original policy within ten
(10) days of request by Lender, provided that the policy is available.

 

    	29

     

    

 

(c)
Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder
and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions
of Section 6.1(a).

 

(d)
All Policies provided for or contemplated by Section 6.1(a), except for the Policy referenced in Section 6.1(a)(v),
shall name Borrower as the insured and Lender (and its successors and assigns) as Mortgagee, Loss Payee and Additional Insured,
as its interests may appear, and in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain
a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.

 

(e)
All Policies provided for in this Section 6.1 shall contain clauses or endorsements to the effect that: (i) no act or
negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure to comply with the provisions
of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the
validity or enforceability of the insurance insofar as Lender is concerned; (ii) the Policies on which Lender is listed as
a Mortgagee shall not be canceled without at least thirty (30) days’ notice to Lender; (iii) Lender shall not be liable
for any Insurance Premiums thereon or subject to any assessments thereunder; and (iv) shall contain a waiver of subrogation in
favor of Lender.

 

(f)
If at any time Lender is not in receipt of written evidence that all Policies are in full force and effect, Lender shall have
the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property,
including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate. All
premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid
by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall bear interest at the
Default Rate. Provided no Event of Default exists, Lender shall promptly provide Borrower with notice of any such premiums incurred.

 

(g)
Without limitation, Borrower shall continue to maintain all insurance that is in effect as of the date hereof.

 

Section
6.2 Casualty. If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a
“Casualty”), Borrower shall (a) give prompt notice of such damage to Lender, and
(b) promptly commence and diligently prosecute the completion of Restoration so that the Property resembles, as nearly
as possible, the condition the Property was in immediately prior to such Casualty, with such alterations as may be reasonably
approved by Lender and otherwise in accordance with Section 6.4. Borrower shall pay all costs of such Restoration
whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made
promptly by Borrower. In addition, Lender may participate in (and have approval rights over) any settlement discussions with
any insurance companies with respect to any Casualty in which the Net Proceeds or the costs of completing Restoration are
equal to or greater than five percent (5%) of the applicable Allocated Loan Amount for the affected Individual Property and
Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

 

Section
6.3 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any
proceeding in respect of Condemnation, and shall deliver to Lender copies of any and all papers served in connection with
such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all
instruments requested by Lender to permit such participation. Borrower shall, at its expense, diligently prosecute any such
proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense
of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise
(including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower
shall continue to perform the Obligations at the time and in the manner provided in this Agreement and the other Loan
Documents and the Outstanding Principal Balance shall not be reduced until any Award shall have been actually received and
applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Obligations. Lender
shall not be limited to the interest paid on the Award by the applicable Governmental Authority but shall be entitled to
receive out of the Award interest at the rate or rates provided herein or in the Note. If the Property or any portion thereof
is taken by a Governmental Authority, Borrower shall promptly commence and diligently prosecute Restoration and otherwise
comply with the provisions of Section 6.4. If the Property is sold, through foreclosure or otherwise, prior to the
receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been
sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt.

 

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Section
6.4 Restoration. If there are any Improvements on the Property, the following provisions shall apply:

 

(a)
If the Net Proceeds and the costs of completing Restoration shall each be less than five percent (5%) of the applicable Allocated
Loan Amount for the affected Individual Property, then the Net Proceeds will be disbursed by Lender to Borrower upon receipt,
provided that all of the conditions set forth in Section 6.4(b)(i) are met and Borrower delivers to Lender a written undertaking
to expeditiously commence and to satisfactorily complete with due diligence Restoration in accordance with the terms of this Agreement.

 

(b)
If the Net Proceeds are equal to or greater than five percent (5%) of the applicable Allocated Loan Amount for the affected Individual
Property, but less than twenty percent (20%) of the applicable Allocated Loan Amount for the affected Individual Property, or
the costs of completing Restoration are equal to or greater than five percent (5%) of the applicable Allocated Loan Amount for
the affected Individual Property, but less than twenty percent (20%) of the applicable Allocated Loan Amount for the affected
Individual Property, then, in either case, the Net Proceeds will be held by Lender and Lender shall make the Net Proceeds available
for Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds”
for purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to
Section 6.1 (a)(i), (iv), (vi), (ix) and (x) as a result of such damage or destruction, after deduction of Lender’s
reasonable costs and expenses (including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Insurance
Proceeds”), or (ii) the net amount of the Award, after deduction of Lender’s reasonable costs and expenses
(including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Condemnation Proceeds”),
whichever the case may be.

 

(i)
The Net Proceeds shall be made available to Borrower for Restoration upon the determination of Lender in its sole discretion that
the following conditions are met:

 

(A)
no Event of Default shall have occurred and be continuing;

 

(B)
in the event the Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting the affected Individual
Property is taken, and such land is located along the perimeter or periphery of such Property, and no portion of the Improvements
is located on such land;

 

(C)
if applicable, Leases demising in the aggregate a percentage amount equal to or greater than ninety percent (90%) of the total
rentable space in the affected Individual Property which has been demised under executed and delivered Leases in effect as of
the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force and effect
during and after the completion of Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever
the case may be, and will make all necessary repairs and restorations thereto at their sole cost and expense;

 

(D)
Borrower shall commence Restoration as soon as reasonably practicable (but in no event later than sixty (60) days after such Casualty
or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion;

 

(E)
Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note,
which will be incurred with respect to the affected Individual Property as a result of the occurrence of any such Casualty or
Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred
to in Section 6.1(a)(iii), if applicable, or (3) by other funds of Borrower;

 

    	31

     

    

 

(F)
Lender shall be satisfied that Restoration will be completed on or before the earliest to occur of (1) four (4) months prior to
the Maturity Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as
may be required under all applicable Legal Requirements in order to repair and restore the affected Individual Property to the
condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to
such Condemnation, as applicable, or (4) the expiration of the insurance coverage referred to in Section 6.1(a)(iii);

 

(G)
the affected Individual Property and the use thereof after Restoration will be in compliance with and permitted under all applicable
Legal Requirements;

 

(H)
Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable
Legal Requirements;

 

(I)
such Casualty or Condemnation, as applicable, does not result in the loss of access to the affected Individual Property or the
related Improvements;

 

(J)
Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect
or engineer stating the entire cost of completing Restoration, which budget shall be acceptable to Lender; and

 

(K)
the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s
discretion to cover the cost of Restoration.

 

(ii)
The Net Proceeds shall be paid directly to Lender for deposit in an interest-bearing account (the “Net Proceeds Account”)
and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security
for the Debt and the Other Obligations. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time
to time during the course of Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed
and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection
with Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or
materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on
the Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative
fully insured to the satisfaction of Lender by the Title Company.

 

(iii)
All plans and specifications required in connection with Restoration shall be subject to prior review and acceptance in all respects
by Lender in its discretion and by an independent consulting engineer selected by Lender (the “Casualty Consultant”).
Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection
with Restoration. The identity of the contractor engaged in Restoration, as well as the contracts under which it has been engaged,
shall be subject to prior review and acceptance by Lender in its discretion and the Casualty Consultant. All costs and expenses
incurred by Lender in connection with making the Net Proceeds available for Restoration including, without limitation, reasonable
counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower.

 

(iv)
In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually
incurred from time to time for work in place as part of Restoration, as certified by the Casualty Consultant, minus the Retention
Amount. The term “Retention Amount” shall mean, as to each contractor, subcontractor or materialman
engaged in Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of Restoration,
as certified by the Casualty Consultant, until Restoration has been completed. The Retention Amount shall in no event, and notwithstanding
anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower
from contractors, subcontractors and materialmen engaged in Restoration. The Retention Amount shall not be released until the
Casualty Consultant certifies to Lender that Restoration has been completed in accordance with the provisions of this Section 6.4(b)
and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental
Authorities, and Lender receives evidence satisfactory to Lender that the costs of Restoration have been paid in full or will
be paid in full out of the Retention Amount; provided, however, that Lender will release the portion of the Retention Amount
being held with respect to any contractor, subcontractor or materialman engaged in Restoration as of the date upon which the Casualty
Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has
supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s
contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due
to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the Title Company issuing the Title
Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien
of the related Security Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender,
the release of any such portion of the Retention Amount shall be approved by the surety company, if any, which has issued a payment
or performance bond with respect to the contractor, subcontractor or materialman.

 

    	32

     

    

 

(v)
Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 

(vi)
If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in consultation with the
Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be
incurred in connection with the completion of Restoration, Borrower shall deposit the deficiency (the “Net Proceeds
Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency
deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with Restoration
on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b)
shall constitute additional security for the Debt and the Other Obligations.

 

(vii)
The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender
after the Casualty Consultant certifies to Lender that Restoration has been completed in accordance with the provisions of this
Section 6.4(b), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection
with Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred
and shall be continuing.

 

(c)
If Net Proceeds are (i) equal to or greater than twenty percent (20%) of the applicable Allocated Loan Amount for the affected
Individual Property, (ii) not required to be made available for Restoration (due to Borrower’s inability to satisfy
the conditions set forth in Section 6.4(b)(i) or otherwise), or (iii) not to be returned to Borrower as excess Net Proceeds
pursuant to Section 6.4(b)(vii), then in any such event all Net Proceeds may be retained and applied by Lender in accordance
with Section 2.4.2 hereof toward reduction of the Outstanding Principal Balance whether or not then due and payable in such
order, priority and proportions as Lender in its sole discretion shall deem proper, or, in the sole discretion of Lender, the
same may be paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its sole discretion. No
prepayment charge shall be payable by Borrower by reason of a Casualty or Condemnation.

 

(d)
In the event of foreclosure of the Security Instrument, or other transfer of title to the Property in extinguishment in whole
or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in
force concerning the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or
Lender or other transferee in the event of such other transfer of title.

 

ARTICLE
VII

 

RESERVE
FUNDS

 

Section
7.1 [Intentionally Omitted]

 

Section
7.2 [Intentionally Omitted]

 

Section
7.3 Reserve Funds, Generally.

 

(a)
Borrower (i) hereby grants to Lender a first priority security interest in all of the Reserve Funds and any and all monies
now or hereafter deposited in each Reserve Account as additional security for payment and performance of the Obligations and (ii) will
take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Reserve Funds, including,
without limitation, filing or authorizing Lender to file UCC-1 financing statements and continuations thereof. Until expended
or applied in accordance herewith, the Reserve Funds shall constitute additional security for the Obligations.

 

    	33

     

    

 

(b)
Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender,
apply any sums then present in any or all of the Reserve Funds to the reduction of the Outstanding Principal Balance or the payment
of any other amounts then due and owing under this Agreement or any of the other Loan Documents in any order in its sole discretion.

 

(c)
Borrower shall not further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or
permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those
naming Lender as the secured party, to be filed with respect thereto.

 

(d)
The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. No earnings or interest
on the Reserve Funds shall be payable to Borrower. Lender shall not have any obligation to keep or maintain such Reserve Funds
or any funds deposited therein in interest bearing accounts.

 

(e)
Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities,
losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses)
(collectively, “Claims”) arising from or in any way connected with the Reserve Funds or the performance
of the obligations for which the Reserve Funds were established; provided, however, Borrower shall not be obligated to indemnify
Lender for any such Claims to the extent arising from Lender’s gross negligence or willful misconduct. Borrower shall assign
to Lender all rights and claims Borrower may have against all Persons supplying labor, materials or other services which are to
be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless
an Event of Default has occurred and remains uncured.

 

(f)
Upon payment in full of the Debt in accordance with the terms of this Agreement and the other Loan Documents, Lender shall return
any remaining Reserve Funds to Borrower.

 

Section
7.4 Project Reserve Funds.

 

7.4.1
Deposits of Project Reserve Funds. Borrower shall deposit with Lender (which amount may be net funded by Lender but deemed
disbursed) an amount equal to $735,000.00 on the Closing Date for the purpose of funding Project Costs, which amounts shall be
deposited into a Reserve Account (the “Project Reserve Account”). Amounts deposited from time to time
into the Project Reserve Account pursuant to this Section 7.4.1 are referred to herein as the “Project
Reserve Funds”. The allocated amount of Project Reserve Funds with respect to each Individual Property, are set
forth on Schedule 1.1(a) hereof.

 

7.4.2
Disbursement of Project Reserve Funds.

 

(a)
Disbursements Upon Completion of Project at Individual Property. Each disbursement of Project Reserve Funds shall be released
subject to satisfaction of the following conditions, any of which may be waived by Lender in Lender’s sole discretion:

 

(i)
Any request for a disbursement of Project Reserve Funds shall be submitted to Lender on Lender’s form of request, not less
than ten (10) Business Days prior to the anticipated date for the disbursement of Project Reserve Funds, and shall be accompanied
by all evidence required to be approved by Lender as a condition to such disbursement, including an Officer’s Certificate
stating that said conditions are then satisfied;

 

(ii)
Disbursement of Project Reserve Funds shall only be used for the portion of the Project at the Individual Property to which the
request for disbursement of Project Reserve Funds relates shall not exceed the amount of the Project Reserve Funds allocated to
the applicable Individual Property;

 

    	34

     

    

 

(iii)
Borrower shall be in compliance with the terms and conditions of Section 5.1.24;

 

(iv)
The relevant portion of the Project at an Individual Property to which the requested disbursement of Project Reserve Funds relates
shall be Complete;

 

(v)
At Lender’s election, Lender shall have received certificates of Lender’s consultant, any Architect and the General
Contractor that the such portion of the Project is Complete;

 

(vi)
Evidence reasonably acceptable to Lender, together with all other appropriate certificates and other documentation that Lender
may require from, and as are customarily issued by, applicable Governmental Authorities, evidencing (i) compliance with all
applicable Legal Requirements, including final certificates of occupancy and all consents or approvals required from third parties
or any Governmental Authority have been obtained, and (ii) that no petitions, actions or proceedings are pending or threatened
which could reasonably be expected to materially alter or declare invalid any approvals, consents, permits or certificates for
or relating to the Project, or any part thereof;

 

(vii)
Final unconditional waivers of lien (and evidence of payment) from all other contractors, subcontractors and materialmen as required
by Lender or the Title Company; and

 

(viii)
Lender shall have received notices of title continuation showing that since the date of the last disbursement of Project Reserve
Funds there has been no adverse change in the state of title to the applicable Individual Property not approved by Lender, and,
to the extent that any new improvements have been constructed at the applicable Individual Property outside their footprint on
the date of the most recent survey, no adverse survey exceptions with respect to the Property not theretofore approved by Lender,
and Lender may, in its discretion, require an endorsement to the Title Insurance Policy, in form and content satisfactory to Lender,
insuring, in effect, that such disbursement has the same priority as the initial disbursement of the Loan and that there has been
no Material Adverse Change in the condition of title to the Property since the issuance of the Title Insurance Policy;

 

(ix)
No actions, suits or proceedings shall then be pending nor have any been threatened against or which affect Borrower, any Guarantor
or the Property which could have a Material Adverse Change on Borrower, Guarantor or the Property;

 

(x)
No Default or Event of Default shall have occurred and be continuing and all representations and warranties set forth in this
Agreement and in any other Loan Document shall be materially true and correct as of the date of Borrower’s request for the
disbursement, the date the disbursement is made, and immediately following the making of the disbursement;

 

(xi)
No substantial unrepaired damage to any portion of the Property by fire or other casualty which is not in Lender’s judgment
adequately covered by collectible proceeds of insurance; and

 

(xii)
Borrower shall have paid all of the costs and expenses incurred by Lender, including reasonable attorneys’ fees and expenses,
all title premiums and other title and survey charges in connection with the proposed disbursement and a nonrefundable rehabilitation
management in the amount of Two Hundred Ninety-Five and No/100 Dollars ($295.00) payable to Lender with respect to each disbursement
of Project Reserve Funds.

 

(b)
Disbursement by Wire Transfer. Disbursement of Project Reserve Funds shall be made at Lender’s election by wire transfer,
at Borrower’s cost and expense, or by check. Lender may, in its election, make payments of the Project Reserve Funds directly
to the contractor, subcontractor, or material supplier. Lender may also require, at Lender’s election, in its sole discretion,
at Borrower’s sole cost and expense, that disbursements of Project Reserve Funds be made through (a) the Title Company pursuant
to a construction loan disbursement escrow agreement or (b) a vending control company. Any such arrangement with the Title Company
or a vending control company shall be in Lender’s sole discretion

 

    	35

     

    

 

(c)
Waiver of Conditions. Lender may from time to time, in its sole discretion, waive any condition or conditions to any disbursement
of Project Reserve Funds without such waiver or series of waivers constituting a course of dealing or any amendment to this Agreement
or a prohibition against subsequent imposition of such condition or conditions or a waiver of a default.

 

ARTICLE
VIII

 

DEFAULTS

 

Section
8.1 Event of Default.

 

8.1.1
Generally.

 

(a)
Each of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)
if any portion of the Debt is not paid when due (including, without limitation, the failure of Borrower to repay the entire outstanding
principal balance of the Note in full on the Maturity Date);

 

(ii)
if any of the Taxes or Other Charges are not paid when the same are due and payable without payment of a penalty;

 

(iii)
if the Policies are not kept in full force and effect, or if copies of the certificates evidencing the Policies (or certified
copies of the Policies if requested by Lender) are not delivered to Lender within thirty (30) days after written request therefor;

 

(iv)
the occurrence of any Transfer (except a Permitted Transfer) or other encumbrance with respect to any portion of the Property
or the Collateral in violation of the provisions of this Agreement or Article 6 of the Security Instrument, or the occurrence
of any Transfer in violation of the provisions of Section 5.2.10 hereof;

 

(v)
if any representation or warranty made by Borrower herein or in any other Loan Document, or in any report, certificate, financial
statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect
as of the date the representation or warranty was made or deemed remade;

 

(vi)
if Borrower or any Guarantor shall (i) make an assignment for the benefit of creditors or (ii) generally not be paying
its debts as they become due;

 

(vii)
if a receiver, liquidator or trustee shall be appointed for Borrower, or if Borrower shall be adjudicated bankrupt or insolvent,
or if any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy law, or any similar Federal or
state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution
or liquidation of Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding
was involuntary and not consented to by Borrower, upon the same not being discharged, stayed or dismissed within ninety (90) days;

 

    	36

     

    

 

(viii)
if a receiver, liquidator or trustee shall be appointed for any Guarantor or if any Guarantor shall be adjudicated a bankrupt
or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy law, or any similar
Federal or state law, shall be filed by or against, consented to, or acquiesced in by, any Guarantor, or if any proceeding for
the dissolution or liquidation of any Guarantor shall be instituted; provided, however, if such appointment, adjudication,
petition or proceeding was involuntary and not consented to by the applicable Guarantor, upon the same not being discharged, stayed
or dismissed within ninety (90) days; provided, further, however, it shall be at Lender’s option to determine whether any
of the foregoing shall be an Event of Default;

 

(ix)
if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein
in contravention of the Loan Documents;

 

(x)
if Borrower breaches any representation, warranty or covenant contained in Section 4.1.26 or any of its respective
negative covenants contained in Section 5.2;

 

(xi)
with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period,
if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such
grace period;

 

(xii)
Borrower breaches any covenant contained in Section 5.1.11 and such breach continues for ten (10) days after notice from Lender;

 

(xiii)
if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified
in subsections (i) to (xi) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which
can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default;
provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such
thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day
period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for
such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period
not to exceed ninety (90) days; or

 

(xiv)
if there shall be a Default under any of the other Loan Documents beyond any applicable cure periods contained in such documents,
whether as to Borrower, Guarantor or the Property.

 

(b)
Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above)
and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other
Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect
and enforce its rights against Borrower and in and to the Property, including, without limitation, declaring the Obligations to
be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents
against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon
any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and all Other Obligations of Borrower hereunder
and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower
hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

 

8.1.2
Remedies.

 

(a)
Upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available
to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time (including, without limitation, Lender
may accelerate the Loan and declare the Outstanding Principal Balance and all other amounts under the Loan Documents due and payable
and institute foreclosure proceedings), whether or not all or any of the Debt shall be declared due and payable, and whether or
not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under
any of the Loan Documents. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently,
singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion,
to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted
by law, equity or contract or as set forth herein or in the other Loan Documents. To the fullest extent permitted by law or equity,
without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender shall
not be subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and
other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of
its remedies against the Property and the Security Instrument has been foreclosed, sold and/or otherwise realized upon in satisfaction
of the Debt or the Obligations have been paid in full.

 

    	37

     

    

 

(b)
With respect to Borrower and the Property, nothing contained herein or in any other Loan Document shall be construed as requiring
Lender to resort to the Property for the satisfaction of any of the Debt in any preference or priority, and Lender may seek satisfaction
out of the Property, or any part thereof, in its absolute discretion in respect of the Debt. In addition, Lender shall have the
right from time to time to partially foreclose the Security Instrument in any manner and for any amounts secured by the Security
Instrument then due and payable as determined by Lender in its sole discretion, including, without limitation, the following circumstances:
(i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of
principal and interest, Lender may foreclose the Security Instrument to recover such delinquent payments or (ii) in the event
Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose the Security Instrument to
recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Security Instrument
as Lender may elect. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Security Instrument
to secure payment of sums secured by the Security Instrument and not previously recovered.

 

(c)
Lender shall have the right from time to time to partially foreclose the Security Instrument in any manner and for any amounts
secured by the Security Instrument then due and payable as determined by Lender in its sole discretion, including the following
circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled
payments of principal and/or interest, Lender may foreclose the Security Instrument to recover such delinquent payments, or (ii) in
the event Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose the Security Instrument
to recover so much of the Debt as Lender may accelerate and such other sums secured by the Security Instrument as Lender may elect.
Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Security Instrument to secure payment
of sums secured by the Security Instrument and not previously recovered.

 

(d)
To the fullest possible extent permitted by applicable law or equity, any amounts recovered from the Property or any other collateral
for the Loan after an Event of Default may be applied by Lender toward the payment of any interest and/or principal of the Loan
and/or any other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion
shall determine.

 

(e)
If an Event of Default exists, Lender may (directly or by its agents, employees, contractors, engineers, architects, nominees,
attorneys or other representatives), but without any obligation to do so and without notice to Borrower and without releasing
Borrower from any obligation hereunder, cure the Event of Default in such manner and to such extent as Lender may deem necessary
to protect the security hereof. Subject to Tenants’ rights under the Leases, Lender (and its agents, employees, contractors,
engineers, architects, nominees, attorneys or other representatives) are authorized to enter upon the Property to cure such Event
of Default, and Lender is authorized to appear in, defend, or bring any action or proceeding reasonably necessary to maintain,
secure or otherwise protect the Property or the priority of the Lien granted by the Security Instrument.

 

(f)
Lender may appear in and defend any action or proceeding brought with respect to the Property and may bring any action or proceeding,
in the name and on behalf of Borrower, which Lender, in its sole discretion, decides should be brought to protect its interest
in the Property. Lender shall, at its option, be subrogated to the Lien of any mortgage or other security instrument discharged
in whole or in part by the Obligations, and any such subrogation rights shall constitute additional security for the payment of
the Obligations.

 

(g)
As used in this Section 8.1.2, a “foreclosure” shall include, without limitation, a power of sale.

 

8.1.3
Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement shall be cumulative and not
exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan
Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly,
concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay
or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power
or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often
as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be
a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.

 

    	38

     

    

 

8.1.4
CONFESSION OF JUDGMENT. THE FOLLOWING PARAGRAPH SETS FORTH A WARRANT OF AUTHORITY FOR ANY ATTORNEY TO CONFESS
JUDGMENT AGAINST THE BORROWER. IN GRANTING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT AGAINST THE BORROWER, BORROWER, FOLLOWING
CONSULTATION WITH (OR DECISION NOT TO CONSULT) COUNSEL FOR BORROWER AND WITH KNOWLEDGE OF THE LEGAL EFFECT HEREOF, HEREBY KNOWINGLY,
INTENTIONALLY, VOLUNTARILY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS BORROWER HAS OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY
OF REHEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES OF AMERICA, THE COMMONWEALTH OF PENNSYLVANIA, OR
ELSEWHERE. IT IS SPECIFICALLY ACKNOWLEDGED BY BORROWER THAT LENDER HAS RELIED ON THIS WARRANT OF ATTORNEY AS AN INDUCEMENT TWO
GRANT FINANCIAL ACCOMMODATIONS TO BORROWER. UPON AND FOLLOWING THE OCCURRENCE OF AN UNCURED EVENT OF DEFAULT, BORROWER HEREBY
AUTHORIZES AND EMPOWERS ANY ATTORNEY OF ANY COURT OF RECORD OR THE PROTHONOTARY OR CLERK OF ANY COUNTY IN THE COMMONWEALTH OF
PENNSYLVANIA, OR IN ANY JURISDICTION WHERE PERMITTED BY LAW OR THE CLERK OF ANY UNITED STATES DISTRICT COURT, TO APPEAR FOR BORROWER
IN ANY AND ALL ACTIONS WHICH MAY BE BROUGHT HEREUNDER AND ENTER AND CONFESS JUDGMENT AGAINST BORROWER OR ANY OF THEM IN FAVOR
OF LENDER FOR SUCH SUMS AS ARE DUE OR MAY BECOME DUE HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT, TOGETHER WITH COSTS OF SUIT AND
ACTUAL COLLECTION COSTS INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES EQUAL TO FIVE PERCENT (5%) OF THE LIABILITIES
THEN DUE AND OWING BUT IN NO EVENT LESS THAN $5,000, WITH OR WITHOUT DECLARATION, WITHOUT PRIOR NOTICE, WITHOUT STAY OF EXECUTION
AND WITH RELEASE OF ALL PROCEDURAL ERRORS AND THE RIGHT TO ISSUE EXECUTIONS FORTHWITH. IF A COPY OF THIS NOTE VERIFIED BY AFFIDAVIT
OF ANY OFFICER OF LENDER SHALL HAVE BEEN FILED IN SUCH ACTION, IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL THEREOF AS A WARRANT
OF ATTORNEY, ANY PRACTICE OR USAGE TO THE CONTRARY NOTWITHSTANDING. THE AUTHORITY HEREIN GRANTED TO CONFESS JUDGMENT SHALL NOT
BE EXHAUSTED BY ANY SINGLE EXERCISE THEREOF, BUT SHALL CONTINUE AND MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS LENDER SHALL
FIND IT NECESSARY AND DESIRABLE AND AT ALL TIMES UNTIL FULL PAYMENT OF ALL AMOUNTS DUE HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS.
LENDER MAY CONFESS ONE OR MORE JUDGMENTS IN THE SAME OR DIFFERENT JURISDICTIONS FOR ALL OR ANY PART OF BORROWER’S OBLIGATIONS
ARISING HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT TO WHICH BORROWER IS A PARTY, WITHOUT REGARD TO WHETHER JUDGMENT HAS THERETOFORE
BEEN CONFESSED ON MORE THAN ONE OCCASION FOR THE SAME OBLIGATIONS. IN THE EVENT THAT ANY JUDGMENT CONFESSED AGAINST BORROWER IS
STRICKEN OR OPENED UPON APPLICATION BY OR ON BEHALF OF BORROWER FOR ANY REASONS, LENDER IS HEREBY AUTHORIZED AND EMPOWERED TO
AGAIN APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER FOR ANY PART OR ALL OF THE LIABILITIES DUE AND OWING UNDER THIS NOTE AND
THE OTHER LOAN DOCUMENTS, AS HEREIN PROVIDED.

 

    	39

     

    

 

ARTICLE
IX

 

SPECIAL
PROVISIONS

 

Section
9.1 Transfer of Loan. Lender may, at any time, sell, transfer or assign this Agreement, the Note, the Security Instrument
and the other Loan Documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage
pass-through certificates or other securities (the “Securities”) evidencing a beneficial interest in
a rated or unrated public offering or private placement (such sales, participation, offering and/or placement, collectively, a
“Lender Assignment”). Lender may forward to each purchaser, transferee, assignee, servicer, participant
or investor in such participations or Securities (collectively, the “Investor”), each prospective Investor,
and any organization maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and
information which Lender now has or may hereafter acquire relating to the Loan or to Borrower, any Guarantor or the Property,
whether furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable, including, without limitation,
financial statements relating to Borrower, Guarantor, the Property and any Tenant at the Property. Borrower irrevocably waives
any and all rights it may have under law or in equity to prohibit such disclosure, including but not limited to any right of privacy.

 

Section
9.2 Severed Loan Documents. Lender shall have the right from time to time to sever the Note and the other Loan Documents
into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”)
in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and
remedies provided hereunder. Borrower shall execute and deliver (and cause other parties who executed any of the Loan Documents
to execute and deliver) to Lender from time to time, promptly after the request of Lender, a severance agreement and such other
documents as Lender may reasonably request in order to effect the severance described in the preceding sentence, all in form and
substance reasonably satisfactory to Lender and Borrower. The Severed Loan Documents shall not contain any representations, warranties
or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents
will be given by the parties thereto only as of the Closing Date.

 

Section
9.3 Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer
and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees
or designees, are collectively referred to as “Servicer”) selected by Lender and Lender may delegate
all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling
and servicing agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one
or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Without
limitation, Borrower shall promptly reimburse Lender on demand for (a) interest payable on advances made by Servicer with
respect to delinquent debt service payments (to the extent interest at the Default Rate actually paid by Borrower in respect of
such payments are insufficient to pay the same) or expenses paid by Servicer or trustee in respect of the protection and preservation
of the Property (including, without limitation, on account of Basic Carrying Costs), (b) all costs and expenses, liquidation
fees, workout fees, special servicing fees, operating advisor fees or any other similar fees payable by Lender to Servicer which
may be due and payable under the Servicing Agreement (whether on a periodic or a continuing basis) as a result of an Event of
Default under the Loan, the Loan becoming specially serviced, the commencement or continuance of any enforcement action of any
kind with respect to the Loan or any of the Loan Documents, a refinancing or a restructuring of the credit arrangements provided
under this Agreement in the nature of a “work-out” of the Loan Documents, or any Bankruptcy Action involving Borrower,
Principal, Guarantor or any of their respective principals or Affiliates, (c) all costs and expenses of any Property inspections
and/or appraisals (or any updates to any existing inspection or appraisal) that Servicer or the trustee may be required to obtain
(but not more than one appraisal in any twelve months unless an Event of Default exists), and (d) all costs and expenses
relating to or arising from any special requests made by Borrower or Guarantor during the term of the Loan including, without
limitation, in connection with a prepayment, defeasance, assumption or modification of the Loan.

 

Section
9.4 Cooperation. Borrower and Guarantor agree to reasonably cooperate with Lender (and agree to cause their respective
officers and representatives to cooperate) in connection with any Lender Assignment or potential Lender Assignment.

 

ARTICLE
X

 

MISCELLANEOUS

 

Section
10.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note,
and shall continue in full force and effect so long as all or any of the Obligations are outstanding and unpaid unless a longer
period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants,
promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives,
successors and assigns of Lender.

 

    	40

     

    

 

 

Section
10.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve
or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or
to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein
provided) be in the sole and absolute discretion of Lender and shall be final and conclusive.

 

Section
10.3 Governing Law. THIS AGREEMENT WAS NEGOTIATED IN THE COMMONWEALTH OF PENNSYLVANIA, THE LOAN WAS MADE BY LENDER AND
ACCEPTED BY BORROWER IN THE COMMONWEALTH OF PENNSYLVANIA, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED
FROM THE COMMONWEALTH OF PENNSYLVANIA, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE
UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER
AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE
TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE
UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND
SECURITY INTERESTS CREATED PURSUANT TO THE SECURITY INSTRUMENT AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE COMMONWEALTH OF PENNSYLVANIA SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY
OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER
HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT,
THE NOTE AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.

 

(a)
EXCEPTIONS. NOTWITHSTANDING THE FOREGOING CHOICE OF LAW:

 

(i)
THE PROCEDURES GOVERNING THE ENFORCEMENT BY LENDER OF ITS FORECLOSURE AND OTHER REMEDIES AGAINST BORROWER AND GUARANTOR UNDER
THE SECURITY INSTRUMENT AND UNDER THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE REAL PROPERTY ASSETS OF BORROWER, INCLUDING BY
WAY OF ILLUSTRATION, BUT NOT IN LIMITATION, ACTIONS FOR FORECLOSURE, FOR INJUNCTIVE RELIEF OR FOR THE APPOINTMENT OF A RECEIVER
SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE SUCH PROPERTY OR OTHER ASSETS ARE LOCATED;

 

(ii)
LENDER SHALL COMPLY WITH APPLICABLE LAW IN THE STATE WHERE THE PROPERTY OR OTHER ASSETS ARE LOCATED TO THE EXTENT REQUIRED
BY THE LAW OF SUCH JURISDICTION IN CONNECTION WITH THE FORECLOSURE OF THE SECURITY INTERESTS AND LIENS CREATED UNDER THE SECURITY
INSTRUMENT;

 

(iii)
PROVISIONS OF FEDERAL LAW AND THE LAW OF THE STATE WHERE THE PROPERTY IS LOCATED SHALL APPLY IN DEFINING THE TERMS HAZARDOUS
SUBSTANCES, ENVIRONMENTAL STATUTES, AND LEGAL REQUIREMENTS AS SUCH TERMS ARE USED IN THIS LOAN AGREEMENT, AND THE OTHER LOAN DOCUMENTS,
WITH RESPECT TO THE PROPERTY, BORROWER AND GUARANTOR; AND

 

    	41

     

    

 

(iv)
MATTERS OF REAL ESTATE, LANDLORD-TENANT AND PROPERTY LAW SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE PROPERTY IS SITUATED.

 

(b)
AGENT FOR SERVICE OF PROCESS. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING
TO THIS AGREEMENT MAY AT LENDER’S SOLE OPTION BE INSTITUTED IN ANY FEDERAL DISTRICT COURT OR STATE COURT IN THE COMMONWEALTH
OF PENNSYLVANIA, COUNTY OF NORTHAMPTON, PURSUANT TO PENNSYLVANIA LAW, AND BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
OBJECTIONS WHICH BORROWER MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION
OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 

FTE
Networks, Inc.

237
West 35th Street, Suite 806

New
York, NY 10001

Attn:
CEO

Phone:
646-755-3605

Email: mbeys@blmllp.com

 

AS
ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON BORROWER’S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN
ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN THE COMMONWEALTH OF PENNSYLVANIA, AND BORROWER AGREES THAT
SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER
PROVIDED HEREIN SHALL CONCLUSIVELY BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN THE COMMONWEALTH OF PENNSYLVANIA. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS
AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE
IN THE COMMONWEALTH OF PENNSYLVANIA(WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE
OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN THE COMMONWEALTH
OF PENNSYLVANIA OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF AGENT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER
JURISDICTION.

 

Section
10.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision
of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in
any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then
such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise
expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand
in the same, similar or other circumstances.

 

Section
10.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of
any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or
under any other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof,
nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power,
remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable
under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require
prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default
for failure to effect prompt payment of any such other amount.

 

    	42

     

    

 

Section
10.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document
shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered
United States mail, postage prepaid, return receipt requested, (b) expedited prepaid delivery service, either commercial
or United States Postal Service, with proof of attempted delivery, or (c) facsimile (with answer back acknowledged) or as a PDF
or similar attachment to an e-mail, provided that such facsimile or email attachment shall be followed within one (1) business
day by delivery of such notice pursuant to clause (a) or (b) above, in each case addressed as follows (or at such other address
and Person as shall be designated from time to time by any party hereto, as the case may be, in a notice to the other parties
hereto in the manner provided for in this Section 10.6):

 

	 	If
    to Lender:	DLP
    Lending Fund LLC
	 	 	95
    Highland Avenue, Suite 300
	 	 	Bethlehem,
    PA 28017
	 	 	Attention:
    Barry W. DeGroot, Esq.
	 	 	E-Mail:
    barry@dlpre.com

 

	 	with
    a copy to:	Pircher,
    Nichols & Meeks LLP
	 	 	1901
    Avenue of the Stars, Suite 1200
	 	 	Los
    Angeles, California 90067
	 	 	Attention:
    Real Estate Notices (WBT: 6004.2)
	 	 	Facsimile
    No.: (310) 201-8922
	 	 	E-Mail:
    realestatenotices@pircher.com

 

	 	If
    to Borrower:	FTE
    Legal
	 	 	237
    West 35th Street, Suite 806
	 	 	New
    York, NY 10001
	 	 	Attn:
    Corporate Counsel
	 	 	Phone:
    (239) 315-3161
	 	 	Email:
    legal@ftenet.com

 

A
notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or
certified mail, when delivered or the first attempted delivery on a Business Day; in the case of expedited prepaid delivery, upon
the first attempted delivery on a Business Day; or in the case of facsimile or PDF or similar attachment to an e-mail, upon sender’s
receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a facsimile
or e-mail notice is forthcoming. Any failure to deliver a notice by reason of a change of address not given in accordance with
this Section 10.6, or any refusal to accept a notice, shall be deemed to have been given when delivery was attempted. Any
notice required or permitted to be given by any party hereunder or under any other Loan Document may be given by its respective
counsel.

 

Section
10.7 Waiver of Trial by Jury. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT
SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.

 

    	43

     

    

 

Section
10.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

 

Section
10.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

Section
10.10 Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments
by Borrower to any portion of the Debt. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid
to a trustee, receiver or any other party under any bankruptcy law, state or Federal law, common law or equitable cause, then,
to the extent of such payment or proceeds received, the Obligations hereunder or part thereof intended to be satisfied shall be
revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender.

 

Section
10.11 Waiver of Notice. Borrower hereby expressly waives, and shall not be entitled to any notices of any nature whatsoever
from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide
for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable
Legal Requirements, permitted to waive the giving of notice.

 

Section
10.12 Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably
or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent,
as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall
be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive
relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably
shall be determined by an action seeking declaratory judgment. Further, it is agreed Lender shall not be in default under this
Agreement, or under any other Loan Document, unless a written notice specifically setting forth the claim of Borrower shall have
been given to Lender within thirty (30) days after Borrower first had knowledge of the occurrence of the event which Borrower
alleges gave rise to such claim and Lender does not remedy or cure the default, if any there be, promptly thereafter. Failure
to give such notice shall constitute a waiver of such claim.

 

Section
10.13 Expenses; Indemnity.

 

(a)
Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of notice from Lender for
all costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the
preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions
contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation
any opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect
to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements
and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the
Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s
ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents
on its part to be performed or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery
and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents
and any other documents or matters requested by Lender; (v) securing Borrower’s compliance with any requests made pursuant
to the provisions of this Agreement; (vi) the filing and recording fees and expenses, title insurance and reasonable fees
and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and
perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving
any rights, either in response to third party claims or in prosecuting or defending any action or proceeding or other litigation,
in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security
given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement,
the other Loan Documents or with respect to the Property, or in connection with any refinancing or restructuring of the credit
arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings
or any other amounts required under Section 9.3; provided, however, that Borrower shall not be liable for the payment of
any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct
of Lender. Any cost and expenses due and payable to Lender may be paid by Lender from any Reserve Account.

 

    	44

     

    

 

(b)
Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever
(including, without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any investigative,
administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto), that
may be imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any
breach by Borrower of its Obligations under, or any misrepresentation by Borrower contained in, this Agreement or the other Loan
Documents, or (ii) the use or intended use of the proceeds of the Loan (the liabilities, losses, costs, expenses and other
matters described in this subparagraph (b), collectively, the “Indemnified Liabilities”); provided,
however, that Borrower shall not have any obligation to an Indemnified Party hereunder to the extent that such Indemnified
Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party. To the extent
that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it
violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable
law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties.

 

Section
10.14 Exhibits and Schedules Incorporated. Any Exhibits and Schedules annexed hereto are hereby incorporated herein as
a part of this Agreement with the same effect as if set forth in the body hereof.

 

Section
10.15 Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and
the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses solely to the extent such
offsets, counterclaims or defenses are unrelated to such documents which Borrower may otherwise have against any assignor of such
documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding
brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim
or defense in any such action or proceeding is hereby expressly waived by Borrower.

 

Section
10.16 No Joint Venture or Partnership; No Third Party Beneficiaries.

 

(a)
Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower
and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy
relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary
or lender.

 

(b)
This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement
or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to
enforce the performance or observance of any of the Obligations contained herein or therein. All conditions to the obligations
of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have
standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse
to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances
be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in
Lender’s sole discretion, Lender deems it advisable or desirable to do so.

 

Section
10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to
reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any
of its Affiliates shall be subject to the prior approval of Lender.

 

    	45

     

    

 

Section
10.18 Waiver of Marshalling of Assets; Homestead Waiver. To the fullest extent permitted by law, Borrower, for itself and
its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others
with interests in Borrower, and of the Property, or to a sale in inverse order of alienation in the event of foreclosure of the
Security Instrument, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse
order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat,
reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without
any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the
Property in preference to every other claimant whatsoever. To the extent permitted by applicable law, Borrower hereby waives any
Homestead protections that may be available to Borrower under the law of the state in which the Property is located.

 

Section
10.19 Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim,
in any action or proceeding brought against it by Lender or its agents.

 

Section
10.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement
and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they
were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that
such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower
acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the
Loan without relying in any manner on any statements, representations or recommendations of Lender or any Affiliate of Lender.
Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of
the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably
waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise
of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other
real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its
Affiliates.

 

Section
10.21 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers,
underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement other than
Direct Lending Partners LLC, which arranged the Loan. Borrower hereby agrees to indemnify, defend and hold Lender harmless from
and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and
expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender
in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration
and termination of this Agreement and the payment of the Debt.

 

Section
10.22 Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto
and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties,
whether oral or written, including, without limitation, the Term Sheet dated April 13, 2020 between Borrower (or an agent or representative
of Borrower) and Lender, are superseded by the terms of this Agreement and the other Loan Documents.

 

Section
10.23 Cumulative Rights. All of the rights of Lender under this Agreement hereunder and under each of the other Loan Documents
and any other agreement now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised
singly, together, or in such combination as Lender may determine in its sole judgment.

 

Section
10.24 Counterparts; Electronic Delivery. This Agreement and all of the other Loan Documents may be executed in several
counterparts, each of which when executed and delivered is an original, but all of which together shall constitute one instrument.
In making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart which is
executed by the party against whom enforcement of this Agreement is sought. The delivery of an executed counterpart of this Agreement
or any other Loan Document (other than Note) by facsimile or as a PDF or similar attachment to an email shall constitute effective
delivery of such counterpart for all purposes with the same force and effect as the delivery of an original, executed counterpart.

 

    	46

     

    

 

Section
10.25 Time is of the Essence. Time is of the essence of each provision of this Agreement and the other Loan Documents.

 

Section
10.26 Consent of Holder. Wherever this Agreement refers to Lender’s consent or discretion or other rights, such references
to Lender shall be deemed to refer to any holder of the Loan. The holder of the Loan may from time to time appoint a trustee or
servicer, and Borrower shall be entitled to rely upon written instructions executed by a purported officer of the holder of the
Loan as to the extent of authority delegated to any such trustee or from time to time and determinations made by such trustee
or servicer to the extent identified as within the delegated authority of such trustee or servicer, unless and until such instructions
are superseded by further written instructions from the holder of the Loan.

 

Section
10.27 Successor Laws. Any reference in this Agreement to any statute or regulation shall be deemed to include any successor
statute or regulation.

 

Section
10.28 Reliance on Third Parties. Lender may perform any of its responsibilities hereunder through one or more agents, attorneys
or independent contractors. In addition, Lender may conclusively rely upon the advice or determinations of any such agents, attorneys
or independent contractors in performing any discretionary function under the terms of this Agreement.

 

Section
10.29 Joint Borrower. The representations, covenants, warranties and obligations of Borrower shall be joint and several.
Each entity that constitutes Borrower acknowledges and agrees that it shall be jointly and severally liable for the Loan and all
other Obligations arising under this Agreement and/or any of the other Loan Documents. In furtherance thereof, each Borrower acknowledges
and agrees as follows:

 

(a)
For the purpose of implementing the joint borrower provisions of the Loan Documents, each Borrower hereby irrevocably appoints
each other Borrower as its agent and attorney-in-fact for all purposes of the Loan Documents, including the giving and receiving
of notices and other communications.

 

(b)
To induce Lender to make the Loan, and in consideration thereof, each Borrower hereby agrees to indemnify Lender against, and
hold Lender harmless from, any and all liabilities, expenses, losses, damages and/or claims of damage or injury asserted against
Lender by any Borrower or by any other Person arising from or incurred by reason of (i) reliance by Lender on any requests or
instructions from any Borrower, or (ii) any other action taken by Lender in good faith with respect to this Agreement or the other
Loan Documents.

 

(c)
Each Borrower acknowledges that the liens and security interests created or granted herein and by the other Loan Documents will
secure the Obligations of all Borrowers under the Loan Documents and, in full recognition of that fact, each Borrower consents
and agrees that Lender may, at any time and from time to time, without notice or demand, and without affecting the enforceability
or security hereof or of any other Loan Document:

 

(i)
agree with any Borrower to supplement, modify, amend, extend, renew, accelerate, or otherwise change the time for payment or the
terms of the Obligations or any part thereof, including any increase or decrease of the rate(s) of interest thereon;

 

(ii)
agree with any Borrower to supplement, modify, amend or waive, or enter into or give any agreement, approval or consent with respect
to, the Obligations or any part thereof or any of the Loan Documents or any additional security or guaranties, or any condition,
covenant, default, remedy, right, representation or term thereof or thereunder;

 

(iii)
accept new or additional instruments, documents or agreements in exchange for or relative to any of the Loan Documents or the
Obligations or any part thereof;

 

(iv)
accept partial payments on the Obligations;

 

(v)
receive and hold additional security or guaranties for the Obligations or any part thereof;

 

    	47

     

    

 

(vi)
release, reconvey, terminate, waive, abandon, subordinate, exchange, substitute, transfer and enforce any security for or guaranties
of the Obligations, and apply any security and direct the order or manner of sale thereof as Lender, in its sole and absolute
discretion may determine;

 

(vii)
release any Person or any guarantor from any personal liability with respect to the Obligations or any part thereof; or

 

(viii)
settle, release on terms satisfactory to Lender or by operation of applicable laws or otherwise liquidate or enforce any Obligations
and any security therefor or guaranty thereof in any manner, consent to the transfer of any such security and bid and purchase
at any sale; and consent to the merger, change or any other restructuring or termination of the corporate existence of any Borrower
or any other Person, and correspondingly restructure the obligations of such Borrower or other Person, and any such merger, change,
restructuring or termination shall not affect the liability of any Borrower or the continuing existence of any lien or security
interest hereunder, under any other Loan Document to which any Borrower is a party or the enforceability hereof or thereof with
respect to all or any part of the Obligations.

 

(d)
Upon the occurrence of and during the continuance of any Event of Default, Lender may enforce this Agreement and the other Loan
Documents independently as to each Borrower and independently of any other remedy or security Lender at any time may have or hold
in connection with the Obligations, and in collecting on the Loan it shall not be necessary for Lender to marshal assets in favor
of any Borrower or any other Person or to proceed upon or against and/or exhaust any other security or remedy before proceeding
to enforce this Agreement and the other Loan Documents. Each Borrower expressly waives any right to require Lender, in connection
with Lender’s efforts to obtain repayment of the Loan and Other Obligations, to marshal assets in favor of any Borrower
or any other Person or to proceed against any other Person or any collateral provided by any other Person, and agrees that Lender
may proceed against any Persons and/or collateral in such order as it shall determine in its sole and absolute discretion in connection
with Lender’s efforts to obtain repayment of the Loan and other Obligations. Lender may file a separate action or actions
against each Borrower to enforce the Obligations, whether action is brought or prosecuted with respect to any other security or
against any other Person, or whether any other Person is joined in any such action or actions. Each Borrower agrees that Lender,
each Borrower and/or any other Person may deal with each other in connection with the Obligations or otherwise, or alter any contracts
or agreements now or hereafter existing between any of them, in any manner whatsoever, all without in any way altering or affecting
the security of this Agreement or the other Loan Documents. The rights of Lender hereunder and under the other Loan Documents
shall be reinstated and revived, and the enforceability of this Agreement and the other Loan Documents shall continue, with respect
to any amount at any time paid on account of the Obligations which thereafter shall be required to be restored or returned by
Lender as a result of the bankruptcy, insolvency or reorganization of any Borrower or any other Person, or otherwise, all as though
such amount had not been paid. The enforceability of this Agreement and the other Loan Documents at all times shall remain effective
even though any or all Obligations, or any other security or guaranty therefor, may be or hereafter may become invalid or otherwise
unenforceable as against any Borrower or any other Person and whether or not any Borrower or any other Person shall have any personal
liability with respect thereto. Each Borrower expressly waives any and all defenses to the enforcement of its Obligations under
the Loan Documents now or hereafter arising or asserted by reason of (i) any disability or other defense of any Borrower or any
other Person with respect to the Obligations, (ii) the unenforceability or invalidity of any security or guaranty for the Obligations
or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations, (iii) the cessation
for any cause whatsoever of the liability of any Borrower or any other Person (other than by reason of the full and final payment
and performance of all Obligations), (iv) any failure of Lender to marshal assets in favor of any of the Borrowers or any other
Person, (v) any failure of Lender to give notice of sale or other disposition of any Collateral for the Obligations to any Borrower
or to any other Person or any defect in any notice that may be given in connection with any such sale or disposition, (vi) any
failure of Lender to comply in any non-material respect with applicable laws in connection with the sale or other disposition
of any collateral or other security for any Obligation, (vii) any act or omission of Lender or others that directly or indirectly
results in or aids the discharge or release of any Borrower or of any other Person or of any of the Obligations or any other security
or guaranty therefor by operation of law or otherwise, (viii) any law which provides that the obligation of a surety or guarantor
must neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s
or guarantor’s obligation in proportion to the principal obligation, (ix) any failure of Lender to file or enforce a claim
in any bankruptcy or similar proceeding with respect to any Person, (x) the election by Lender, in any bankruptcy or similar proceeding
of any Person, of the application or non-application of Section 1111(b)(2) of the Bankruptcy Code, (xi) any extension of credit
or the grant of any lien under Section 364 of the Bankruptcy Code except to the extent otherwise provided in this Agreement, (xii)
any use of cash collateral under Section 363 of the Bankruptcy Code, (xiii) any agreement or stipulation with respect to the provision
of adequate protection in any bankruptcy or similar proceeding of any Person, (xiv) the avoidance of any lien or security interest
in favor of Lender securing the Obligations for any reason, or (xv) any bankruptcy or similar proceeding commenced by or against
any Person, including any discharge of, or bar or stay against collecting, all or any of the Obligations (or any interest thereon)
in or as a result of any such proceeding. Without in any way limiting the foregoing, with respect to the Loan Documents and the
Obligations, Borrower: (A) waives all rights and defenses arising out of an election of remedies by Lender even though that election
of remedies, such as non-judicial foreclosure with respect to security for Borrowers’ obligations, has destroyed each of
their rights of subrogation and reimbursement against the other; and (B) waives any right to a fair value hearing or similar proceeding
following a non-judicial foreclosure of the Obligations.

 

    	48

     

    

 

(e)
Borrowers represent and warrant to Lender that they have established adequate means of obtaining from each other, on a continuing
basis, financial and other information pertaining to their respective businesses, operations and condition (financial and otherwise)
and their respective properties, and each now is and hereafter will be completely familiar with the businesses, operations and
condition (financial and otherwise) of the other and their respective properties. Each Borrower hereby expressly waives and relinquishes
any duty on the part of Lender to disclose to such Borrower any matter, fact or thing related to the businesses, operations or
condition (financial or otherwise) of the other Borrowers or the other Borrowers’ properties, whether now known or hereafter
known by Lender during the life of this Agreement. With respect to any of the Obligations, Lender need not inquire into the powers
of any Borrower or the officers, employees or other Persons acting or purporting to act on such Borrower’s behalf.

 

(f)
Without limiting the foregoing, or anything else contained in this Agreement, each Borrower waives all rights and defenses that
it may have because the Obligations are secured by real property. This means, among other things:

 

(i)
Lender may collect on the Obligations from any Borrower without first foreclosing on any real or personal property collateral
pledged by the other Borrowers; and

 

(ii)
If Lender foreclose on any real property collateral pledged by any Borrower for the Obligations: (A) the amount of the indebtedness
owed by the other Borrowers may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if
the collateral is worth more than the sale price; and (B) Lender may collect from any Borrower even if Lender, by foreclosing
on the real property collateral, has destroyed any right any Borrower may have to collect from the other Borrowers.

 

(iii)
This is an unconditional and irrevocable waiver of any rights and defenses each Borrower may have because the Obligations are
secured by real property. Each Borrower expressly waives any right to receive notice of any judicial or nonjudicial foreclosure
or sale of any real property collateral provided by the other Borrowers to secure the Obligations and failure to receive any such
notice shall not impair or affect such Borrower’s obligations hereunder or the enforceability of this Agreement or the other
Loan Documents or any liens created or granted hereby or thereby.

 

(iv)
Notwithstanding anything to the contrary elsewhere contained herein or in any other Loan Document to which any Borrower is a party,
with respect to the Loan and all other Obligations, each Borrower hereby waives with respect to the other Borrowers and their
successors and assigns (including any surety) and any other Person any and all rights at law or in equity, to subrogation, to
reimbursement, to exoneration, to contribution, to set-off, to any other rights and defenses available to it or to any other rights
that could accrue to a surety against a principal, to a guarantor against a maker or obligor, to an accommodation party against
the party accommodated, or to a holder or transferee against a maker and which each of them may have or hereafter acquire against
the other or any other Person in connection with or as a result of such Borrower’s execution, delivery and/or performance
of this Agreement or any other Loan Document to which it is a party until the Obligations are paid and performed in full. Each
Borrower agrees that it shall not have or assert any such rights against any other Borrower or any other Borrower’s successors
and assigns or any other Person (including any surety), either directly or as an attempted set-off to any action commenced against
such Borrower by any other Borrower (as borrower or in any other capacity) or any other Person until all the Obligations are paid
and performed in full. Each Borrower hereby acknowledges and agrees that this waiver is intended to benefit Lender and shall not
limit or otherwise affect any Borrower’s liability under this Agreement or any other Loan Document to which it is a party,
or the enforceability hereof or thereof.

 

EACH
BORROWER WARRANTS AND AGREES THAT EACH OF THE WAIVERS AND CONSENTS SET FORTH HEREIN IS MADE WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE
AND CONSEQUENCES, WITH THE UNDERSTANDING THAT EVENTS GIVING RISE TO ANY DEFENSE WAIVED MAY DIMINISH, DESTROY OR OTHERWISE ADVERSELY
AFFECT RIGHTS WHICH EACH OTHERWISE MAY HAVE AGAINST THE OTHER, AGAINST LENDER OR OTHERS, OR AGAINST ANY COLLATERAL. IF ANY OF
THE WAIVERS OR CONSENTS HEREIN IS DETERMINED TO BE CONTRARY TO ANY APPLICABLE LAW OR PUBLIC POLICY, SUCH WAIVERS AND CONSENTS
SHALL BE EFFECTIVE TO THE MAXIMUM EXTENT PERMITTED BY LAW.

 

[The
Remainder of the Page is Intentionally Blank]

 

    	49

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all
as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	Alan
    Investments III, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	 	 /s/ Michael
    P. Beys 
	 	By:
    	Michael
    P. Beys, in his capacity as President of US Home Rentals, LLC, the sole member of Alan Investments III, LLC

 

(Signatures
continue on following page)

 

    	 	 	 

     

    

 

	 	LENDER:
	 	 
	 	DLP
    Lending Fund LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	 /s/
    Donald Wenner 
	 	 	Donald
    Wenner
	 	 	President

 

    	 	 	 

     

    

 

SCHEDULE
1

 

Borrower
Entities

 

[to
be inserted]

 

    	 	Schedule 1 - 1	 

     

    

 

SCHEDULE
1.1(a)

 

Allocated
Loan Amounts

 

Attached.

 

    	 	Schedule 1.1(a) - 1	 

     

    

 

SCHEDULE
1.1(b)

 

List
of Projects

 

[to
be inserted]

 

    	 	Schedule 1.1(b) - 1	 

     

    

 

SCHEDULE
4.1.1

 

Organizational
Chart

 

[to
be inserted]

 

    	 	Schedule 4.1.1 - 1Exhibit
10.30

 

PROMISSORY
NOTE

 

	$5,004,888.00
    	August
    26, 2020

 

FOR
VALUE RECEIVED, the undersigned, jointly and severally (individually and collectively, “Borrower”),
as maker, having its principal place of business at 16 Berryhill Road, Suite 200 Columbia, SC 29210 , hereby unconditionally promises
to pay to the order of DLP LENDING FUND LLC, a Delaware limited liability company, as lender, having an address at 95 Highland
Avenue, St. Augustine, FL 32095 (together with its successors and assigns, collectively, “Lender”),
or at such other place as the holder hereof may from time to time designate in writing, the principal sum of FIVE MILLION FOUR
THOUSAND EIGHT HUNDRED EIGHTY EIGHT and 00/100 Dollars ($5,004,888.00), or so much thereof as is advanced pursuant to that certain
Loan Agreement, dated the date hereof, between Borrower and Lender (as the same may be amended, modified, restated, replaced,
supplemented or otherwise modified from time to time, the “Loan Agreement”), in lawful money of the
United States of America, with interest thereon to be computed from the date of this Promissory Note (as the same may be amended,
supplemented, restated, replaced or otherwise modified from time to time, this “Note”) at the Interest
Rate (as defined in the Loan Agreement), and to be paid in accordance with the terms of this Note and the Loan Agreement. All
capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement.

 

ARTICLE
1 – PAYMENT TERMS

 

Borrower
agrees to pay the principal sum of this Note and interest on the unpaid principal sum of this Note and all other amounts due under
the Loan Agreement and other Loan Documents from time to time outstanding without relief from valuation and appraisement laws
at the rates and at the times specified in the Loan Agreement and the outstanding balance of the principal sum of this Note and
all accrued and unpaid interest thereon and all other amounts due under the Loan Agreement and other Loan Documents shall be due
and payable, in all events, on the Maturity Date. The obligations of each Borrower or party under this Note shall be joint and
several.

 

ARTICLE
2 – DEFAULT AND ACCELERATION

 

The
Debt shall without notice become immediately due and payable at the option of Lender, if any payment required in this Note is
not paid (a) on or prior to the date when due, (b) on the Maturity Date or (c) on the happening of any other Event of Default.

 

ARTICLE
3 – LOAN DOCUMENTS

 

This
Note is secured by the Security Instrument and the other Loan Documents. All of the terms, covenants and conditions contained
in the Loan Agreement, the Security Instrument and the other Loan Documents are hereby made part of this Note to the same extent
and with the same force as if they were fully set forth herein. In the event of a conflict or inconsistency between the terms
of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.

 

ARTICLE
4 – SAVINGS CLAUSE

 

Notwithstanding
anything to the contrary contained herein, (a) all agreements and communications between Borrower and Lender are hereby and shall
automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged
or received by Lender shall never exceed the Maximum Legal Rate or amount, (b) in calculating whether any interest exceeds the
Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all
principal indebtedness of Borrower to Lender, and (c) if through any contingency or event Lender receives or is deemed to receive
interest in excess of the Maximum Legal Rate, any such excess shall be deemed to have been applied toward payment of the principal
of any and all then outstanding indebtedness of Borrower to Lender.

 

    	1

    	 

    

 

ARTICLE
5 – NO ORAL CHANGE

 

This
Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act
on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.

 

ARTICLE
6 – WAIVERS

 

Borrower
and all others who may become liable for the payment of all or any part of the Debt do hereby jointly and severally waive presentment
and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest
and non-payment and all other notices of any kind. No release of any security for the Debt or extension of time for payment, of
this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement
or the other Loan Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend,
change, discharge, terminate or affect the liability of Borrower, and any other Person who may become liable for the payment of
all or any part of the Debt, under this Note, the Loan Agreement or the other Loan Documents. No notice to or demand on Borrower
shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further
notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents. If Borrower is a partnership or
limited liability company, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes
in the individuals or entities comprising the partnership or limited liability company, and the term “Borrower,” as
used herein, shall include any alternate or successor partnership or limited liability company, but any predecessor partnership
or limited liability company and their partners or members shall not thereby be released from any liability. If Borrower is a
corporation, the agreements contained herein shall remain in full force and be applicable notwithstanding any changes in the shareholders
comprising, or the officers and directors relating to, the corporation, and the term “Borrower” as used herein, shall
include any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder.
Nothing in the foregoing two sentences shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers
of interests in such partnership, limited liability company or corporation, as applicable, which may be set forth in the Loan
Agreement, the Security Instrument or any other Loan Document.

 

ARTICLE
7 – TRANSFER

 

Upon
the transfer of this Note in whole or in part, Borrower hereby waiving notice of or consent to any such transfer, Lender may deliver
all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights (and liabilities arising thereafter) herein or under Legal Requirements
of and given to Lender with respect thereto, and Lender shall thereafter forever be relieved and fully discharged from any liability
or responsibility in the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities and the
collateral not so transferred.

 

ARTICLE
8 – GOVERNING LAW AND WAIVER OF TRIAL BY JURY

 

This
Note shall be governed in accordance with the terms and provisions of Section 10.3 and Section 10.7 of the Loan Agreement.

 

    	2

    	 

    

 

ARTICLE
9 – NOTICES

 

All
notices or other written communications hereunder shall be delivered in accordance with Section 10.6 of the Loan Agreement.

 

ARTICLE
10

TRANSACTION
ASSIGNMENT AND REGISTRAR

 

I.
ASSIGNMENTS, PARTICIPATIONS

 

A.
Assignments by Lender, etc. Subject to compliance with this Article 10, any Lender may on or after the date hereof sell
and assign, or pledge, hypothecate or encumber, all or any portion of its Loans and all other Obligations with respect thereto,
to or with Persons as may be selected by such Lender in its sole and absolute discretion (each an “Assignee”)
and on terms and conditions satisfactory to in its sole and absolute discretion (which shall include the execution and delivery
by the Assignee of assignment documentation in form and substance satisfactory to such assigning Lender). Borrower shall cooperate
in all reasonable respects with such Lender in connection with the sale and assignment, or pledge, hypothecation or encumbrance,
of all or any portion of such Lender’s interest in the Loan, and shall, in connection therewith, promptly execute and deliver
such documents as may be reasonably requested by such Lender; provided, that such cooperation shall not include reimbursement
of any Lender or any Assignee for any costs incurred in connection with such assignment or related documents.

 

A.
Effect of Assignment. Pursuant to any assignment or participation of all or any portion of a Lender’s Loan as contemplated
in this Article 10 to any Assignee, such Lender (a) may, subject to compliance with this Article 10, transfer its obligations
hereunder and under the other Loan Documents (or may transfer the portion thereof corresponding to the transferred portion of
the Obligations) and, except as otherwise specified herein, any Assignee shall succeed to the rights and obligations of Lender
hereunder in respect of the transferred portion, and (b) shall relinquish its rights and be released from its obligations hereunder
and under this Agreement and the other Loan Documents as to the transferred portion of its interest in the Loan.

 

B.
Assignments by Borrower. No Borrower shall have any right to assign its rights or obligations hereunder or under the other
Loan Documents or any interest herein or therein without the prior written consent of Lender and each of its successors and assigns,
which consent may be withheld by in their sole and absolute discretion. Any attempted or purported assignment in contravention
of this Article 10 shall be null and void ab initio.

 

C.
Participations. Subject to compliance with this Article 10, any Lender may at any time, without the consent of, or notice
to, Borrower, sell to one or more Persons as may be selected by such Lender in its sole and absolute discretion a participation
(each a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of the interest in the Loan owing to it); provided that (a) such Lender’s obligations
under this Agreement shall remain unchanged, (b) such Lender shall remain solely responsible to the other Parties hereto for the
performance of such obligations, (c) Borrower shall continue to deal solely and directly with Lender in connection with such Lender’s
rights and obligations under this Agreement and the other Loan Documents, and (d) no Participant shall have any right to approve
any amendment or waiver of any provision of any Loan Document, or any consent to any departure by Borrower or any other party
therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Loan
or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or postpone any date
fixed for any payment of any amount hereunder, to the extent subject to such participation.

 

    	3

    	 

    

 

II.
REGISTRATION

 

A.
Registered Obligation. Borrower hereby acknowledges and makes this Note (if any) a registered obligation for United States
withholding tax purposes. DLP Lending Fund LLC, as Borrower’s non-fiduciary agent for this purpose, shall be the registrar
for this Note (if any) (the “Registrar”) with full power of substitution. In the event the Registrar
becomes unable or unwilling to act as registrar under this Agreement, Borrower shall reasonably designate a successor Registrar.

 

B.
Register. The Registrar shall maintain, or cause to be maintained, a register (the “Register”)
for the recordation of the names and addresses of each Lender and any Assignee of all or any portion of such Lender’s interest
in the Loan and the principal amount outstanding of the Loan (and stated interest accrued but unpaid thereon) (the “Registered
Loan”) held by Lender and each Assignee from time to time. Borrower, each Lender and each Assignee shall treat each
Person whose name is recorded in the Register as a “Lender” hereunder for all purposes of this Agreement. The Register
shall be available for inspection by Borrower at any reasonable time and from time to time upon reasonable prior notice.

 

C.
Registration of Assignment. A Registered Loan (and the registered Note evidencing the same, if any) may be assigned or
sold in whole or in part only by registration of such assignment or sale on the Register (and each registered Note, if any, shall
expressly so provide), which registration the Registrar shall effect immediately upon receipt of assignment documentation. Any
assignment or sale of all or part of such Registered Loan (and the registered Note evidencing the same, if any) may be effected
only by registration of such assignment or sale on the Register, together with the surrender of the registered Note evidencing
the same, if any, duly endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder
of such registered Note, if any, whereupon, at the request of the designated assignee(s) or transferee(s), one or more new registered
Notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the registration
of assignment or sale of any Registered Loan (and the registered Note evidencing the same, if any), Borrower shall treat the Person
in whose name such Registered Loan (and the registered Note evidencing the same, if any) is registered as the owner thereof for
the purpose of receiving all payments thereon and for all other purposes, notwithstanding notice to the contrary.

 

D.
Participant Register. If any Lender sells a participation or participations in the Loan to a Participant, such Lender shall
report such sale of a participation to the Registrar and the Registrar shall, acting solely for this purpose as a non-fiduciary
agent of Borrower, maintain a register on which it enters the name and the address of each Participant and the principal amounts
of each Participant’s participation interest in the Loan (or other rights or obligations) held by it (the “Participant
Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and each Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation interest as the
owner thereof for all purposes notwithstanding any notice to the contrary. In maintaining the Participant Register, the Registrar
shall be acting as the agent of Borrower solely for purposes of applicable United States federal income tax law and undertakes
no duty, responsibility or obligation to Borrower and, without limitation, in no event shall the Registrar be a fiduciary of Borrower
for any purpose, except that the Registrar shall maintain the Participant Register and, upon reasonable prior notice from Borrower,
shall make the Participant Register available for inspection by Borrower at any reasonable time and from time to time.

 

[The
Remainder of the Page is Intentionally Blank]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and year first above written.

 

	 	BORROWER:
	 	 	 
	 	Alan Investments III, LLC,
	 	a Delaware limited liability company
	 	 
	 	 	 /s/
    Michael P. Beys 
	 	By:	Michael
    P. Beys, in his capacity as President of US Home Rentals, LLC, the sole member of Alan Investments III, LLC

 

Signature
Page – Promissory Note

 

    	5

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