Document:

EX-10.8

 Exhibit 10.8 
  

									
	LOAN NUMBER	 	LOAN NAME	 	ACCT. NUMBER	 	AGREEMENT DATE	 	INITIALS
	 452011-60
	 	 GIPVA 2510 Walmer Ave,

LLC
	 		 	09/30/19	 	DB
					
	NOTE AMOUNT	 	INDEX (w/Margin)	 	RATE	 	MATURITY DATE	 	LOAN PURPOSE
	 $8,260,000.00
	 	Not Applicable	 	4.250%	 	09/30/24	 	Commercial
		 		 	Creditor Use Only	 		 	

 COMMERCIAL LOAN AGREEMENT 

Single Advance Loan 
 DATE AND PARTIES. The
date of this Commercial Loan Agreement (Agreement) is September 30, 2019. The parties and their addresses are as follows: 
 LENDER:

 NEWPORT NEWS SHIPBUILDING EMPLOYEES’ CREDIT UNION, INC. 

d/b/a BayPort Credit Union 
 One
BayPort Way 
 Suite 350 

Newport News, VA 23606 

BORROWER: 
 GIPVA 2510
WALMER AVE, LLC 
 a Delaware Limited Liability Company 

401 E. Jackson Street, Ste. 3300 

Tampa, FL 33602 
 1. DEFINITIONS. For the
purposes of this Agreement, the following terms have the following meanings 
 A. Accounting Terms. In this Agreement, any
accounting terms that are not specifically defined will have their customary meanings under generally accepted accounting principles. 

B. Insiders. Insiders include those defined as insiders by the United States Bankruptcy Code, as amended; or to the extent left
undefined, include without limitation any officer, employee, stockholder or member, director, partner, or any immediate family member of any of the foregoing, or any person or entity which, directly or indirectly, controls, is controlled by or is
under common control with me. 
 C. Loan. Loan refers to this transaction generally including obligations and duties arising
from the terms of all documents prepared or submitted for this transaction. 
 D. Loan Documents. Loan Documents refer to all
the documents executed as a part of or in connection with the Loan. 
 E. Pronouns. The pronouns “I”, “me”
and “my” refer to every Borrower signing this Agreement and each other person or legal entity (including guarantors, endorsers, and sureties) who agrees to pay this Agreement. “You” and “your” refers to the Loan’s
lender, any participants or syndicators, successors and assigns, or any person or company that acquires an interest in the Loan 
 F.
Property. Property is any property, real, personal or intangible, that secures my performance of the obligations of this Loan. 
 2. SINGLE
ADVANCE. In accordance with the terms of this Agreement and other Loan Documents, you will provide me with a term note in the amount of $8,260,000.00 (Principal). I will receive the funds from this Loan in one advance. No additional advances are
contemplated, except those made to protect and preserve your interests as provided in this Agreement or other Loan Documents. 
 3. MATURITY DATE. I
agree to fully repay the Loan by September 30, 2024. 
 4. WARRANTIES AND REPRESENTATIONS. I make to you the following warranties and
representations which will continue as long as this Loan is in effect, except when this Agreement provides otherwise. 
 A. Power.
I am duly organized, and validly existing and in good standing in all jurisdictions in which I operate. I have the power and authority to enter into this transaction and to carry on my business or activity as it is now being conducted and as
applicable, am qualified to do so in each jurisdiction in which I operate. 
 B. Authority. The execution, delivery and
performance of this Loan and the obligation evidenced by the Note are within my powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency,
and will not violate any agreement to which I am a party or to which I am or any of my property is subject. 
 C. Name and Place of
Business. Other than previously disclosed in writing to you I have not changed my name or principal place of business within the last 10 years and have not used any other trade or fictitious name. Without your prior written consent, I do not and
will not use any other name and will preserve my existing name, trade names and franchises. 
 D. Hazardous Substances. Except
as I previously disclosed in writing and you acknowledge in writing, no Hazardous Substance, underground tanks, private dumps or open wells are currently located at, on, in, under or about the Property. 

E. Use of Property. After diligent inquiry, I do not know or have reason to know that any Hazardous Substance has been
discharged, leached or disposed of, in violation of any Environmental Law, from the property onto, over or into any other property, or from any other property onto, over or into the property. 

F. Environmental Laws. I have no knowledge or reason to believe that there is any pending or threatened investigation, claim,
judgment or order, violation, lien, or other notice under any Environmental Law that concerns me or the property. The property and any activities on the property are in full compliance with all Environmental Law. 

G. Loan Purpose. This is a business-purpose loan transaction. 

  

					
	GIPVA 2510 Walmer Ave, LLC	  	 	  	 
	Virginia Commercial Loan Agreement	  		  	initial
	VA/43 HEI ERMA00000000002104039N	  	Wolters Kluwer Financial Services 1996, 2019 Bankers Systems”’	  	Page 1

 H. No Other Liens. I own or lease all property that I need to conduct my
business and activities. I have good and marketable title to all property that I own or lease. All of my Property is free and clear of all liens, security interests, encumbrances and other adverse claims and interests, except those to you or those
you consent to in writing. 
 I. Compliance With Laws. I am not violating any laws, regulations, rules, orders, judgments or
decrees applicable to me or my property, except for those which I am challenging in good faith through proper proceedings after providing adequate reserves to fully pay the claim and its challenge should I lose. 

5. FINANCIAL STATEMENTS. I will prepare and maintain my financial records using consistently applied generally accepted accounting principles then in
effect. I will provide you with financial information in a form that you accept and under the following terms. 
 A. Certification.
I represent and warrant that any financial statements that I provide you fairly represents my financial condition for the stated periods, is current, complete, true and accurate in all material respects, includes all of my direct or contingent
liabilities and there has been no material adverse change in my financial condition, operations or business since the date the financial information was prepared. 

B. Frequency. If requested, I will provide to you on an annual basis my financial statements, tax returns, annual internal audit
reports or those prepared by independent accountants as soon as available or at least within 120 days after the close of each of my fiscal years. Any annual financial statements that I provide you will be prepared statements. 

C. Rent Roll and Vacancy Analysis Report. If requested, I will provide you with an annual report concerning my rental real estate
property, listing for each month: .1 current tenants, the square footage each tenant rented, the rent each paid and each lease’s expiration date as well as the square footage that remained vacant. 

D. Requested Information. I will provide you with any other information about my operations financial affairs and condition
within 10 days after your request. 
 E. Additional Financial Statements Terms. BAYPORT CREDIT UNION WILL RESERVE THE RIGHT TO
ASK FOR FINANCIAL INFORMATION AT ANY TIME, IN ORDER TO INSURE THE STABILITY OF THE OUTSTANDING CREDIT FACILITY. 
 6. COVENANTS. Until the Loan and
all related debts, liabilities and obligations are paid and discharged, I will comply with the following terms, unless you waive compliance in writing. 

A. Participation. I consent to you participating or syndicating the Loan and sharing any information that you decide is necessary about
me and the Loan with the other participants or syndicators. 
 B. Inspection. Following your written request, I will immediately pay
for all one-time and recurring out-of-pocket costs that are related to the inspection of my records, business or Property that
secures the Loan. Upon reasonable notice, I will permit you or your agents to enter any of my premises and any location where my Property is located during regular business hours to do the following. 

(1) You may inspect, audit, check, review and obtain copies from my books, records, journals, orders, receipts, and any correspondence and
other business related data. 
 (2) You may discuss my affairs, finances and business with any one who provides you with evidence that they
are a creditor of mine, the sufficiency of which will be subject to your sole discretion. 
 (3) You may inspect my Property, audit for the
use and disposition of the Property’s proceeds and proceeds of proceeds; or do whatever you decide is necessary to preserve and protect the Property and your interest in the Property. 

After prior notice to me, you may discuss my financial condition and business operations with my independent accountants, if any, or my chief
financial officer and I may be present during these discussions. As long as the Loan is outstanding, I will direct all of my accountants and auditors to permit you to examine my records in their possession and to make copies of these records. You
will use your best efforts to maintain the confidentiality of the information you or your agents obtain, except you may provide your regulator, if any, with required information about my financial condition, operation and business or that of my
parent, subsidiaries or affiliates. 
 C. Business Requirements. I will preserve and maintain my present existence and good standing
in the jurisdiction where I am organized and all of my rights, privileges and franchises. I will do all that is needed or required to continue my business or activities as presently conducted, by obtaining licenses, permits and bonds everywhere I
engage in business or activities or own, lease or locate my property. I will obtain your prior written consent before I cease my business or before I engage in any new line of business that is materially different from my present business. 

D Compliance with Laws. I will not violate any laws, regulations, rules, orders, judgments or decrees applicable to me or my Property,
except for those which I challenge in good faith through proper proceedings after providing adequate reserves to fully pay the claim and its appeal should I lose. Laws include without limitation the Federal Fair Labor Standards Act requirements for
producing goods, the federal Employee Retirement Income Security Act of 1974’s requirements for the establishment, funding and management of qualified deferred compensation plans for employees, health and safety laws, environmental laws, tax
laws, licensing and permit laws. On your request, I will provide you with written evidence that I have fully and timely paid my taxes, assessments and other governmental charges levied or imposed on me, my income or profits and my property. Taxes
include without limitation sales taxes, use taxes, personal property taxes, documentary stamp taxes, recordation taxes, franchise taxes, income taxes, withholding taxes, FICA taxes and unemployment taxes. I will adequately provide for the payment of
these taxes, assessments and other charges that have accrued but are not yet due and payable. 
 E. New Organizations. I will obtain
your written consent before organizing, merging into, or consolidating with an entity; acquiring all or substantially all the assets of another; materially changing the legal structure, management, ownership or financial condition; or effecting or
entering into a domestication, conversion or interest exchange. 
 F. Other Liabilities. I will not incur, assume or permit any
debt evidenced by notes, bonds or similar obligations, except: debt in existence on the date of this Agreement and fully disclosed to you; debt subordinated in payment to you on conditions and terms acceptable to you; accounts payable incurred in
the ordinary course of my business and paid under customary trade terms or contested in good faith with reserves satisfactory to you. 

G. Notice to You. I will promptly notify you of any material change in my financial condition, of the occurrence of a default
under the terms of this Agreement or any other Loan Document, or a default by me under any agreement between me and any third party which materially and adversely affects my property, operations, financial condition or business. 

H. Dispose of No Assets. Without your prior written consent or as the Loan Documents permit, I will not sell, lease, assign,
transfer, dispose of or otherwise distribute all or substantially all of my assets to any person other than in the ordinary course of business for the assets’ depreciated book value or more. 

I. Insurance. I will obtain and maintain insurance with insurers, in amounts and coverages that are acceptable to you and
customary with industry practice. 
 This may include without limitation insurance policies for public liability, fire, hazard and extended
risk, workers compensation, and, at your request, business interruption and/or rent loss insurance. At your request, I will deliver to you certified copies of all of these insurance policies, binders or certificates. I will obtain and maintain a
mortgagee clause (or lender loss payable clause) endorsement—naming you as the loss payee. If you require, I will also obtain an            “additional insured”
endorsement—naming you as an additional insured. I will immediately notify you of cancellation or termination of insurance             will require all insurance policies to provide
you with at least 10 days prior written notice to you of cancellation or modification. I consent to you using or disclosing information relative to any contract of insurance required by the
                    for the purpose of replacing this insurance. I also authorize my insurer and you toexchange all relevant information related to
any contract of insurance required by any document executed as part of this Loan. 

  

					
	GIPVA 2510 Walmer Ave, LLC	  	 	  	 
	Virginia Commercial Loan Agreement	  		  	Initial
	VA/4S HEIERMA00000000002104039N	  	Wolters Kluwer Financial Services ‘1996, 2019 Bankers Systems’.	  	Page 2

 J. Property Maintenance. I will keep all tangible and intangible property that
I consider necessary or useful in my business in good working condition by making all needed repairs, replacements and improvements and by making all rental, lease or other payments due on this property. 

K. Property Loss. I will immediately notify you, and the insurance company when appropriate, of any material casualty, loss or
depreciation to the Property or to my other property that affects my business. 
 L. Additional Taxes. I will pay all filing
and recording costs and fees, including any recordation, documentary or transfer taxes or stamps, that are required to be paid with respect to this Loan and any Loan Documents. 

M. Additional Covenants. I/We HEREBY AGREE AND WARRANT THAT the Property shall maintain a Debt Service Coverage Ratio (the “Project
DSCR”) of at least 1.25:1.00. Generation Income Properties, L.P. shall, with respect to the Property and, if and when acquired through a wholly owned subsidiary, the property known according to the present street numbering system as 130
Corporate Bvd, Norfolk, Virginia (the “Corporate Blvd. Property”), maintain a Debt Service Coverage Ratio (the “Norfolk Properties DSCR”) of at least 1.25:1.00 and with respect to all properties in the portfolio, a Debt Service
Coverage Ratio (the “Portfolio DSCR”) of 1.00:1.00. The Project DSCR, the Norfolk Properties DSCR and the Portfolio DSCR shall be calculated as provided in the Loan Documents and tested on trailing 12 months based on the Borrower’s
and Generation Income Properties, L F ‘s annual tax information return, as applicable. Project DSCR shall be calculated by dividing the sum of Net Income plus depreciation, amortization and interest expense by debt service on the Loan.
Norfolk Properties DSCR shall be calculated by dividing the sum of Net Income of the Property and the Corporate Blvd. Property (taking into account debt service on the loan on the Corporate Blvd. Property) plus depreciation, amortization and
interest expense by debt service on the Loan. DSCR shall be calculated by dividing the sum of Net Income of Generation Income Properties, L.P. (taking into account debt service on loans on all portfolio properties other than the Project) plus
depreciation, amortization and interest expense by debt service on the Loan. 
 I/WE HEREBY AGREE AND WARRANT THAT AN ACTIVE DEPOSIT ACCOUNT
RELATIONSHIP WILL BE ESTABLISHED WITH LENDER AND MAINTAINED DURING THE TERM OF THIS LOAN. THIS WILL INCLUDE A MEMBERSHIP ACCOUNT AND A CHECKING ACCOUNT. ALL MONTHLY LOAN PAYMENTS WILL AUTOMATICALLY BE DEDUCTED FROM THE DEPOSIT ACCOUNT. 

7. DEFAULT. I will be in default if any of the following events (known separately and collectively as an Event of Default) occur: 

A. Payments. I fail to make a payment in full when due. 

B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application
of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency,
bankruptcy, reorganization, composition or debtor relief law by or against me or any co-signer, endorser, surety or guarantor of this Agreement or any other obligations I have with you. 

C. Business Termination. I merge dissolve, reorganize, end my business or existence, or a partner or majority owner dies or is
declared legally incompetent. 
 D. Failure to Perform. I fail to perform any condition or to keep any promise or covenant of
this Agreement. 
 E. Other Documents. A default occurs under the terms of any other Loan Document. 

F. Other Agreements. I am in default on any other debt or agreement I have with you. 

G. Misrepresentation. I make any verbal or written statement or provide any financial information that is untrue, inaccurate, or
conceals a material fact at the time it is made or provided. 
 H. Judgment. I fail to satisfy or appeal any judgment
against me. 
 I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal
authority. 
 J. Name Change. I change my name or assume an additional name without notifying you before making such a change.

 K. Property Transfer. I transfer all or a substantial part of my money or property. 

L. Property Value. You determine in good faith that the value of the Property has declined or is impaired. 

M. Material Change. Without first notifying you, there is a material change in my business, including ownership, management, and
financial conditions. 
 N. Insecurity. You determine in good faith that a material adverse change has occurred in my financial
condition from the conditions set forth in my most recent financial statement before the date of this Agreement or that the prospect for payment or performance of the Loan is impaired for any reason. 

8. REMEDIES. After I default, you may at your option do any one or more of the following. 

A. Acceleration. You may make all or any part of the amount owing by the terms of the Loan immediately due. If I a-vi a debtor in a bankruptcy petition or in an application filed under section 5(a)(3) of the Securities Investor Protection Act, the Loan is automatically accelerated and immediately due and payable without notice
or demand upon filing of the petition or application. 
 B. Sources. You may use any and all remedies you have under state or
federal law or in any Loan Document. 
 C. Insurance Benefits. You may make a claim for any and all insurance benefits or
refunds that may be available on my default. 
 D. Payments Made On My Behalf. Amounts advanced on my behalf will be
immediately due and may be added to the balance owing under the terms of the Loan, and accrue interest at the highest post-maturity interest rate. 

E. Set-Off. You may use the right of set-off.
This means you may set-off any amount due and payable under the terms of the Loan against any right I have to receive money from you. 

My right to receive money from you includes any deposit or share account balance I have with you; any money owed to me on an item presented to
you or in your possession for collection or exchange; and any repurchase agreement or other non-deposit obligation “Any amount due and payable under the terms of the Loan” means the total amount to
which you are entitled to demand payment under the terms of the Loan at the time you set-off. 

Subject to any other written contract, if my right to receive money from you is also owned by someone who has not agreed to pay the Loan, your
right of set-off will apply to my interest in the obligation and to any other amounts I could withdraw on my sole request or endorsement. 

In addition, you may also have rights under a “statutory lien”. A “statutory lien” means your right under state or federal
law to establish a right in, or claim to, my shares and dividends to the extent of any outstanding financial obligations that I have with you. If you have a statutory lien, you may without further notice, impress and enforce the statutory lien on my
shares and dividends to the extent of any sums due and payable under the terms of the Loan that I fail to satisfy. 
 Your set-off and statutory lien rights do not apply to an account or other obligation where my rights arise only in a representative capacity. They also do not apply to any Individual Retirement Account or other tax-deferred retirement account. 
 You will not be liable for the dishonor of any check or share draft
when the dishonor occurs because you set-off against any of my accounts, or exercised your statutory lien rights. I agree to hold you harmless from any such claims arising as a result of your exercise of your
right of set-off or statutory lien rights. 

  

					
	GIPVA 2510 Weimer Ave, LLC	  	 	  	 
	Virginia Commercial Loan Agreement	  		  	
	VA/4SHEIERMA00000000002104039N	  	Wolters Kluwer Financial Services 1996, 2019 Bankers Systems’	  	Page 3

 F. Waiver. Except as otherwise required by law, by choosing any one or more of these
remedies you do not give up your right to use any other remedy. You do not waive a default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to later consider the event a default and to use any
remedies if the default continues or occurs again. 
 9. COLLECTION EXPENSES AND ATTORNEYS’ FEES. On or after the occurrence of an Event
of Default, to the extent permitted by law, I agree to pay all expenses of collection, enforcement or protection of your rights and remedies under this Agreement or any other Loan Document. Expenses include (unless prohibited by law) reasonable
attorneys’ fees, court costs, and other legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in
effect as provided for in the terms of this Loan. All fees and expenses will be secured by the Property I have granted to you, if any. In addition, to the extent permitted by the United States Bankruptcy Code, I agree to pay the reasonable
attorneys’ fees incurred by you to protect your rights and interests in connection with any bankruptcy proceedings initiated by or against me. 

10. APPLICABLE LAW. This Agreement is governed by the laws of Virginia, the United States of America, and to the extent required, by the laws of
the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. 
 11. JOINT AND SEVERAL
LIABILITY AND SUCCESSORS. My obligation to pay the Loan is independent of the obligation of any other person who has also agreed to pay it. You may sue me alone, or anyone else who is obligated on the Loan, or any number of us together, to
collect the Loan. Extending the Loan or new obligations under the Loan, will not affect my duty under the Loan and I will still be obligated to pay the Loan. You may assign all or part of your rights or duties under this Agreement or the Loan
Documents without my consent. If you assign this Agreement, all of my covenants, agreements, representations and warranties contained in this Agreement or the Loan Documents will benefit your successors and assigns. I may not assign this Agreement
or any of my rights under it without your prior written consent. The duties of the Loan will bind my successors and assigns. 
 12. AMENDMENT,
INTEGRATION AND SEVERABILITY. This Agreement may not be amended or modified by oral agreement. No amendment or modification of this Agreement is effective unless made in writing. This Agreement and the other Loan Documents are the complete and
final expression of the understanding between you and me. If any provision of this Agreement is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 

13. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only
and are not to be used to interpret or define the terms of this Agreement. 
 14. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless
otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party’s address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one
Borrower will be deemed to be notice to all Borrowers. I will inform you in writing of any change in my name, address or other application information. I will provide you any correct and complete financial statements or other information you
request. I agree to sign, deliver, and file any additional documents or certifications that you may consider necessary to perfect, continue, and preserve my obligations under this Loan and to confirm your lien status on any Property. Time is of the
essence. 
 15. AGREEMENT TO ARBITRATE. You or I may submit to binding arbitration any dispute, claim or other matter in question between
or among you and me that arises out of or relates to this Transaction (Dispute). except as otherwise indicated in this section or as you and I agree to in writing. For purposes of this section, this Transaction includes this Agreement and the
other Loan Documents, and proposed loans or extensions of credit that relate to this Agreement. You or I will not arbitrate any Dispute within any “core proceedings” under the United States bankruptcy laws. 

You and I must consent to arbitrate any Dispute concerning a debt secured by real estate at the time of the proposed arbitration. You may foreclose or
exercise any powers of sale against real property securing a debt underlying any Dispute before, during or after any arbitration. You may also enforce a debt secured by this real property and underlying the Dispute before, during or after any
arbitration. 
 You or I may, whether or not any arbitration has begun, pursue any self-help or similar remedies, including taking property or exercising
other rights under the law; seek attachment, garnishment, receivership or other provisional remedies from a court having jurisdiction to preserve the rights of or to prevent irreparable injury to you or me; or foreclose against any property by any
method or take legal action to recover any property. Foreclosing or exercising a power of sale, beginning and continuing a judicial action or pursuing self-help remedies will not constitute a waiver of the right to compel arbitration. 

The arbitrator will determine whether a Dispute is arbitrable. A single arbitrator will resolve any Dispute, whether individual or joint in nature, or whether
based on contract, tort, or any other matter at law or in equity. The arbitrator may consolidate any Dispute with any related disputes, claims or other matters in question not arising out of this Transaction. Any court having jurisdiction may enter
a judgment or decree on the arbitrator’s award. The judgment or decree will be enforced as any other judgment or decree. 
 You and I acknowledge that
the agreements, transactions or the relationships which result from the agreements or transactions between and among you and me involve interstate commerce. The United States Arbitration Act will govern the interpretation and enforcement of this
section. 
 The American Arbitration Association’s Commercial Arbitration Rules, in effect on the date of this Agreement, will govern the selection of
the arbitrator and the arbitration process, unless otherwise agreed to in this Agreement or another writing. 
 16. WAIVER OF TRIAL FOR ARBITRATION. You
and I understand that the parties have the right or opportunity to litigate any Dispute through a trial by judge or jury, but that the parties prefer to resolve Disputes through arbitration instead of litigation. If any Dispute is arbitrated, you
and I voluntarily and knowingly waive the right to have a trial by jury or judge during the arbitration. 
 17. WAIVER OF JURY TRIAL. If the parties
do not opt for arbitration, then all of the parties to this Agreement knowingly and intentionally, irrevocably and unconditionally, waive any and all right to a trial by jury in any litigation arising out of or concerning this Agreement or any other
Loan Document or related obligation. All of these parties acknowledge that this section has either been brought to the attention of each party’s legal counsel or that each party had the opportunity to do so. 

18. SIGNATURES. By signing under seal, I agree to the terms contained in this Agreement. I also acknowledge receipt of a copy of this Agreement.

  

					
	GIPVA 2510 Weimer Ave, LLC	  	 	  	 
	Virginia Commercial Loan Agreement	  		  	
	VA/4SHEIERMA00000000002104039N	  	Wolters Kluwer Financial Services ‘1996, 2019 Bankers System	  	        

 BORROWER: 
  

	
	    GIPVA 2510 Weimer Ave, LLC
	
	        By Generation Income Properties, L.P., Sole Member
	
	            By Generation Income Properties, Inc., General Partner

					
			
	                    	 	By 	 	

		 	David Sobelman, President

 LENDER: 
  

	
	        Newport News Shipbuilding Employees’ Credit Union, Inc.
	
	                

  

					
	GIPVA 2510 Weimer Ave, LLC	  	 	  	 
	Virginia Commercial Loan Agreement	  		  	
	VA/4SHEIERMA00000000002104039N	  	Wolters Kluwer Financial Services:996, 2019 Bankers Systems TMEX-10.9

 Exhibit 10.9 

LIMITED GUARANTY AGREEMENT 

THIS LIMITED GUARANTY AGREEMENT effective April 4, 2018 (together with any amendments or modifications hereto in effect from time to
time, the “Guaranty”), made by DAVID E. SOBELMAN, an individual, having an address of 3117 West Oaklyn Avenue, Tampa, Florida 33609 (“Guarantor”), in favor of AMERICAN MOMENTUM BANK, its successors and
assigns, having an address of 500 South Washington Boulevard, Sarasota, Florida 34236 (“Lender”). 
 To induce Lender to make
loans, extensions of credit or other financial accommodations to GENERATION INCOME PROPERTIES, INC., a Maryland corporation (“Borrower”), now or in the future, and with full knowledge that Lender would not make the said
loans, extensions of credit or financial accommodations without this Guaranty, which shall be construed as a contract of suretyship, Guarantor unconditionally agrees as follows: 

1. LIABILITIES GUARANTEED. 

Guarantor hereby guarantees and becomes surety to Lender for the full, prompt and unconditional payment of the Liabilities (as defined below),
when and as the same shall become due, any and all loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including actual documented reasonable attorneys’ fees) arising out of or in connection with or as a result
of fraud or intentional misrepresentation of a material fact by Borrower or a single purpose entity (“SPEs”) pledging or hypothecating a mortgage or deed of trust to Lender in order to secure the Liabilities (as herein defined) and in
connection with said Liabilities, but not otherwise. This is a continuing guaranty of payment and not of collection as to the matters guaranteed herein. Lender may require Guarantor to pay and perform its liabilities and obligations under this
Guaranty and may proceed immediately against Guarantor without being required to bring any proceeding or take any action against Borrower, any other guarantor or any other person, entity or property prior thereto, the liability of Guarantor
hereunder being joint and several, and independent of and separate from the liability of Borrower, any other guarantor or person, and the availability of other collateral security for the Note and the other Loan Documents. 

2. DEFINITIONS. 
 2.1.
“Note” means that certain Promissory Note of even date herewith in the principal amount of Three Million Seven Hundred Thousand and No/100 Dollars ($3,700,000.00) from Borrower to Lender. 

2.2. “Loan Documents” shall mean all documents and instruments entered into between Borrower and Lender so as to
secure Borrower’s liability to the Lender. The terms of the Loan Documents are hereby made a part of this Guaranty to the same extent and with the same effect as if fully set forth herein. 

 2.3. “Liabilities” means, collectively: (i) the repayment of up
to fifty percent (50.0%) of the outstanding principal due under the Note (and all extensions, renewals, future advances, replacements and amendments thereof); and (ii) the performance by Borrower in all material respects of all terms,
conditions and covenants of Borrower or any SPE set forth in the Loan Documents. 
 3. REPRESENTATION AND WARRANTIES. Guarantor represents and
warrants to Lender as follows: 
 3.1. Organization, Powers. Guarantor (i) is an adult individual, U.S. Citizen, and a
resident of the State of Florida; (ii) has the power and authority to own his properties and assets and to carry on his business as now being conducted and as now contemplated; and (iii) has the power and authority to execute, deliver and
perform, and by all necessary action has authorized the execution, delivery and performance of, all of his obligations under this Guaranty. 

3.2. Execution of Guaranty. This Guaranty has been duly executed and delivered by Guarantor. Execution, delivery and performance
of this Guaranty will not: (i) violate any provision of law, order of any court, agency or instrumentality of government, or any provision of any indenture, agreement or other instrument to which Guarantor is a party or by which he or any of
his properties is bound; (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature, other than the liens created by the Loan Documents; and (iii) to his knowledge, require any authorization, consent,
approval, license, exemption of, or filing or registration with, any court or governmental authority applicable to him. 
 3.3.
Obligations of Guarantor. This Guaranty is the legal, valid and binding obligation of Guarantor, enforceable against him in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other
laws or equitable principles relating to or affecting the enforcement of creditors’ rights generally. The loans or credit accommodations made by Lender to Borrower and the assumption by Guarantor of his obligations hereunder will result in
material benefits to Guarantor. This Guaranty was entered into by Guarantor for commercial purposes. 
 3.4. Litigation. There
is no action, suit, or proceeding at law or in equity or by or before any governmental authority, agency or other instrumentality now pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor or any of his properties or
rights which, if adversely determined, would materially impair or affect: (i) the value of any collateral securing the Liabilities; (ii) Guarantor’s right to carry on his business substantially as now conducted (and as now
contemplated); (iii) his financial condition; or (iv) his capacity to consummate and perform his obligations under this Guaranty. 

3.5. No Defaults. Guarantor is not in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained herein (and no event has occurred and is continuing which with notice, or the passage of time, or either, would constitute a default), or, to the knowledge of Guarantor, in any other material agreement or instrument to which
he is a party or by which he or any of his properties is bound. 

  
 Page 2 of 9 Pages 

 3.6. No Untrue Statements. No Loan Document or other document, certificate or
statement furnished to Lender by or on behalf of Guarantor contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein not misleading. Guarantor
acknowledges that all such statements, representations and warranties shall be deemed to have been relied upon by Lender as an inducement to make the loan comprising the Liabilities to Borrower. 

3.7. Financial Statements. All financial statements and other financial information heretofore furnished by Guarantor to Lender are
true and correct in all material respects, and fairly present the financial condition of Guarantor as of the dates thereof, including all contingent liabilities of Guarantor, and the financial condition of Guarantor as stated in the financial
statements provided to Lender has not changed materially and adversely since the dates of such documents. 
 4. EVENTS NOT AFFECTING GUARANTOR’S
LIABILITY.  
 4.1. Without incurring responsibility to Guarantor, and without impairing or releasing the obligations of Guarantor to
Lender hereunder, and without reducing the amount due under the terms of this Guaranty, Lender may at any time and from time to time, without the consent of or notice to Guarantor, upon any terms or conditions, and in whole or in part: 

4.1.1. Change the manner, place or terms of payment of (including, without limitation, the interest rate and monthly payment
amount), and/or change or extend the time for payment of, or renew or modify, any of the Liabilities or other obligation due Lender, any security therefor, or any of the Loan Documents evidencing same, and the Guaranty herein made shall apply to the
Liabilities and the Loan Documents as so changed, extended, renewed or modified; 
 4.1.2. Sell, exchange, release,
surrender, realize upon or otherwise deal with in any manner and in any order, any property securing the Liabilities or other obligation due Lender; 

4.1.3. Exercise or refrain from exercising any rights against Borrower or other obligated parties (including Guarantor) or
against any security for the Liabilities or other obligation due Lender; 
 4.1.4. Settle or compromise any Liabilities or
other obligation due Lender, whether in a proceeding or not, and whether voluntarily or involuntarily, dispose of any security therefor (with or without consideration), and subordinate the payment of any of the Liabilities or other obligation due
Lender, whether or not due, to the ‘payment of liabilities owing to creditors of Borrower other than Lender and Guarantor; 

4.1.5. Apply any sums it receives, by whomever paid or however realized, to any of the Liabilities or other obligation due
Lender; 
 4.1.6. Add, release, settle, modify or discharge the obligation of any maker, endorser, guarantor, surety, obligor
or any other party who is in any way obligated for any of the Liabilities or other obligation due Lender; 

  
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 4.1.7. Accept any additional security for the Liabilities or other
obligation due Lender; and/or 
 4.1.8. Take any other action which might constitute a defense available to, or a discharge
of, Borrower or any other obligated party (including Guarantor) in respect of the Liabilities or other obligation due Lender. 
 4.2. The
invalidity, irregularity or unenforceability of all or any part of the Liabilities or other obligation due Lender or any Loan Document, or the impairment or loss of any security therefor, whether caused by any action or inaction of Lender, or
otherwise, shall not affect, impair or be a defense to Guarantor’s obligations under this Guaranty. 
  

	5.	 LIMITATION ON SUBROGATION. 

Until such time as the Liabilities and all other amounts and obligations due lender from Borrower are paid in full, Guarantor waives any
present or future right to which Guarantor is or may become entitled to be subrogated to Lender’s rights against Borrower or to seek contribution, reimbursement, indemnification, payment or the like, or participation in any claim, right or
remedy of Lender against Borrower or any security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding such waiver,
any funds or property shall be paid or transferred to Guarantor on account of such subrogation, contribution, reimbursement, or indemnification at any time when all of the Liabilities and other amounts and obligations due Lender have not been paid
in full, Guarantor shall hold such funds or property in trust for Lender and shall forthwith pay over to Lender such funds and/or property to be applied by Lender to the Liabilities but only to the extent of Guarantor’s liability hereunder.
Notwithstanding anything to the contrary herein, distributions to Guarantor shall be permitted so long as there is no Event of Default by Borrower under any loan facility by Lender to Borrower and such distribution is in the ordinary course of
business. 
  

	6.	 EVENTS OF DEFAULT. 

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

6.1. A breach by Guarantor of any other term, covenant, condition, obligation or agreement under this Guaranty, and such breach, if curable, is
not cured within thirty (30) days after written notice of default is given by Lender, unless the same is not capable of being cured within said thirty (30) day period, in which case Guarantor shall have such longer period of time not to
exceed ninety (90) days in total (inclusive of such thirty (30) day period) in which to cure such default provided that he commences such cure within such initial thirty (30) day period and thereafter diligently prosecutes the same to
completion; 

  
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 6.2. Any representation or warranty made by Guarantor in this Guaranty shall prove to be
false, incorrect or misleading in any material respect; provided, however, if, but only if, such breach or default is curable, an Event of Default shall not be deemed to have occurred hereunder unless such breach or default is not cured within
thirty (30) days after written notice of such breach or default is given by Lender, unless the same is not capable of being cured within said thirty (30) day period, in which case Guarantor shall have such longer period of time not to
exceed ninety (90) days in total (inclusive of such thirty (30) day period) in which to cure such default provided that he commences such cure within such initial thirty (30) day period and thereafter diligently prosecutes the same to
completion; 
 6.3. Except as expressly permitted in the Loan Documents, any transfer, sale, conveyance, disposition or assignment the
membership, partnership, stock or other ownership interest or management rights of Guarantor in Borrower, whether voluntary, involuntary, or by operation of law, without the express prior written consent of Lender; and/or 

6.4. A breach, default or event of default by Borrower or Guarantor under any of the other Loan Documents, after giving effect to any
applicable notice or cure provisions therein (if any). 
 7. REMEDIES. 

7.1. Upon an Event of Default and so long as Lender has incurred a loss, damage, cost, expense, liability, claim or other obligation as a
result of the fraud or intentional misrepresentation of a material fact by Borrower or an SPE pledging or hypothecating a mortgage or deed of trust to Lender in order to secure the Liabilities, all liabilities of Guarantor hereunder shall- become immediately due and payable without demand or notice (except to the extent expressly provided herein) and, in addition to any other remedies provided by law, the Lender may take any or all of
the following actions without requirement of demand for payment or performance on the part of Borrower or any other person and without requirement of any notice or resort to any collateral: 

7.1.1. Declare all of Borrower’s obligations under the Loan Documents, regardless of their terms, immediately due and
payable and that performance thereof is immediately required; 
 7.1.2. Accelerate any and all obligations of Borrower and/or
the Liabilities and require their immediate and full performance; 
 7.1.3. Enforce the Liabilities of Guarantor under this
Guaranty, subject to the limitations contained in the definition of “Liabilities”; 
 7.1.4. To the extent not
prohibited by and in addition to any other remedy provided by law, setoff against any of the Liabilities any sum owed by Lender in any capacity to Guarantor whether due or not; 

7.1.5. Perform any covenant or agreement of Guarantor in default hereunder (but without obligation to do so) and in that regard
pay such money as may be required or as Lender may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’ fees and costs, incurred by Lender in connection with the foregoing

  
 Page 5 of 9 Pages 

 
shall be included in the Liabilities, with no limitation as to repayment amount, and shall be due and payable on demand, together with interest at the Default Rate (as defined and described in
the Note) but only as to the Liabilities, such interest to be calculated from the date of such advance to the date of repayment thereof Any such action by Lender shall not be deemed to be a waiver or release of Guarantor hereunder and shall be
without prejudice to any other right or remedy of Lender; 
 7.1.6. Lender shall have all rights and remedies afforded to it
under the Note and the other Loan Documents. 
 7.2. Settlement of any claim by Lender against Borrower, whether in any proceeding or not,
and whether voluntary or involuntary, shall not reduce the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Borrower or any other obligated party and legally retained by Lender in connection with the
settlement (unless otherwise provided for herein). 
 8. MISCELLANEOUS. 

8.1. Disclosure of Financial Information. Lender is hereby authorized to disclose any financial or other information about Guarantor to
any regulatory body or agency having jurisdiction over Lender if required by such regulatory body or agency as part of any audit or otherwise, or to any present, future or prospective participant or successor in interest in any loan or other
financial accommodation made by Lender to Borrower or Guarantor. The information provided may include, without limitation, amounts, terms, balances, payment history, return item history and any financial or other information about Guarantor. 

8.2. Remedies Cumulative. The rights and remedies of Lender, as provided herein and in any other Loan Document, shall be cumulative and
concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor shall arise, and shall be in addition to any other rights or remedies conferred upon Lender at law or in equity. The failure, at any one
or more times, of Lender to exercise any such right or remedy shall in no event be construed as a waiver or release thereof Lender shall have the right to take any action it deems appropriate without the necessity of resorting to any collateral
securing this Guaranty. 
 8.3. Integration: This Guaranty and the other Loan Documents constitute the sole agreement of the parties
with respect to the transaction contemplated hereby and supersede all oral negotiations and prior writings with respect thereto. 
 8.4.
Attorneys’ Fees and Expenses. If Lender retains the services of counsel by reason of a claim of an Event of Default hereunder or under any of the other Loan Documents, or on account of any matter involving this Guaranty, or for
examination of matters subject to Lender’s approval under the Loan Documents, all costs of suit and all reasonable actual and documented attorneys’ fees and such other reasonable expenses so incurred by Lender shall forthwith, on demand,
become due and payable and shall be secured hereby. Notwithstanding the above, in the event of litigation, Lender shall only be entitled to attorney’s fees if it is the prevailing party. 

  
 Page 6 of 9 Pages 

 8.5. No Implied Waiver. Lender shall not be deemed to have modified or waived
any of its rights or remedies hereunder unless such modification or waiver is in writing and signed by Lender, and then only to the extent specifically set forth therein. A waiver in one event shall not be construed as continuing or as a waiver of
or bar to such right or remedy on a subsequent event. 
 8.6. Waiver. Guarantor waives notice of acceptance of this Guaranty
and notice of the Liabilities and, except to the extent otherwise expressly provided herein, waives notice of default, non-payment, partial payment, presentment, demand, protest, notice of protest or dishonor,
and all other notices to which Guarantor might otherwise be entitled or which might be required by law to be given by Lender. Guarantor waives the right to marshalling of Borrower’s assets or any stay of execution and the benefit of all
exemption laws, to the extent permitted by law, and any other protection granted by law to guarantors, now or hereafter in effect with respect to any action or proceeding brought by Lender against it. Guarantor irrevocably waives all claims of
waiver, release, surrender, alteration or compromise and the right to assert against Lender any defenses, set-offs, counterclaims, or claims that Guarantor may have at any time against Borrower or any other
party liable to Lender. 
 8.7. No Third Party Beneficiary. Except as otherwise provided herein, Guarantor and Lender do not
intend the benefits of this Guaranty to inure to any third party and no third party (including Borrower) shall have any status, right or entitlement under this Guaranty. 

8.8. Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render any
other provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. 

8.9. Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and the
benefits thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and assigns; provided, however, that this Guaranty cannot be assigned by Guarantor without the prior written consent of Lender, and
any such assignment or attempted assignment by Guarantor shall be void and of no effect with respect to the Lender. All covenants, agreements, representations and warranties of Guarantor contained herein and in any document or item delivered
pursuant hereto shall survive the execution hereof and continue and remain in full force and effect until all Liabilities and all other obligations due Lender have been paid, performed and satisfied in full. 

8.10. Modifications. This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing
signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. 

  
 Page 7 of 9 Pages 

 8.11. Sales or Participations. Lender may from time to time sell or assign, in
whole or in part, or grant participations in the Liabilities, the Note and/or the obligations evidenced thereby. The holder of any such sale or assignment, but not of any participation, if the applicable agreement between Lender and such holder so
provides, shall be: (a) entitled to all of the rights, obligations and benefits of Lender; and (b) deemed to hold and may exercise the rights of setoff or banker’s lien with respect to any and all obligations of such holder to
Guarantor, in each case as fully as though Guarantor were directly indebted to such holder. Lender will give notice to Guarantor of such sale, assignment or participation; however, the failure to give such notice shall not affect any of
Lender’s or such holder’s rights hereunder. 
 8.12. Jurisdiction; Venue. Guarantor hereby consents and agrees that
any action or proceeding against him may be commenced and maintained in the Florida state courts situate in Hillsborough County, Florida, and Guarantor agrees that the courts shall have jurisdiction with respect to the subject matter hereof and the
person of Guarantor and all collateral securing the obligations of Guarantor. Guarantor agrees not to assert any defense to any action or proceeding initiated by Lender based upon improper venue or inconvenient forum. Venue of any proceeding seeking
enforcement of or otherwise related to this Guaranty shall lie exclusively in Hillsborough County, Florida. 
 8.13. Notices.
All notices and communications under this Guaranty shall be in writing and shall be given by either (a) hand-delivery, (b) first class mail (postage prepaid), or (c) reliable overnight commercial courier (charges prepaid), to the
addresses listed in this Guaranty. Notice shall be deemed to have been given and received: (i) if by hand delivery, upon delivery; 
 (ii) if by mail,
three (3) calendar days after the date first deposited in the United States mail; and 
 (iii) if by overnight courier, on the date scheduled for
delivery. A party may change its address by giving written notice to the other party as specified herein. 
 8.14. Governing
Law. This Guaranty shall be governed by and construed in accordance with the substantive laws of the State of Florida without reference to conflict of laws principles. 

8.15. Joint and Several Liability. If Guarantor consists of more than one person or entity, the word
“Guarantor” shall mean each of them and their liability shall be joint and several. The liability of Guarantor shall also be joint and several with the liability of any other guarantor under any other guaranty. 

8.16. Continuing Enforcement. If, after receipt of any payment of all or any part of the Liabilities, Lender is compelled to
surrender such payment to any person or entity for any reason (including, without limitation, a determination that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds),
then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be liable to the extent provided in Section 1 hereof. The provisions of this Section shall survive the termination of this
Guaranty and shall remain effective notwithstanding the payment of the Liabilities, the cancellation of the Note, this Guaranty or any other Loan Document, the release of any security interest, lien or encumbrance securing the Liabilities or any
other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been conditioned upon any payment of the Liabilities having become final and irrevocable.

  
 Page 8 of 9 Pages 

 8.17. Waiver of Jury Trial. GUARANTOR AND LENDER AGREE THAT, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE
TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A
TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, GUARANTOR WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES. GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS
GUARANTY. 
 IN WITNESS WHEREOF, Guarantor, intending to be legally bound, has duly executed and delivered this Limited Guaranty Agreement
as of the day and year first above written. 
  

	
	

	DAVID E. SOBELMAN, individually

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