Document:

LOAN
# 1014701

 

ASSIGNMENT
OF MORTGAGE

 

FOR
VALUE RECEIVED, the receipt of which is hereby acknowledged, the undersigned hereby sells grants, assigns, and transfers to:

 

S.K.
Funding, LLC

630
Maplewood Dr., Suite 100

Jupiter,
FL 33458

 

All
beneficial interest under that certain Mortgage dated December 9, 2015 and executed by Eclipse Partners II, LLC, to
Shepherd’s Finance, LLC, and recorded on December 15, 2015 Instrument Number 2015154148 of the official records of
the Clerk of the Circuit Court, County of Sarasota, State of Florida describing land therein as:

 

AS
DESCRIBED ON MORTGAGE REFERRED TO HEREIN

 

Together
with the note or notes therein described or referred to guaranty agreements, loan agreements and all other collateral loan documents
given by the borrower(s) and guarantor(s) and related to this loan #1014701the money due and to become due thereon with interest
and all rights accrued or to be accrued under said Mortgage including any and all claims for relief or damages arising out of
the note(s), Mortgage and any appraisals issued in connection therewith. 

 

Executed
this 11 day of December 2015.

 

	 	 	Shepherd’s
    Finance, LLC, a Delaware limited liability company
	 	 	 
	/s/
    Daniel M. Wallach	 	/s/
    Barbara L. Harshman
	 	 	 
	Witness:
    Daniel M. Wallach 	 	By:
    Barbara L. Harshman, Vice President of Operations

 

STATE
OF FLORIDA

COUNTY
OF DUVAL

 

On
this _____day of__________ 2015, before me, a Notary Public in the State of Florida personally appeared Barbara L. Harshman, Vice
President of Operations, to me personally known to be the person named in and who executed the same as his/her voluntary act and
deed of Shepherd’s Finance, a Delaware limited liability company, for the uses and purposes therein named.

 

_________________________________________

 

Notary
Public, State of Florida

My
commission expires: ______________________

 

Prepared
by:

Shepherd’s
Finance

12627
San Jose Blvd., STE 203

Jacksonville,
FL 32223AGREEMENT

 

COME
NOW, Shepherd’s Finance, LLC, a Delaware limited liability company registered to do business in the state of Florida
(“Lender”), Lex Partners II, LLC, a Florida limited liability company (“Lex”) (Lex is hereafter referred
to as the “Borrower”), along with 1333 Vista Drive LLC, LLC, a Florida limited liability company (“Buyer”),
who hereby state and agree as follows:

 

WHEREAS,
Lender previously provided a first mortgage construction loan financing to the Borrower of that certain real property located
at 1333 Vista Drive, Sarasota FL 34239, legally described per the attached Exhibit “A” (the “Vista Property”),
as more fully described in the promissory note, construction loan agreement, mortgage, and other loan documents related to this
Loan (the “Vista Loan”);

 

WHEREAS,
Lex has executed and delivered to Buyer a deed to the Vista Property;

 

WHEREAS,
Lex and Buyer have formed a joint venture or other business arrangement to jointly complete the construction of the home on the
Vista Property;

 

NOW,
THEREFORE, the parties do hereby stipulate and agree as follows:

 

	1.	The
    above recitals to this Agreement are fully incorporated herein by this reference thereto with the same force and effect as
    though restated herein.
	 	 
	2.	Buyer
    acknowledges that after its purchase of the Vista Property that the Vista Loan shall still be in the name of Lex, as the Borrower.
    Buyer acknowledges and authorized Lender to continue to advance funds to Buyer, Lex or the general contractor on the job per
    the terms of the original loan documents forming the Vista Loan. Buyer acknowledges he will be enriched by the advances made
    to pay for ongoing construction of the single family residence on the Vista Property.
	 	 
	3.	At
    the closing of the Buyer’s purchase of the Vista Property, Buyer and Lex shall cause all past due interest to be paid
    current. As of June 10, 2016, the amount of past due interest is $130,985.43, with a per diem amount thereafter equal to $1,185.44.
	 	 
	4.	At
    said closing, Buyer shall further enter into a separate Interest Escrow Account Agreement, and in so doing, deposit the sum
    of $96,553.08 into an interest account, said funds to be applied to interest accruing on the Vista Loan subsequent to the
    closing. This amount of interest approximately equals three (3) months of interest, although the actual amount of interest
    shall vary based on the principal amount due and the actual interest rate. Upon demand the
    Buyer shall pay interest installments up to a total of an additional $57,873.76 once the interest escrow has been exhausted.
    These payments shall be made by check, and if not, by reverse ACH hereby authorized by Buyer. If more interest is due after
    the interest escrow is exhausted and the above interest payments from Buyer are used, Lender shall be authorized to receive
    interest payments from Lex. Failure by Lex to make interest payments to Lender in accordance with the Vista Loan documents
    will result in the loan defaulting, and Lender will act accordingly.

 

Entered
into the above stated date by and between:

 

	LEX
    PARTNERS II, LLC	 
	 	 	 
	By:	/s/
    Steven Hanson	 
	Print
    Name:	Steven
    Hanson	 
	 	Manager	 
	 	 	 
	1333
    VISTA DRIVE, LLC	 
	 	 	 
	By:	/s/
    Dennis Nickerson 	 
	Print
    Name:	Dennis
    Nickerson	 
	 	Manager	 
	 	 	 
	SHEPHERDS’S
    FINANCE, LLC	 
	 	 	 
	By:	/s/
    Daniel M. Wallach 	 
	Print
    Name:	Daniel
    M. Wallach	 
	 	Manager	 

 

    	 	 1INTEREST
ESCROW ACCOUNT AGREEMENT

 

	Buyer:	1333
        Vista Drive, LLC,

        a
        Florida limited liability company

         
	Lender:	Shepherd’s
        Finance, LLC

        12627
        San Jose Blvd, Ste. 203

        Jacksonville,
        FL 32223

        (302)
        752-2688

 

This
Agreement made this June 30, 2016, by and between 1333 Vista Drive, LLC (hereinafter referred to as “Buyer”), and
Shepherd’s Finance, LLC, a Delaware Limited Liability Company, (hereinafter referred to as “Lender”).

 

WHEREAS,
Lender has provided first mortgage construction loan financing (Loan # 1014719, the “Loan”) to the Lex Partners II,
LLC (“Borrower”), for that certain real property located at 1333 Vista Drive, Sarasota FL 34239 (the “Property”)
as more fully described in the Promissory Note, Construction Loan Agreement, Mortgage, and other related documents for the same
loan and Property, the “Related Documents” for the loan dated June February 19, 2016; and

 

WHEREAS,
Borrower, has conveyed the Property to 1333 Vista drive, LLC (“Buyer”); and

 

WHEREAS,
Borrower and Buyer desire to finish the construction of the single family residence on the Property; and

 

WHEREAS,
Borrower has requested that Lender establish an interest escrow for the purpose of making interest payments on the Loan; and

 

WHEREAS,
Lender has agreed to establish an Interest Escrow for the benefit of the Borrower for the purpose of making interest payments
on the loan;

 

NOW
THEREFORE, in consideration of the above recitals incorporated herein by reference and in consideration of the mutual covenants
contained herein, the parties hereto agree as follows:

 

1.Lender
shall open and maintain on its books an account for the Interest Escrow. The Interest Escrow shall be initially funded by Buyer
by payment to Lender of the sum of Ninety Six Thousand Five Hundred Fifty Three Dollars and eight Cents ($96,553.08).

 

2.Payments
for the prior month’s accrued interest shall be due on the fifteenth (15th) day of each month. Upon or prior to such due
date, Lender shall apply funds up to the balance of the Interest Escrow to the amount due on the Loan as interest, at Lender’s
discretion as to the allocation. If the funds of the
interest escrow are exhausted prior to the Loan being paid off, the Borrower will make interest payments to the Lender from their
funds. At any time that the Borrower has been in default for more than 30 consecutive days, Lender can apply any or all
funds in the Interest Escrow to the Loan, allocated at the Lender’s discretion.

 

3.
The Lender will invest the Interest Escrow Account into its general operating funds and will not pay the Borrower interest on
the Interest Escrow Account. All amounts in the Interest Escrow shall be commingled with the general funds of Lender, and such
account shall not be required to be insured by the FDIC. Lender may utilize book entries or a ledger system for purposes of tracking
debits, credits and balances of the Interest Escrow. All calculations in connection with the Interest Escrow shall be made by
Lender and, except in the case of manifest error in computation; such calculations shall be conclusive and binding on the Borrower
Parties as to the amount shown in the Interest Escrow at any time.

 

4.
Borrower shall receive any remaining balance in the interest escrow from Lender when all debt to Lender has been paid in full.

 

5.
The parties agree that this Interest Escrow Account Agreement shall be governed and construed in accordance with the laws of the
State of Florida.

 

    	 	Page 1	 

    	 	 	 

    

 

INTEREST
ESCROW ACCOUNT AGREEMENT

(Continued)

 

 

6.
This Interest Escrow Account Agreement contains the entire understanding of the parties hereto with respect to the subject matter
contained herein and shall not be modified except by a writing signed by all the parties.

 

7.
This Interest Escrow Account Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns.

 

8.
Notices. Any notification, direction, authorization, request, instruction, legal process or other instrument to be given
or served hereunder shall be in writing and shall be delivered by certified mail, return receipt requested, by Federal Express
or other courier service, or by legible facsimile transmission provided the party making such delivery can furnish evidence of
confirmed receipt by the addressee of the facsimile transmission, to all parties at the following addresses:

 

	To
        the Lender:

        Shepherd’s
        Finance, LLC

        12627
        San Jose Blvd, Ste. 203

        Jacksonville,
        FL 32223
	To
        the Buyer:

        1333
        Vista Drive, LLC

        13000
        SW 61stAve.

        Miami
        FL 33156

 

9.
This Agreement may not be modified except by written agreement. This Agreement may be executed in multiple counterparts each of
which when taken together shall constitute one original. A facsimile copy of this document shall be as effective as the original.

 

10.
The terms of this Interest Escrow Account Agreement do not modify or in any way amend the Related Documents for the loan, and
nothing contained in this Interest Escrow Account Agreement shall be interpreted to waive or amend the obligations of the parties
under the Related Documents for the loan.

 

IN
WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the day and year first above written.

 

	BUYER:
    	 
	 	 
	1333
    Vista Drive, LLC 	 
	 	 	 
	By:	/s/
    Dennis Nickerson	 
	Name:	Dennis
    Nickerson	 
	Title:	Manager	 
	 	 	 
	LENDER:	 
	 	 
	Shepherd’s
    Finance, LLC	 
	 	 	 
	By:	/s/
    Daniel M. Wallach	 
	Name:	Daniel
    M. Wallach	 
	Title:	Authorized
    Signatory 	 

 

    	 	Page 2

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