Document:

Exhibit
10.9

 

THIRD
AMENDMENT AGREEMENT

 

THIS
THIRD AMENDMENT AGREEMENT is entered into as of the 15th
day of July, 2014 between MANHATTAN BRIDGE CAPITAL, INC., with offices at 60 Cutter Mill Road, Great Neck, New York
11021 (hereinafter “Borrower”), ASSAF RAN, residing at 37 Hawthorne Lane, Great Neck, New York 11023, (“Guarantor”)
and STERLING NATIONAL BANK, having an office at 400 Rella Boulevard, Montebello, New York 10901 (“Lender”).

 

WITNESSETH

 

WHEREAS,
Lender is the owner and holder of a certain Revolving Credit Line Note in the original principal amount of up to $3,500,000.00
dated May 2, 2012 (the “Note”) executed and delivered by Borrower to Lender evidencing a loan or advances of up
to $3,500,000.00 (the “Loan”) which may be made from time to time by Lender to Borrower which advances will be
made pursuant to the terms and conditions of a certain Revolving Line of Credit Loan Agreement (the “Loan Agreement”)
also dated May 2, 2012; and

 

WHEREAS,
the Note is secured by a Pledge and Security Agreement dated as of May 2, 2012 (the “Pledge”) pursuant
to which Borrower pledged and assigned to Lender certain “Collateral” as defined in the Pledge,

 

WHEREAS,
all obligations and liabilities of Borrower under the Note and Pledge have been absolutely and unconditionally guaranteed pursuant
to Guaranty of Payment executed by the Guarantor to Lender dated May 2, 2012 (the “Guaranty”) (the Note, Loan
Agreement, Pledge, Guaranty, and all other documents executed or delivered in connection with the Loan are hereinafter referred
to as the “Loan Documents”),

 

WHEREAS,
by Amendment Agreement dated as of January 1, 2013 (the “First Amendment”), the Lender made an additional
revolving, facility available to Borrower in the amount of $1,500,000.00 such that the maximum amount available pursuant to the
Loan Agreement was increased to $5,000,000.00,

 

WHEREAS,
by Note Extension Agreement dated as of May 1, 2013 (the “First Extension”), the Maturity Date of the Note
was extended until July 1, 2013,

 

WHEREAS,
by Second Note Extension Agreement dated as of July 1,2013 (the “Second
Extension”), the Maturity Date of the Note was extended until July 1, 2014,

 

    	 

    	 

    

 

WHEREAS,
by Second Amendment Agreement dated as of July 1, 2013 (the “Second Amendment”),
the Lender made an additional revolving facility available to Borrower in the amount of $2,000,000.00 such that the maximum amount
available pursuant to the Loan Agreement was increased to $7,000,000.00,

 

WHEREAS,
by Third Note Extension Agreement dated as of June 24, 2014 (the “Third Extension”), the Maturity Date of
the Note was extended until November 1, 2014,

 

WHEREAS,
there is now due and owing on the Note and secured by the Pledge an unpaid principal balance of SEVEN MILLION and 00/100 ($7,000,000.00)
DOLLARS,

 

WHEREAS,
Borrower has requested that Lender increase the amount of the Loan by an additional $700,000.00 and that such increase be evidenced
by the Note and be secured by the Pledge and all other Loan Documents,

 

WHEREAS,
Lender is willing to consent to such request, but only on the following terms and conditions,

 

NOW,
in consideration of Ten ($10.00) Dollars good and valuable consideration the receipt and adequacy of which is hereby acknowledged,
it is hereby understood and agreed as follows:

 

1.         
Ratification of the Loan. Borrower and Guarantor represent, warrant and agree with Lender that the unpaid principal
balance on the Loan, Note, and Pledge, as amended and extended as provided above, is $7,000,000.00 as of the date hereof without
offset, defense or counterclaim of any kind or nature whatsoever.

 

2.         
Additional Loan; Consolidation of Loans; Ratification of Existing Collateral Assignments as Security for Consolidated
Loan. Simultaneously herewith, Lender has made
an additional revolving facility available to Borrower in the amount of SEVEN HUNDRED THOUSAND AND 00/100 ($700,000.00) DOLLARS
(the “Additional Loan”). Borrower and Guarantor hereby acknowledge and agree that the Loan, as amended by the
First Amendment and the Second Amendment, and the Additional Loan shall be evidenced by the Note, shall be subject to all terms,
covenants, and conditions thereof and of the Loan Agreement, and shall be secured by the Pledge and the other Loan Documents.
The Loan, as amended by the First Amendment and the Second Amendment, and the Additional Loan are hereby deemed consolidated for
all purposes (as so consolidated, the “Consolidated Loan”). Therefore, the unpaid principal balance evidenced
by the Note, secured by the Pledge, and which may be advanced pursuant to the Loan Agreement is now up to a maximum principal
amount of SEVEN MILLION SEVEN HUNDRED THOUSAND AND 00/100 ($7,700,000.00) DOLLARS. The Consolidated Loan shall be paid
with interest, at the times, and in the manner provided in the Note, all terms, covenants, and conditions of which are deemed
incorporated herein by this reference. All future advances of the Consolidated Loan shall be subject to satisfaction of all terms,
covenants, and conditions of the Loan Agreement. Notwithstanding the reference in any existing recorded or unrecorded Collateral
Assignment of Mortgage made by Borrower to Lender indicating that such Collateral Assignment is security for the Note in the principal
amount of up to $5,000,000.00, $7,000,000.00 or any other amount, each and every such existing Collateral Assignment shall be
deemed to be, and hereby is, re-assigned to Lender to constitute security for the Consolidated Loan of up to $7,700,000.00.

 

    	- 2 -

    	 

    

 

3.         Increase
and Ratification of Guaranty of Payment. In order to induce Lender to enter into this
Agreement, Guarantor hereby ratifies and confirms his continuing, absolute, unconditional, liability on the Guaranty which is
now agreed to include principal in the amount of $7,700,000.00, interest thereon as provided for in the Note, as well all other
“Obligations” as such term is defined in the Guaranty. Guarantor hereby confirms there are no offsets or defenses
to the Guaranty, as amended and ratified hereby.

 

4.         Ratification
of Loan Documents. All Loan Documents are hereby ratified and confirmed and, as amended and modified above, continue in
full force and effect and are incorporated herein by reference.

 

5.        Agreement
to Repay Additional Loan. The Additional Loan will be repaid by Borrower to Lender within thirty (30) days of the date
of this Third Amendment, time being of the essence. Borrower’s failure to timely repay such Additional Loan within such thirty
(30) day period shall constitute a material default on the Consolidated Loan. Upon repayment of such Additional Loan, aggregate
maximum outstanding principal advances under the Loan, as amended by the First Amendment, the Second Amendment, and this Third
Amendment shall not, at any one time, exceed SEVEN MILLION ($7,000,000.00) DOLLARS.

  

    	- 3 -

    	 

    

 

In witness
thereof, the Lender, Borrower and Guarantor have executed this Agreement as of the date set forth above.

 

	 	STERLING NATIONAL BANK
	 	 	 
	 	By:	/s/ Peter E. Gardner
	 	 	Peter E. Gardner
	 	 	Vice President
	 	 	 
	 	MANHATTAN BRIDGE CAPITAL, INC.
	 	 	 
	 	By:	/s/ Assaf Ran
	 	 	ASSAF RAN, President
	 	 	 
	 	 	/s/ Assaf Ran
	 	 	ASSAF RAN, individually as Guarantor

  

    	- 4 -

    	 

    

	STATE OF NEW YORK 	)
	 	) ss . :
	COUNTY OF NEW YORK 	)

 

On
the _____ day of July, 2014, before me personally appeared Peter E. Gardner, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that
he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.

  

	 	

 

	STATE OF NEW YORK 	)
	 	) ss . :
	COUNTY OF NEW YORK 	)

 

On
the 15th day of July, 2014 before me personally appeared ASSAF RAN,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	

  

    	- 5 -Exhibit 10.10

Loan #: _________

 

BALLOON NOTE

(FIXED RATE)

 

THIS LOAN IS PAYABLE IN FULL AT MATURITY.
YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE
THE LOAN AT THAT TIME: YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE
TO FIND A LENDER, WHICH MAYBE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT
MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING
FROM THE SAME LENDER.

 

	July 14, 2014	New York, NEW YORK	 	 
	[date]	[Town]	 	 

 

1.           BORROWER'S
PROMISE TO PAY 

 

In return for a loan that I the undersigned
which may also be called Borrower, have received, I promise to pay U.S. $ 200,000.00 (this amount is called "principal"),
plus interest, to the order of the Lender. The Lender is Assaf Ran.

I understand that the Lender may transfer
this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is also
called the "Note Holder."

 

2.           INTEREST

 

Interest will be charged on unpaid principal
until the full amount of principal has been paid. I will pay interest at a yearly rate 6%. 

 

The interest that required by this Section
2, is the rate I will pay as long as I am not in any default described in Section 6(B) of this Note. If I shall be in any default
described in Section 6(B) of this Note, then, and for the entire period I am in default, I shall pay interest at a yearly rate
of 6%. However the default interest rate shall not exceed the maximum rate allowed by law.

 

3.           PAYMENTS

(A)           Time
and Place of Payments

I will pay interest
by making payments every month.

I will make my monthly
payments on the 31th day of each month beginning on July 31, 2014. I will make these payments every month
until I have paid all of the interest and any other charges described below that I may owe under this Note. My monthly payments
will be applied to interest. If, on July 13, 2015 I still owe amounts under this Note, I will pay those amounts in full
on that date, which is called the "Maturity Date”.

I will make my monthly
payments at 37 Hawthorne Lane, Great Neck, NY 11023 or at a different place if required by the Note Holder.

 

(B)           Amount
of Monthly Payments 

My first payment representing interest
for the period between today and November 30, 2013 shall be $600.00, and thereafter my monthly payment will be in
the amount of U.S. $1000.00.

 

4.           BORROWER'S
RIGHT TO PREPAY 

 

I have the right to make payments of principal
at any time before they are due. A payment of principal only is known as a "prepayment." When I make a prepayment, I
will tell the Note Holder in writing that I am doing so.

I may make a full prepayment
or partial prepayments without paying any prepayment charge. The Note Holder will use all of my prepayments to reduce the amount
of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due date or in the amount
of my monthly payment unless the Note Holder agrees in writing to those changes.

 

    	 

    	 

    

 

5.           LOAN
CHARGES 

 

If a law, which applies to this loan and
which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected
in connection with this loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the amount necessary
to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be
refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct
payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment.

 

6.           BORROWER'S
FAILURE TO PAY AS REQUIRED 

 

(A)           Late
Charges for Overdue Payments

If the Note Holder
has not received the full amount of any monthly payment by the end of fifteen calendar days after the date it is due, I will pay
a late charge to the Note Holder. The amount of the charge will be 2.00% of my overdue payment of principal and interest. I will
pay this late charge promptly but only once on each late payment.

(B)           Default

If I do not pay the
full amount of each monthly payment on the date it is due, and/or I will not repay Lender the entire principal of the loan and
all interest then accrued, I will be in default.

(C)           Notice
of Default

If I am in default, the Note Holder may
send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to
pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date
must be at least 30 days after the date on which the notice is delivered or mailed to me.

(D)           No
Waiver By Note Holder 

Even if, at a time when I am in default,
the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to
do so if I am in default at a later time.

 

(E)           Payment
of Note Holder's Costs and Expenses

If the Note Holder has required me to pay
immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses
in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys'
fees.

 

7.           GIVING
OF NOTICES 

Unless applicable law
requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it
by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different
address.

Any notice that must
be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated
in Section 3(A) above or at a different address if I am given a notice of that different address.

 

8.           OBLIGATIONS
OF PERSONS UNDER THIS NOTE 

If more than one person
signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise
to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things.
Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also
obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person
individually or against all of us together. This means that anyone of us may be required to pay all of the amounts owed under this
Note.

 

9.           WAIVERS

I and any other person
who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right
to require the Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require the Note
Holder to give notice to other persons that amounts due have not been paid.

 

    	 

    	 

    

 

10.         UNIFORM
SECURED NOTE 

This Note is
a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under
this Note, a Mortgage, Deed of Trust or Security Deed (the "Security Instrument"), dated the same date as this Note,
protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note.
That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts
I owe under this Note. Some of those conditions are described as follows: 

Transfer
of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in
it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)
without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date
of this Security Instrument. 

If
Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less
than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument.
If Borrower fails to make these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security
Instrument without further notice or demand on Borrower. 

 

WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.

 

__________________________________________________

Manhattan Bridge Capital Inc.., BY Vanessa Kao,
CFO

 

__________________________________________________ (Seal)

 

Witness by

 

___________________________

Avital Rabino

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