Document:

Exhibit 10.4

 

 

DEED OF TRUST,

SECURITY AGREEMENT AND FINANCING STATEMENT

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF MIDLAND	§

 

As of December 31,
2015, Quasar, LLC, a Utah limited liability company (hereinafter, “Grantor”), whose mailing address is 17932
Sky Park Circle #F, Irvine, California 92614, in consideration of the debt and trust hereinafter mentioned, does hereby
GRANT, BARGAIN, SELL, TRANSFER, ASSIGN and CONVEY unto ___________________, Trustee
(as hereinafter defined), the following described property (all of which is sometimes referred to collectively herein as the “Property”):

(i)the
real estate situated in Midland County, Texas, which is more particularly described in Exhibit A attached hereto and made
a part hereof for all purposes the same as if set forth herein verbatim, together with all right, title and interest of Grantor
in and to (a) all streets, roads, alleys, easements, rights-of-way, licenses, rights of ingress and egress, vehicle parking rights
and public places, existing or proposed, abutting, adjacent, used in connection with or pertaining to the real property or the
Improvements (as hereinafter defined); (b) any strips or gores between the real property and abutting or adjacent properties; and
(c) all water and water rights, timber, crops and mineral interests pertaining to the real property (such real estate and other
rights, titles and interests being hereinafter sometimes called the “Land”);

 

(ii)all
buildings, structures and other improvements (such buildings, structures and other improvements being hereinafter sometimes called
the “Improvements”) now or hereafter situated on the Land;

 

(iii)all
fixtures, equipment, systems, machinery, furniture, furnishings, inventory, goods, building and construction materials, supplies,
and articles of personal property, of every kind and character, now owned or hereafter acquired by Grantor, which are now or hereafter
attached to or situated in, on or about the Land or the Improvements, or used in or necessary to the complete and proper planning,
development, use, occupancy or operation thereof, or acquired (whether delivered to the Land or stored elsewhere) for use or installation
in or on the Land or the Improvements, and all renewals and replacements of, substitutions for and additions to the foregoing,
including, but without limiting the foregoing, any and all fixtures, equipment, machinery, systems, facilities and apparatus for
heating, ventilating, air conditioning, refrigerating, plumbing, sewer, lighting, generating, cleaning, storage, incinerating,
waste disposal, sprinkler, fire extinguishing, communications, transportation (of people or things, including, but not limited
to, stairways, elevators, escalators and conveyors), data processing, security and alarm, laundry, food or drink preparation, storage
or serving, gas, electrical and electronic, water, and recreational uses or purposes; all tanks, pipes, wiring, conduits, ducts,
doors, partitions, rugs and other floor coverings, wall coverings, windows, drapes, window screens and shades, awnings, fans, motors,
engines and boilers; and decorative items and art objects (all of which are herein sometimes referred to together, as the “Accessories”);

 

(iv)all
(a) plans and specifications for the Improvements; (b) contracts relating to the Land, or the Improvements or the Accessories or
any part thereof; (c) deposits, (including, but not limited to, Grantor’s rights in tenants’ security deposits, deposits
with respect to utility services to the Land, or the Improvements or the Accessories or any part thereof, and any deposits or reserves
hereunder or under any other Loan Document (as hereinafter defined) for taxes, insurance or otherwise, funds, accounts, contract
rights, instruments, documents, commitments, general intangibles (including, but not limited to, trademarks, trade names and symbols),
notes and chattel paper used in connection with or arising from or by virtue of any transactions related to the Land, or the Improvements
or the Accessories or any part thereof; (d) permits, licenses, franchises, certificates and other rights and privileges obtained
in connection with the Land, or the Improvements or the Accessories or any part thereof; (e) leases, rents, royalties, bonuses,
issues, profits, revenues and other benefits of the Land, the Improvements and the Accessories; and (f) other properties, rights,
titles and interests, if any, specified in any Section or any Article of this Deed of Trust as being part of the Property; and

 

(v)all
(a) proceeds of or arising from the properties, rights, titles and interests referred to above in paragraphs (i), (ii), (iii) and
(iv), including, but not limited to, proceeds of any sale, lease or other disposition thereof, proceeds of each policy of insurance
relating thereto (including premium refunds), proceeds of the taking thereof or of any rights appurtenant thereto by eminent domain
or sale in lieu thereof for public or quasi-public use under any law, and proceeds arising out of any damage thereto whether caused
by such a taking (including change of grade of streets, curb cuts or other rights of access) or otherwise caused; and (b) other
interests of every kind and character, and proceeds thereof, which Grantor now has or hereafter acquires in, to or for the benefit
of the properties, rights, titles and interests referred to above in paragraphs (i), (ii), (iii) and (iv) and all property used
or useful in connection therewith, including, but not limited to, remainders, reversions and reversionary rights or interests.

 

TO HAVE AND TO HOLD
the Property, unto Trustee and Trustee’s successors, substitutes or assigns, in trust and for the uses and purposes herein
set forth, forever, together with all rights, privileges, hereditaments and appurtenances in anywise appertaining or belonging
thereto, subject only to the Permitted Exceptions (herein so called) listed on Exhibit B attached hereto (to the extent
that the same are valid, subsisting and affect the Property), and Grantor, for Grantor and Grantor’s successors, hereby agrees
to warrant and forever defend, all and singular, the Property unto Trustee and Trustee’s successors or substitutes in this
trust against the claim or claims of all persons claiming or to claim the same or any part thereof, subject, however, as aforesaid.

 

ARTICLE
I

THE OBLIGATION

Section 1.1 
Beneficiary. This Deed of Trust (as used herein, the expression “this Deed of Trust” shall mean
this Deed of Trust (with Security Agreement and Financing Statement)), and all rights, title, interest, liens, security interests,
powers and privileges created hereby or arising by virtue hereof, are given to secure payment and performance of the note described
in Section 1.2(a) hereof executed by Grantor payable to Tonaquint, Inc., a Utah corporation (referred to herein as “Beneficiary”),
whose mailing address is 303 E. Wacker Drive, Suite 1040, Chicago, Illinois 60601, and the Obligation as defined in section 1.2
hereof.  The word “Beneficiary,” as used herein, shall mean Beneficiary named in this Section and all subsequent
holders of the Note at the time in question.

Section 1.2 
Obligation. The word “Obligation,” as used herein, shall mean all of the indebtedness, obligations
and liabilities described as follows:

(a) 
the indebtedness evidenced by that certain Secured Promissory Note (collectively referred to herein as the “Note”),
incorporated herein by this reference, executed by Grantor, payable to the order of Beneficiary dated December 31, 2015, in the
principal amount of One Hundred Eighty Thousand and No/100 Dollars ($180,000.00).

(b) 
all indebtedness, obligations and liabilities arising pursuant to the provisions of this Deed of Trust, any other security
agreement, mortgage, deed of trust, collateral assignment, pledge agreement, loan agreement, contract or assignment of any kind,
now or hereafter existing, as security for or in connection with payment of the Obligation or any part thereof and of any other
document evidencing, securing or executed in connection with the Obligation (herein referred to individually as a “Loan
Document” and collectively as the “Loan Documents”);

(c) 
all other and any additional debts, obligations and liabilities of every kind and character of Grantor whether now or hereafter
existing, in favor of Beneficiary, regardless of whether such debts, obligations and liabilities be direct or indirect, primary,
secondary, joint, several, joint and several, fixed or contingent, unsecured or secured by additional or different securities;
and

(d) 
any and all renewals, modifications, rearrangements, amendments or extensions of all or any part of the indebtedness, obligations
and liabilities described or referred to in Subsections 1.02(a), 1.02(b) and 1.02(c) preceding.

Grantor, and each
party at any time claiming an interest in or lien or encumbrance against the Property, agrees that all advances made by Beneficiary
from time to time under any of the Loan Documents, and all other portions of the Obligation herein referred to, shall be secured
by this Deed of Trust with priority as if all of the same had been advanced, had arisen or became owing or performable on the date
of this Deed of Trust.

ARTICLE
II

CERTAIN REPRESENTATIONS, WARRANTIES AND

COVENANTS OF GRANTOR

Section 2.1 
Warranties and Representations. Grantor represents, warrants and undertakes that:

(a) 
Grantor has full right and authority to execute and deliver this Deed of Trust;

(b) 
Grantor has, in Grantor’s own right, good and indefeasible title in fee simple to the Property free from any encumbrance
superior to the indebtedness hereby secured, subject only to the Permitted Exceptions;

(c) 
no part of the Property is Grantor’s homestead of any type or character and this Deed of Trust is and shall continue
to be a valid and enforceable lien and security interest against the Property until the Obligation is fully discharged;

(d) 
Grantor is solvent and no proceeding under any Debtor Relief Laws (as hereinafter defined) is pending or threatened by or
against it, or any affiliate of it, as a debtor;

(e) 
if Grantor is and shall until the Obligation is fully discharged continue to be (i) duly organized and validly existing
in good standing under the laws of the state of Grantor’s organization, and in good standing under Texas law, (ii) in compliance
with all conditions prerequisite to Grantor’s lawfully doing business in the State of Texas and (iii) possessed of all power
and authority necessary to own and operate the Property;

(f) 
all Loan Documents executed by Grantor have been duly authorized, executed and delivered by Grantor, and the obligations
thereunder and the performance thereof by Grantor in accordance with their terms are within Grantor’s powers and are not
in contravention of any law, agreement or restriction to which Grantor or the Property is subject;

(g) 
the statement above of Grantor’s mailing address is true and correct;

(h) 
all reports, financial statements and other information heretofore furnished to Beneficiary by or on behalf or at the request
of Grantor with respect to the Property, Grantor, or other party liable for payment or performance of the Obligation or any part
thereof are, and all of the same hereafter furnished to Beneficiary will when furnished be, true, correct and complete in all material
respects and do not, or will not, omit any fact, the inclusion of which is necessary to prevent the facts contained therein from
being materially misleading; and

(i) 
since the date of the financial statements of Grantor heretofore furnished to Beneficiary, no material adverse change has
occurred in the financial condition of Grantor or any such other party, and, except as heretofore disclosed in writing to Beneficiary,
Grantor or any such other party has not incurred any material liability, direct or indirect, fixed or contingent.

Section 2.2 
Covenants. Grantor, for Grantor and Grantor’s successors and permitted assigns, hereunder covenants,
agrees and undertakes to

(a) 
pay or cause to be paid, before delinquent, all taxes and assessments of every kind or character in respect of the Property
or any part thereof and, from time to time upon request of Beneficiary, to furnish to Beneficiary evidence satisfactory to Beneficiary
of the timely payment of such taxes and assessments and governmental charges (the word “assessments” as used herein
includes not only assessments and charges by any governmental body, but also all other assessments and charges of any kind, including,
but not limited to, assessments or charges for any utility or utility service, easement, license or agreement upon, for the benefit
of, or affecting the Property, and assessments and charges arising under subdivision, condominium, planned unit development or
other declarations, restrictions, regimes or agreements);

(b) 
purchase policies of insurance with respect to the Property with such insurers, in such amounts and covering such risks
as shall be satisfactory to Beneficiary, including, but not limited to, (i) personal injury and death; (ii) loss or damage by fire,
lightning, hail, windstorm, explosion and such other hazards, casualties and contingencies (including at least six (6) months rental
insurance in an amount equal to the gross rentals for such period, and broad form boiler and machinery insurance) as are normally
and usually covered by extended coverage policies in effect where the Property is located, and comprehensive general public liability
insurance; provided that in the absence of written direction from Beneficiary each fire and extended coverage policy shall include
a “standard mortgage clause” and shall provide by way of endorsement, rider or otherwise that no such insurance policy
shall be canceled, endorsed, altered, or reissued to effect a change in coverage unless such insurer shall have first given Beneficiary
ten (10) days prior written notice thereof, such policy shall be on a replacement cost basis in an amount not less than that necessary
to comply with any coinsurance percentage stipulated in the policy, but not less than 100 percent of the insurable value (based
upon replacement cost), and the deductible clause, if any, of the fire and extended coverage policy may not exceed the lesser of
one percent of the face amount of the policy or $1,000.00; (iii) loss or damage by flood, if the Property is located
in an area that has been or is hereafter identified by the Director of the Federal Emergency Management Agency (“FEMA”)
as a special flood hazard area using FEMA’s Flood Insurance Rate Map or the Flood Hazard Boundary Map for the community in
which the Property is located, in amounts not less than the maximum limit of coverage then available or the amount of the
Note, whichever is less; and (iv) such other insurance and endorsements, if any, as Beneficiary may require from time to time,
or which is required by the Loan Documents;

(c) 
cause all insurance (except general public liability insurance) carried in accordance with Subsection 2.02(c) hereof
to be payable to Beneficiary as a mortgagee and not as a co-insured, to deliver copies of such policies of insurance to Beneficiary,
and, in the case of all policies of insurance carried by each lessee of all or any portion of the Property for the benefit of Grantor,
to cause all such policies to be payable to Beneficiary as Beneficiary’s interest may appear;

(d) 
pay, or cause to be paid, all premiums for insurance required hereunder at least ten (10) days before such premiums become
due, furnish to Beneficiary satisfactory proof of the timeliness of such payments and deliver all renewal policies to Beneficiary
at least ten (10) days before the expiration date of each expiring policy;

(e) 
comply with all federal, state, or municipal laws, rules, ordinances and regulations applicable to the Property and Grantor’s
ownership, use and operation thereof, and comply with all, and not violate any, easements, restrictions, agreements, covenants
and conditions with respect to or affecting the Property or any part thereof;

(f) 
at all times maintain, preserve and keep the Property in good repair and condition and presenting a first class appearance,
and from time to time, make all necessary and proper repairs, replacements and renewals, and not commit or permit any waste on
or of the Property, and not to do anything to the Property that may impair its value;

(g) 
promptly pay all bills for labor and materials incurred in connection with the Property and never permit to be created or
to exist in respect of the Property or any part thereof any lien or security interest, even though inferior to the liens and security
interests hereof, for any such bill, and in any event never permit to be created or exist in respect of the Property or any part
thereof any other or additional lien or security interest on a parity with or superior to any of the liens or security interests
hereof;

(h) 
from time to time, at the request of Beneficiary, (i) promptly correct any defect, error or omission which may be discovered
in the contents of this Deed of Trust or in any other Loan Document or in the execution or acknowledgment thereof; (ii) execute,
acknowledge, deliver and record and/or file such further instruments (including, without limitation, further deeds of trust, security
agreements, financing statements, continuation statements and assignments of rents or leases) and perform such further acts and
provide such further assurances as may be necessary, desirable or proper, in Beneficiary’s opinion, to carry out more effectively
the purposes of this Deed of Trust and such other instruments and to subject to the liens and security interests hereof and thereof
any property intended by the terms hereof or thereof to be covered hereby or thereby, including specifically, but without limitation,
any renewals, additions, substitutions, replacements, or appurtenances to the Property; and (iii) execute, acknowledge, deliver,
procure, and file and/or record any document or instrument (including specifically, but without limitation, any financing statement)
deemed advisable by Beneficiary to protect the liens and the security interests herein granted against the rights or interests
of third persons, and Grantor will pay all costs connected with any of the foregoing;

(i) 
continuously maintain Grantor’s existence and right to do business in Texas;

(j) 
not cause or permit the Accessories or any part thereof, to be removed from the county and state where the Land is located,
except items of the Accessories which have become obsolete or worn beyond practical use and which have been replaced by adequate
substitutes having a value equal to or greater than the replaced items when new;

(k) 
not seek or acquiesce in a zoning reclassification of any portion of the Property or grant any easement, dedication, plat
or restriction (or allow any easement to become enforceable by prescription) covering any portion of the Property, without Beneficiary’s
prior written consent;

(l) 
not, without the prior written consent of Beneficiary, permit any drilling or exploration for or extraction, removal or
production of any mineral, natural element, compound or substance from the surface or subsurface of the Land regardless of the
depth thereof or the method of mining or extraction thereof and agree to defend, indemnify, save and hold Beneficiary, its officers,
agents, servants, employees, successors and assigns harmless from any and all claims, liabilities, losses or expenses which may
be incurred by Beneficiary, and any and all other expenses or losses, either direct or consequential, which are attributable, or
alleged in any way to be attributable, to the development and exploitation of mineral rights in, on or around the Property by Grantor
or any other party; and

(m) 
pay on demand all reasonable and bona fide out-of-pocket costs, fees and expenses and other expenditures, including, but
not limited to, reasonable attorneys’ fees and expenses, paid or incurred by Beneficiary or Trustee to third parties incident
to this Deed of Trust or any other Loan Document (including, but not limited to, reasonable attorneys’ fees and expenses
in connection with the negotiation, preparation and execution hereof and of any other Loan Document and any amendment hereto or
thereto, any release hereof, any consent, approval or waiver hereunder or under any other Loan Document, the making of any advance
under the Note, and any suit to which Beneficiary or Trustee is a party involving this Deed of Trust or the Property) or incident
to the enforcement of the Obligation or the exercise of any right or remedy of Beneficiary under any Loan Document.

ARTICLE
III

DEFAULTS AND REMEDIES OF BENEFICIARY

Section 3.1 
Default. The term “Default,” as used herein, shall mean the occurrence of any one or more of the
following events:

(a) 
the failure of Grantor to pay any sum of money in accordance with the Obligation or any part thereof, as it becomes due
and payable, whether at the scheduled due date thereof or when accelerated pursuant to any power to accelerate, or otherwise; or

(b) 
the failure of Grantor to punctually and properly perform, observe or comply with any covenant, agreement, undertaking or
condition contained herein, or in the Note, or any renewal, modification, rearrangement, amendment or extension thereof, or in
any Loan Document (other than covenants to pay any sum of money in accordance with the Obligation); or

(c) 
a default under and pursuant to any other mortgage or security agreement which covers or affects any part of the Property;
or

(d) 
the execution by Grantor of an assignment for the benefit of creditors or the admission in writing by Grantor of Grantor’s
inability to pay, or Grantor’s failure to pay, debts generally as the debts become due; or

(e) 
the levy against the Property or any part thereof, of any execution, attachment, sequestration or other writ which is not
vacated within sixty (60) days after the levy; or

(f) 
the appointment of a receiver, trustee or custodian of Grantor or of the Property or any part thereof, which receiver, trustee
or custodian is not discharged within sixty (60) days after the appointment; or

(g) 
the filing by Grantor as a debtor of a petition, case, proceeding or other action pursuant to, or the voluntary seeking
of the benefit or benefits of, Title 11 of the United States Code, as now or hereafter in effect, or any other law, domestic or
foreign, as now or hereafter in effect relating to bankruptcy, insolvency, liquidation, receivership, reorganization, arrangement,
or composition or extension or adjustment of debts, or similar laws affecting the rights of creditors (Title 11 of the United States
Code and such other laws being herein referred to as “Debtor Relief Laws”), or the taking of any action in furtherance
thereof; or

(h) 
the filing by Grantor of either a petition, complaint, answer or other instrument which seeks to effect a suspension of,
or which has the effect of suspending any of the rights or powers of Beneficiary or Trustee granted in the Note, herein or in any
Loan Document; or

(i) 
the filing of a petition, case, proceeding or other action against Grantor as a debtor under any Debtor Relief Law or seeking
appointment of a receiver, trustee, custodian or liquidator of Grantor, or of the Property, or any part thereof, or of any significant
portion of Grantor’s other property, and (i) Grantor admits, acquiesces in or fails to contest diligently the material allegations
thereof, or (ii) the petition, case, proceeding or other action results in the entry of an order for relief or order granting the
relief sought against Grantor, or (iii) the petition, case, proceeding or other action is not permanently dismissed or discharged
on or before the earlier of trial thereon or thirty (30) days next following the date of filing; or

(j) 
the discovery by Beneficiary of information establishing that any representation or warranty made by Grantor herein or in
any Loan Document is false, misleading, erroneous or breached in any material respect; or

(k) 
abandonment by Grantor of all or any portion of the Property; or

(l) 
dissolution or liquidation of the Grantor or termination or forfeiture of Grantor’s right to do business, the death
of any Grantor; or

(m) 
the failure of Grantor or any Grantor to immediately pay any final money judgment against Grantor or any Grantor; or

(n) 
the occurrence of. any event referred to in Subsections (d), (f), (g), (h), (i), (l) and (m) above with respect
to any guarantor or other person or entity obligated in any manner to pay or perform the Obligation or any part thereof (as if
such guarantor or other person or entity were “Grantor” in such Subsections).

Section 3.2 
Beneficiary’s Remedies Upon Default. Upon a Default, Beneficiary may, at Beneficiary’s option,
do any one or more of the following:

(a) 
If Grantor has failed to keep or perform any covenant whatsoever contained in this Deed of Trust, Beneficiary may, but shall
not be obligated to any person to do so, perform or attempt to perform said covenant, and any payment made or expense incurred
in the performance or attempted performance of any such covenant shall be and become a part of the Obligation, and Grantor promises,
upon demand, to pay to Beneficiary, at the place where the Note is payable, all sums so advanced or paid by Beneficiary, with interest
from the date when paid or incurred by Beneficiary at the rate provided in the Note for past due payment. No such payment by Beneficiary
shall constitute a waiver of any Default. In addition to the liens and security interests hereof, Beneficiary shall be subrogated
to all rights, titles, liens and security interests securing the payment of any debt, claim, tax or assessment for the payment
of which Beneficiary may make an advance, or which Beneficiary may pay.

(b) 
Beneficiary may, without notice, demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest,
notice of intent to accelerate, notice of acceleration or any other notice or any other action, all of which are hereby waived
by Grantor and all other parties obligated in any manner whatsoever on the Obligation, declare the entire unpaid balance of the
Obligation immediately due and payable, and upon such declaration, the entire, unpaid balance of the Obligation shall be immediately
due and payable.

(c) 
Beneficiary may request Trustee to proceed with foreclosure under the power of sale which is hereby conferred, such foreclosure
to be accomplished in accordance with the following provisions:

i) 
Trustee is hereby authorized and empowered and it shall be Trustee’s special duty, upon such request of Beneficiary,
to sell the Property or any part thereof, with or without having taken possession of same. Any such sale (including notice thereof)
shall comply with the applicable requirements, at the time of the sale, of Section 51.002 of the Texas Property Code or, if and
to the extent such statute is not then in force, with the applicable requirements, at the time of the sale, of the successor statute
or statutes, if any, governing sales of Texas real property under powers of sale conferred by deeds of trust. If there is no statute
in force at the time of the sale governing sales of Texas real property under powers of sale conferred by deeds of trust, such
sale shall comply with applicable law, at the time of the sale, governing sales of Texas real property under powers of sale conferred
by deeds of trust.

ii) 
In addition to the rights and powers of sale granted under the preceding provisions of this Subsection, if default is made
in the payment of any installment of the Obligation, Beneficiary may, at Beneficiary’s option, at once or at any time thereafter
while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable, orally or in writing
direct Trustee to enforce this trust and to sell the Property subject to such unmatured indebtedness and to the rights, powers,
liens, security interests and assignments securing or providing recourse for payment of such unmatured indebtedness, in the same
manner, all as provided in the preceding provisions of this Subsection. Sales made without maturing the Obligation may be made
hereunder whenever there is a default in the payment of any installment of the Obligation, without exhausting the power of sale
granted hereby, and without affecting in any way the power of sale granted under this Subsection, the unmatured balance of the
Obligation or the rights, powers, liens, security interests and assignments securing or providing recourse for payment of the Obligation.

iii) 
Sale of a part of the Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation
is paid and performed in full. It is intended by each of the foregoing provisions of this Subsection that Trustee may, after any
request or direction by Beneficiary, sell not only the Land and the Improvements, but also the Accessories and other interests
constituting a part of the Property or any part thereof, along with the Land and the Improvements or any part thereof, as a unit
and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not
be necessary to have present or to exhibit at any sale any of the Property.

iv) 
After any sale under this Subsection, Trustee shall make good and sufficient deeds, assignments and other conveyances to
the purchaser or purchasers thereunder in the name of Grantor, conveying the Property or any part thereof so sold to the purchaser
or purchasers with general warranty of title by Grantor. It is agreed that, in any deeds, assignments or other conveyances given
by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence
or existence of any Default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice
of sale, time, place, terms and manner of sale, and receipt, distribution and application of the money realized therefrom, or as
to the due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or
thing having been duly done by or on behalf of Beneficiary or by or on behalf of Trustee, shall be taken by all courts of law and
equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted,
and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof.

(d) 
Beneficiary may, or Trustee may upon written request of Beneficiary, proceed by suit or suits, at law or in equity, to enforce
the payment and performance of the Obligation in accordance with the terms hereof and of the Note or the Loan Documents, to foreclose
the liens and security interests of this Deed of Trust as against all or any part of the Property, and to have all or any part
of the Property sold under the judgment or decree of a court of competent jurisdiction.

(e) 
Beneficiary, as a matter of right and without regard to the sufficiency of the security, and without any showing of insolvency,
fraud or mismanagement on the part of Grantor, and without the necessity of filing any judicial or other proceeding other than
the proceeding for appointment of a receiver, shall be entitled to the appointment of a receiver or receivers of the Property or
any part thereof, and of the income, rents, issues and profits thereof.

(f) 
Beneficiary may enter upon the Land, take possession of the Property and remove the Accessories or any part thereof, with
or without judicial process, and, in connection therewith, without any responsibility or liability on the part of Beneficiary,
take possession of any property located on or in the Property which is not a part of the Property and hold or store such property
at Grantor’s expense.

(g) 
Beneficiary may require Grantor to assemble the Accessories or any part thereof, and make them available to Beneficiary
at a place to be designated by Beneficiary which is reasonably convenient to Grantor and Beneficiary.

(h) 
After notification, if any, hereafter provided in this Subsection, Beneficiary may sell, lease or otherwise dispose of,
at the office of Beneficiary or on the Land or elsewhere, as chosen by Beneficiary, all or any part of the Accessories, in their
then condition, or following any commercially reasonable preparation or processing, and each Sale (as used in this Subsection,
the term “Sale” means any sale, lease, or other disposition made pursuant to this Subsection) may be as a unit or in
parcels, by public or private proceedings, and by way of one or more contracts, and, at any Sale it shall not be necessary to exhibit
the Accessories or part thereof being sold. The Sale of any part of the Accessories shall not exhaust Beneficiary’s power
of sale, but Sales may be made from time to time until the Obligation is paid and performed in full. Reasonable notification of
the time and place of any public Sale pursuant to this Subsection, or reasonable notification of the time after which any private
Sale is to be made pursuant to this Subsection, shall be sent to Grantor and to any other person entitled under the Code (as hereinafter
defined) to notice; provided that if the Accessories or part thereof being sold are perishable, or threaten to decline rapidly
in value, or are of a type customarily sold on a recognized market, Beneficiary may sell, lease or otherwise dispose of the Accessories,
or part thereof, without notification, advertisement or other notice of any kind. It is agreed that notice sent or given not less
than ten (10) calendar days prior to the taking of the action to which the notice relates, is reasonable notification and notice
for the purposes of this Subsection.

(i) 
Beneficiary may surrender the insurance policies maintained pursuant to Subsection 2.2(c) hereof or any part thereof,
and receive and apply the unearned premiums as a credit on the Obligation and, in connection therewith, Grantor hereby appoints
Beneficiary as agent and attorney-in-fact for Grantor to collect such premiums.

(j) 
Beneficiary may retain the Accessories in satisfaction of the Obligation whenever the circumstances are such that Beneficiary
is entitled to do so under the Code.

(k) 
Beneficiary may buy the Property or any part thereof at any public sale or judicial sale.

(l) 
Beneficiary may buy the Accessories or any part thereof at any private sale, if the Accessories or part thereof being sold
are a type customarily sold in a recognized market or a type subject to widely distributed standard price quotations.

(m) 
Beneficiary shall have and may exercise any and all other rights and remedies which Beneficiary may have at law or in equity,
or by virtue of any Loan Document, or under the Code, or otherwise.

Section 3.3 
Beneficiary as Purchaser. If Beneficiary is the purchaser of the Property or any part thereof, at any sale
thereof, whether such sale be under the power of sale hereinabove vested in Trustee or upon any other foreclosure of the liens
and security interests hereof, or otherwise, Beneficiary shall, upon any such purchase, acquire good title to the Property so purchased,
free of the liens and security interests hereof, unless the sale was made subject to an unmatured portion of the Obligation and
Beneficiary elects that no merger occur.

Section 3.4 
Other Rights of Beneficiary. Should any part of the Property come into the possession of Beneficiary, whether
before or after Default, Beneficiary may use or operate the Property for the purpose of preserving it or its value, pursuant to
the order of a court of appropriate jurisdiction or in accordance with any other rights held by Beneficiary in respect of the Property.
Grantor covenants promptly to reimburse and pay to Beneficiary on demand, at the place where the Note is payable, the amount of
all reasonable expenses (including the cost of any insurance, taxes or other charges) incurred by Beneficiary in connection with
Beneficiary’s custody, preservation, use or operation of the Property, together with interest thereon from the date incurred
by Beneficiary at the rate provided in the Note for past-due principal, and all such expenses, costs, taxes, interest and other
charges shall be and become a part of the Obligation. It is agreed, however, that the risk of loss or damage to the Property is
on Grantor, and Beneficiary shall have no liability whatsoever for decline in value of the Property, for failure to obtain or maintain
insurance, or for failure to determine whether insurance in force is adequate as to amount or as to the risks insured.

Section 3.5 
Possession After Foreclosure. If the liens or security interests hereof shall be foreclosed by power of Trustee’s
sale, by judicial action or otherwise, the purchaser at any such sale shall receive, as an incident to Trustee’s ownership,
immediate possession of the property purchased, and if Grantor or Grantor’s successors shall hold possession of said property
or any part thereof, subsequent to foreclosure, Grantor and Grantor’s successors shall be considered as tenants at sufferance
of the purchaser at foreclosure sale (without limitation of other rights or remedies, at a reasonable rental per day, due and payable
daily, based upon the value of the portion of the Property so occupied), and anyone occupying such portion of the Property after
demand is made for possession thereof shall be guilty of forcible detainer and shall be subject to eviction and removal, forcible
or otherwise, with or without process of law, and all damages by reason thereof are hereby expressly waived.

Section 3.6 
Application of Proceeds. The proceeds from any sale, lease or other disposition made pursuant to this Article,
or the proceeds from the surrender of any insurance policies pursuant to Subsection 3.2(i) hereof, or any rental collected
by Beneficiary from the Property, or sums received pursuant to Section 6.1 hereof, or proceeds from insurance which Beneficiary
elects to apply to the Obligation pursuant to Section 6.2 hereof, shall be applied by Trustee, or by Beneficiary, as the
case may be, as follows: first, to the payment of all expenses of advertising, selling and conveying the Property or part thereof,
including reasonable attorneys’ fees; second, to accrued interest on the Obligation; third, to principal on the matured portion
of the Obligation; fourth, to prepayment of the unmatured portion, if any, of the Obligation applied to installments of principal
in inverse order of maturity; and fifth, the balance, if any, remaining after the full and final payment and performance of the
Obligation, to the person or persons legally entitled thereto.

Section 3.7 
Abandonment of Sale. In the event a foreclosure hereunder is commenced by Trustee in accordance with Subsection
3.2(c) hereof, Beneficiary may, at any time before the sale, direct Trustee to abandon the sale, and may then institute suit
for the collection of the Note and for the foreclosure of the liens and security interests hereof. If Beneficiary should institute
a suit for the collection of the Note and for a foreclosure of the liens and security interests hereof, Beneficiary may, at any
time before the entry of a final judgment in said suit, dismiss the same and require Trustee to sell the Property or any part thereof
in accordance with the provisions of this Deed of Trust.

Section 3.8 
Payment of Fees. If the Note or any other part of the Obligation shall be collected or enforced by legal proceedings,
whether through a probate or bankruptcy court or otherwise, or shall be placed in the hands of an attorney for collection after
maturity, whether matured by the expiration of time or by an option given to the beneficiary to mature same, or if Beneficiary
becomes a party to any suit where this Deed of Trust or the Property or any part thereof is involved, Grantor agrees to pay Beneficiary’s
attorneys’ and collection fees, and such fees shall be and become a part of the Obligation.

Section 3.9 
Indemnification of Trustee. Except for gross negligence or willful misconduct, Trustee shall not be liable
for any act or omission or error of judgment. Trustee may rely on any document believed by Trustee in good faith to be genuine.
All money received by Trustee shall, until used or applied as herein provided, be held in trust, but need not be segregated (except
to the extent required by law), and Trustee shall not be liable for interest thereon. Grantor shall indemnify Trustee against all
liability and expenses which Trustee may incur in the performance of Trustee’s duties hereunder.

Section 3.10 
Substitute Trustee. Beneficiary may appoint a substitute Trustee (a) if Trustee herein named or any substitute
Trustee shall die, resign, or fail, refuse or be unable, for any reason, to make any such sale or to perform any of the trusts
herein declared; or (b) at the option of Beneficiary from time to time as often and whenever Beneficiary prefers and with or without
any reason or cause. Each appointment shall be in writing, but without the necessity of recordation, notice to Grantor, or any
other action or formality. Each substitute trustee so appointed shall thereupon by such appointment become Trustee and succeed
to all the estates, titles, rights, powers, trusts and duties of predecessor Trustee. Any such appointment may be executed by Beneficiary
or any authorized representative of Beneficiary, and such appointment shall be presumed conclusively to have been executed with
due and proper authority. Without limiting the generality of the foregoing, if Beneficiary is a corporation, bank or association,
of any type or character, such appointment may be executed in its behalf by any officer of Beneficiary and shall be presumed conclusively
to have been executed with due and proper authority without necessity of proof of any action by the board of directors or any superior
officer. Wherever herein the word “Trustee” is used, the same shall mean the duly appointed trustee or substitute trustee
hereunder at the time in question. Trustee may resign by written notice to Beneficiary.

ARTICLE
IV

SECURITY AGREEMENT

This Deed of Trust
is also a security agreement between Grantor, as debtor, and Beneficiary, as secured party. Grantor hereby grants to Beneficiary
and Beneficiary’s successors and assigns, a security interest in those portions of the Property which constitute Accessories
and each and every part thereof, and in all proceeds from the sale, lease or other disposition thereof, and in all sums, proceeds,
funds and reserves described or referred to in Sections 6.1, 6.2 and 6.3 hereof. However, the grant of a security
interest in proceeds shall not be deemed to authorize any action otherwise prohibited herein. The security interest created hereby
is specifically intended to cover and include all leases of the Property (in this Article IV, together with all amendments
and supplements thereto made as provided therein, called the “Leases”), between Grantor (or parties acting on
behalf of Grantor), as lessor or as successor to or assignee from the lessor, and tenants which occupy the Property under the Leases,
including all extended terms and all extensions and renewals of the terms thereof, as well as any amendments to or replacements
of said Leases, together with all the right, title and interest of Grantor, as lessor thereunder, including, without limiting the
generality of the foregoing, the present and continuing right to make claim for, collect, receive and receipt for any and all of
the rents, income, revenues, issues and profits and moneys payable as damages or in lieu of rent and moneys payable as the purchase
price of the Property or any part thereof or of awards or claims for money and other sums of money payable or receivable thereunder
howsoever payable, and to bring actions and proceedings thereunder or for the enforcement thereof, and to do any and all things
which Grantor or any lessor is or may become entitled to do under the Leases, all as assigned to Beneficiary in accordance with
Article V hereof; provided, that this provision and said Article V shall not impair or diminish any obligation of
Grantor under the Leases, nor shall any obligation be imposed upon Beneficiary. In addition to Beneficiary’s rights hereunder
or otherwise, Beneficiary shall have all of the rights of a secured party under the Texas Business and Commerce Code, as amended
(the “Code”). Grantor, from time to time, upon each request of Beneficiary, shall promptly (a) execute and deliver
to Beneficiary all financing statements as required by Beneficiary in order to establish or maintain the validity, perfection or
priority of the security interest with respect to the Accessories or fixtures; (b) pay to Beneficiary on demand all costs of preparation
and filing of financing statements pursuant hereto and all costs of Code searches reasonably required by Beneficiary; and (c) give
to Beneficiary a certificate in form satisfactory to Beneficiary listing all trade names of Grantor and under which Grantor operates
or intends to operate the Property or any part thereof, and give to Beneficiary advance written notice of any proposed change of
any such trade name and of any change of name (or trade name or assumed name), identity or structure of Grantor. A carbon, photographic
or other reproduction of this Deed of Trust or of a financing statement executed pursuant hereto is sufficient as a financing statement.
This Deed of Trust is, without limitation, intended to be a financing statement filed as a fixture filing with respect to the portions
of the Property which are or are to become fixtures, and as mineral, crop and timber filing. The address of Grantor (debtor) is
set forth on the first page hereof and the address of Beneficiary (secured party) from whom information concerning the security
interest may be obtained, is set forth in Section 1.1 hereof. Grantor is the record owner of the Land, the Improvements
and the Accessories.

ARTICLE
V

ASSIGNMENT OF RENTS, LEASES, PROFITS,

INCOME,
CONTRACTS AND BONDS

 

Section 5.1 
Assignment of Leases. Grantor hereby assigns to Beneficiary all existing and future leases, including, without
limitation, all subleases thereof, and any and all extensions, renewals, modifications and replacements thereof, upon any part
of the Property (collectively, the “Leases”). Grantor hereby further assigns to Beneficiary all guaranties of
tenants’ performance under the Leases. Prior to a Default, Grantor shall have the right, without joinder of Beneficiary,
to enforce the Leases, unless Beneficiary directs otherwise.

Section 5.2 
Assignment of Rents. Grantor does hereby absolutely and unconditionally assign, transfer and set over to Beneficiary
all rents, income, receipts, revenues, issues, profits and proceeds to be derived from the Property, including, without limitation,
the immediate and continuing right to collect and receive all of the rents, income, receipts, revenues, issues, profits and other
sums of money that may now or at any time hereafter become due and payable to Grantor under the terms of any leases now or hereafter
covering the Property, or any part thereof, including, but not limited to, minimum rents, additional rents, percentage rents, deficiency
rents and liquidated damages following Default, all proceeds payable under any policy of insurance covering the loss of rents resulting
from untenantability caused by destruction or damage to the Property, and all of Grantor’s rights to recover monetary amounts
from any tenant in bankruptcy, including, without limitation, rights of recovery for use and occupancy and damage claims arising
out of lease defaults, including rejections, under the United States Bankruptcy Code or any other present or future federal or
state insolvency, bankruptcy or similar law, together with any sums of money that may now or at any time hereafter become due and
payable to Grantor by virtue of any and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any
kind or character arising under any and all present and future oil, gas and mining leases covering the Property or any part thereof
(collectively, the “Rents”); and all proceeds and other amounts paid or owing to Grantor under or pursuant to
any and all contracts and bonds relating to the construction, erection or renovation of the Property; subject however to a license
hereby granted by Beneficiary to Grantor to collect and receive all of the foregoing (such license evidenced by Beneficiary’s
acceptance of this Deed of Trust), subject to the terms and conditions hereof. Notwithstanding anything contained herein or in
any of the other Loan Documents to the contrary, the assignment in this Paragraph is an absolute, unconditional and presently effective
assignment and not merely a security interest; provided, however, upon the occurrence of a Default hereunder or upon the occurrence
of any event or circumstance which with the lapse of time or the giving of notice or both would constitute a Default hereunder,
such license shall automatically and immediately terminate and Grantor shall hold all Rents paid to Grantor thereafter in trust
for the use and benefit of Beneficiary and Beneficiary shall have the right, power and authority, whether or not it takes possession
of the Property, to seek enforcement of any such lease, contract or bond and to demand, collect, receive, sue for and recover in
its own name any and all of the above described amounts assigned hereby and to apply the sum(s) collected, first to the payment
of expenses incident to the collection of the same, and the balance to the payment of the Obligation; provided further, however,
that Beneficiary shall not be deemed to have taken possession of the Property except on the exercise of its option to do so, evidenced
by its demand and overt act for such purpose. It shall not be necessary for Beneficiary to institute any type of legal proceedings
or take any other action whatsoever to enforce the assignment provisions in this Section 5.2.

Section 5.3 
Warranties Concerning Leases and Rents. Grantor represents and warrants that:

(a) 
Grantor has good title to the Leases and Rents and authority to assign them, and no other person or entity has any right,
title or interest therein;

(b) 
all existing Leases are valid, unmodified and in full force and effect, except as indicated herein, and no default exists
thereunder;

(c) 
unless otherwise provided herein, no Rents have been or will be assigned, mortgaged or pledged;

(d) 
no Rents have been or will be anticipated, waived, released, discounted, set off or compromised; and

(e) 
except as indicated in the Leases, Grantor has not received any funds or deposits from any tenant for which credit has not
already been made on account of accrued Rents.

Section 5.4 
Grantor’s Covenants of Performance. Grantor covenants to:

(a) 
perform all of its obligations under the Leases and give prompt notice to Beneficiary of any failure to do so;

(b) 
give immediate notice to Beneficiary of any notice Grantor receives from any tenant or subtenant under any Leases, specifying
any claimed default by any party under such Leases, excluding, however, notices of default under residential leases;

(c) 
enforce the tenant’s obligations under the Leases;

(d) 
defend, at Grantor’s expense, any proceeding pertaining to the Leases, including, if Beneficiary so requests, any
such proceeding to which Beneficiary is a party; and

(e) 
neither create nor permit any encumbrance upon its interest as lessor of the Leases, except this Deed of Trust and any other
encumbrances permitted by this Deed of Trust.

Section 5.5 
Prior Approval for Actions Affecting Leases. Grantor shall not, without the prior written consent of Beneficiary:

(a) 
receive or collect Rents more than one month in advance;

(b) 
encumber or assign future Rents;

(c) 
waive or release any material obligation of any tenant under the Leases;

(d) 
cancel, terminate or modify any of the Leases; cause or permit any cancellation, termination or surrender of any of the
Leases; or commence any proceedings for dispossession of any tenant under any of the Leases, except upon default by the tenant
thereunder;

(e) 
renew or extend any of the Leases, except pursuant to terms in existing Leases;

(f) 
permit any assignment of the Leases; or

(g) 
enter into any Leases after the date hereof.

Section 5.6 
Settlement for Termination. Grantor agrees that no settlement for damages for termination of any of the Leases
under the Federal Bankruptcy Code, or under any other federal, state or local statute, shall be made without the prior written
consent of Beneficiary, and any check in payment of such damages will be made payable to both Grantor and Beneficiary. Grantor
hereby assigns any such payment to Beneficiary to be applied to the Obligation as Beneficiary may elect and agrees to endorse any
check for such payment to the order of Beneficiary.

Section 5.7 
Beneficiary in Possession. Beneficiary’s acceptance of this assignment shall not, prior to entry upon
and taking possession of the Property by Beneficiary, be deemed to constitute Beneficiary a “mortgagee in possession,”
nor obligate Beneficiary to appear in or defend any proceedings relating to any of the Leases or to the Property, take any action
hereunder, expend any money, incur any expenses, or perform any obligation or liability under the Leases, or assume any obligation
for any deposits delivered to Grantor by any tenant and not delivered to Beneficiary. Beneficiary shall not be liable for any injury
or damage to any person or property in or about the Property.

Section 5.8 
Appointment of Attorney. Grantor hereby irrevocably appoints Beneficiary its attorney-in-fact, coupled with
an interest, empowering Beneficiary to subordinate any Leases to this Deed of Trust.

Section 5.9 
Indemnification. Grantor hereby indemnifies and holds Beneficiary (which shall include the directors, officers,
partners, employees, representatives and agents of Beneficiary and any persons or entities owned or controlled by, owning or controlling,
or under common control or affiliated with Beneficiary) harmless from all liability, damage or expense imposed on or incurred by
Beneficiary from any claims under the Leases, including, without limitation, any claims by Grantor with respect to payments of
Rents made directly to Beneficiary after Default and claims by any tenant for security deposits or for rental payments more than
one (1) month in advance and not delivered to Beneficiary. All amounts indemnified against hereunder, including, without limitation,
attorneys’ fees, if paid by Beneficiary shall bear interest at the maximum lawful rate and shall be payable by Grantor in
accordance with Section 1.01 hereof. The foregoing indemnities shall not terminate upon the foreclosure, release or other
termination of this Deed of Trust but will survive foreclosure of this Deed of Trust or conveyance in lieu of foreclosure and the
repayment of the Obligation and the discharge and release of this Deed of Trust and the other Loan Documents.

Section 5.10 
Records. Upon request by Beneficiary, Grantor shall deliver to Beneficiary executed copies of all Leases and
copies of all records relating thereto.

Section 5.11 
Merger. There shall be no merger of the leasehold estates, created by the Leases, with the fee estate of the
Land without the prior written consent of Beneficiary.

Section 5.12 
Right to Rely. Grantor hereby irrevocably authorizes and directs the tenants under the Leases to pay Rents
to Beneficiary upon written demand by Beneficiary without further consent of Grantor, and the tenants may rely upon any written
statement delivered by Beneficiary to the tenants. Any such payment to Beneficiary shall constitute payment to Grantor under the
Leases. The provisions of this Paragraph are intended solely for the benefit of the tenants and shall never inure to the benefit
of Grantor or any person claiming through or under Grantor, other than a tenant who has not received such notice. The assignment
of Rents set forth in Section 5.02 is not contingent upon any notice or demand by Beneficiary to the tenants.

ARTICLE
VI

SPECIAL PROVISIONS

Section 6.1 
Condemnation Proceeds. Beneficiary shall be entitled to receive any and all sums which may be awarded or become
payable to Grantor for the condemnation of the Property or any part thereof, for public or quasi-public use, or by virtue of private
sale in lieu thereof, and any sums which may be awarded or become payable to Grantor for damages caused by public works or construction
on or near the Property. All such sums are hereby assigned to Beneficiary and Grantor shall, upon request of Beneficiary, make,
execute, acknowledge and deliver any and all additional assignments and documents as may be necessary from time to time to enable
Beneficiary to collect and receipt for any such sums. Beneficiary shall not be, under any circumstances, liable or responsible
for failure to collect, or exercise diligence in the collection of, any of such sums. Any sums received by Beneficiary as a result
of condemnation shall be applied to installments on the Obligation in inverse order of maturity.

Section 6.2 
Insurance Proceeds. The proceeds of any and all insurance upon the Property shall be collected by Beneficiary
and Beneficiary shall have the option, in Beneficiary’s sole discretion, to apply any proceeds so collected either to the
restoration of the Property or to the liquidation of the Obligation.

Section 6.3 
Right to Accelerate Upon Transfer. If Grantor shall sell, convey, assign or transfer all or any part of the
Property or any interest therein or any beneficial interest in Grantor, Beneficiary may, at Beneficiary’s option, without
demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any
other action, all of which are hereby waived by Grantor and all other parties obligated in any manner on the Obligation, declare
the Obligation to be immediately due and payable, which option may be exercised at any time following such sale, conveyance, assignment
or transfer, and upon such declaration the entire unpaid balance of the Obligation shall be immediately due and payable. Beneficiary
may, in Beneficiary’s sole discretion and at Grantor’s request, decide not to exercise said option, in which event
Beneficiary’s forbearance may be predicated on such terms and conditions as Beneficiary may, in Beneficiary’s sole
discretion require, including, but not limited to, Beneficiary’s approval of the transferee’s creditworthiness and
management ability, the execution and delivery to Beneficiary by transferee prior to the sale, transfer, assignment or conveyance
of a written assumption agreement containing such terms as Beneficiary may require, including, but not limited to, a payment of
a part of the principal amount of the Obligation, an increase in the rate of interest payable by the Obligation, the payment of
an assumption fee, a modification of the term of the Obligation and such other terms as Beneficiary may require, or Beneficiary
may require any of such modifications of the terms of the Obligation without requiring an assumption thereof by the transferee.
Should the Property be sold, traded, transferred, assigned, exchanged or otherwise disposed of without the prior written consent
of Beneficiary and should payment of any portion of the Obligation thereafter be accepted by Beneficiary, such acceptance shall
not be deemed a waiver of the requirement of Beneficiary’s consent in writing thereto or with respect to any other sale,
trade, transfer, assignment, exchange or other disposition. Notwithstanding the foregoing, said option shall not apply in case
of sales or transfers of items of the Accessories which have become obsolete or worn beyond practical use and which have been replaced
by adequate substitutes having a value equal to or greater than the replaced items when new.

Section 6.4 
Environmental Matters; Compliance with Laws. Grantor warrants and represents to Beneficiary that (a) the occupancy,
operation, and use of the Property shall not violate any applicable law, statute, ordinance, rule, regulation, order, or determination
of any governmental authority or any board of fire underwriters (or other body exercising similar functions), or any restrictive
covenant or deed restriction (of record or otherwise) affecting the Property, including, without limitation, applicable zoning
ordinances and building codes, the Americans with Disabilities Act of 1990, flood disaster laws and health and environmental laws
and regulations (hereinafter sometimes collectively called the “Applicable Regulations”); (b) Grantor and any
lessee of space from Grantor in the Property shall obtain all permits, licenses, or similar authorizations required by reason of
any Applicable Regulations pertaining to health or the environment (hereinafter sometimes collectively called “Applicable
Environmental Laws”), including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980 (“CERCLA”) and the Resource Conservation and Recovery Act of 1976 (“RCRA”), as
each is amended from time to time; and (c) the use that Grantor intends to make, or intends to allow, of the Property will not
result in the disposal of or release of any hazardous substance or solid waste onto or into the Property, or any part thereof,
in violation of any Applicable Environmental Laws. The terms (as used in this Deed of Trust) “hazardous substance”
and “release” have the meanings specified in CERCLA, and the terms “solid waste” and “disposal”
(or “disposed”) have the meanings specified in RCRA. If either CERCLA or RCRA is amended to broaden the meaning
of any term defined thereby, the broader meaning shall apply to this provision after the effective date of the amendment. Moreover,
to the extent that Texas law establishes a meaning for “hazardous substance”, “release”,
“solid waste”, or “disposal” that is broader than that specified in either CERCLA or RCRA,
the broader meaning shall apply.

Beneficiary (through
its officers, employees and agents) at any reasonable time and from time to time, either prior to or after Default in this Deed
of Trust or under the Note secured hereby, may employ persons (the “Site Reviewers”) to conduct environmental
site assessments (“Site Assessments”) on the Property to determine whether or not there exists on the Property
any environmental condition which might result in any liability, cost or expense to the owner, occupier or operator of the Property
arising under the Applicable Environmental Laws. The Site Assessments may be performed at any time or times, upon reasonable notice,
and under reasonable conditions established by Beneficiary (so as not to unreasonably interfere with the operation of the Property).
The Site Reviewers are authorized at their own risk to enter upon the Property and to perform above and below-the-ground testing
(including, without limitation, taking of core samples) to determine environmental damage or presence of any hazardous substance
or solid waste in, on or under the Property and such other tests as may be necessary or desirable, in the opinion of the Site Reviewers,
to conduct Site Assessments. Grantor will supply to the Site Reviewers such historical and operational information available to
Grantor regarding the Property as may be requested by the Site Reviewers to facilitate the Site Assessments and will make available
for meetings with the Site Reviewers appropriate personnel having knowledge of such matters.

Grantor
shall indemnify, defend (with counsel selected by Beneficiary) and hold Beneficiary harmless from and against, and reimburse Beneficiary
with respect to, any and all claims, demands, causes of action, loss, damage, liabilities, costs, and expenses (including attorney’s
fees and court costs) of every kind or character, known or unknown, fixed or contingent, asserted against or incurred by Beneficiary
at any time and from time to time by reason of or arising out of any violation of an Applicable Environmental Law and all matters
arising out of acts, omissions, events, or circumstances relating to the Property (including, without limitation, the presence
on the Property or release from or to the Property of hazardous substances or solid wastes disposed of or otherwise released and
Grantor’s breach of any of its covenants, representations or indemnities under this provision), regardless of whether the
act, omission, event, or circumstance constituted a violation of any Applicable Environmental Law at the time of the existence
or occurrence.

ARTICLE
VII

MISCELLANEOUS

Section 7.1 
Release. If the Obligation is paid in full in accordance with the terms of this Deed of Trust, the Note and
the Loan Documents, and if Grantor shall well and truly perform all of Grantor’s covenants contained herein, then this conveyance
shall become null and void and be released at Grantor’s request and expense and Beneficiary shall have no further obligation
to make advances under and pursuant to the provisions hereunder or in the Note.

Section 7.2 
Rights Cumulative. Beneficiary shall have all rights, remedies and recourses granted in the Loan Documents
and available at law or in equity (including, without limitation, those granted by the Code and applicable to the Property or any
portion thereof), and the same (a) shall be cumulative and concurrent, (b) may be pursued separately, successively or concurrently
against Grantor or others obligated for the Obligation or any part thereof, or against any one or more of them, or against the
Property, at the sole discretion of Beneficiary, (c) may be exercised as often as occasion therefor shall arise, it being agreed
by Grantor that the exercise, discontinuance of the exercise of or failure to exercise any of the same shall in no event be construed
as a waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive.
All rights and remedies of Beneficiary hereunder and under the other Loan Documents shall extend to any period after the initiation
of foreclosure proceedings, judicial or otherwise, with respect to the Property.

Section 7.3 
Waiver. Any and all covenants in this Deed of Trust may, from time to time, by instrument in writing signed
by Beneficiary and delivered to Grantor, be waived to such extent and in such manner as Beneficiary may desire, but no such waiver
shall ever affect or impair Beneficiary’s rights, remedies, powers, privileges, liens, titles and security interests hereunder
except to the extent so specifically stated in such written instrument. No waiver of any Default on the part of Grantor or a breach
of any of the provisions of this Deed of Trust or of any Loan Document shall be considered a waiver of any other or subsequent
default or breach, and no delay or omission in exercising or enforcing the rights and powers herein granted shall be construed
as a waiver of such rights and powers, and likewise no exercise or enforcement of any rights or powers hereunder shall be held
to exhaust such rights and powers, and every such right and power may be exercised from time to time. No notice to or demand on
Grantor in any case shall of itself entitle Grantor to any other or further notice or demand in similar or other circumstances.
The granting of any consent or approval by Beneficiary shall be limited to the specific instance and shall not waive or exhaust
the requirement of consent or approval in any other instance. Except as otherwise specified herein, in any instance hereunder where
Beneficiary’s approval or consent is required or the exercise of Beneficiary’s judgment is required, the granting or
denial of such approval or consent and the exercise of such judgment shall be within the sole discretion of Beneficiary, and Beneficiary
shall not, for any reason or to any extent, be required to grant such approval or consent or exercise such judgment in any particular
manner regardless of the reasonableness of the request or of Beneficiary’s judgment.

Section 7.4 
Change of Security. Any part of the Property may be released, regardless of consideration, by Beneficiary
from time to time without impairing, subordinating or affecting in any way the lien, security interest and other rights hereof
against the remainder. The lien, security interest and other rights granted hereby shall not be affected by any other security
taken for the Obligation or any part thereof. The taking of additional security, or the extension, renewal or rearrangement of
the Obligation or any part thereof, shall not release or impair the lien, security interest and other rights granted hereby, or
affect the liability of any endorser or guarantor or improve the right of any junior lienholder; and this Deed of Trust, as well
as any instrument given to secure any renewal, extension or rearrangement of the Obligation or any part thereof, shall be and remain
a first and prior lien, except as otherwise provided herein, on all of the Property not expressly released until the Obligation
is fully paid and performed.

Section 7.5 
Controlling Agreement. The parties hereto intend to conform strictly to the applicable usury laws. All agreements
between Grantor (and any other party liable for any part of the Obligation) and Beneficiary, whether now existing or hereafter
arising and whether written or oral, are expressly limited so that in no event whatsoever, whether by reason of acceleration of
the maturity of the Obligation or otherwise, shall the interest contracted for, charged or received by Beneficiary hereunder or
otherwise exceed the maximum amount permissible under applicable law. If from any circumstances whatsoever interest would otherwise
be payable to Beneficiary in excess of the maximum lawful amount, the interest payable to Beneficiary shall be reduced automatically
to the maximum amount permitted under applicable law. If Beneficiary shall ever receive anything of value deemed interest under
applicable law which would apart from this provision be in excess of the maximum lawful amount, the amount which would have been
excessive interest shall be applied to the reduction of the principal amount owing on the Obligation in inverse order of maturity
and not to the payment of interest, or if such amount which would have been excessive interest exceeds the unpaid principal balance
of the Obligation, such excess shall be refunded to Grantor, or to the maker of the Note or other evidence of indebtedness if other
than Grantor. All interest paid or agreed to be paid to Beneficiary shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full stated term, including any renewal or extension, of such indebtedness so that
the amount of interest on account of such indebtedness does not exceed the maximum permitted by applicable law. The terms and provisions
of this section shall control and supersede every other provision of all existing and future agreements between Grantor, the maker
of the Note or other evidence of indebtedness if other than Grantor, and Beneficiary.

Section 7.6 
Effect of Transfer on Grantor’s Liability. If the ownership (legal or beneficial) of the Property or
any part thereof becomes vested in a person other than Grantor, or in the event of a change in ownership (legal or beneficial)
of any Grantor other than an individual, Beneficiary may, without notice to or consent of Grantor or Grantor’s successors,
deal with such successor or successors in interest with reference to this Deed of Trust and the Obligation either by way of forbearance
on the part of Beneficiary, or extension of time of payment of the Obligation, or release of all or any part of the property or
any other property securing payment of the Obligation, or otherwise, without in any way modifying or affecting Beneficiary’s
rights and liens hereunder or the liability of Grantor or any other party liable for payment of the Obligation, in whole or in
part.

Section 7.7 
Waiver of Right to Marshal. Grantor hereby waives all rights of marshaling in the event of any foreclosure
of the liens and security interests hereby created.

Section 7.8 
Covenant to Perform. Grantor and each subsequent owner of the Property or any part thereof, covenants and
agrees that Grantor or any subsequent owner will perform or cause to be performed, each and every condition, term, provision and
covenant of this Deed of Trust.

Section 7.9 
Notice. Except as otherwise provided herein, all notices, demands, requests and other communications required
or permitted hereunder shall be in writing, and shall be deemed to be given and delivered when received, or if earlier and regardless
of whether or not actually received (except where actual receipt is specified herein), upon deposit in a regularly maintained receptacle
for the United States mail, registered or certified, postage fully prepaid, return receipt requested, addressed to the addressee
at such addressee’s address set forth herein or at such other address as such party may have specified theretofore by notice
delivered in accordance with this Section and actually received by the addressee. To the extent actual receipt is required herein,
rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was received shall
be deemed to be receipt of the notice, demand, request or other communication sent.

Section 7.10 
Enforceability. If any provision of this Deed of Trust or the application thereof to any person or circumstance
shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Deed of Trust nor the application
of such provision to any other person or circumstances shall be affected thereby, but rather the same shall be enforced to the
greatest extent permitted by law. If the rights and liens created by this Deed of Trust shall be held by a court of competent jurisdiction
to be invalid or unenforceable as to any part of the Obligation, the portion of the Obligation which as the result of such invalidity
or unenforceability is no longer secured by the liens and security interests herein granted shall be completely paid prior to the
payment of the portion, if any, of the Obligation which shall continue to be secured hereunder, and all payments made on the Obligation
shall be considered to have been paid on and applied first to the complete payment of the unsecured portion of the Obligation.

Section 7.11 
Binding Effect. The covenants herein contained shall bind, and the benefits and advantages shall inure to,
the respective heirs, executors, administrators, personal representatives, successors, and assigns of the parties hereto and shall
be covenants running with the Land. The term “Grantor” shall include in their individual capacities and jointly all
parties hereinabove named a Grantor. The duties, covenants, conditions, obligations, and warranties of Grantor in this Deed of
Trust shall be joint and several obligations of Grantor and, if more than one, of each party named a Grantor hereinabove, and each
such party’s heirs, personal representatives, successors and assigns. Each party who executes this Deed of Trust and each
subsequent owner of the Property or any part thereof (other than Beneficiary), covenants and agrees that it will perform, or cause
to be performed, each term, provision, covenant and condition of this Deed of Trust.

Section 7.12 
Headings; Construction. The headings which have been used throughout this Deed of Trust have been inserted
for convenience of reference only and do not constitute matter to be construed in interpreting this Deed of Trust. Words of any
gender used in this Deed of Trust shall be held and construed to include any other gender and words in the singular number shall
be held to include the plural, and vice versa, unless the context requires otherwise. The words “herein,” “hereof,”
“hereunder” and other similar compounds of the words “here” when used in this Deed of Trust shall refer
to the entire Deed of Trust and not to any particular provision or section.

Section 7.13 
Counterparts. This Deed of Trust has simultaneously been executed in a number of identical counterparts, each
of which, for all purposes, shall be deemed an original. If any Grantor is a corporation, this instrument is executed, acknowledged
and delivered by Grantor’s officers hereunto duly authorized.

Section 7.14 
Controlling Law. THE LAWS OF THE STATE OF UTAH (WITHOUT REGARD TO CHOICE OF LAW OR CONFLICT OF LAWS RULES)
SHALL GOVERN ALL MATTERS ARISING OUT OF OR RELATED TO THIS DEED OF TRUST, THE NOTE AND THE LOAN DOCUMENTS INCLUDING, WITHOUT LIMITATION,
THEIR VALIDITY, INTERPRETATION, CONSTRUCTION, PERFORMANCE AND ENFORCEMENT, WITH THE EXCEPTION OF THOSE MATTERS RELATING TO THE
CREATION, PERFECTION AND FORECLOSURE OF THE LIEN CREATED BY THIS DEED OF TRUST AND ANY DEED OF TRUST CREATING A LIEN ON TEXAS PROPERTY
WHICH SHALL BE DETERMINED UNDER TEXAS LAW.

Section 7.15 
Provisions Dealing with Representations, Waivers, Consents and Covenants of a Surety. Without further authorization
from or notice to Grantor, Beneficiary may compromise, accelerate, or otherwise alter the time or manner for the payment of the
Obligation, increase or reduce the rate of interest thereon, or release or add any one or more endorsers, or allow substitution
of or withdrawal of collateral or other security and release collateral and other security or subordinate the same.

This Deed of Trust
may reasonably be expected to benefit, directly or indirectly, Grantor, and the requisite number of its partners have determined
that this Deed of Trust may reasonably be expected to benefit, directly or indirectly, Grantor.

Neither Beneficiary
nor any other party has made any representation, warranty or statement to Grantor in order to induce Grantor to execute this Deed
of Trust.

Grantor waives any
rights it has under, or any requirements imposed by, Chapter 34 of the Texas Business and Commerce Code, as in effect on the date
of this Deed of Trust or as it may be amended from time to time.

Beneficiary may
at any time, without the consent of or notice to Grantor, without incurring responsibility to Grantor and without impairing, releasing,
reducing or affecting the obligations of Grantor hereunder: (i) change the manner, place or terms of payment of all or any
part of the Obligation, or renew, extend, modify, rearrange or alter all or any part of the Obligation; (ii) change the interest
rate accruing on any of the Obligation (including, without limitation, any periodic change in such interest rate that occurs because
such Obligation accrues interest at a variable rate which may fluctuate from time to time); (iii) sell, exchange, release, surrender,
subordinate, realize upon or otherwise deal with in any manner and in any order any collateral for all or any part of the Obligation
or this Deed of Trust or setoff against all or any part of the Obligation; (iv) neglect, delay, omit, fail or refuse to take or
prosecute any action for the collection of all or any part of the Obligation or this Deed of Trust or to take or prosecute any
action in connection with any of the Loan Documents; (v) exercise or refrain from exercising any rights against Grantor or others,
or otherwise act or refrain from acting; (vi) settle or compromise all or any part of the Obligation and subordinate the payment
of all or any part of the Obligation to the payment of any obligations, indebtedness or liabilities which may be due or become
due to Beneficiary or others; (vii) apply any deposit balance, fund, payment, collections through process of law or otherwise or
other collateral of Grantor to the satisfaction and liquidation of the indebtedness or obligations of Grantor to Beneficiary not
secured by this Deed of Trust; and (viii) apply any sums paid to Beneficiary by Grantor or others to the Obligation in such order
and manner as Beneficiary, in its sole discretion, may determine.

Should Beneficiary
seek to enforce the obligations of Grantor hereunder by action in any court or otherwise, Grantor waives any requirement, substantive
or procedural, that (i) Beneficiary first enforce any rights or remedies against any other person or entity liable to Beneficiary
for all or any part of the Obligation, including without limitation that a judgment first be rendered against any other person
or entity, or that any other person or entity should be joined in such cause, or (ii) Beneficiary first enforce rights against
any collateral which shall ever have been given to secure all or any part of the Obligation or this Deed of Trust. Such waiver
shall be without prejudice to Beneficiary’s right, at its option, to proceed against any other person or entity, whether
by separate action or by joinder.

In addition to any
other waivers, agreements and covenants of Grantor set forth herein, Grantor hereby further waives and releases all claims, causes
of action, defenses and offsets for any act or omission of Beneficiary, its directors, officers, employees, representatives or
agents in connection with Beneficiary’s administration of the Obligation, except for Beneficiary’s willful misconduct
and gross negligence.

To the extent not
prohibited by applicable law, Grantor waives (i) each of Grantor’s rights or defenses, regardless of whether they arise under
(A) Rule 31 of the Texas Rules of Civil Procedure, (B) Section 17.001 of the Texas Civil Practice and Remedies Code, or (C) any
other statute or law, common law, in equity, under contract or otherwise, or under any amendments, recodifications, supplements,
or any successor statute or law of or to any such statute or law, and (ii) any and all rights under Sections 51.003, 51.004 and
51.005 of the Texas Property Code, and under any amendments, recodifications, supplements or any successor statute or law of or
to any such statute or law.

Grantor agrees that
its obligations hereunder shall not be released, diminished, impaired, reduced or affected by the occurrence of any one or more
of the following events: (i) the death, disability or lack of corporate power of Grantor or any guarantor of all or any part of
the Obligation, (ii) any receivership, insolvency, bankruptcy or other proceedings affecting Grantor or any guarantor of all or
any part of the Obligation, or any of their respective property; (iii) the partial or total release or discharge Grantor of all
or any part of the Obligation, or any other person or entity from the performance of any obligation contained in any instrument
or agreement evidencing, governing or securing all or any part of the Obligation, whether occurring by reason of law or otherwise;
(iv) the taking or accepting of any collateral for all or any part of the Obligation or this Deed of Trust; (v) the taking or accepting
of any guaranty for all or any part of the Obligation; (vi) any failure by Beneficiary to acquire, perfect or continue any lien
or security interest on collateral securing all or any part of the Obligation or this Deed of Trust; (vii) the impairment of any
collateral securing all or any part of the Obligation or this Deed of Trust; (viii) any failure by Beneficiary to sell any collateral
securing all or any part of the Obligation or this Deed of Trust in a commercially reasonable manner or as otherwise required by
law; (ix) any invalidity or unenforceability of or defect or deficiency in any of the Loan Documents; or (x) any other circumstance
which might otherwise constitute a defense available to, or discharge of, any guarantor of all or any part of the Obligation.

    	 

    	 

    

EXECUTED as of
the date first above written.

 

 

	QUASAR, LLC
	 	 
	By: 	/s/ Samuel May
	Name: 	Samuel May
	Title: 	Chief Executive Officer of
	 	Cabinet Grow, Inc., the sole member

 

 

 

 

Schedule
of Exhibits:

 

Exhibit
A - Land

Exhibit
B - Permitted Exceptions

 

 

 

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF MIDLAND	§

 

This
instrument was acknowledged before me on the ___ day of ________________, 2015, by ____________________, ________________________
of Quasar, LLC, on behalf of said limited liability company.

 

___________________________________

Notary
Public in and for the State of California

 

 

    	 

    	 

    

 

 

EXHIBIT A

TO

DEED OF TRUST, SECURITY AGREEMENT AND
FINANCING STATEMENT

 

Property

 

 

    	 

    	 

    

EXHIBIT B

TO

DEED OF TRUST, SECURITY AGREEMENT AND
FINANCING STATEMENT

 

 

Permitted Exceptions

 

 

[To be completed]EXHIBIT 10.1

AMENDMENT TO THE MANAGEMENT AGREEMENT

This AMENDMENT dated effective as of January 1, 2016 to the MANAGEMENT AGREEMENT made as of the 12th day of May 2014 (the “Management Agreement”), among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and CENTURION INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Advisor”, and together with CMF and the Partnership, the “Parties”).

W I T N E S S E T H:

WHEREAS, CMF allocates, from time to time, a certain amount of the assets of the Partnership to the Advisor to trade pursuant to the Management Agreement; and

WHEREAS, effective January 1, 2016, the Advisor’s monthly fee for professional management services is being reduced to 1/12 of 1.00% (1.00% per year); and

WHEREAS, the Parties wish to amend the Management Agreement to reflect this change,

NOW, THEREFORE, the parties agree as follows:

1.    The text of Section 3(a) of the Management Agreement shall be deleted in its entirety and replaced by the following:

“In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee (“Incentive Fee”) payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services (“Management Fee”) equal to 1/12 of 1.00% (1.00% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1.00% and dividing the result thereof by 12).”

2.    The foregoing amendment shall take effect as of the 1st day of January 2016.

3.    In all other respects the Management Agreement remains unchanged and of full force and effect.

4.    This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute the same agreement.

5.    This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first above written.

	 	
CERES MANAGED FUTURES LLC

	 	 	 
	 	 	 
	 	
By

	 

/s/ Patrick T. Egan                                         

	 	 	
Patrick T. Egan

	 	 	
President & Director

	 	 	 
	 	 	 
	 	
EMERGING CTA PORTFOLIO L.P.

	 	 	 
	 	
By:  Ceres Managed Futures LLC, its general partner

	 	 	 
	 	 	 
	 	
By

	 

/s/ Patrick T. Egan                                          

	 	 	
Patrick T. Egan

	 	 	
President & Director

	 	 	 
	 	 	 
	 	
CENTURION INVESTMENT MANAGEMENT LLC

	 	 	 
	 	 	 
	 	
By

	 

/s/ Umran Zia                                                 

	 	
Name:  Umran Zia

	 	
Title:  CEO

- 2 -

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