SEC Contract Filing

Filing Date: 2018-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>frphex10a.htm
<DESCRIPTION>LOAN AGREEMENT BETWEEN RIVERFRONT AND EAGLEBANK
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>LOAN AGREEMENT</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS LOAN AGREEMENT (as
amended, modified or supplemented from time to time, this &quot;<B>Agreement</B>&quot;), dated as of the ___ day of November, 2017,
by and between <B><U>EAGLEBANK</U></B> (the &quot;<B>Lender</B>&quot;) and <B><U>RIVERFRONT HOLDINGS I, LLC</U></B>, a Delaware
limited liability company (the &#8220;<B>Borrower</B>&quot;), recites and provides:</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 401.85pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>RECITALS</U>:</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the terms of
this Agreement, Lender agrees to make a loan to Borrower, as more particularly described in Section 1.1 below (the &#8220;<B>Loan</B>&#8221;),
for the refinance of certain land, together with the completed improvements constructed thereon consisting of an existing multi-family
building containing approximately 281,106 gross square feet of residential space together with approximately 14,176 square feet
of retail space and 273 underground parking spaces, commonly known as &#8220;Dock 79&#8221; and located at 79 Potomac Avenue, S.E.,
Washington, D.C. 20003 and more particularly described in <U>Exhibit A</U> attached hereto and incorporated herein by this reference
(the &#8220;<B>Property</B>&#8221;) and repayment of certain investor funding. Lender and Borrower agree that the Loan shall be
made on the following terms, covenants and conditions.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>AGREEMENT</U></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">ACCORDINGLY, for and in
consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, Lender and Borrower agree as follows:</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">SECTION ONE</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>THE LOAN</U></P>

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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">1.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><U>Amount</U>. The maximum principal amount of
the Loan shall not exceed the &#8220;<B>Maximum Loan Amount</B>&#8221; which shall be the lesser of: (i) Ninety Million and No/100
Dollars ($90,000,000.00) or (ii) sixty percent (60%) of the &#8220;as is&#8221; value of the Property (the &#8220;<B>Appraised
Value</B>&#8221;), pursuant to the Appraisal (hereinafter defined). The Loan shall be evidenced by a Deed of Trust Note of even
date herewith made by the Borrower payable to the order of Lender (the &#8220;<B>Note</B>&#8221;). </FONT></P>

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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">1.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><U>Purpose</U>. At closing on the Loan, an amount
equal to the Maximum Loan Amount will be advanced toward, among other purposes, the refinance and closing costs incurred by the
Borrower with respect to the Property and to pay the amount required in order to redeem the interests in the Borrower held by EB-5
Capital-Jobs Fund 8, L.P. (&#8220;EB-5&#8221;).</FONT></P>

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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">1.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><U>Term; Conversion to Amortizing Loan</U>. The
Loan shall initially be an interest only loan for the period ending forty-eight (48) months after the date hereof (the &#8220;<B>Conversion
Date</B>&#8221;). On the Conversion Date, the Loan shall convert to an amortizing loan, with monthly payments of principal and
interest due and payable in accordance with the terms of the Note and with a maturity of one hundred twenty (120) months after
the date hereof.</FONT></P>

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