SEC Contract Filing

Filing Date: 2016-11-14

Document Content:
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<TYPE>EX-10.103
<SEQUENCE>6
<FILENAME>d246534dex10103.htm
<DESCRIPTION>EX-10.103
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<TITLE>EX-10.103</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.103 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LOAN AGREEMENT </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Acquisition and Development Loan and Revolving Construction Line of Credit) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS LOAN AGREEMENT is made effective as of the 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of September, 2016 by and
between <B>DRESDEN, LLC</B>, a Maryland limited liability company (&#147;<B>Dresden</B>&#148;) and<B> COMSTOCK EMERALD FARM, L.C.</B>, a Virginia limited liability company (&#147;<B>Emerald Farm</B>&#148;) (individually, collectively, jointly and
severally, the &#147;<B>Borrower</B>&#148;) and <B>CARDINAL BANK</B>, a Virginia state chartered bank (&#147;<B>Lender</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RECITALS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">R-1.&nbsp;&nbsp;&nbsp;&nbsp;Dresden is the owner or contract purchaser of certain real property more particularly described on <B><U>Exhibit
A-1</U></B> attached hereto and by this reference made a part hereof (the &#147;<B>Spring Ridge Lots</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">R-2.&nbsp;&nbsp;&nbsp;&nbsp;Emerald Farm is the owner of certain real property more particularly described on <B><U>Exhibit A-2</U></B>
attached hereto and by this reference made a part hereof (the &#147;<B>Emerald Farm Lots</B>&#148; which together with the Spring Ridge Lots are individually a &#147;<B>Lot</B>&#148; and collectively, the &#147;<B>Lots</B>&#148; or the
&#147;<B>Land</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">R-3.&nbsp;&nbsp;&nbsp;&nbsp;Lender has agreed to make (i)&nbsp;an acquisition and development line of credit to
Borrower in the maximum aggregate principal amount that may be advanced of <B>One Million Eight Hundred Sixty-Five Thousand Two Hundred Fifty and no/100 Dollars ($1,865,250)</B> on a non-revolving basis (the &#147;<B>A&amp;D Loan</B>&#148;) to
finance a portion of Borrower&#146;s cost to acquire the Spring Ridge Lots and develop the Spring Ridge Lots into twenty-one (21)&nbsp;finished single family detached lots, and (ii)&nbsp;a construction line of credit in the maximum principal amount
of <B>Two Million Seven Hundred Sixty Thousand and no/100 Dollars ($2,760,000)</B> that may be outstanding at any one time advanced and re-advanced on a revolving basis for and on account of materials to be furnished and labor and services to be
performed in connection with the construction of twenty-seven (27)&nbsp;single family detached residential Units (hereinafter defined) and certain other improvements upon the Land (the &#147;<B>Construction Line</B>&#148;), as amended, modified,
supplemented and increased from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">R-4.&nbsp;&nbsp;&nbsp;&nbsp;Simultaneously with the execution and delivery hereof, Borrower
has executed that certain Credit Line Deed of Trust Note dated of even date herewith in the principal amount of <B>$4,625,250.00 </B>and that certain Credit Line Deed of Trust, Assignment and Security Agreement of even date herewith to secure the
same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W I T N E S S E T H</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For and in consideration of these presents, and in further consideration of the mutual covenants and agreements herein set forth and of the
sum of Ten Dollars ($10.00) lawful money of the United States of America by each of the parties to the other paid, receipt of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE I </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFINITIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.0&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. Borrower and Lender agree that, unless the context otherwise specifies or requires, the
following terms shall have the meanings herein specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>A&amp;D Loan</U> &#150; The non-revolving line of credit from Lender to Borrower evidenced by the Note, to be advanced and repaid pursuant
to this Loan Agreement and secured by the Financing Documents to be used to finance a portion of Borrower&#146;s cost to acquire the Spring Ridge Lots and develop the them into twenty-one (21)&nbsp;finished single family detached building Lots as
more particularly set forth in the recitals to this Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt