SEC Contract Filing

Filing Date: 2021-11-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>5
<FILENAME>ea150024ex10-5_manufacture.htm
<DESCRIPTION>ASSIGNMENT OF LEASES, RENTS, AND PROFITS, DATED OCTOBER 25, 2021, BETWEEN NORTH RALEIGH MHP LLC AND LIBERTY BANKERS LIFE INSURANCE COMPANY
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Drawn By:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jay A. LaJone, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Steptoe &amp; Johnson, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1603 LBJ Freeway, Suite 280</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, TX 75234</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After recording, this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">instrument should be returned to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liberty Bankers Life Insurance Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1605 LBJ Freeway, Suite 700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas 75234</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn:&#9;Loan Servicing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ASSIGNMENT OF LEASES,
RENTS AND PROFITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A. <U>INTRODUCTION</U>.
This is an assignment of leases and the rents and profits (&ldquo;<B>Assignment</B>&rdquo;) related thereto made this 25 day of October,
2021, by <B>NORTH RALEIGH MHP LLC, </B>a North Carolina limited liability company (the &ldquo;<B>Assignor</B>&rdquo;), in favor of <B>LIBERTY
BANKERS LIFE INSURANCE COMPANY</B>, an Oklahoma insurance company (the &ldquo;<B>Assignee</B>&rdquo;), and it recites and provides as
follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">B. <U>RECITALS</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Pursuant
to a Loan Agreement dated of even date herewith between Assignor and Assignee (the &ldquo;<B>Loan Agreement</B>&rdquo;), the Assignee
has agreed to make a loan (the &ldquo;<B>Loan</B>&rdquo;) to the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2 In
connection therewith, the Assignor has agreed to execute a Promissory Note of even date herewith payable to the order of the Assignee
in the principal amount of $5,323,000.00 (the &ldquo;<B>Note</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. To
induce the Assignee to make the Loan and in consideration of the Assignee&rsquo;s execution of the Loan Agreement and the making of the
Loan to the Assignor, the Assignor has agreed to the assignment contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C. <U>AGREEMENT</U>.
As a result of the above recitals, which are part of this Assignment, and for and in consideration of the matters recited above, of the
premises, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor covenants
and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Assignor
hereby grants, conveys and assigns to Assignee, as additional security for the payment of the Note and the performance of Assignor&rsquo;s obligations
under the Loan Agreement and under the Deed of Trust, Security Agreement and Fixture Filing with Assignment of Rents of even date herewith
securing payment of the Note (the &ldquo;<B>Security Instrument</B>&rdquo;), all of the right, title and interest of Assignor in, to and
under any and all leases and/or instruments of lease now existing or hereafter entered into (including all rents, issues or profits) and
any extensions and/or renewals thereof (collectively, the &ldquo;<B>Leases</B>&rdquo;) relating to the premises described in <B>Exhibit
&ldquo;A&rdquo;</B> attached hereto (the &ldquo;<B>Premises</B>&rdquo;), to which schedule ref