SEC Contract Filing

Filing Date: 2017-02-10

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>LOAN
PURCHASE AND SALE AGREEMENT</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
LOAN PURCHASE AND SALE AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) dated as of the 6th day of February, 2017 between <B>SHEPHERD&rsquo;S
FINANCE, LLC, </B>a Delaware limited liability company (&ldquo;<B>Seller</B>&rdquo;) having an address at 12627 San Jose Boulevard,
Suite 203, Jacksonville, Florida 32223, and <B>BUILDER FINANCE, INC.</B>, a South Dakota corporation (&ldquo;<B>Buyer&rdquo;</B>)
having its principal place of business at 55 East 59<SUP>th</SUP> Street, New York, NY 10022.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Seller
is engaged in the business of originating commercial loans (hereinafter referred to individually as a &ldquo;<B>Loan</B>&rdquo;
or collectively as &ldquo;<B>Loans</B>&rdquo;) to certain builders (hereinafter referred to individually as a &ldquo;<B>Borrower</B>&rdquo;
or collectively as &ldquo;<B>Borrowers</B>&rdquo;) for the construction of residential dwellings and/or the development of residential
buildings lots (hereinafter referred to individually as a &ldquo;<B>Property</B>&rdquo; or collectively as &ldquo;<B>Properties</B>&rdquo;).
The Loans will be evidenced by certain notes (hereinafter referred to individually as a &ldquo;<B>Note</B>&rdquo; or collectively
as &ldquo;<B>Notes</B>&rdquo;). The obligations under the Notes will be secured by, among other things, mortgages or deeds of
trust encumbering the Properties (hereinafter referred to individually as a &ldquo;<B>Mortgage</B>&rdquo; or collectively as &ldquo;<B>Mortgages</B>&rdquo;),
as more particularly described in the Mortgages.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Seller
desires to sell and Buyer desires to buy, from time to time, senior priority interests in certain Loans made to fund the vertical
construction of one to four family residential dwellings, that have been approved by Buyer&rsquo;s internal credit committee,
in its sole and absolute discretion (hereinafter referred to individually as a an &ldquo;<B>Eligible Loan</B>&rdquo; and collectively
as &ldquo;<B>Eligible Loans</B>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Subject
to the terms and conditions contained herein, Seller will service the Eligible Loans and act as administrative agent for Buyer
and Seller in respect of the Loans.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION
OF RECITALS; DEFINITIONS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 <B><U>Incorporation
of Recitals</U>. </B>The above recitals are incorporated herein by this reference as if they were set forth herein in their entirety.</FONT></P>