SEC Contract Filing

Filing Date: 2022-01-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ea154138ex10-5_manufactured.htm
<DESCRIPTION>PROMISSORY NOTE ISSUED BY CHARLOTTE 3 PARK MHP LLC TO PACIFIC CURRENT PARTNERS LLC ON DECEMBER 21, 2021
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.5</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROMISSORY NOTE</U></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 15%; font-size: 10pt"><U>Date of Note</U>:</TD>
 <TD STYLE="width: 85%; font-size: 10pt">Effective as of December 21, 2021</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD STYLE="font-size: 10pt"><U>Note Amount</U>:</TD>
 <TD STYLE="font-size: 10pt"><B>$<U>1,500,000.00</U></B></TD></TR>
 </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS PROMISSORY NOTE (this
&ldquo;<U>Note</U>&rdquo;), is made by <FONT STYLE="background-color: white"><B>CHARLOTTE 3 PARK MHP LLC</B></FONT>, a North Carolina limited
liability company (&ldquo;<U>Borrower</U>&rdquo;), having an address at 136 Main Street, Pineville, North Carolina 28134, to and in favor
of <B>PACIFIC CURRENT PARTNERS, LLC</B>, a California limited liability company (&ldquo;<U>Lender</U>&rdquo;), having an address at 548
Market Street, Suite 50631, San Francisco, California 94104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, FOR VALUE
RECEIVED, Borrower unconditionally promises to pay to the order of Lender, without any counterclaim, setoff or deduction whatsoever, on
the Maturity Date (as hereinafter defined), at the office of Lender, or at such other place as Lender may designate to Borrower in writing
from time to time, the principal sum of <B>ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000.00)</B>, together with interest
on so much thereof as is from time to time outstanding and unpaid, from the date of the advance of the principal evidenced hereby, at
the rate of <B>5.00%</B> per annum (the &ldquo;<U>Note Rate</U>&rdquo;), in lawful money of the United States of America, which shall at
the time of payment be legal tender in payment of all debts and dues, public and private.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><U>ARTICLE I - TERMS AND
CONDITIONS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1 <U>Payment
of Principal and Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) Interest
shall be paid on the principal amount of the Loan at the Note Rate for the immediately preceding interest accrual period and for the actual
number of days elapsed for any whole or partial month in which interest is being calculated. In computing the number of days during which
interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made,
and the day on which funds are repaid shall be included unless repayment is credited prior to close of business. Payments in federal funds
immediately available in the place designated for payment received by Lender prior to 1:00 p.m. (eastern time) at said place of payment
shall be credited prior to close of business, while other payments may, at the option of Lender, not be credited until immediately available
to Lender in federal funds in the place designated for payment prior to 1:00 p.m. (eastern time) at said place of payment on the next
day on which Lender is open for business. On the date hereof, Borrower shall pay to Lender the amount of <B>$[___]</B> which is calculated
as the interest owed for the period from the date hereof through and including <B>December 31, 2021</B>. Thereafter, interest shall be
payable in arrears beginning on <B>February 1,&nbsp;2022</B>, and continuing on the first (1<SUP>st</SUP>) day of each and every month
(each a &ldquo;<U>Payment Date</U>&rdquo;) thereafter through and including <B>March 1, 2022</B> (the &ldquo;<U>Maturity Date</U>&rdquo;,
subject to extension in accordance with Section 1.1(c) hereof), at which time (subject to the extension options provided in Section 1.1(c)
hereof) the entire outstanding principal balance hereof, together with all accrued but unpaid interest thereon, shall be due and payable
in full. Each such monthly installment shall be applied first to the payment of accrued interest and then to reduction of principal. Lender
shall have the right from time to time, in its sole discretion, upon not less than thirty (30) days prior written notice to Borrower,
to change the Payment Date to a different calendar day each month.</P>

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