<SEC-DOCUMENT>0001144204-18-039897.txt : 20180725
<SEC-HEADER>0001144204-18-039897.hdr.sgml : 20180725
<ACCEPTANCE-DATETIME>20180725162552
ACCESSION NUMBER:		0001144204-18-039897
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180724
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180725
DATE AS OF CHANGE:		20180725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	PERIODICALS:  PUBLISHING OR PUBLISHING AND PRINTING [2721]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		18968951

	BUSINESS ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462
		BUSINESS PHONE:		610-487-0905

	MAIL ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv499167_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported):&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 24, 2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center; font-size: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AMREP CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Exact name of Registrant as specified in its charter)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Oklahoma</B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1-4702</B></FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>59-0936128</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(State or other jurisdiction of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Commission File</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(IRS Employer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>incorporation)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 65%; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>620 West Germantown Pike, Suite 175</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Plymouth Meeting, PA</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19462</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610) 487-0905&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Former name or former address, if changed since last report)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 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">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 24, 2018, Hawksite 27 Development
Company, LLC (&ldquo;Borrower&rdquo;), an indirect subsidiary of AMREP Corporation, entered into a Business Loan Agreement with
Main Bank (&ldquo;Lender&rdquo;). The Business Loan Agreement is evidenced by a Promissory Note, dated July 20, 2018, and is secured
by a Mortgage, between Borrower and Lender, dated July 20, 2018, with respect to 159 planned residential lots within the Hawk Site
subdivision (the &ldquo;Mortgaged Property&rdquo;). Pursuant to a Commercial Guaranty, dated July 24, 2018, entered into by AMREP
Southwest Inc. (&ldquo;Guarantor&rdquo;) in favor of Lender, Guarantor has guaranteed Borrower&rsquo;s obligations under each of
the above agreements. The Business Loan Agreement, Promissory Note, Mortgage, Commercial Guaranty and other related transaction
documents are collectively referred to as the &ldquo;Loan Documentation.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Loan Documentation, Lender
agrees to lend up to $1,800,000 to Borrower on a non-revolving line of credit basis to partially fund the development of the Mortgaged
Property. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the Wall Street
Journal Prime Rate plus a spread of 2.38%, adjusted annually. Lender is required to release the lien of its mortgage on any lot
included in the Mortgaged Property upon Borrower making a principal payment equal to the greater of $30,000 or 55% of the sales
price of the lot. Borrower is required to reduce the principal balance of the loan to a maximum of $1,700,000 at July 20, 2020.
The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature on July
20, 2021. Borrower incurred customary costs and expenses and paid fees to Lender in connection with the loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Borrower and Guarantor have made certain
representations and warranties in the Loan Documentation and are required to comply with various covenants, reporting requirements
and other customary requirements for similar loans. The Loan Documentation contains customary events of default for similar financing
transactions, including: Borrower&rsquo;s failure to make principal, interest or other payments when due; the failure of Borrower
or Guarantor to observe or perform their respective covenants under the Loan Documentation; the representations and warranties
of Borrower or the Guarantor being false; and&nbsp;the insolvency or bankruptcy of Borrower or Guarantor. Upon the occurrence and
during the continuance of an event of default, Lender may declare the outstanding principal amount and all other obligations under
the Loan Documentation immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Loan Documentation
is a summary only and is qualified in all respects by the provisions of the Loan Documentation. Copies of the Business Loan Agreement,
Promissory Note, Mortgage and Commercial Guaranty are attached hereto as Exhibits 10.1 through 10.4 and are incorporated herein
by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information in Item 1.01 of this Current
Report on Form 8-K is incorporated by reference into this Item 2.03.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">(d) Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit Number</FONT></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Business Loan Agreement, dated July 20, 2018, between Main Bank and Hawksite 27 Development Company, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Promissory Note, dated July 20, 2018, by Hawksite 27 Development Company, LLC in favor of Main Bank.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Mortgage, dated July 20, 2018, between Main Bank and Hawksite 27 Development Company, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Commercial Guaranty, dated July 24, 2018, made by AMREP Southwest Inc. for the benefit of Main Bank.</FONT></A></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt"><B>AMREP Corporation</B></TD></TR>
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">Date: July 25, 2018</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Christopher V. Vitale</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Name:&nbsp;&nbsp;Christopher V. Vitale</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
</TABLE>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>EXHIBIT INDEX</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit Number</FONT></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Business Loan Agreement, dated July 20, 2018, between Main Bank and Hawksite 27 Development Company, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Promissory Note, dated July 20, 2018, by Hawksite 27 Development Company, LLC in favor of Main Bank.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Mortgage, dated July 20, 2018, between Main Bank and Hawksite 27 Development Company, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tv499167_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv499167_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Commercial Guaranty, dated July 24, 2018, made by AMREP Southwest Inc. for the benefit of Main Bank.</FONT></A></TD></TR>
</TABLE>

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

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv499167_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Business Loan
Agreement</B></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: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 15%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Maturity Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan No.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Call / Coll</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Officer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Initials</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>$1,800,000.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>07/20/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>7/20/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>1218300</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>ACS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;ACS</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">References in the boxes above are for Lender&rsquo;s use only and do not limit the applicability of this document to any particular loan or item.</FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Any item above containing &ldquo;***&rdquo; has been omitted due to text length limitations.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Company:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Hawksite 27 Development Company, LLC</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Lender:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Main Bank</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>333 Rio Rancho Blvd NE, Suite 202</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque Office</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Rio Rancho, NM 87124</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>7300 Menaul Blvd., NE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque, NM 87110</B></FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS
BUSINESS LOAN AGREEMENT dated July 20, 2018, is made and executed between Hawksite 27 Development Company, LLC (&ldquo;Borrower&rdquo;)
and Main Bank (&ldquo;Lender&rdquo;) on the following terms and conditions. Borrower has received prior commercial loans from
Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be
described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing,
or extending any Loan, Lender is <B>relying upon Borrower&rsquo;s representations, warranties, and agreements as set forth </B>in
<B>this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender&rsquo;s
sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.</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"><B>TERM.
</B>This Agreement shall be effective as of July 20, 2018, and shall continue in full force and effect until such time as all
of Borrower&rsquo;s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys&rsquo;
fees, and other fees and charges, or until July 20, 2021.</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"><B>CONDITIONS PRECEDENT
TO EACH ADVANCE. </B>Lender&rsquo;s obligation to make the initial Advance and each subsequent Advance under this Agreement shall
be subject to the fulfillment to Lender&rsquo;s satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents.</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-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Loan
Documents. </B>Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting
to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender&rsquo;s Security
Interests; (4) evidence of insurance as required below; (5) together with all such Related Documents as Lender may require for
the Loan; all in form and substance satisfactory to Lender and Lender&rsquo;s counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 32.15pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Borrower&rsquo;s
Authorization. </B>Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly
authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have
provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0.45in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Payment
of Fees and Expenses. </B>Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable
as specified in this Agreement or any Related Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 0.45in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Representations
and Warranties. </B>The representations and warranties set forth in this Agreement, in the Related Documents, and in any document
or certificate delivered to Lender under this Agreement are true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 32.45pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>No
Event of Default. </B>There shall not exist at the time of any Advance a condition which would constitute an Event of Default
under this Agreement or under any Related Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 32.45pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>REPRESENTATIONS
AND WARRANTIES. </B>Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement
of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0.2in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Organization. </B>Borrower
is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under
and by virtue of the laws of the State of New Mexico. Borrower is duly authorized to transact business in all other states in
which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in
which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability
company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.
Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged
or presently proposes to engage. Borrower maintains an office at 333 Rio Rancho Blvd NE, Suite 202, Rio Rancho, NM 87124. Unless
Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records
including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower&rsquo;s
state of organization or any change in Borrower&rsquo;s name. Borrower shall do all things necessary to preserve and to keep in
full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes,
orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower&rsquo;s business
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 32.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Assumed
Business Names. </B>Borrower has filed or recorded all documents or filings required by law relating to all assumed business names
used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower
does business: <B>None.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 32.45pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Authorization.
</B>Borrower&rsquo;s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any
provision of (a) Borrower&rsquo;s articles of organization or membership agreements, or (b) any agreement or other instrument
binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower&rsquo;s
properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 32.35pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Financial Information.
</B>Each of Borrower&rsquo;s financial statements supplied to Lender truly and completely disclosed Borrower&rsquo;s financial
condition as of the date of the statement, and there has been no material adverse change in Borrower&rsquo;s financial condition
subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations
except as disclosed in such financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0.45in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Legal
Effect. </B>This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when
delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 32.45pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Properties.
</B>Except as contemplated by this Agreement or as previously disclosed in Borrower&rsquo;s financial statements or in writing
to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns
and has good title to all of Borrower&rsquo;s properties free and clear of all Security Interests, and has not executed any security
documents or financing statements relating to such properties. All of Borrower&rsquo;s properties are titled in Borrower&rsquo;s
legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.45in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Hazardous Substances.
</B>Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period
of Borrower&rsquo;s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal,
release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower
has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about
or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or
claims of any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized
user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on,
under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal,
state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender
and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance
of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower&rsquo;s expense
and for Lender&rsquo;s purposes only and shall not be construed to create any responsibility or liability on the part of Lender
to Borrower or to any other person. The representations and warranties contained herein are based on Borrower&rsquo;s due diligence
in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future
claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any
such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages,
penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the
Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous
waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and
defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall
not be affected by Lender&rsquo;s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0.45in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Litigation and Claims.
</B>No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.35pt; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>BUSINESS
    LOAN AGREEMENT<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    2</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">against
Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower&rsquo;s financial
condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged
by Lender in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 23.95pt; text-align: justify; text-indent: 0.1pt; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Taxes.
</B>To the best of Borrower&rsquo;s knowledge, all of Borrower&rsquo;s tax returns and reports that are or were required to be
filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently
being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been
provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 23.95pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Lien
Priority. </B>Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security
Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or
indirectly securing repayment of Borrower&rsquo;s Loan and Note, that would be prior or that may in any way be superior to Lender&rsquo;s
Security Interests and rights in and to such Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 24.2pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Binding
Effect. </B>This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers
thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 24.35pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AFFIRMATIVE COVENANTS. </B>Borrower
covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower&rsquo;s financial
condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions
affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition
of any Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 24.45pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Financial
Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and
audit Borrower&rsquo;s books and records at all reasonable times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.7pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Financial
Statements. </B>Furnish Lender with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><B>Annual
Statements.</B> As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year,
Borrower&rsquo;s balance sheet and income statement for the year ended, prepared by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.65pt; text-align: left; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><B>Additional
Requirements. Tax Returns. </B>Not later than ninety (90) days after AMREP Corporation has filed its tax return for the tax reporting
period ended, Borrower shall deliver the AMREP Corporation tax return to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 42.7pt; text-align: left; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">All
financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent
basis, and certified by Borrower as being true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.7pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Additional Information.
</B>Furnish such additional information and statements, as Lender may request from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Additional
Requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">HVCRE:
Borrower shall maintain a minimum 15% cash equity at all times, including subordinate lien(s). Any additional financing on said
property will need to have Main Bank&rsquo;s prior written approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 24.7pt; text-align: justify; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Insurance. </B>Maintain
fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower&rsquo;s
properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request
of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,
including stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice
to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired
in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in
which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender&rsquo;s loss
payable or other endorsements as Lender may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 24.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Insurance Reports. </B>Furnish
to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably
request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the
policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and
the manner of determining those values; and (6) the expiration date of the policy. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Guaranties</B>.
Prior to disbursement of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by the guarantor
named below, on Lender&rsquo;s forms, and in the amount and under the conditions set forth in those guaranties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.7pt; text-align: justify; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.7pt; text-align: justify; color: #151616"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Guarantor</B></FONT></TD>
    <TD STYLE="width: 9%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>AMREP Southwest Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Unlimited</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.7pt; text-align: justify; color: #151616"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.35in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Other
Agreements. </B>Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower
and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 24.95pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Loan
Proceeds. </B>Use all Loan proceeds solely for Borrower&rsquo;s business operations, unless specifically consented to the contrary
by Lender in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 24.95pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Taxes,
Charges and Liens. </B>Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments,
taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits,
prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any
of Borrower&rsquo;s properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such
assessment, tax, charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate
proceedings, and (2) Borrower shall have established on Borrower&rsquo;s books adequate reserves with respect to such contested
assessment, tax, charge, levy, lien, or claim in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 24.7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Performance.
</B>Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related
Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in
writing of any default in connection with any agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 24.85pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Operations.
</B>Maintain executive and management personnel with substantially the same qualifications and experience as the present executive
and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business
affairs in a reasonable and prudent manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 24.9pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Environmental
Studies. </B>Promptly conduct and complete, at Borrower&rsquo;s expense, all such investigations, studies, samplings and testings
as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance
defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive,
at or affecting any property or any facility owned, leased or used by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.95pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Compliance with Governmental
Requirements. </B>Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities
applicable to the conduct of Borrower&rsquo;s properties, businesses and operations, and to the use or occupancy of the Collateral,
including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance,
or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender
in writing prior to doing so and so long as, in Lender&rsquo;s sole opinion, Lender&rsquo;s interests in the Collateral are not
jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect
Lender&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 24.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Inspection.
</B>Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower&rsquo;s
other properties and to examine or audit Borrower&rsquo;s books, accounts, and records and to make copies and memoranda of Borrower&rsquo;s
books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer
generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower,
upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide
Lender with copies of any records it may request, all at Borrower&rsquo;s expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 24.85pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Compliance Certificates.
</B>Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower&rsquo;s chief
financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth
in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the certificate,
no Event of Default exists under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 24.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Environmental
Compliance and Reports. </B>Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to
exist, as a result of an intentional or unintentional action or omission on Borrower&rsquo;s part or on the part of any third
party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless
such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal,
state or local governmental authorities ; shall furnish to Lender promptly and in any event within thirty (30) days after receipt
thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or
instrumentality concerning any intentional or unintentional action or omission on Borrower&rsquo;s part in connection with any
environmental activity whether or not there is damage to the environment and/or other natural resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 24.7pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Additional
Assurances. </B>Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.7pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>BUSINESS
    LOAN AGREEMENT<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    3</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">evidence and
secure the Loans and to perfect all Security Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; color: #181A1C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Consent
to Loan Participation. </B>Lender may provide to any one or more purchasers, or potential purchasers, any information or knowledge
Lender may have about Borrower or about any other matter related to the Loan provided that: (i) Lender notifies Borrower in writing
of such disclosure prior to such disclosure; and (ii) such purchaser executes, acknowledges and delivers to Lender and Borrower
a confidentiality agreement in form and substance mutually acceptable to Borrower and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 24.2pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LENDER&rsquo;S EXPENDITURES.
</B>If any action or proceeding is commenced that would materially affect Lender&rsquo;s interest in the Collateral or if Borrower
fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower&rsquo;s failure
to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents,
Lender on Borrower&rsquo;s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including
but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied
or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred
or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender&rsquo;s
option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of
the Note; or (C) be treated as a balloon payment which will be due and payable at the Note&rsquo;s maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 6.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEGATIVE
COVENANTS. </B>Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the
prior written consent of Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 6.7pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Agreements.
</B>Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower&rsquo;s
obligations under this Agreement or in connection herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 24.75pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CESSATION
OF ADVANCES.</B> If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other
agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if : (A) Borrower or any Guarantor
is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor
has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy
or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower&rsquo;s financial condition,
in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks,
claims or otherwise attempts to limit, modify or revoke such Guarantor&rsquo;s guaranty of the Loan or any other loan with Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6.75pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RIGHT OF SETOFF. </B>To
the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower&rsquo;s accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff
would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums
owing on the Indebtedness against any and all such accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEFAULT.
</B>Each of the following shall constitute an Event of Default under this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.95pt; text-align: justify; color: #181A1C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Payment Default. </B>Borrower
fails to make any payment when due under the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Other
Defaults. </B>Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained
in any other agreement between Lender and Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>False Statements. </B>Any
warranty, representation or statement made or furnished to Lender by Borrower or on Borrower&rsquo;s behalf under this Agreement
or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Death
or Insolvency. </B>The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from
Borrower, or any other termination of Borrower&rsquo;s existence as a going business or the death of any member, the insolvency
of Borrower, the appointment of a receiver for any part of Borrower&rsquo;s property, any assignment for the benefit of creditors,
any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 25.25pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Defective
Collateralization.</B> This Agreement or any of the Related Documents ceases to be in full force and effect (including failure
of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 0.35in; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Creditor
or Forfeiture Proceedings. </B>Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the
Loan. This includes a garnishment of any of Borrower&rsquo;s accounts, including deposit accounts, with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim
which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture
proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0.35in; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Events
Affecting Guarantor. </B>Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 25.3pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Adverse
Change. A </B>material adverse change occurs in Borrower&rsquo;s financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 25.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Right
to Cure. </B>If any default is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar
default within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after Lender sends
written notice to Borrower or Grantor, as the case may be, demanding cure of such default: (1) cure the default within fifteen
(15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiate steps which Lender deems in Lender&rsquo;s
sole discretion to be sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient
to produce compliance as soon as reasonably practical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 25.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EFFECT OF AN EVENT OF
DEFAULT.</B> If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents,
all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will
terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender&rsquo;s option, all Indebtedness
immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default
of the type described in the &ldquo;Insolvency&rdquo; subsect ion above, such acceleration shall be automatic and not optional.
In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or
otherwise. Except as may be prohibited by applicable law, all of Lender&rsquo;s rights and remedies shall be cumulative and may
be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,
and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect
Lender&rsquo;s right to declare a default and to exercise its rights and remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 7.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CROSS COLLATERALIZATION.
</B>Any and all collateral pledged to the bank for this and other loans is hereby pledged as collateral to this loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MAXIMUM
LOAN AMOUNT. </B>In the event sufficient lot sales have not occurred on/by July 20, 2020, Borrower will be required to reduce
the principal balance of the loan to a maximum amount of $1,700,000.00 at the end of twenty four (24) months from the start date
of the loan. Main Bank will only release lots through the sale to unrelated third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 7.35pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LOT
RELEASE PROVISION. </B>Minimum Lot Release Price: Individual lots will be released at the greater of 55% of the sales price or
$30,000.00 (approximately 60 lots).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 7.5pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MISCELLANEOUS
PROVISIONS. </B>The following miscellaneous provisions are a part of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt; text-align: justify; color: #181A1C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Amendments.
</B>This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 25.45pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Attorneys&rsquo;
Fees; Expenses. </B>Borrower agrees to pay upon demand all of Lender&rsquo;s costs and expenses, including Lender&rsquo;s attorneys&rsquo;
fees and Lender&rsquo;s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay
someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses
include Lender&rsquo;s attorneys&rsquo; fees and legal expenses whether or not there is a lawsuit, including attorneys&rsquo;
fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals,
and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may
be directed by the court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 25.45pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Caption
Headings. </B>Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define
the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 25.45pt; text-align: justify; text-indent: 0.15pt; color: #181A1C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Governing
Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of New Mexico without regard to its conflicts of law provisions. This Agreement has been accepted by Lender
</B>in the <B>State of New Mexico.</B></P>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>BUSINESS
    LOAN AGREEMENT<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    4</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>No
Waiver by Lender. </B>Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver
of Lender&rsquo;s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No
prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute
a waiver of any of Lender&rsquo;s rights or of any of Borrower&rsquo;s or any Grantor&rsquo;s obligations as to any future transactions.
Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall
not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Notices.
</B>Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight
courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this
Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party&rsquo;s
address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower&rsquo;s current address. Unless
otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed
to be notice given to all Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 23.85pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Severability.
</B>If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to
any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance.
If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality,
invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of
any other provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 23.85pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Subsidiaries
of Borrower. </B>To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation
any representation, warranty or covenant, the word &ldquo;Borrower&rdquo; as used in this Agreement shall include all of Borrower&rsquo;s
subsidiaries. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender
to make any Loan or other financial accommodation to any of Borrower&rsquo;s subsidiaries or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.45pt 0pt 23.95pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Successors
and Assigns. </B>All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents
shall bind Borrower&rsquo;s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower
shall not, however, have the right to assign Borrower&rsquo;s rights under this Agreement or any interest therein, without the
prior written consent of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 24.1pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Survival
of Representations and Warranties. </B>Borrower understands and agrees that in extending Loan Advances, Lender is relying on all
representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered
by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation
made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to
Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each
Loan Advance is made, and shall remain in full force and effect until such time as Borrower&rsquo;s Indebtedness shall be paid
in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.25pt 0pt 24.05pt; text-align: left; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Time is of the Essence.
</B>Time is of the essence in the performance of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Waive
Jury. All parties to this Agreement hereby waive the right to any jury trial </B>in <B>any action, proceeding, or counterclaim
brought by any party against any other party.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEFINITIONS.
</B>The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial
Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance
with generally accepted accounting principles as in effect on the date of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5.9pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Advance. </B>The word
&ldquo;Advance&rdquo; means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower&rsquo;s behalf on a line
of credit or multiple advance basis under the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 24.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Agreement.
</B>The word &ldquo;Agreement&rdquo; means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified
from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.45pt 0pt 24.15pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Borrower.
</B>The word &ldquo;Borrower&rdquo; means Hawksite 27 Development Company, LLC and includes all co-signers and co-makers signing
the Note and all their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 24.1pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Collateral.
</B>The word &ldquo;Collateral&rdquo; means all property and assets granted as collateral security for a Loan, whether real or
personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form
of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral
chattel mortgage, chattel trust, factor&rsquo;s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or
title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever,
whether created by law, contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 24.15pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Environmental
Laws. </B>The words &ldquo;Environmental Laws&rdquo; mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (&ldquo;CERCLA&rdquo;), the Superfund Amendments
and Reauthorization Act of 1986, Pub. L. No. 99-499 (&ldquo;SARA&rdquo;), the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state
or federal laws, rules, or regulations adopted pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 24.05pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Event
of Default. </B>The words &ldquo;Event of Default&rdquo; mean any of the events of default set forth in this Agreement in the
default section of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 24.25pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>GAAP. </B>The
word &ldquo;GAAP&rdquo; means generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.35pt; text-align: justify; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Grantor.
</B>The word &ldquo;Grantor&rdquo; means each and all of the persons or entities granting a Security Interest in any Collateral
for the Loan, including without limitation all Borrowers granting such a Security Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.15pt; text-align: justify; text-indent: 0.15pt; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Guarantor. </B>The word
&ldquo;Guarantor&rdquo; means any guarantor, surety, or accommodation party of any or all of the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Guaranty. </B>The word
&ldquo;Guaranty&rdquo; means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of
the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 24.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Hazardous Substances.
</B>The words &ldquo;Hazardous Substances&rdquo; mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly
used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words &ldquo;Hazardous Substances&rdquo;
are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste
as defined by or listed under the Environmental Laws. The term &ldquo;Hazardous Substances&rdquo; also includes, without limitation,
petroleum and petroleum by-products or any fraction thereof and asbestos.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Indebtedness. </B>The word
&ldquo;Indebtedness&rdquo; means the indebtedness evidenced by the Note or Related Documents, including all principal and interest
together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any
of the Related Documents.</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>BUSINESS
    LOAN AGREEMENT<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    5</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Lender.
</B>The word &ldquo;Lender&rdquo; means Main Bank, its successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Loan.
</B>The word &ldquo;Loan&rdquo; means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter
existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described
on any exhibit or schedule attached to this Agreement from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Note.
</B>The word &ldquo;Note&rdquo; means The Promissory Note dated July 20, 2018, in <B>the original principal amount of $1,800,000.00
</B>from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of,
and substitutions for the Promissory Note or Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Related
Documents. </B>The words &ldquo;Related Documents&rdquo; mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Security
Agreement. </B>The words &ldquo;Security Agreement&rdquo; mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing,
or creating a Security Interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><B>Security
Interest. </B>The words &ldquo;Security Interest&rdquo; mean, without limitation, any and all types of collateral security, present
and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop
pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor &rsquo;s lien, equipment trust, conditional sale,
trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or
lien interest whatsoever whether created by law, contract, or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN
AGREEMENT IS DATED JULY 20, 2018.</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"></P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>BORROWER:</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 61%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>HAWKSITE 27 DEVELOPMENT COMPANY, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><B>/s/ Carey A. Plant</B></TD>
    <TD><B>&nbsp;</B></TD>

    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Carey A. Plant, Vice President and Secretary</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Date: July 24, 2018</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>LENDER:</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>MAIN BANK</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><B>/s/ Alan Shettlesworth</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Alan Shettlesworth, President &amp; COO</B></TD></TR>
</TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tv499167_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Promissory Note</B></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: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 15%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan
    Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Maturity
    Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan
    No.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Call
    / Coll</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Officer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Initials</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>$1,800,000.00
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>07/20/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>7/20/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>1218300</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>ACS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;ACS</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">References
    in the boxes above are for Lender&rsquo;s use only and do not limit the applicability of this document to any particular loan
    or item.</FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Any
    item above containing &ldquo;***&rdquo; has been omitted due to text length limitations.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 75.65pt; text-indent: -48.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Company:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Hawksite 27 Development Company, LLC</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Lender:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Main Bank</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>333 Rio Rancho Blvd NE, Suite 202</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque Office</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Rio Rancho, NM 87124</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>7300 Menaul Blvd., NE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque, NM 87110</B></FONT></TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Principal Amount: $1,800,000.00</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Date of Note: July 20, 2018</B></FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROMISE TO PAY. Hawksite 27 Development
Company, LLC (&ldquo;Borrower&rdquo;) promises to pay to Main Bank (&ldquo;Lender&rdquo;), or order, </B>in <B>lawful money of
the United States of America, the principal amount of One Million Eight Hundred Thousand </B>&amp; <B>00/100 Dollars ($1,800,000.00)
or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest
shall be calculated from the date of each advance until repayment of each advance.</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"><B>PAYMENT. Borrower will pay this loan
</B>in <B>one payment of all outstanding principal plus all accrued unpaid interest on July 20, 2021. </B>In <B>addition, Borrower
will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning August 20, 2018, with
all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable
law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and
then to any late charges. Borrower will pay Lender at Lender&rsquo;s address shown above or at such other place as Lender may
designate in writing.</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"><B>VARIABLE INTEREST RATE. </B>The interest
rate on this Note is subject to change from time to time based on changes in an independent index which is the Wall Street Journal
prime rate (the &ldquo;Index&rdquo;). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index
becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will
tell Borrower the current Index rate upon Borrower&rsquo;s request. The interest rate change will not occur more often than each
year. Borrower understands that Lender may make loans based on other rates as well. <B>The Index currently is 5.000% per annum.
</B>Interest on the unpaid principal balance of this Note will be calculated as described in the &ldquo;INTEREST CALCULATION METHOD&rdquo;
paragraph using a rate of 2.380 percentage points over the Index, resulting in an initial rate of 7.380% per annum based on a
year of 360 days. NOTICE: Under no circumstances will the interest rate on this Note be more than (except for any higher default
rate shown below) the lesser of 18.000% per annum or the maximum rate allowed by applicable law.</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"><B>INTEREST CALCULATION METHOD. Interest
on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest
payable under this Note is computed using this method.</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"><B>PREPAYMENT; MINIMUM INTEREST CHARGE.
</B>Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will
not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law.
In any event, even upon full prepayment of this Note, Borrower understands that Lender is entitled to a <B>minimum interest charge
of $10 0.00.</B> Other than Borrower&rsquo;s obligation to pay any minimum interest charge, Borrower may pay without penalty all
or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve
Borrower of Borrower&rsquo;s obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce
the principal balance due. Borrower agrees not to send Lender payments marked &ldquo;paid in full&rdquo;, &ldquo;without recourse&rdquo;,
or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender&rsquo;s rights under
this Note, and Borrower will remain obligated to pay any further amount owed to Lender. <B>All written communications concerning
disputed amounts, including any check or other payment instrument that indicates that the payment constitutes &ldquo;payment in
full&rdquo; of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed
amount must be </B>mailed or delivered to: Main Bank, Albuquerque Office, 7300 Menaul Blvd., NE, P.O. Box 36630, Albuquerque,
<B>NM</B> 87176.</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"><B>LATE CHARGE.</B> If a payment is 10
days or more late, Borrower will be charged <B>5.000% of the regularly scheduled payment but not to exceed $750.00.</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"><B>INTEREST AFTER DEFAULT. </B>Upon default,
including failure to pay upon final maturity, the interest rate on this Note shall be increased to 18.000% per annum based on
a year of 360 days. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable
law.</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"><B>DEFAULT. </B>Each of the following
shall constitute an event of default (&ldquo;Event of Default&rdquo;) under this Note:</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-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Payment
Default. </B>Borrower fails to make any payment when due under this Note.</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-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Other
Defaults. </B>Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained
in any other agreement between Lender and Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.15pt 0pt 41.4pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>False
Statements. </B>Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower&rsquo;s behalf
under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 41.35pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Death
or Insolvency. </B>The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from
Borrower, or any other termination of Borrower&rsquo;s existence as a going business or the death of any member, the insolvency
of Borrower, the appointment of a receiver for any part of Borrower&rsquo;s property, any assignment for the benefit of creditors,
any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 41.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Creditor
or Forfeiture Proceedings. </B>Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the
loan. This includes a garnishment of any of Borrower&rsquo;s accounts, including deposit accounts, with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim
which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture
proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 41.4pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Events
Affecting Guarantor. </B>Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced
by this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 41.45pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151616; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Adverse
Change. A </B>material adverse change occurs in Borrower&rsquo;s financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 41.4pt; text-align: justify; text-indent: 0.25pt; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Cure
Provisions.</B> If any default is curable and if Borrower has not been given a notice of a breach of the same provision of this
Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) <B>if </B>the cure requires more than fifteen (15)
days, immediately initiates steps which Lender deems in Lender&rsquo;s sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.3pt 0pt 41.6pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LENDER&rsquo;S RIGHTS. </B>Upon default,
Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.5pt 0pt 23.4pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ATTORNEYS&rsquo; FEES; EXPENSES. </B>Lender
may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes,
subject to any limits under applicable law, Lender&rsquo;s attorneys&rsquo; fees and Lender&rsquo;s legal expenses, whether or
not there is a lawsuit, including attorneys&rsquo; fees, expenses for bankruptcy proceedings (including efforts to modify or vacate
any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in
addition to all other sums provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 23.4pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JURY WAIVER</B>. Lender and Borrower
hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender <B>or Borrower against
the other.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.6pt; text-align: justify; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GOVERNING LAW. </B>This Note will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of New Mexico
without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of New Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 23.55pt; text-align: justify; text-indent: -0.1pt; color: #151616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RIGHT OF SETOFF.</B> To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower&rsquo;s accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower
may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 23.35pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>PROMISSORY
    NOTE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    2</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness
against any and all such accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLATERAL. </B>Borrower acknowledges
this Note is secured by a Real Estate Mortgage on real property located at Hawk Site 27 Subdivision, Bernalillo New Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt; text-align: justify; text-indent: -0.05pt; color: #131616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LINE OF CREDIT. </B>This Note evidences
a straight line of credit. Once the total amount of principal has been advanced, Borrower is not entitled to further loan advances.
Advances under this Note, as well as directions for payment from Borrower&rsquo;s accounts, may be requested orally or in writing
by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower
agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited
to any of Borrower&rsquo;s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced
by endorsements on this Note or by Lender&rsquo;s internal records, including daily computer print-outs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 6.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>APPRAISALS. </B>Grantor and Borrower
agree that, whether or not there is a default under the Mortgage, as applicable, Lender may order periodic appraisals of the Real
Property at such intervals as Lender may reasonably require. The appraisals shall be performed by appraisers of Lender&rsquo;s
choice. Grantor and Borrower agree to cooperate with the appraiser and to reimburse Lender for the cost of such appraisals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 6.35pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CROSS COLLATERALIZATION. </B>Any and
all collateral pledged to the bank for this and other loans is hereby pledged as collateral to this loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SUCCESSOR INTERESTS.</B> The terms
of this Note shall be binding upon Borrower, and upon Borrower&rsquo;s heirs, personal representatives, successors and assigns,
and shall inure to the benefit of Lender and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6.45pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTIFY US OF INACCURATE INFORMATION
WE REPORT TO CONSUMER REPORTING AGENCIES</B>. Borrower may notify Lender if Lender reports any inaccurate information about Borrower&rsquo;s
account(s) to a consumer reporting agency. Borrower&rsquo;s written notice describing the specific inaccuracy(ies) should be sent
to Lender at the following address: MAIN BANK 7300 Menaul Blvd., NE P.O. Box 36630 Albuquerque, NM 87176.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GENERAL PROVISIONS. </B>If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its
rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note,
to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this
Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation
maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for
any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender&rsquo;s
security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to
anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the
party with whom the modification is made. The obligations under this Note are joint and several.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 5.9pt; text-align: justify; text-indent: 0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PRIOR TO SIGNING THIS NOTE, BORROWER
READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS
OF THE NOTE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5.7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BORROWER ACKNOWLEDGES RECEIPT OF A
COMPLETED COPY OF THIS PROMISSORY NOTE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136.75pt 0pt 5.85pt; text-align: left; color: #131616">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136.75pt 0pt 5.85pt; text-align: left; color: #131616"></P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>BORROWER:</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 61%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>HAWKSITE 27 DEVELOPMENT COMPANY, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><B>/s/ Carey A. Plant</B></TD>
    <TD><B>&nbsp;</B></TD>

    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Carey A. Plant, Vice President and Secretary</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Date: July 24, 2018</B></TD>
    </TR>
</TABLE>

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

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv499167_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECORDATION REQUESTED BY:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Main
Bank Albuquerque Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">7300
Menaul Blvd., NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">P.O.
Box 36630 Albuquerque, NM 87176</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 399.65pt 0pt 24.2pt; text-align: left; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEN RECORDED MAIL TO:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Main
Bank Albuquerque Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">7300
Menaul Blvd., NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">P.O.
Box 36630 Albuquerque, NM 87176</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 399.65pt 0pt 24.45pt; text-align: left; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEND TAX NOTICES TO:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Main
Bank Albuquerque Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">7300
Menaul Blvd., NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">P.O.
Box 36630</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Albuquerque,
NM 87176</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.7pt; text-align: right; text-indent: 415.5pt">FOR
RECORDER&rsquo;S USE ONLY</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 64pt 0pt 0.5in; text-align: center"><B>MORTGAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 64pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MAXIMUM LIEN.
</B>The lien of this Mortgage shall not exceed at any one time <B>$3,600,000.00.</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">THIS
MORTGAGE dated July 20, 2018, is made and executed between Hawksite 27 Development Company, LLC, a New Mexico limited liability
company, whose address is 333 Rio Rancho Blvd NE, Suite 202, Rio Rancho, NM 87124 (referred to below as &ldquo;Grantor&rdquo;)
and Main Bank, whose address is 7300 Menaul Blvd., NE, P.O. Box 36630, Albuquerque, NM 87176 (referred to below as &ldquo;Lender&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6.6pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GRANT OF MORTGAGE. Grantor, for
consideration paid, grants and conveys to Lender all of Grantor&rsquo;s right, title, and interest in and to the following
described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures;
all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in
utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property,
including without limitation all minerals, oil, gas, geothermal and similar matters, <B>(the &ldquo;Real Property&rdquo;)
located in Sandoval County, State of New Mexico:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6.9pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Tract
numbered Twenty-seven (27) of RIO RANCHO HAWKSITE, A Subdivision of a Portion of Unplatted Property within Unit 25, Rio Rancho
Estates, Being a Portion of Section 8, 9 and 17, Township 13 North, Range 3 East, New Mexico Principal Meridian, City of Rio Rancho,
Sandoval County, New Mexico as the same is shown and designated on the Plat thereof, filed <FONT STYLE="font-weight: normal">in
</FONT>the office of the County Clerk of Sandoval County, New Mexico on February 24, 2005 in Vol. 3, folio 2392-D (Rio Rancho
Estates Plat Book No. 17, Page 16-19).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 24.95pt; text-align: justify; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Real
Property or its address is commonly known as Hawk Site 27 Subdivision, Rio Rancho, NM. If there is a conflict between the legal
description and the Real Property address, the legal description shall control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CROSS-COLLATERALIZATION.
In addition to the Note, this Mortgage secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender,
or any one or more of them, as well as all claims by Lender against Grantor or any one or more of them, whether now existing or
hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not
due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor may be
liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether
recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to
repay such amounts may be or hereafter may become otherwise unenforceable.</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"><B>WITH MORTGAGE
COVENANTS.</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">Grantor
presently assigns to Lender all of Grantor&rsquo;s right, title, and interest in and to all present and future leases of the Property
and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal
Property and Rents.</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"><B>FUTURE
ADVANCES. </B>In addition to the Note, this Mortgage secures all future advances made by Lender to Grantor whether or not the
advances are made pursuant to a commitment. <B>Specifically, without limitation, this Mortgage secures, in addition to the amounts
specified in the Note, all future amounts Lender in its discretion may loan to Grantor, together with all interest thereon; however,
in no event shall such future advances (excluding interest) exceed in the aggregate $3,600,000.00.</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"><B>THIS
MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A)
PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE
AND IS UPON THE STATUTORY MORTGAGE CONDITION FOR THE BREACH OF WHICH IT IS SUBJECT TO FORECLOSURE AS PROVIDED BY LAW. THIS MORTGAGE
IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:</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"><B>PAYMENT
AND PERFORMANCE. </B>Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage
as they become due and shall strictly perform all of Grantor&rsquo;s obligations under this Mortgage.</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"><B>POSSESSION
AND MAINTENANCE OF THE PROPERTY. </B>Grantor agrees that Grantor&rsquo;s possession and use of the Property shall be governed
by the following provisions:</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-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Possession
and Use. </B>Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>use, operate or manage the Property; and (3) collect the Rents from the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.3pt; text-indent: 18.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Duty
to Maintain. </B>Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 25.1pt; text-align: left; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Compliance
With Environmental Laws. </B>Grantor represents and warrants to Lender that: (1) During the period of Grantor&rsquo;s ownership
of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of
any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe
that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any
Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened
litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged
by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use,
generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and
(b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances,
including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make
such inspections and tests, at Grantor&rsquo;s expense, as Lender may deem appropriate to determine compliance of the Property
with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender&rsquo;s purposes only and shall
not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations
and warranties contained herein are based on Grantor&rsquo;s due diligence in investigating the Property for Hazardous Substances.
Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes
liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any
and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer
resulting from a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 25.05pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>MORTGAGE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    2</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #16181A; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">breach
of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened
release occurring prior to Grantor&rsquo;s ownership or interest in the Property, whether or not the same was or should have been
known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by
Lender&rsquo;s acquisition of any interest in the Property, whether by foreclosure or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 23.95pt; text-align: justify; text-indent: -0.05pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Nuisance,
Waste. </B>Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on
or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove,
or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel
or rock products without Lender&rsquo;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 23.95pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Removal
of Improvements. </B>Grantor shall not demolish or remove any Improvements from the Real Property without Lender&rsquo;s prior
written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory
to Lender to replace such Improvements with Improvements of at least equal value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 24.1pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Lender&rsquo;s
Right to Enter. </B>Lender and Lender&rsquo;s agents and representatives may enter upon the Real Property at all reasonable times
to attend to Lender&rsquo;s interests and to inspect the Real Property for purposes of Grantor&rsquo;s compliance with the terms
and conditions of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 24.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Compliance
with Governmental Requirements. </B>Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the
Americans With Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance
during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and
so long as, in Lender&rsquo;s sole opinion, Lender&rsquo;s interests in the Property are not jeopardized. Lender may require Grantor
to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 24.2pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Duty
to Protect. </B>Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition
to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect
and preserve the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 24.35pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DUE ON SALE - CONSENT BY
LENDER</B>. Except as otherwise provided in Section 48-7-20 NMSA 1978, as amended, Lender may, at Lender&rsquo;s option,
declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without Lender&rsquo;s prior
written consent, of all or any part of the Real Property, or any interest in the Real Property. A &ldquo;sale or
transfer&rdquo; means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal,
beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land
contract, contract for deed, leasehold interest with a term greater than three (3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT>years,
lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title
to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Grantor is a
corporation, partnership or limited liability company, transfer also includes any change in ownership of more than
twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may
be, of such Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or
by New Mexico law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 6.3pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TAXES AND LIENS.
</B>The following provisions relating to the taxes and liens on the Property are part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: left; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Payment.
</B>Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments,
water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work
done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens
having priority over or equal to the interest of Lender under this Mortgage, except for those liens specifically agreed to in
writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 24.4pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Right
to Contest. </B>Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender&rsquo;s interest in the Property is not jeopardized. If a lien arises or is filed as a result
of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after
Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient
corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and
attorneys&rsquo; fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest,
Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor
shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 24.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Evidence
of Payment. </B>Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments
against the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 24.65pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROPERTY DAMAGE INSURANCE. </B>The
following provisions relating to insuring the Property are a part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.4pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Maintenance
of Insurance.</B> The amount specified for insurance as provided in the <B>statutory mortgage condition </B>is the full insurable
value of the improvements on a replacement basis. Grantor shall procure and maintain policies of fire insurance with standard
extended coverage endorsements on a replacement basis for the full insurable value covering all improvements on the Real Property
in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender.
Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall
deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished
without a minimum of ten (10) days&rsquo; prior written notice to Lender. Should the Real Property at any time become located
in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan and any prior liens on
the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Programs, or as otherwise
required by Lender, and to maintain such insurance for the term of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 24.6pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Grantor&rsquo;s
</B>Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4)
the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the
expiration date of the policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine
the cash value replacement cost of the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 24.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LENDER&rsquo;S
EXPENDITURES.</B> If any action or proceeding is commenced that would materially affect Lender&rsquo;s interest in the Property
or if Grantor fails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor&rsquo;s
failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents,
Lender on Grantor&rsquo;s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including
but not limited to discharging</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 6.45pt; text-align: justify; text-indent: 0.15pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 6.45pt; text-align: justify; text-indent: 0.15pt; color: #16181A"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>MORTGAGE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    3</B></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or paying all taxes,
liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for
insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then
bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor.
All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to
the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the
term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will
be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. Such right shall be in addition
to all other rights and remedies to which Lender may be entitled upon Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.05pt; text-align: left; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WARRANTY; DEFENSE OF TITLE</B>.
The following provisions relating to ownership of the Property are a part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.05pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Title.
Grantor warrants that:</B> (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear
of all liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title
report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has
the full right, power, and authority to execute and deliver this Mortgage to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 24.05pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Defense
of Title. </B>Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property
against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor&rsquo;s title
or the interest of Lender under this Mortgage, Grantor shall defend the action at Grantor&rsquo;s expense. Grantor may be the
nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
by counsel of Lender&rsquo;s own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender
may request from time to time to permit such participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 24.05pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Compliance
With Laws. </B>Grantor warrants that the Property and Grantor&rsquo;s use of the Property complies with all existing applicable
laws, ordinances, and regulations of governmental authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 24.3pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Survival
of Representations and Warranties.</B> All representations, warranties, and agreements made by Grantor in this Mortgage shall
survive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect
until such time as Grantor&rsquo;s Indebtedness shall be paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 24.35pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONDEMNATION. </B>The following
provisions relating to condemnation proceedings are a part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.45pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Proceedings.
</B>If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding,
but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice,
and Grantor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from
time to time to permit such participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 24.3pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Application
of Net Proceeds. </B>If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied
to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment
of all reasonable costs, expenses, and attorneys&rsquo; fees incurred by Lender in connection with the condemnation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 24.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IMPOSITION
OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. </B>The following provisions relating to governmental taxes, fees and
charges are a part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6.45pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Current
Taxes, Fees and Charges. </B>Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender&rsquo;s lien on the Real Property. Grantor shall reimburse
Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage,
including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 24.55pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Taxes.
</B>The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon
all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required
to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against
the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal
and interest made by Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 24.55pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Subsequent
Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the
same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes
and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 24.55pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECURITY
AGREEMENT; FINANCING STATEMENTS. </B>The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 6.55pt; text-align: justify; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Security
Agreement. </B>This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 24.7pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Security
Interest. </B>Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender&rsquo;s
security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender
may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage
as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest.
Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble
any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make
it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Addresses.
</B>The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code} are as stated on the first page of
this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 24.55pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER
ASSURANCES; ATTORNEY-IN-FACT. </B>The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 6.45pt; text-align: justify; text-indent: 0.05pt; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Further
Assurances. </B>At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause
to be made, executed or delivered, to Lender or to Lender&rsquo;s designee, and when requested by Lender, cause to be filed, recorded,
refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and
all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments
of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order
to effectuate, complete, perfect, continue, or preserve (1) Grantor&rsquo;s obligations under the Note, this Mortgage, and the
Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Property,
whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor
shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Attorney-in-Fact.
</B>If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor
and at Grantor&rsquo;s expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor&rsquo;s attorney-in-fact
for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable,
in Lender&rsquo;s sole opinion, to accomplish the matters referred to in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 24.45pt; text-align: justify; text-indent: 0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FULL PERFORMANCE</B>.
If Grantor pays all the Indebtedness, including without limitation all future advances, when due, and otherwise performs all the
obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this
Mortgage and suitable statements of termination of any financing statement on file evidencing Lender&rsquo;s security interest
in the Rents and the Personal Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: justify; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EVENTS OF DEFAULT.</B> Each
of the following, at Lender&rsquo;s option, shall constitute an Event of Default under this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>MORTGAGE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    4</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #16181A; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Payment
Default. </B>Grantor fails to make any payment when due under the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.2pt; text-align: justify; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Default
on Other Payments. </B>Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance,
or any other payment necessary to prevent filing of or to effect discharge of any lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 24.5pt; text-align: justify; text-indent: -0.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Other
Defaults. </B>Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Mortgage
or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any
other agreement between Lender and Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>False
Statements. </B>Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor&rsquo;s behalf
under this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the time made or
furnished or becomes false or misleading at any time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 24.45pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Defective
Collateralization. </B>This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure
of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Death
or Insolvency. </B>The dissolution of Grantor&rsquo;s (regardless of whether election to continue is made), any member withdraws
from the limited liability company, or any other termination of Grantor&rsquo;s existence as a going business or the death of
any member, the insolvency of Grantor, the appointment of a receiver for any part of Grantor&rsquo;s property, any assignment
for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 24.7pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Creditor
or Forfeiture Proceedings. </B>Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by any governmental agency against any property securing the Indebtedness.
This includes a garnishment of any of Grantor&rsquo;s accounts, including deposit accounts, with Lender. However, this Event of
Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is
the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding
and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender,
in its sole discretion, as being an adequate reserve or bond for the dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 24.95pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Breach
of Other Agreement. </B>Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation
of Grantor to Lender, whether existing now or later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0.35in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Events
Affecting Guarantor. </B>Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.35in; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #16181A; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Adverse
Change. A </B>material adverse change occurs in Grantor&rsquo;s financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.35in; text-align: justify; text-indent: 0.25pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Right
to Cure. </B>If any default is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage
within the preceding twelve (12) months, it may be cured if Grantor, after Lender sends written notice to Grantor demanding cure
of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately
initiates steps which Lender deems in Lender&rsquo;s sole discretion to be sufficient to cure the default and thereafter continues
and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 25.35pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RIGHTS
AND REMEDIES ON DEFAULT. </B>Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender&rsquo;s
option, may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided
by law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 7.4pt; text-align: left; text-indent: -0.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Accelerate
Indebtedness. </B>Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty that Grantor would be required to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 25.4pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>UCC
Remedies. </B>With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured
party under the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 25.4pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Collect
Rents. </B>Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including
amounts past due and unpaid, and apply the net proceeds, over and above Lender&rsquo;s costs, against the Indebtedness. In furtherance
of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender.
If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor&rsquo;s attorney-in-fact to endorse
instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by
tenants or other users to Lender in response to Lender&rsquo;s demand shall satisfy the obligations for which the payments are
made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either
in person, by agent, or through a receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 25.4pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Appoint
Receiver. </B>Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,
with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the
Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver
may serve without bond if permitted by law. Lender&rsquo;s right to the appointment of a receiver shall exist whether or not the
apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person
from serving as a receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 25.55pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Judicial
Foreclosure. </B>Lender may obtain a judicial decree foreclosing Grantor&rsquo;s interest in all or any part of the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #16181A; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Deficiency
Judgment. </B>If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the rights provided in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 25.7pt; text-align: justify; text-indent: -0.05pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Tenancy
at Sufferance. </B>If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender
or the purchaser of the Property and shall, at Lender&rsquo;s option, either (1) pay a reasonable rental for the use of the Property,
or (2) vacate the Property immediately upon the demand of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 25.6pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Other
Remedies.</B> Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in
equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.7pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Sale
of the Property. </B>To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in
one sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 25.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Notice
of Sale.</B> Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or
of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice
shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may
be made in conjunction with any sale of the Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 25.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Election
of Remedies.</B> Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Mortgage, after Grantor&rsquo;s failure to perform,
shall not affect Lender&rsquo;s right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise
shall be construed so as to limit or restrict the rights and remedies available to Lender following an Event of Default, or in
any way to limit or restrict the rights and ability of Lender to proceed directly against Grantor and/or against any other co-maker,
guarantor, surety or endorser and/or to proceed against any other collateral directly or indirectly securing the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 25.65pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Attorneys&rsquo;
Fees; Expenses. </B>If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled
to recover such sum as the court may adjudge reasonable as attorneys&rsquo; fees at trial and upon any appeal. Whether or not
any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender&rsquo;s
opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the
Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses
covered by this paragraph</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 25.6pt; text-align: justify; text-indent: 0.3pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>MORTGAGE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    5</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #16181A; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">include,
without limitation, however subject to any limits under applicable law, Lender&rsquo;s attorneys&rsquo; fees and Lender&rsquo;s
legal expenses, whether or not there is a lawsuit, including attorneys&rsquo; fees and expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services,
the cost of searching records, obtaining title reports (including foreclosure reports), surveyors&rsquo; reports, and appraisal
fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 25.6pt; text-align: justify; text-indent: 0.3pt; color: #16181A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #161618; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Right
of Redemption. IF THIS MORTGAGE IS FORECLOSED, THE REDEMPTION PERIOD AFTER JUDICIAL SALE SHALL BE ONE (1) MONTH IN LIEU OF NINE
(9) MONTHS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.3pt 0pt 24.4pt; text-align: justify; text-indent: -0.05pt; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTICES. </B>Any notice
required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when deposited with a nationally recognized overnight courier, or,
if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to
the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to Lender&rsquo;s address, as shown near the beginning of this Mortgage. Any party
may change its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the
purpose of the notice is to change the party&rsquo;s address. For notice purposes, Grantor agrees to keep Lender informed at all
times of Grantor&rsquo;s current address. Unless otherwise provided or required by law, if there is more than one Grantor, any
notice given by Lender to any Grantor is deemed to be notice given to all Grantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.9pt 0pt 6.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>APPRAISALS. </B>Grantor
and Borrower agree that, whether or not there is a default under the Mortgage, as applicable, Lender may order periodic appraisals
of the Real Property at such intervals as Lender may reasonably require. The appraisals shall be performed by appraisers of Lender&rsquo;s
choice. Grantor and Borrower agree to cooperate with the appraiser and to reimburse Lender for the cost of such appraisals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 6.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LOT RELEASE PROVISION. </B>Minimum
Lot Release Price: Individual lots will be released at the greater of 55% of the sales price or $30,000.00 (approximately 60
lots).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DUE
ON SALE </B>- <B>CONSENT BY LENDER. A </B>sale of a lot or lots by Borrower in the ordinary course of business shall not be a
&ldquo;sale or transfer&rdquo; of the Real Property for the purposes of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 7.05pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTICE OF CONSTRUCTION.
</B>Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials
are supplied to the Property, if any mechanic&rsquo;s lien, materialmen&rsquo;s lien, or other lien could be asserted on account
of the work, services, or materials and the cost shown in the construction budget for such item provided by Grantor to Lender
exceeds ten percent (10%). Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that
Grantor can and will pay the cost of such improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.45pt 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>APPLICATION
OF PROCEEDS. </B>Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $250,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty.
Whether or not Lender&rsquo;s security is impaired, Lender may, at Lender&rsquo;s election, receive and retain the proceeds of
any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the
restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair
or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not
in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender
has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this
Mortgage, then to pay accrued interest, and the remainder, if any shall be applied to the principal balance of the Indebtedness.
If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor&rsquo;s
interests may appear. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 7.3pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MISCELLANEOUS PROVISIONS.
</B>The following miscellaneous provisions are a part of this Mortgage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Amendments.
</B>This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to
the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 25.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Caption
Headings. </B>Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define
the provisions of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 26pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #161618; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Governing
Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws
of the State of New Mexico without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender </B>in
<B>the State of New Mexico.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 26.05pt; text-align: justify; text-indent: -0.05pt; color: #161618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>No
Waiver by Lender. </B>Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of
Lender&rsquo;s right otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior
waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender&rsquo;s rights
or of any of Grantor&rsquo;s obligations as to any future transactions. Whenever the consent of Lender is required under this
Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances
where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 26pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Severability.
</B>If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance.
<B>If </B>feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. <B>If
</B>the offending provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required
by law, the illegality, invalidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity
or enforceability of any other provision of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 26.05pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Merger.
</B>There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property
at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 26.1pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Successors
and Assigns.</B> Subject to any limitations stated in this Mortgage on transfer of Grantor&rsquo;s interest, this Mortgage shall
be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested
in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor&rsquo;s successors with reference to
this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage
or liability under the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 26.1pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Time
is of the Essence. </B>Time is of the essence in the performance of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Waive
Jury. All parties to this Mortgage hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
by any party against any other party.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 26.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Waiver
of Homestead Exemption. </B>Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the
State of New Mexico as to all Indebtedness secured by this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 26.25pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEFINITIONS.
</B>The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial
Code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 8.25pt; text-align: justify; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Borrower.
</B>The word &ldquo;Borrower&rdquo; means Hawksite 27 Development Company, LLC and includes all co-signers and co-makers signing
the Note and all their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 26.25pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>MORTGAGE</B><BR><B>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    6</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Default.
</B>The word &ldquo;Default&rdquo; means the Default set forth in this Mortgage in the section titled &ldquo;Default&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Environmental
Laws. </B>The words &ldquo;Environmental Laws&rdquo; mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (&ldquo;CERCLA&rdquo;), the Superfund Amendments
and Reauthorization Act of 1986, Pub. L. No. 99-499 (&ldquo;SARA&rdquo;), the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state
or federal laws, rules, or regulations adopted pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 23.6pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Event
of Default. </B>The words &ldquo;Event of Default&rdquo; mean any of the events of default set forth in this Mortgage in the events
of default section of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.9pt 0pt 24.1pt; text-align: justify; text-indent: -0.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Grantor.
</B>The word &ldquo;Grantor&rdquo; means Hawksite 27 Development Company, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Guarantor.
</B>The word &ldquo;Guarantor&rdquo; means any guarantor, surety, or accommodation party of any or all of the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.25pt 0pt 23.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Guaranty.
</B>The word &ldquo;Guaranty&rdquo; means the guaranty from Guarantor to Lender, including without limitation a guaranty of all
or part of the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.9pt 0pt 24.1pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Hazardous
Substances. </B>The words &ldquo;Hazardous Substances&rdquo; mean materials that, because of their quantity, concentration or
physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words &ldquo;Hazardous
Substances&rdquo; are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,
materials or waste as defined by or listed under the Environmental Laws. The term &ldquo;Hazardous Substances&rdquo; also includes,
without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 24.05pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Improvements.
</B>The word &ldquo;Improvements&rdquo; means all existing and future improvements, buildings, structures, mobile homes affixed
on the Real Property, facilities, additions, replacements and other construction on the Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 24.2pt; text-align: justify; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Indebtedness.
</B>The word &ldquo;Indebtedness&rdquo; means all principal, interest, and other amounts, costs and expenses payable under the
Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions
for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor&rsquo;s obligations or expenses
incurred by Lender to enforce Grantor&rsquo;s obligations under this Mortgage, together with interest on such amounts as provided
in this Mortgage. Specifically, without limitation, Indebtedness includes the future advances set forth in the Future Advances
provision, together with all interest thereon and all amounts that may be indirectly secured by the Cross-Collateralization provision
of this Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 24.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Lender.
</B>The word &ldquo;Lender&rdquo; means Main Bank, its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Mortgage.
</B>The word &ldquo;Mortgage&rdquo; means this Mortgage between Grantor and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Note.
</B>The word &ldquo;Note&rdquo; means The Promissory Note dated July 20, 2018, in <B>the original principal amount of $1,800,000.00
</B>from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancing&rsquo;s of, consolidations
of, and substitutions for the Promissory Note or Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Personal
Property.</B> The words &ldquo;Personal Property&rdquo; mean all equipment, fixtures, and other articles of personal property
now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions,
parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds
(including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 24.55pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Property.
</B>The word &ldquo;Property&rdquo; means collectively the Real Property and the Personal Property. The word &ldquo;Property&rdquo;
also includes all existing or subsequently erected or affixed buildings, improvements and fixtures, all appurtenances, all rights
relating to the Real Property (including minerals, oil, gas, water, and the like), and all ditch rights (including stock in utilities
with ditch or irrigation rights).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 24.45pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Real
Property. </B>The words &ldquo;Real Property&rdquo; mean the real property, interests and rights, as further described in this
Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Related
Documents. </B>The words &ldquo;Related Documents&rdquo; mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 24.55pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Rents.
</B>The word &ldquo;Rents&rdquo; means all present and future rents, revenues, income, issues, royalties, profits, and other benefits
derived from the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GRANTOR ACKNOWLEDGES HAVING READ ALL THE
PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt"></P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>GRANTOR:</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 61%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>HAWKSITE 27 DEVELOPMENT COMPANY, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><B>/s/ Carey A. Plant</B></TD>
    <TD><B>&nbsp;</B></TD>

    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Carey A. Plant, Vice President and Secretary</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Date: July 24, 2018</B></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>LIMITED LIABILITY COMPANY ACKNOWLEDGMENT</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; width: 70%"><FONT STYLE="font-size: 10pt"><B>STATE
    OF NEW MEXICO</B></FONT></TD>
    <TD STYLE="width: 10%"><B>)</B></TD>
    <TD STYLE="width: 20%"><B>&nbsp;</B></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD><B>)</B></TD>
    <TD><B>SS</B></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>COUNTY
    OF SANDOVAL</B></FONT></TD>
    <TD><B>)</B></TD>
    <TD><B>&nbsp;</B></TD>
    </TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This instrument was acknowledge before me on July 24, 2018, by Carey A. Plant, Vice President and Secretary of Hawksite 27 Development Company, LLC, on behalf of Hawksite 27 Development Company, LLC, a limited liability company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>

    <TD STYLE="width: 12%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 12%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>/s/ Nicole Hite</B></TD>

    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center"><B>NOTARY PUBLIC</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>

    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>My commission expires:</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>May 31, 2021</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
</TABLE>

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tv499167_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: right; color: #151618">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: center; color: #151618"><B>COMMERCIAL
GUARANTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: center; color: #151618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: center; color: #151618"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 15%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan
    Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Maturity
    Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Loan
    No.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Call
    / Coll</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 1pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Officer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 1pt; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Initials</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>$1,800,000.00
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>07/20/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>7/20/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>1218300</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>ACS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;ACS</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">References
    in the boxes above are for Lender&rsquo;s use only and do not limit the applicability of this document to any particular loan
    or item.</FONT></TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding: 1pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Any
    item above containing &ldquo;***&rdquo; has been omitted due to text length limitations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: center; color: #151618">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: center; color: #151618"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Borrower:</B></FONT></TD>
    <TD STYLE="width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Hawksite 27 Development Company, LLC</B></FONT></TD>
    <TD STYLE="width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B>Lender:</B></FONT></TD>
    <TD STYLE="width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>Main Bank</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>333 Rio Rancho Blvd NE, Suite 202</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque Office</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Rio Rancho, NM 87124</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>7300 Menaul Blvd., NE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Albuquerque, NM 87110</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Guarantor:</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>AMREP Southwest Inc.</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>333 Rio Rancho Blvd NE, Suite 202</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>Rio Rancho, NM 87124</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>P.O. Box 36630</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
</TABLE>

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

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<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"><B>CONTINUING GUARANTEE
OF PAYMENT AND PERFORMANCE. </B>For good and valuable consideration, Guarantor absolutely and unconditionally guarantees full
and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all Borrower&rsquo;s
obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so
Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender&rsquo;s remedies against anyone else
obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of
the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the United States of
America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower&rsquo;s obligations
under the Note and Related Documents. Under this Guaranty, Guarantor&rsquo;s liability is unlimited and Guarantor&rsquo;s obligations
are continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>INDEBTEDNESS. </B>The
word &ldquo;Indebtedness&rdquo; as used in this Guaranty means all of the principal amount outstanding from time to time and at
any one or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted by
law, attorneys&rsquo; fees, arising from any and all debts, liabilities and obligations of every nature or form, now existing
or hereafter arising or acquired, that Borrower individually or collectively or interchangeably with others, owes or will owe
Lender. &ldquo;Indebtedness&rdquo; includes, without limitation, loans, advances, debts, overdraft indebtedness, credit card indebtedness,
lease obligations, liabilities and obligations under any interest rate protection agreements or foreign currency exchange agreements
or commodity price protection agreements, other obligations, and liabilities of Borrower, and any present or future judgments
against Borrower, future advances, loans or transactions that renew, extend, modify, refinance, consolidate or substitute these
debts, liabilities and obligations whether: voluntarily or involuntarily incurred; due or to become due by their terms or acceleration;
absolute or contingent; liquidated or unliquidated; determined or undetermined; direct or indirect; primary or secondary in nature
or arising from a guaranty or surety; secured or unsecured; joint or several or joint and several; evidenced by a negotiable or
non-negotiable instrument or writing; originated by Lender or another or others; barred or unenforceable against Borrower for
any reason whatsoever; for any transactions that may be voidable for any reason (such as infancy, insanity, ultra vires or otherwise);
and originated then reduced or extinguished and then afterwards increased or reinstated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If
Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender&rsquo;s rights
under all guaranties shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect
or invalidate any such other guaranties. Guarantor&rsquo;s liability will be Guarantor&rsquo;s aggregate liability under the terms
of this Guaranty and any such other unterminated guaranties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 24.65pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONTINUING GUARANTY.
</B>THIS IS A &ldquo;CONTINUING GUARANTY&rdquo; UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE
AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING
BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS WILL NOT DISCHARGE OR DIMINISH GUARANTOR&rsquo;S OBLIGATIONS AND LIABILITY
UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE
A ZERO BALANCE FROM TIME TO TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 24.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DURATION
OF GUARANTY</B>. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or
any notice to Guarantor or to Borrower, and will continue in full force until all the Indebtedness incurred or contracted before
receipt by Lender of any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor&rsquo;s
other obligations under this Guaranty shall have been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor
may only do so in writing. Guarantor&rsquo;s written notice of revocation must be mailed to Lender, by certified mail, at Lender&rsquo;s
address listed above or such other place as Lender may designate in writing. Written revocation of this Guaranty will apply only
to new Indebtedness created after actual receipt by Lender of Guarantor&rsquo;s written revocation. For this purpose and without
limitation, the term &ldquo;new Indebtedness&rdquo; does not include the Indebtedness which at the time of notice of revocation
is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. For this
purpose and without limitation, &ldquo;new Indebtedness&rdquo; does not include all or part of the Indebtedness that is: incurred
by Borrower prior to revocation; incurred under a commitment that became binding before revocation; any renewals, extensions,
substitutions, and modifications of the Indebtedness. This Guaranty shall bind Guarantor&rsquo;s estate as to the Indebtedness
created both before and after Guarantor&rsquo;s death or incapacity, regardless of Lender&rsquo;s actual notice of Guarantor&rsquo;s
death. Subject to the foregoing, Guarantor&rsquo;s executor or administrator or other legal representative may terminate this
Guaranty in the same manner in which Guarantor might have terminated it and with the same effect. Release of any other guarantor
or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation
Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this Guaranty.
It is anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered by this Guaranty, and Guarantor
specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to zero dollars ($0.00), shall not
constitute a termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor&rsquo;s heirs, successors and
assigns so long as any of the Indebtedness remains unpaid and even though the Indebtedness may from time to time be zero dollars
($0.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 24.8pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GUARANTOR&rsquo;S
AUTHORIZATION TO LENDER</B>. Guarantor authorizes Lender, either before or after any revocation hereof, without notice or demand
and without lessening Guarantor&rsquo;s liability under this Guaranty, from time to time: (A) prior to revocation as set forth
above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower, or
otherwise to extend additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise change one
or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness, including increases and
decreases of the rate of interest on the Indebtedness; extensions may be repeated and may be for longer than the original loan
term; (C) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate,
fail or decide not to perfect, and release any such security, with or without the substitution of new collateral; (D) to release,
substitute, agree not to sue, or deal with any one or more of Borrower&rsquo;s sureties, endorsers, or other guarantors on any
terms or in any manner Lender may choose; (E) to determine how, when and what application of payments and credits shall be made
on the Indebtedness; (F) to apply such security and direct the order or manner of sale thereof, including without limitation,
any nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion
may determine; (G) to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and (H) to assign
or transfer this Guaranty in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.35pt 0pt 24.8pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GUARANTOR&rsquo;S
REPRESENTATIONS AND WARRANTIES. </B>Guarantor represents and warrants to Lender that (A) no representations or agreements of any
kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed
at Borrower&rsquo;s request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into
this Guaranty; (D) the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument
binding upon Guarantor and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor;
(E) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer,
or otherwise dispose of all or substantially all of Guarantor&rsquo;s assets, or any interest therein; (F) upon Lender&rsquo;s
request, Guarantor will provide to Lender financial and credit information in form acceptable to Lender, and all such financial
information which currently has been, and all future financial information which will be provided to Lender is and will be true
and correct in all material respects and fairly present Guarantor&rsquo;s financial condition as of the dates the financial information
is provided; (G) no material adverse change has occurred in Guarantor&rsquo;s financial condition since the date of the most recent
financial statements provided to Lender and no event has occurred </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 25pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>COMMERCIAL GUARANTY<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    2</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">which
may materially adversely affect Guarantor&rsquo;s financial condition; (H) no litigation, claim, investigation, administrative
proceeding or similar action (including those for unpaid taxes) is pending or threatened against Guarantor in which the amount
at issue is in excess of Two Hundred Fifty Thousand Dollars ($250,000.00); (I) Lender has made no representation to Guarantor
as to the creditworthiness of Borrower; and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower&rsquo;s financial condition. Guarantor agrees to keep adequately informed from such means
of any facts, events, or circumstances which might in any way affect Guarantor&rsquo;s risks under this Guaranty, and Guarantor
further agrees that, absent a request for information, Lender shall have no obligation to disclose to Guarantor any information
or documents acquired by Lender in the course of its relationship with Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.6pt 0pt 24.9pt; text-align: justify; text-indent: 0.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GUARANTOR&rsquo;S FINANCIAL
STATEMENTS. </B>Guarantor agrees to furnish Lender with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Additional
Requirements. Annual Statements. </B>Not later than one hundred twenty (120) days after the end of each fiscal year, Guarantor&rsquo;s
balance sheet and income statement for the year ended as compiled by Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #343434; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Tax
Returns</B>. Not later than ninety (90) days after AMREP Corporation has filed its tax return for the tax reporting period ended,
Borrower shall deliver the AMREP Corporation tax return to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in; text-align: justify; color: #343434">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All
financial reports required to be provided under this Guaranty shall be prepared in accordance with GAAP, applied on a consistent
basis, and certified by Guarantor as being true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5.3pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GUARANTOR&rsquo;S
WAIVERS. </B>Except as prohibited by applicable law, Guarantor waives any right to require Lender (A) to continue lending money
or to extend other credit to Borrower; (B) to make any presentment, protest, demand, or notice of any kind, including notice of
any nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the
part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Indebtedness or in connection with the
creation of new or additional loans or obligations; (C) to resort for payment or to proceed directly or at once against any person,
including Borrower or any other guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 5.1pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(D)
to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person;
(E) to give notice of the terms, time, and place of any public or private sale of personal property security held by Lender from
Borrower or to comply with any other applicable provisions of the Uniform Commercial Code; (F) to pursue any other remedy within
Lender&rsquo;s power; or (G) to commit any act or omission of any kind, or at any time, with respect to any matter whatsoever.
Guarantor also waives any and all rights or defenses based on suretyship or impairment of collateral including, but not limited
to, any rights or defenses arising by reason of (A) any &ldquo;one action&rdquo; or &ldquo;anti-deficiency&rdquo; law or any other
law which may prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or after Lender&rsquo;s
commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale; (B) any election of
remedies by Lender which destroys or otherwise adversely affects Guarantor&rsquo;s subrogation rights or Guarantor&rsquo;s rights
to proceed against Borrower for reimbursement, including without limitation, any loss of rights Guarantor may suffer by reason
of any law limiting, qualifying, or discharging the Indebtedness; (C) any disability or other defense of Borrower, of any other
guarantor, or of any other person, or by reason of the cessation of Borrower&rsquo;s liability from any cause whatsoever, other
than payment in full in legal tender, of the Indebtedness; (D) any right to claim discharge of the Indebtedness on the basis of
unjustified impairment of any collateral for the Indebtedness; (E) any statute of limitations, if at any time any action or suit
brought by Lender against Guarantor is commenced, there is outstanding Indebtedness which is not barred by any applicable statute
of limitations; or (F) any defenses given to guarantors at law or in equity other than actual payment and performance of the Indebtedness.
If payment is made by Borrower, whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Lender
is forced to remit the amount of that payment to Borrower&rsquo;s trustee in bankruptcy or to any similar person under any federal
or state bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of the enforcement
of this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 5.1pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guarantor
further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any
claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted
by the Borrower, the Guarantor, or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 5.55pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GUARANTOR&rsquo;S
UNDERSTANDING WITH RESPECT TO WAIVERS.</B> Guarantor warrants and agrees that each of the waivers set forth above is made with
Guarantor&rsquo;s full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable
and not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy,
such waiver shall be effective only to the extent permitted by law or public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 5.55pt; text-align: justify; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RIGHT
OF SETOFF.</B> To the extent permitted by applicable law, Lender reserves a right of setoff in all Guarantor&rsquo;s accounts
with Lender (whether checking, savings, or some other account). This includes all accounts Guarantor holds jointly with someone
else and all accounts Guarantor may open in the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Guarantor authorizes Lender, to the extent permitted by applicable law,
to hold these funds if there is a default, and Lender may apply the funds in these accounts to pay what Guarantor owes under the
terms of this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5.35pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SUBORDINATION
OF BORROWER&rsquo;S DEBTS TO GUARANTOR</B>. Guarantor agrees that the Indebtedness, whether now existing or hereafter created,
shall be superior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever,
to any claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of
the assets of Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise,
the assets of Borrower applicable to the payment of the claims of both Lender and Guarantor shall be paid to Lender and shall
be first applied by Lender to the Indebtedness. Guarantor does hereby assign to Lender all claims which it may have or acquire
against Borrower or against any assignee or trustee in bankruptcy of Borrower; provided however, that such assignment shall be
effective only for the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If Lender so requests,
any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to Guarantor shall be marked with
a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is hereby authorized,
in the name of Guarantor, from time to time to file financing statements and continuation statements and to execute documents
and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this
Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5.45pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MISCELLANEOUS PROVISIONS.
</B>The following miscellaneous provisions are a part of this Guaranty:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Amendments</B>.
This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 23.1pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Attorneys&rsquo;
Fees; Expenses. </B>Guarantor agrees to pay upon demand all of Lender&rsquo;s costs and expenses, including Lender&rsquo;s attorneys&rsquo;
fees and Lender&rsquo;s legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone
else to help enforce this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include
Lender&rsquo;s attorneys&rsquo; fees and legal expenses whether or not there is a lawsuit, including attorneys&rsquo; fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and
any anticipated post-judgment collection services. Guarantor also shall pay all court costs and such additional fees as may be
directed by the court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 22.95pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Caption
Headings. </B>Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define
the provisions of this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 22.95pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Governing
Law.</B> This Guaranty will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of New Mexico without regard to its conflicts of law provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 23.45pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Integration.
</B>Guarantor further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity
to be advised by Guarantor&rsquo;s attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor&rsquo;s intentions
and parol evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless
from all losses, claims, damages, and costs (including Lender&rsquo;s attorneys&rsquo; fees) suffered or incurred <B>by </B>Lender
as a result of any breach by Guarantor of the warranties, representations and agreements of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 23.15pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Interpretation,
</B>In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall
be deemed to have been used in the plural where the context and construction so require; and where there is more than one Borrower
named in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words &ldquo;Borrower&rdquo; and &ldquo;Guarantor&rdquo;
respectively shall mean all and any one or more of them. The words &ldquo;Guarantor,&rdquo; &ldquo;Borrower,&rdquo; and &ldquo;Lender&rdquo;
include the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 22.95pt; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Loan
    No: 1218300</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 36%; text-align: center; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>COMMERCIAL GUARANTY<BR>(Continued)</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: right; padding-bottom: 2pt; border-bottom: Black 1pt solid"><B>Page
    3</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">heirs,
successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is not valid or should
not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforced. Therefore, a
court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may be found to be invalid
or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies, or
similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors,
partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed under this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Notices.
</B>Any notice required to be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor,
shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified
or registered mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices
by Guarantor shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled
&ldquo;DURATION OF GUARANTY.&rdquo; Any party may change its address for notices under this Guaranty by giving formal written
notice to the other parties, specifying that the purpose of the notice is to change the party&rsquo;s address. For notice purposes,
Guarantor agrees to keep Lender informed at all times of Guarantor&rsquo;s current address. Unless otherwise provided or required
by law, if there is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 22.85pt; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>No
Waiver </B>by Lender, Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of
Lender&rsquo;s right otherwise to demand strict compliance with that provision or any other provision of this Guaranty. No prior
waiver by Lender, nor any course of dealing between Lender and Guarantor, shall constitute a waiver of any of Lender&rsquo;s rights
or of any of Guarantor&rsquo;s obligations as to any future transactions. Whenever the consent of Lender is required under this
Guaranty, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances
where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 22.45pt; text-align: justify; text-indent: -0.1pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Successors
and Assigns. </B>Subject to any limitations stated in this Guaranty on transfer of Guarantor&rsquo;s interest, this Guaranty shall
be binding upon and inure to the benefit of the parties, their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 22.65pt; text-align: justify; text-indent: -0.05pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either
Lender or Guarantor against the other.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 22.6pt; text-indent: 0.3pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEFINITIONS.
</B>The following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial
Code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 5.35pt; text-align: justify; text-indent: -0.1pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Borrower.
</B>The word &ldquo;Borrower&rdquo; means Hawksite 27 Development Company, LLC and includes all co-signers and co-makers signing
the Note and all their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 22.8pt; text-align: justify; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>GAAP.
</B>The word &ldquo;GAAP&rdquo; means generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.8pt; text-align: justify; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Guarantor.
</B>The word &ldquo;Guarantor&rdquo; means everyone signing this Guaranty, including without limitation AMREP Southwest Inc.,
and in each case, any signer&rsquo;s successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 23.1pt; text-align: justify; text-indent: -0.1pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Guaranty.
</B>The word &ldquo;Guaranty&rdquo; means this guaranty from Guarantor to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Indebtedness.
</B>The word &ldquo;Indebtedness&rdquo; means Borrower&rsquo;s indebtedness to Lender as more particularly described in this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Lender.
</B>The word &ldquo;Lender&rdquo; means Main Bank, its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Note.
</B>The word &ldquo;Note&rdquo; means the Promissory Note dated July 20, 2018, in the original <B>principal amount </B>of <B>$1,800,000.00
</B>from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancing&rsquo;s of, consolidations
of, and substitutions for the Promissory Note or Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 23.05pt; text-align: justify; text-indent: 0.05pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><B>Related
Documents. </B>The words &ldquo;Related Documents&rdquo; mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 23.15pt; text-align: justify; text-indent: -0.05pt; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EACH
UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH
GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR&rsquo;S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER
AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED &ldquo;DURATION OF GUARANTY&rdquo;.
NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED JULY 20, 2018.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5.55pt; text-align: justify; color: #151515">&nbsp;</P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>GUARANTOR:</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 61%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>AMREP SOUTHWEST
INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><B>/s/ Carey A. Plant</B></TD>
    <TD><B>&nbsp;</B></TD>

    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Carey A. Plant, Secretary</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>Date: July 24, 2018</B></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.35pt 0pt 6.45pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CORPORATE
    ACKNOWLEDGMENT</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; width: 70%"><FONT STYLE="font-size: 10pt"><B>STATE
    OF NEW MEXICO</B></FONT></TD>
    <TD STYLE="width: 10%"><B>)</B></TD>
    <TD STYLE="width: 20%"><B>&nbsp;</B></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD><B>)</B></TD>
    <TD><B>SS</B></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>COUNTY
    OF SANDOVAL</B></FONT></TD>
    <TD><B>)</B></TD>
    <TD><B>&nbsp;</B></TD>
    </TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This instrument was acknowledged before me on July 24, 2018 by Carey A. Plant, Secretary of AMREP Southwest
Inc., a New Mexico corporation, on behalf of the corporation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

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

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>

    <TD STYLE="width: 12%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 12%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>/s/ Nicole Hite</B></TD>

    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center"><B>NOTARY PUBLIC</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>

    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>My commission expires:</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>May 31, 2021</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
</TABLE>

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

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