<SEC-DOCUMENT>0000930413-14-000982.txt : 20140228
<SEC-HEADER>0000930413-14-000982.hdr.sgml : 20140228
<ACCEPTANCE-DATETIME>20140228114959
ACCESSION NUMBER:		0000930413-14-000982
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140224
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
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:		20140228
DATE AS OF CHANGE:		20140228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARK RESTAURANTS CORP
		CENTRAL INDEX KEY:			0000779544
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133156768
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09453
		FILM NUMBER:		14652796

	BUSINESS ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
		BUSINESS PHONE:		2122068800

	MAIL ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>c76706_8k.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):<B>
February 24, 2014</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARK RESTAURANTS CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30%; text-align: center"><FONT STYLE="font-size: 12pt">New York</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: center"><FONT STYLE="font-size: 12pt">1-09453</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-size: 12pt">13-3156768 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">(State or other jurisdiction</FONT> <FONT STYLE="font-size: 12pt"><BR>
of
    incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">(Commission</FONT><BR>
<FONT STYLE="font-size: 12pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 12pt">Identification No.)</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>85 Fifth Avenue</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>New York, New York 10003</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of principal executive offices, with
zip code)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:<B> (212) 206-8800</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 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:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 12pt"> </FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-size: 12pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 12pt"> </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 12pt"> </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) </FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.01&nbsp;<U>Completion of Acquisition of Disposition of Assets</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">On February 24, 2014, Ark
Restaurants Corp (the &ldquo;Company&rdquo;), through its wholly-owned subsidiaries Ark Rustic Inn, LLC and Ark Rustic Inn Real
Estate, LLC, completed the previously-announced purchase of the assets, including the land and building, of the Rustic Inn Crab
House, a restaurant and bar in Dania Beach Florida. The Company paid the seller, W and O, Inn a purchase price of $7,500,000, exclusive
of inventory and closing costs. The Company funded the purchase from an increased credit facility, described below, and from cash
on hand.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">As of February 24, 2014,
the Company entered into an Amendment to its existing Letter Agreement with Bank Hapoalim B.M. (the &ldquo;Bank&rdquo;), dated
as of February 25, 2013. The term loan is evidenced by an amended and restated promissory note (the &ldquo;Note&rdquo;) in favor
of the Bank in the amount of $8,083,333.37 and matures on February 24, 2019. Interest shall accrue at an annual rate equal to LIBOR
plus 3.5% per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The Note evidences the $2,083,333.37
owed to the Bank under the 2013 Note, plus an additional loan of $6,000,000, which was used to purchase the Rustic Inn. The principal
amount of the Note is due and payable in consecutive monthly installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">In addition, subject to
certain conditions, the Bank is prepared to extend for one year until February 24, 2015 (with a one-year extension) an uncommitted
Line of Credit of up to $1,500,000 to the Company and any subsidiary of the Company for the purpose of issuing standby letters
of credit to support lease obligations of such applicant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: justify">The term loan is secured by a senior secured
interest in all of the Company&rsquo;s personal and fixture property, but generally not in any directly held investment property
or general intangibles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.03 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: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">See discussion in Item 1.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a) <U>Exhibits</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">10.1.</TD><TD STYLE="text-align: justify">Asset Purchase Agreement dated as of November 22, 2013 by and between W and O, Inc. and Ark Rustic
Inn, LLC. (1)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>10.2</TD><TD STYLE="text-align: justify">Amended and Restated Promissory Note made by the Company to Bank Hapoalim B.M., issued as of February
24, 2014.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>10.3</TD><TD STYLE="text-align: justify">Term or Installment Loan Rider to Promissory Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 31.7pt; text-align: justify; text-indent: -31.7pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.7pt; text-align: justify; text-indent: -31.7pt"></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Incorporated by reference from the Company&rsquo;s
Current Report on Form 8-K for November 22, 2013 filed on November 26, 2013.</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">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: 0">&nbsp;</P>



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<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ARK RESTAURANTS CORP.</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael Weinstein</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 64%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="vertical-align: top; width: 30%">Name: Michael Weinstein</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Date: February 28, 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TYPE>EX-10.2
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT 10.2</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>AMENDED AND RESTATED PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>U.S.$8,083,333.37&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dated: <B>February 24, 2014</B> New York, New York</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Obligation and Repayment:</B> For value received, Borrower
                                        absolutely and unconditionally promises to pay to the order of the Bank, at the Office,
                                        without defense, setoff or counterclaim, the principal amount of <B>Eight Million Eighty-Three
                                        Thousand Three Hundred Thirty-Three and 37/100 United States Dollars</B>, together with
                                        interest and any other sum(s) due and payable as specified below. The principal amount
                                        of this Note shall be due and payable in consecutive monthly installments of which each
                                        but the last shall be in the amount of $134,722.22 and the last of which shall be equal
                                        to the then unpaid principal balance of this Note. The first such installment shall be
                                        due on March 24, 2014. Each subsequent installment shall be due on the corresponding day
                                        of each month thereafter (of if such corresponding day is not a Business Day, on the immediately
                                        succeeding Business Day). The remaining unpaid principal balance shall be due on February
                                        24, 2019, unless due and payable sooner in accordance with the terms of this Note and
                                        Rider.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Interest:</B> Subject to paragraph A(2) of the Terms and Conditions, interest shall accrue on
the principal amount of this Note outstanding from time to time at the following rate described in the Rider referred to in Paragraph
3 below (the &ldquo;Loan Rate&rdquo;). Interest shall be payable in accordance with the attached Rider and at any Payment Date
and at any time that any part of the principal or any installment of this Note is paid.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><I>Riders:</I></B> <B>In the event of any inconsistency
                                        between this Note and any Rider(s) to which this Note is subject, the provisions of such
                                        Rider(s) shall prevail. This Note is subject to the following Rider, which is part of
                                        this Note:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"><U>Term or Installment Rider
to Promissory Note Loan(s) Denominated in U.S. or Other Currency LIBOR-Based Rate</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 13.5pt; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Address and Identification of Borrower:</B></TD>
</TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">Address: 85
Fifth Avenue&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 13.5pt">&nbsp;New
York, NY 10003-3019&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt">Telephone: 212-206-8800&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt">Fax: 212-206-8814&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt">Social Security or Taxpayer ID number:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt"><U>13-315-6768 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B><I>Agreement to All Terms and Conditions; Authorization to Complete Blanks:</I> This Note is
subject to all of the Terms and Conditions set forth below. Each of the undersigned agrees to all of the provisions of this Note,
including the Terms and Conditions and any Rider(s). The Bank is authorized to complete any blank space in this Note. Such completion
shall be conclusive, final and binding on Borrower in the absence of manifest error and if not inconsistent with any arrangement
between Borrower and the Bank.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B><I>No Representations or Agreements by the Bank:</I> Each of the undersigned acknowledges that
the Bank has made no representation, covenant, commitment or agreement to Borrower except pursuant to any written document executed
by the Bank.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B><I>No Representation of Nonenforcement:</I> Each of the undersigned acknowledges that no representative
or agent of the Bank has represented or indicated that the Bank will not enforce any provision of this Note, including the Terms
and Conditions and any Rider(s), in the event of litigation or otherwise.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B><I>Waiver of Jury Trial</I>: Borrower waives, and understands that the Bank waives, the right
to a jury trial with respect to any dispute arising hereunder or relating to any of the Liabilities; any judicial proceeding with
respect to any such dispute shall take place without a jury.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Execution of Promissory Note</B>:<B> Borrower &#9;understands that by signing this
Note he/she/it &#9;is agreeing to all of the terms as &#9;contained in this Note and all other Terms and &#9;Conditions and Rider(s)
attached hereto and &#9;made a part hereof.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">Print name of Borrower: <B>ARK
RESTAURANTS CORP., </B>a New York corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 70pt">(Signature) By:&nbsp;</TD>
    <TD STYLE="width: 154pt; border-bottom: Black 1px solid">/s/ Robert Stewart </TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt">Print name:  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Stewart&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 13.5pt">Title or capacity (if signing on behalf
of Borrower):</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 50pt; text-indent: 13.5pt; border-bottom: Black 1px solid">President</TD>
    <TD STYLE="width: 169pt; border-bottom: Black 1px solid"></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 70pt">(Signature) By:&nbsp;</TD>
    <TD STYLE="width: 154pt; border-bottom: Black 1px solid"> </TD>
    <TD>&nbsp;</TD></TR>
</TABLE>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 60pt">Print name:&nbsp;</TD>
    <TD STYLE="width: 164pt; border-bottom: Black 1px solid"> </TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3">Title or capacity (if signing on behalf of Borrower):</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 50pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 130pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="vertical-align: baseline"><B>Documentary stamp
tax has been paid and the</B>&nbsp;<B>proper stamps affixed to the Mortgage securing</B></FONT>&nbsp;<FONT STYLE="vertical-align: baseline"><B>this
Note</B></FONT></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TERMS AND CONDITIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Definitions are set forth in paragraph N.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Calculation and Accrual of Interest: (1) Generally.
                                        Interest shall be calculated on a daily basis on outstanding balances at the Applicable
                                        Rate, divided by 360, on the actual days elapsed. During any time that the Applicable
                                        Rate would exceed the applicable maximum lawful rate of interest, the Applicable Rate
                                        shall automatically be reduced to such maximum rate. Any interest payment made in excess
                                        of such maximum rate shall be applied as, and deemed to be, in the Bank&rsquo;s sole discretion,
                                        (a) a payment of any of the Liabilities, in such manner as determined by the Bank, or
                                        (b) cash collateral to be retained by the Bank to secure repayment of this Note. </B>(2)
                                        Increased Rate.<B> Interest shall accrue at the Increased Rate upon and after (a) the
                                        occurrence of any Debtor Relief Action, (b) any demand of payment of this Note (if payable
                                        on demand) or (c) the occurrence of any Event of Default (if this Note is payable other
                                        than on demand). </B>(3) Accrual.<B> To the extent permitted by Law, interest shall accrue
                                        at the Applicable Rate on all unpaid Liabilities under this Note, including but not limited
                                        to any unpaid interest and any unpaid obligation owed pursuant to paragraph B (Indemnification).</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: left"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Indemnification</B>: To the extent permitted by Law: <B>(1)</B> <B>Taxes</B>. All payments under
this Note shall be made free and clear of, and without deduction for, any Taxes. If Borrower shall be required to deduct any Taxes
in respect of any sum payable under this Note, then (a) the sum payable shall be increased so that the Bank shall receive an amount
equal to the sum the Bank would have received had no deductions been made, and (b) Borrower shall make such deductions and shall
pay the amount deducted to the relevant Governmental Authority. Borrower shall pay to the Bank on demand, and shall indemnify and
hold the Bank harmless from, any and all Taxes paid by the Bank and any and all liability (including penalties, interest and expenses)
with respect thereto, whether or not such Taxes were correctly or legally asserted. Within 30 days after any Taxes are paid, Borrower
shall furnish evidence thereof to the Bank<B>. (2) Regulatory Costs</B>. In the event that in connection with the transaction(s)
contemplated by this Note and/or the Bank&rsquo;s funding of such transaction(s), the Bank is required to incur any Regulatory
Costs in order to comply with any Law issued after the date of this Note, then Borrower shall pay to the Bank on demand, and shall
indemnify and hold the Bank harmless from, any and all such Regulatory Costs. <B>(3) Costs and Expenses</B>. Borrower shall pay
the Bank on demand, and shall indemnify and hold the Bank harmless from, any and all Costs and Expenses. <B>(4) Prepayment Costs</B>.
If Borrower makes any payment of Prepaid Principal (voluntarily or not), and if the Applicable Rate with respect to such Prepaid
Principal is not a Variable Prime-Based Rate, then Borrower shall pay to the Bank an amount sufficient to compensate the Bank for
its Prepayment Costs. Borrower acknowledges that determining the actual amount of Prepayment Costs may be difficult or impossible
in any specific instance. Accordingly, Borrower agrees that Prepayment Costs shall be deemed to be <U>the excess</U>, if any, of
(i) the product of (A) the Prepaid Principal, <U>times</U> (B) the Applicable Rate divided by 360, <U>times</U> (C) the remaining
number of days from the date of the payment to the applicable Payment Date, <U>over</U> (ii) that amount of interest which the
Bank determines that the holder of a Treasury Obligation selected by the Bank in the amount (or as close to such amount as feasible)
of the Prepaid Principal and having a maturity date on (or as soon after as feasible) the applicable Payment Date would earn if
that Treasury Obligation were purchased in the secondary market on the date the Prepaid Principal is paid to the Bank and were
held to maturity. Borrower agrees that the determination
of Prepayment Costs shall be based on amounts which a holder of a Treasury Obligation could receive under these circumstances,
whether or not the Bank actually invests the Prepaid Principal in any Treasury Obligation. <B>(5<I>) Bank Certificate.</I></B>
<B>The Bank&rsquo;s certificate as to any amounts owing under this paragraph shall be prima facie evidence of Borrower&rsquo;s
obligation.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>C.</B></TD><TD STYLE="text-align: justify"><B>Set Off</B>: Every Account of Borrower with the Bank shall be subject to a lien
and to being set off against the Liabilities. The Bank may at any time at its option and without notice, except as may be required
by law, charge and/or appropriate and apply all or any part of any such Account toward the payment of any of the Liabilities.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>D.</B></TD><TD STYLE="text-align: justify"><B>Events of Default</B>: The remainder
of this paragraph D shall not apply if this Note is payable on demand. Each of the following shall be an Event of Default hereunder:
<B>(1) Nonpayment. (a)</B> The nonpayment when due of any part of the Liabilities; <B>(b)</B> the prohibition by any Law of payment
of any part of any of the Liabilities. <B>(2) Bankruptcy; Adverse Proceedings. (a)</B> The occurrence of any Debtor Relief Action;
<B>(b)</B> the appointment of a receiver, trustee, committee, custodian, personal representative or similar official for any Party
or for any Material part of any Party&rsquo;s property; <B>(c)</B> any action taken by any Party to authorize or consent to any
action set forth in subparagraph D(2)(a) or (b); <B>(d)</B> the rendering against any Party of one or more judgments, orders,
decrees and/or arbitration awards (whether for the payment of money or injunctive or other relief) which in the aggregate are
Material to such Party, if they continue in effect for 30 days without being vacated, discharged, stayed, satisfied or performed;
<B>(e)</B> the issuance or filing of any warrant, process, order of attachment, garnishment or other lien or levy against any
Material part of any Party&rsquo;s property; <B>(f) </B>the commencement of any proceeding under, or the use of any of the provisions
of, any Law against any Material part of any Party&rsquo;s property, including but not limited to any Law (i) relating to the
enforcement of judgments or (ii) providing for forfeiture to, or condemnation, appropriation, seizure or taking possession by,
or on order of, any Governmental Authority; <B>(g) </B>the forfeiture to, or the condemnation, appropriation, seizure, or taking
possession by, or on order of, any Governmental Authority, of any Material part of any Party&rsquo;s property; <B>(h)</B> any
Party being charged with a crime by indictment, information or the like. <B>(3) Noncompliance. (a)</B> Any Default with respect
to any Agreement with or to the Bank, which Default Borrower fails to cure within thirty (30) days after Bank&rsquo;s written
notice to Borrower thereof, it being understood that Defaults arising from Borrower&rsquo;s failure to make a payment as and when
due shall not be subject to the thirty (30) day cure period in this Section D(3)(a); <B>(b)</B> the giving to the Bank by or on
behalf of any Party at any time of any materially incorrect or incomplete representation, warranty, statement or information;
<B>(c)</B> the failure of any Party to furnish to the Bank, copies of its financial statements and such other information respecting
its business, properties, condition or operations, financial or otherwise, promptly when, and in such form as, reasonably required
or requested by the Bank; <B>(d)</B> any Party&rsquo;s failure or refusal, upon reasonable notice from the Bank, to permit the
Bank&rsquo;s representative(s) to visit such Party&rsquo;s premises during normal business hours and to examine and make photographs,
copies and extracts of such Party&rsquo;s property and of its books and records; <B>(e)</B> any Party&rsquo;s concealing, removing
or permitting to be concealed or removed, any part of its property with the intent to hinder or defraud any of its creditors;
<B>(f)</B> any Party&rsquo;s making or suffering any Transfer of any of its property, which Transfer is deemed fraudulent under
the law of any applicable jurisdiction; <B>(g)</B> the revocation or early termination of any Party&rsquo;s obligations under
any Agreement with or to the Bank (including but not limited to any of the Liabilities), or the validity, binding effect or enforceability
of any of such obligations being challenged or questioned, whether or not by the institution of proceedings<B>. (h)</B> the revocation,
withdrawal, expiration, reduction or default of or under any related Letter of Undertaking or guarantee, or any agreement to which
a</TD>
</TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 13.5pt; text-align: left"></TD><TD STYLE="text-align: justify">Letter of Undertaking or guarantee was issued<B>. (4) Adverse Changes. (a)</B> The
occurrence of a Material adverse change in any Party&rsquo;s financial condition; <B>(b) </B>the death or incompetence (if a person)
or the dissolution or liquidation (if a corporation, partnership or other entity) of any Party or such Party&rsquo;s failure to
be and remain in good standing and qualified to do business in each jurisdiction Material to such Party; <B>(c)</B> any Material
Default with respect to any Material Agreement other than with or to the Bank, which Material Default Borrower fails to cure within
thirty (30) days after Bank&rsquo;s written notice to Borrower thereof, it being understood that Material Defaults arising from
Borrower&rsquo;s failure to make a payment as and when due shall not be subject to the thirty (30) day cure period provided in
this Section D(4)(c); <B>(d)</B> any Default pursuant to which any Person shall have the power to effect an Acceleration of any
Material Debt; <B>(e)</B> any Acceleration or demand of payment with respect to any Material Debt; <B>(f)</B> any Party&rsquo;s
becoming insolvent, as defined in the Uniform Commercial Code; <B>(g)</B> the Bank&rsquo;s believing in good faith that the prospect
of payment of any of the Liabilities or of performance of any other obligation of any Party to the Bank is impaired; <B>(h)</B>
the Material suspension of any Party&rsquo;s business which suspension is not removed within seventy-two (72) hours of its imposition;
<B>(i)</B> any Party&rsquo;s Material failure to pay any tax when due; <B>(j)</B> the expulsion of any Party from any exchange
or self-regulatory organization or any loss, suspension, nonrenewal or invalidity of any Party&rsquo;s Material license, permit,
franchise, patent, copyright, trademark or the like; <B>(k)</B> the occurrence of any event which gives any Person the right to
assert a lien, levy or right of forfeiture against any Material part of any Party&rsquo;s property; <B>(l)</B> Borrower&rsquo;s
failure to give the Bank notice, within 10 Business Days after Borrower had notice or knowledge, of the occurrence of any event
which, with the giving of notice and/or lapse of time, would constitute an Event of Default. <B>(5) Business changes. (a)</B>
any change in Control of any Party other than a change of domicile or similar change where there is no change in Control; <B>(b)
</B>any merger or consolidation involving any Party; <B>(c)</B> any Party&rsquo;s sale or other Transfer of substantially all
of its property; <B>(d)</B> any bulk sale by any Party, not in the ordinary course of business; <B>(e)</B> any Material change
in the nature or structure of any Party&rsquo;s business. <B>(6) Exchange Controls. (a)</B> Any Party&rsquo;s failure to obtain
any Exchange Control Permit deemed by the Bank to be necessary or appropriate; <B>(b)</B> the failure to obtain the renewal of
any such Exchange Control Permit at least 30 days prior to its expiration. <B>(7) Mortgage. </B>The occurrence of an Event of
Default (as that term is defined in that certain Mortgage, Assignment of Rents and Security Agreement of even date herewith made
by Ark Rustic Inn Real Estate LLC, a Delaware limited liability company, in favor of Bank).</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>E.</B></TD><TD STYLE="text-align: justify"><B><I>Remedies:</I> (1) <I>Acceleration at Bank&rsquo;s Option</I>. Upon any failure
to pay this Note in full on demand (if payable on demand) or (if this Note is payable other than on demand) upon the occurrence
of any Event of Default other than any Debtor Relief Action, then any and all Liabilities, not then due, shall, at the Bank&rsquo;s
option, become immediately due and payable without notice, which Borrower waives. (2) <I>Automatic Acceleration</I>. Upon the
occurrence of any Debtor Relief Action, then, whether or not any of the Liabilities are payable upon demand and notwithstanding
paragraph F, any and all Liabilities not then due, shall automatically become immediately due and payable without notice or demand,
which Borrower waives. (3) <I>Additional Remedies</I>. Bank shall have all rights and remedies available to it under any applicable
Agreement or Law.</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>F<I>.</I></B></TD><TD STYLE="text-align: justify"><B><I>Waiver of Protest, etc<U>.</U>:</I> Notice, presentment, protest, notice of
dishonor and (except for such of the Liabilities as are payable on demand, but subject to subparagraph E(2)) demand for payment
are hereby waived as to all of the Liabilities.</B></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><B>G.</B></TD><TD STYLE="text-align: justify"><B>Payment: (1) Manner</B>. Any payment by other than immediately available funds shall be subject
to collection. Interest shall continue to accrue until the funds by which payment is made are available to the Bank. If and to
the extent any payment of any of the Liabilities is not made when due, the Bank is authorized in its discretion to effect payment
by charging any amount so due against any Account of Borrower with the Bank without notice, except as may be required by law, whether
or not such charge creates an overdraft. <B>(2) Application. </B>Any payment received by the Bank (including a deemed payment under
paragraph A, a set-off under paragraph C or a charge against an Account under this paragraph G) shall be applied to pay any obligation
of indemnification (including but not limited to under paragraph B) and to pay any other Liabilities (including interest thereon
and the principal thereof) in such order as the Bank shall elect in its discretion. Borrower will continue to be liable for any
deficiency. <B>(3) Prepayment. </B>Borrower shall be entitled to pay any outstanding principal amount or installment under this
Note on any Business Day prior to the applicable Payment Date without the prior consent of the Bank, provided that (a) any such
payment shall be together with payment of all Liabilities then due and all interest accrued on the Prepaid Principal to the date
of such payment, and (b) if the Applicable Rate with respect to such Prepaid Principal is not a Variable Prime-Based Rate, any
such payment shall be on not less than 5 Business Days&rsquo; notice to the Bank and shall be accompanied by any amount required
pursuant to subparagraph B(4). Any such payment shall, unless otherwise consented to by the Bank, be applied pro rata to the last
outstanding principal amount(s) to become due under this Note in inverse order of maturity. <B>(4) Non-Business Days. </B>If any
payment of any of the Liabilities is due on any day that is not a Business Day, it shall be payable on the next Business Day. The
additional day(s) shall be included in the computation of interest. <B>(5) Extension at Bank&rsquo;s Option. </B>The Bank shall
have the option, which may be exercised one or more times by notice(s) to Borrower, to extend the date on which any amount is payable
hereunder to one or more subsequent date(s) set forth in such notice(s). <B>(6) Late Payment. </B>Without limiting or waiving any
rights or remedies of the Bank contained in the Note or under applicable law, and without implying that the Bank has any obligation
to declare or to notify the Borrower of the occurrence of any Event of
Default, if the Bank has neither declared nor notified the Borrower of the occurrence of an Event of Default, and if any amount
of any required payment of principal, interest fees and/or Late Charge (as defined below) under the Note is not paid in full within
(7) seven days after the same is due, then in addition to all interest, penalty interest or other fees due to the Bank pursuant
to the Note, any rider to the Note or any agreement or document related to this credit facility, the Borrower shall pay the Bank
a late fee equal to $14.30 for each day thereafter. Any amount due under this paragraph shall be referred to herein as a &ldquo;Late
Charge&rdquo;. The Borrower shall pay any and all such Late Charges in addition to all payments of principal, interest and fees
(if any) under the Note, provided, however, that during any time that any of the above Late Charges would cause the total interest
payable under the Note to exceed the applicable maximum lawful rate of interest, then the sum of (a) all such Late Charges and
(b) the amount of interest payable at the Applicable Rate shall automatically be reduced to an amount that shall not exceed the
amount of interest payable at such maximum rate.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: left"><B>H.</B></TD><TD STYLE="text-align: justify"><B>Parties; Counterparts; No Transfer by Borrower</B>: If Borrower is more than one Person, all
of them shall be jointly and severally liable under this Note. This Note and any Rider hereto may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together shall constitute a single instrument. The obligations
under this Note shall continue in force and shall apply notwithstanding any change in the membership of any partnership executing
this Note, whether arising from the death or retirement of one or more partners or the accession of one or more new partners. Without
the Bank&rsquo;s written consent, Borrower shall have no right to make any Transfer of any of the Liabilities; any such purported
Transfer shall be void. Subject to the foregoing, the provisions of this Note shall be binding on Borrower&rsquo;s executors, administrators,
successors and assigns.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: left"><B>I.</B></TD><TD STYLE="text-align: justify"><B>Bank Transfers: (1) Transferability. </B>Without limiting the Bank&rsquo;s rights hereunder,
the Bank may make a Transfer of all or any part of (a) any obligation of Borrower to the Bank</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 13.5pt; text-align: left"></TD><TD STYLE="text-align: justify">(including but not limited to any of the Liabilities), (b) any obligation of any other
                                                                            Party in connection with any of the Liabilities, (c) any Agreement of any Party in connection with any of the Liabilities,
                                                                            (d) any collateral, mortgage, lien or security interest, however denominated, securing any of the Liabilities, and/or (e) the
                                                                            Bank&rsquo;s rights and, if any, obligations with respect to any of the foregoing. <B>(2) Extent of Transfer. </B>In the
                                                                            event the Bank shall make any Transfer of any of the foregoing items (&ldquo;Transferred Items&rdquo;), then &mdash; to the
                                                                            extent provided by the Bank with respect to such Transfer &mdash; the Transferee shall have the rights, powers, privileges
                                                                            and remedies of the Bank. The Bank shall thereafter, to the extent of such Transfer, be forever relieved and fully discharged
                                                                            from all liability or responsibility, if any, that it may have to any Person with respect thereto, except for claims, if any,
                                                                            arising prior to or upon such Transfer. The Bank shall retain all its rights and powers with respect to any Transferred Items
                                                                            to the extent that it has not made a Transfer thereof. Without limiting the foregoing, to the extent of any such Transfer,
                                                                            paragraph B (Indemnification) shall apply to any Taxes, Regulatory Costs, Costs and Expenses, and Prepayment Costs of, or
                                                                            incurred by, any Transferee, and paragraphs C (Set-Off) and G(1) (Payment-Manner) shall apply to any Account of Borrower with
                                                                            any Transferee. <B>(3) Disclosures. </B>The Bank is authorized to disclose to any prospective or actual Transferee any
                                                                            information that the Bank may have or acquire about Borrower and any information about any other Person submitted to the Bank
                                                                            by or on behalf of Borrower. <B>(4) <I>Negotiability Defenses Waived</I>. If this Note is not a negotiable instrument,
                                                                            Borrower waives all defenses (except such defenses as may be asserted against a holder in due course of a negotiable
                                                                            instrument) which Borrower may have or acquire against any Transferee who takes this Note, or any complete or partial
                                                                            interest in it, for value, in good faith and without notice that it is overdue or has been dishonored or of any
                                                                            defense against or claim to it on the part of any Person.</B></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><B>J.</B></TD><TD STYLE="text-align: justify"><B>No Oral Changes; No Waiver by the Bank; Partial Unenforceability</B>: This Note may not be changed
orally. Neither a waiver by the Bank of any of its options, powers or rights in one or more instances, nor any delay on the part
of the Bank in exercising any of them, nor any partial or single exercise thereof, shall constitute a waiver thereof in any other
instance. Any provision of this Note which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition, unenforceability or nonauthorization, without invalidating the
remaining provisions of this Note in that or any other jurisdiction and without affecting the validity, enforceability or legality
of such provision in any other jurisdiction.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><B>K.</B></TD><TD STYLE="text-align: justify"><B><I>Disputes and Litigation</I></B><I>:</I> <B>(1) Governing Law. This Note and the rights and
obligations of the Bank and Borrower hereunder shall be governed by the internal laws of the State of New York without giving effect
to conflict of laws principles. (2) <I>Jurisdiction, Venue, and Service of Process</I>. Borrower submits to the nonexclusive jurisdiction
of the federal and state courts in the State of New York in New York County with respect to any dispute arising hereunder or relating
to any of the Liabilities. Service of process may be made on Borrower by personal delivery at, or by mail addressed to, any address
to which the Bank is authorized to address notices to Borrower. (3) <I>Waiver of Defenses, Setoffs, Counterclaims and Certain Damages</I>.
Borrower waives the right to assert any defense, setoff or counterclaim in any proceeding relating in any way to this Note or any
transaction contemplated hereby. The Bank shall not have any liability for negligence, except solely to the extent required by
law and not disclaimable, and except for its own gross negligence, willful misconduct or criminal conduct. In any event, the Bank
shall not have any liability for any special, consequential or punitive damages. (4) <I>Sovereign Immunity. </I>Borrower irrevocably
waives, with respect to itself and its property, any sovereign immunity that it may have or hereafter acquire, including but not
limited to immunity from the jurisdiction of any court, from any legal process, from attachment prior to judgment, from attachment
in aid of execution, from execution or otherwise.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>L.</B></TD><TD STYLE="text-align: justify"><B>OFAC and Patriot Act:</B> Borrower shall: Comply with all Anti-Terrorism Laws;
immediately to notify the Bank if it obtains knowledge that it or any of its Affiliates has become or been listed as a Restricted
Party or has been charged with or has engaged in any violation of any Anti-Terrorism Law; not to receive any funds from a Restricted
Party and, in any case, to exclude any funds derived from any Restricted Party or from any person or entity involved in the violation
of any Anti-Terrorism Law from being used to pay debt service or any other amounts owing under the Note; not to transfer or permit
the transfer of any legal or beneficial ownership interest of any kind in Borrower to a Restricted Party or any person or entity
involved in the violation of any Anti-Terrorism Law; not to acquire, directly or indirectly, ownership interest of any kind in
any Restricted Party or any person or entity involved in the violation of any Anti-Terrorism Law, not to form any partnership
or joint venture or conduct any business with any Restricted Party or any person or entity involved in the violation of any Anti-Terrorism
Law, and not to act, directly or indirectly, as the agent or representative of any Restricted Party or any person or entity involved
in the violation of any Anti-Terrorism Law; and to indemnify the Bank for any costs incurred by any of them as a result of any
violation of an Anti-Terrorism Law by Borrower.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>M.</B></TD><TD STYLE="text-align: justify"><B>Notice</B>: Any notice in connection with any of the Liabilities shall be in writing
and may be delivered personally or by cable, telex, telecopy or other electronic means of communication, or by certified mail,
return receipt requested, addressed (a) to Borrower as set forth herein or to any other address that the Bank believes to be Borrower&rsquo;s
address, and (b) to the Bank at Bank Hapoalim B.M., 1177 Avenue of the Americas, New York, New York 10036, Attention: Legal Department.
Any such notice shall be addressed to such other address(es) as may be designated in writing hereafter. All such notices shall
be deemed given when delivered personally or electronically or when mailed, except notice of change of address, which shall be
deemed to have been given when received.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>N.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B>: The following definitions apply
in this Note: <B>(1)</B> <B>Acceleration</B>: any acceleration of payment or requirement of prepayment of any Debt, or any Debts
becoming due and payable prior to stated maturity. <B>(2) Account</B>: (a) the balance of any account of Borrower with any Person,
and/or (b) any property in the possession or custody of, or in transit to, any Person, whether for safekeeping, collection, pledge
or otherwise, as to which Borrower has any right, power or interest &mdash; in each case whether existing now or hereafter, in
any jurisdiction worldwide, and whether or not denominated in the same currency as any of the Liabilities. <B>(3) Agreement</B>:
any agreement or instrument (including but not limited to this Note), no matter when made, under which any Party is obligated
to any Person. <B>(4) Applicable Rate</B>: whichever of the Loan Rate or Increased Rate is the applicable interest rate at any
time. <B>(5) Anti-Terrorism Law</B>: any U.S. State or Federal law relating to terrorism, money laundering or any related seizure,
forfeiture or confiscation of assets, including: (a) Executive Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism; (b) the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the USA PATRIOT Act), Public Law 107-56; and (c) the
Money Laundering Control Act of 1986, Public Law 99-570 <B>(6)</B> <B>Bank</B>: Bank Hapoalim B.M. <B>(7) Borrower</B>: the Person(s)
executing this Note at paragraph 10 or any one or more of them. &ldquo;Borrower&rdquo; may refer to one or more Persons. <B>(8)
Business Day</B>: any day on which both (a) banks are regularly open for business in New York City and (b) the Office is open
for ordinary business. In the Bank&rsquo;s discretion, the Office may be closed on any Saturday, Sunday, legal holiday or other
day on which it is lawfully permitted to close. <B>(9) Control</B>: the power, alone or in conjunction with others, directly or
indirectly, through </TD>
</TR></TABLE>



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<TD STYLE="text-align: left; width: 13.5pt">&nbsp;</TD><TD STYLE="text-align: justify">voting securities, by contract or
otherwise, to direct or cause the direction of a Person&rsquo;s management and policies. <B>(10) Costs and Expenses</B>: any and
all reasonable costs and expenses (including but not limited to attorneys&rsquo; fees and disbursements) incurred in connection
with the Borrower and/or the Liabilities, including but not limited to those for (a) any action taken, whether or not by litigation,
to collect, or to protect rights or interests with respect to, or to preserve any collateral securing, any of the Liabilities,
(b) compliance with any legal process or any order or directive of any Governmental Authority with respect to any Party, (c) any
litigation or administrative proceeding relating to any Party, and/or (d) any amendment, modification, extension or waiver with
respect to any of the Liabilities. <B>(11) Debt</B>: any Party&rsquo;s obligation of any sort (in whole or in part) for the payment
of money to any Person, whether (a) absolute or contingent, (b) secured or unsecured, (c) joint, several or independent, (d) now
or hereafter existing, or (e) due or to become due. <B>(12) Debtor Relief Action</B>: the commencement by any Party or (unless
dismissed or terminated within 60 days) against any Party of any proceeding under any law of any jurisdiction (domestic or foreign)
relating to bankruptcy, reorganization, insolvency, arrangement, composition, receivership, liquidation, dissolution, moratorium
or other relief of financially distressed debtors, or the making by any Party of an assignment for the benefit of creditors. <B>(13)
Default</B>: any breach, default or event of default under, or any failure to comply with, any provision of any Agreement after
giving effect to any applicable notice, grace or cure period. <B>(14) Event of Default</B>: any event set forth in paragraph D.
<B>(15) Exchange Control Permit</B>: any permit or license issued by a Governmental Authority outside the United States under
which any Party is permitted (a) to incur and pay any of the Liabilities in the United States in any currency(ies) in which denominated
or (b) to enter into, incur and/or perform any other obligation or Agreement. <B>(15A) Executive Order:</B> Executive Order No.
13224 of September 23, 2001 - Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism; <B>(16) Governmental Authority</B>: any domestic or foreign, national or local, (a) government, (b) governmental, quasi-governmental
or regulatory agency or authority, (c) court or (d) central bank or other monetary authority. <B>(17) Increased Rate</B>: (a)
If the Loan Rate is a Variable Prime-Based Rate, the Increased Rate with respect to the entire outstanding principal balance shall
be the Loan Rate plus 2% per year. (b) If the Loan Rate is not a Variable Prime-Based Rate, the Increased Rate with respect to
any amount of principal or installment shall be (i) the Loan Rate plus 2% per year prior to the applicable Payment Date and (ii)
the Prime Rate plus 4% per year on or subsequent to the applicable Payment Date. <B>(18) Law</B>: any treaty, law, regulation,
rule, judgment, order, decree, guideline, interpretation or request (whether or not having the force of law) issued by any Governmental
Authority. <B>(19) Liabilities</B>: (a) any and all of the Debt evidenced by this Note, and any and all other Debt of Borrower
to, or held or to be held by, the Bank in any jurisdiction worldwide for its own account or as agent for another or others, whether
created directly or acquired by Transfer or otherwise, and (b) any and all obligations of any other Party with respect to any
of such Debt. <B>(20) Loan Rate</B>: the interest rate determined under paragraph 2. <B>(21) Material</B>: material to the business
or financial condition of any Party on a consolidated or consolidating basis. <B>(22) Office</B>: the Bank&rsquo;s office at 1177
Avenue of the Americas, New York, New York 10036, or such other place as the Bank may specify by notice. <B>(23) Party</B>: (a)
borrower; (b) any maker, co-maker or endorser of any Agreement evidencing-, or any guarantor, surety, accommodation party or indemnitor
with respect to-, or any Person that provides any collateral as security for-, or any Person that issues a subordination, comfort
letter, standby letter of credit, repurchase agreement, put agreement, option, other Agreement or other credit support with respect
to-, any of the Liabilities; (c) if any Party is a partnership or joint venture, any general partner or joint venturer in such
Party; and (d) any Person (i) that is under the Control of any Party and (ii) whose business or financial condition is Material
to such Party. <B>(24) Payment Date</B>: any Business Day on which any part of the principal or any installment of this Note becomes
due and payable under paragraph 1 (and not on account of an Acceleration). <B>(25) Person</B>: any person, partnership, joint
venture, company, corporation, unincorporated organization or association, trust, estate, Governmental Authority, or any other
entity. <B>(26) Prepaid Principal</B>: any amount of principal or any installment of this Note which Borrower pays prior to the
applicable Payment Date for such amount. <B>(27) Prepayment Costs</B>: all losses, costs and expenses incurred as a result of
receiving Prepaid Principal and of reinvesting it at rate(s) which may be less than the Applicable Rate for such Prepaid Principal.
<B>(28) Prime Rate</B>: the Bank&rsquo;s New York Branches&rsquo; stated Prime Rate as reflected in its books and records as such
Prime Rate may change from time to time. The Bank&rsquo;s determination of its Prime Rate shall be conclusive and final. The Prime
Rate is a reference rate and not necessarily the lowest interest rate charged by the Bank. <B>(29) Regulatory Costs</B>: any and
all costs and expenses of complying with any Law, including but not limited to with respect to (a) any reserves or special deposits
maintained for or with, or pledges to, or assessments, insurance premiums or special charges paid to, any Governmental Authority,
or (b) any capital, capital equivalency ledger account, ratio of assets to liabilities, risk-based capital assessment or any other
capital substitute, risk-based or otherwise. <B>(30) Restricted Party</B>: (a) any individual or entity: listed in the Annex to
the Executive Order or is otherwise subject to the provisions of the Executive Order; (b) listed on the &ldquo;Specially Designated
Nationals and Blocked Persons&rdquo; list maintained by the Office of Foreign Assets Control (OFAC) of the United States Department
of the Treasury, as updated or amended from time to time, or any similar list issued by OFAC; or (c) whose property has been blocked,
or is subject to seizure, forfeiture or confiscation, by any order relating to terrorism or money laundering issued by the President,
Attorney General, Secretary of State, Secretary of Defense, Secretary of the Treasury or any other U.S. State or Federal governmental
official or entity. <B>(31) Taxes</B>: any and all present and future taxes, levies, imposts, deductions, charges and withholdings
in any jurisdiction worldwide, and all liabilities with respect thereto, which are imposed with respect to this Note or to any
amount payable under this Note, excluding taxes determined on the basis of the net income of a Person or of any of its offices.
<B>(32) Transfer</B>: any negotiation, assignment, participation, conveyance, grant of a security interest, lease, delegation,
or any other direct or indirect transfer of a complete or partial, legal, beneficial, economic or other interest or obligation.
<B>(33) Transferee</B>: any Person to whom a Transfer is made. <B>(34) Transferred Items</B>: items defined in paragraph I. <B>(35)
Treasury Obligation</B>: a note, bill or bond issued by the United States Treasury Department as a full faith and credit general
obligation of the United States. <B>(36) Variable Prime-Based Rate</B>: any Applicable Rate which is determined based on the Prime
Rate. Any such rate shall change automatically when and as the Prime Rate changes.</TD></TR>
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<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>c76706_ex10-3.htm
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT><B><U>EXHIBIT
10.3</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">TERM OR INSTALLMENT LOAN RIDER TO PROMISSORY
NOTE</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">LOAN(S) DENOMINATED IN U.S. OR OTHER CURRENCY</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>LIBOR-BASED RATE</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Rider is referred to in paragraph 3 of,
and constitutes a part of, an Amended and Restated Promissory Note in the amount of $8,083,333.37 from Borrower to the Bank dated
as of February 24, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Specific Terms</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a) Margin: 3.50% per year</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) Interest Period: See Paragraph 3(f) below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Borrower agrees to the above <U>Specific Terms</U> and to all of
the <U>Terms and Conditions</U> set forth below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Print Borrower&rsquo;s Name:&#9;<B>ARK RESTAURANTS CORP., </B>a New
York corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 9%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Signature)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: Black 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;/s/ Robert Stewart</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9.5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;(Signature)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3.5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 10pt; text-indent: -10pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Print Name:</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Stewart</FONT></TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9.5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Print Name:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 3.5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 33%">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Print Title:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD>
    <TD STYLE="width: 14.5%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Print Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 3.5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">Terms and Conditions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Certain capitalized terms are defined in paragraph 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 18pt">1.</TD><TD><U>Payment of Principal and Interest</U>. Subject to the other provisions of the Note:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(a)</TD><TD STYLE="text-align: justify"><U>Obligation, Time and Manner of Payment</U>. Subject to the other provisions of the Note and
this Rider, the Outstanding Principal Amount shall be due and payable at the applicable Payment Date. Unless specified otherwise
in the Note or in a Rider thereto, every payment to be made by or on behalf of the Borrower under the Note shall be made in U.S.
Dollars, and the designation of U.S. Dollars as the currency of payment is of the essence. Every payment or delivery under the
Note by or on behalf of Borrower of any money denominated in any Currency shall be made at the Office and/or to such account or
accounts as the Bank may designate from time to time by notice to Borrower, in immediately available and freely transferable funds
in the Currency in which the applicable obligation is denominated and in Currency that is unrestricted, unblocked and free of exchange
controls, without set off, counterclaim, withholding or deduction of any kind whatsoever. Except as otherwise provided herein,
any payment due under the Note on a day that is not a Business Day shall be payable on the next succeeding Business Day.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(b)</TD><TD STYLE="text-align: justify"><U>Loan Rate</U>. Interest on any Outstanding Principal Amount shall accrue at the LIBOR-Based
Rate; <U>provided</U>, <U>however</U>, that if the Bank determines (i) that by the Determination Time (A) by reason of circumstances
affecting the London Interbank Market generally, adequate and fair means do not exist for ascertaining an applicable LIBOR rate
or it is impractical for the Bank to fund or continue to fund the Outstanding Principal Amount during the applicable Interest Period,
or (B) quotes for funds in the relevant Currency in sufficient amounts comparable to the relevant Outstanding Principal Amount
and for the duration of the applicable Interest Period would not be available to the Bank in the London Interbank Market, or (C)
quotes for funds in the relevant Currency in the London Interbank Market will not accurately reflect the cost to the Bank of making
a Loan or of funding the relevant Outstanding Principal Amount during the applicable Interest Period, or (ii) that at any time
the making or funding of loans, or charging of interest at rates, based on LIBOR shall be unlawful or unenforceable for any reason,
then as long as such circumstance(s) shall continue, interest on the relevant Outstanding Principal Amount shall accrue at the
Alternate Rate.</TD></TR></TABLE>


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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(c)</TD><TD STYLE="text-align: justify"><U>Payment and Calculation of Interest</U>. Interest shall be payable (i) at each Payment Date
or (whenever the Applicable Rate is a Variable Prime-Based Rate) monthly, (ii) at the Due Date and (iii) at any time that any Outstanding
Principal Amount or part thereof is paid. Interest shall be calculated as set forth in the Note.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(d)</TD><TD STYLE="text-align: justify"><U>Currency of Payment</U>. Upon any failure of Borrower to pay or deliver any amount of Currency
when due, the Bank may, at its option in its sole discretion, require Borrower to pay the equivalent of such amount in any other
Currency, computed at the Bank&rsquo;s selling rate for such Currency at the place where such amount is due. The receipt by the
Bank of any amount in respect of any obligation under the Note in a Currency other than that in which such amount was originally
due, whether pursuant to a judgment or arbitration award or pursuant to the provisions of the Note or any agreement or otherwise,
shall not discharge Borrower with respect to any such obligation except to the extent that on the first day on which the Bank is
open for business immediately following such receipt, the Bank shall be able, in accordance with normal banking practice, to purchase
the Currency in which such amount was due with the Currency received. If the amount so purchasable shall be less than the original
amount of the Currency in which such amount was due, Borrower shall, notwithstanding any judgment or arbitration award, indemnify
and hold the Bank harmless against any loss sustained by it. Borrower shall in any event indemnify the Bank against any and all
costs incurred by it in making any such purchase of Currency.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt">2.</TD>
    <TD STYLE="width: 8pt">&nbsp;</TD><TD STYLE="text-align: justify"><U>Bank&rsquo;s Conclusive Determinations and Schedule</U>. The Bank&rsquo;s determination with
respect to any matter hereunder shall be conclusive, final and binding on Borrower, absent manifest error. The Bank shall from
time to time record the date and amount of each Loan, the Applicable Rate, each date on which any part of principal, interest or
any other amount shall be due and payable, and the amount and date of each payment of principal, interest or any other amount,
on a schedule, which in the Bank&rsquo;s discretion may be computer-generated and/or may be taken from the Bank&rsquo;s general
books and records, and which schedule is incorporated in, and is a part of, the Note and this Rider (the &ldquo;Schedule&rdquo;).
The Schedule shall be conclusive, final and binding upon Borrower, absent manifest error, <U>provided</U>, <U>however</U>, that
the failure of the Bank to record any of the foregoing shall not limit or otherwise affect the obligation of Borrower to pay all
amounts owed to the Bank under the Note. Without limiting the foregoing, Borrower acknowledges that the Interest Period and the
Applicable Rate with respect to any Outstanding Principal Amount are subject to the Bank&rsquo;s consent ordinarily negotiated
between Borrower and the Bank by telephone, and Borrower agrees that in the event of any dispute as to any of the terms of any
Loan, the determination of the Bank and its respective entry with respect thereto on its books and records and/or on the Schedule
shall be conclusive, final and binding on Borrower, absent manifest error.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3.</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><U>Definitions</U>. Each capitalized term not defined herein shall have the meaning ascribed thereto
in the Note. The following definitions apply in this Rider and in the Note, and shall prevail over any different definitions in
the Note.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(a)</TD><TD STYLE="text-align: justify"><U>Alternate Rate</U>: an annual Variable Prime-Based Rate equal to the Prime Rate plus the Margin.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(b)</TD><TD STYLE="text-align: justify"><U>Applicable Rate</U>: whichever of the Loan Rate or Increased Rate is the applicable interest
rate at any time with respect to any Outstanding Principal Amount.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(c)</TD><TD STYLE="text-align: justify"><U>Currency</U>: money denominated in the lawful currency of any country (including but not limited
to the lawful currency of the United States) or any unit of account or single or unified currency of the European Community.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(d)</TD><TD STYLE="text-align: justify"><U>Determination Time</U>: 12:00 noon (or any later time determined by the Bank in its sole discretion),
New York City time, of a Working Day that is three Working Days prior to the date of the Loan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(e)</TD><TD STYLE="text-align: justify"><U>Due Date</U>: the date set forth in paragraph 1(b) of the Note or, if the Bank has extended
such date pursuant to paragraph G(5) of the Note or by an agreement with Borrower, such extended date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(f)</TD><TD STYLE="text-align: justify"><U>Interest Period</U>: any term of 1 day, 1 week, 30 days, 60 days or 90 days, as selected by
Borrower. A term shall not be considered an &ldquo;Interest Period&rdquo; during any period that the Applicable Rate is a Variable
Prime-Based Rate. Each Interest Period shall commence immediately at the end of the preceding Interest Period, if any. If there
had been no immediately preceding Interest Period with respect to any Outstanding Principal Amount, the Interest Period shall commence
on the first Business Day on which (i) such amount shall be outstanding and (ii) the Applicable Rate is not a Variable Prime-Based
Rate. If any Interest Period would otherwise come to an end on a day that is not a Working Day, its termination shall be postponed
to the next day that is a Working Day unless it would thereby terminate in the next calendar month. In such case, such Interest
Period shall terminate on the immediately preceding Working Day.</TD></TR></TABLE>




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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(g)</TD><TD STYLE="text-align: justify"><U>LIBOR</U> for each Interest Period: the rate per annum (carried out to the fifth decimal) equal
to the rate determined by the Bank to be the offered rate on a page or service (whether provided by Bridge Telerate, Reuters, Bloomberg
or any other service) that displays an average British Bankers Association Interest Settlement Rate for deposits in the applicable
Currency (for delivery on the first Working Day of such Interest Period) with a term equivalent to such Interest Period, determined
as of approximately 11:00 a.m. (London time) two (2) Working Days prior to the first Working Day of such Interest Period. At the
Borrower&rsquo;s request, the Bank will provide the Borrower with identifying information with respect to the page or service so
used by the Bank. If the Bank determines that the rate referenced in the first sentence of this paragraph is not available, then
&ldquo;LIBOR&rdquo; will mean, as applicable to any Interest Period, the rate determined (i) on the basis of the offered rates
for deposits in the applicable Currency with a term equivalent to such Interest Period, which are offered by four major banks selected
by the Bank in the London interbank market at approximately 11:00 a.m. London time, on the Working Day that is two (2) Working
Days prior to the first Working Day of such Interest Period; or (ii) by applying such other recognized source of London Eurocurrency
deposit rates as the Bank may determine from time to time. If the Bank determines in its sole discretion that LIBOR cannot be determined
or does not represent its effective cost of maintaining a Loan, then interest shall accrue at the effective cost to the Bank to
maintain the Loan (as determined by the Bank in its sole discretion).</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(h)</TD><TD STYLE="text-align: justify"><U>LIBOR-Based Rate</U>: an annual rate equal to LIBOR plus the Margin, as determined by the Bank.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(i)</TD><TD STYLE="text-align: justify"><U>Loan</U>: (i) any loan advanced by the Bank to Borrower under the Note, (ii) any rollover by
the Bank of any such loan that is otherwise due and payable, or (iii) any conversion of the Applicable Rate for any Outstanding
Principal Amount from a rate that is a Variable Prime-Based Rate to one that is not, or vice versa.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(j)</TD><TD STYLE="text-align: justify"><U>Loan Rate</U>: the interest rate determined under subparagraph 1(b).</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(k)</TD><TD STYLE="text-align: justify"><U>Margin</U>: as set forth under Specific Terms or, if not so set forth, 2% per year.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(l)</TD><TD STYLE="text-align: justify"><U>Note</U>: the note of which this Rider is a part (including any and all riders and amendments
to the Note).</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(m)</TD><TD STYLE="text-align: justify"><U>Outstanding Principal Amount</U>: the outstanding principal amount of each Loan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(n)</TD><TD STYLE="text-align: justify"><U>Payment Date</U>: the last Business Day of the applicable Interest Period or, if the applicable
Loan Rate is a Variable Prime-Based Rate, the Due Date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18.6pt">(o)</TD><TD STYLE="text-align: justify"><U>Working Day</U>: a Business Day on which banks are regularly open for business in London.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Renewal Status; Security</U>. This
Rider, and the Amended and Restated Promissory Note of even date herewith issued by Borrower in favor of Bank in the principal
amount of $8,250,000.00, of which this Rider constitutes a part (collectively the &ldquo;<U>New Note</U>&rdquo;) constitutes a
renewal, amendment and restatement of that certain Promissory Note dated as of February 25, 2013 issued by Borrower to the order
of Bank in the principal amount of $3,000,000.00 and that certain Term or Installment Loan Rider to Promissory Note Loan(s) Denominated
in U.S. or Other Currency LIBOR-Based Rate dated February 25, 2013 issued by Borrower in favor of Bank (collectively, the &ldquo;<U>Prior
Note</U>&rdquo;) for the outstanding principal balance thereof (such balance being $2,083,333.37) and an increase of such sum by
$6,000,000.00, but is not intended to extinguish or satisfy the indebtedness evidenced by the Prior Note or to create a novation
thereof. Payment of the New Note is secured by, among other things, a Mortgage, Assignment of Rents and Security Agreement, of
approximately even date herewith, made by Ark Rustic Inn Real Estate LLC, a Delaware limited liability company, in favor of Bank,
encumbering certain property owned by Ark Rustic Inn Real Estate LLC, a Delaware limited liability company, in Broward County,
Florida, and all extensions, renewals, consolidations and modifications thereof and replacements therefor.</P>




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