Tradition Leasing Systems, L.L.C. - Loan #25829823 - Republic Bank - Note Date 03082022 and Maturity 09082027

Contract Categories: Business Finance - Loan Agreements
EX-10.22 25 aquapower_ex1022.htm COMMERCIAL PROMISSORY NOTE

Exhibit 10.22

COMMERCIAL PROMISSORY NOT& RepubHc Bank & Trust Company 601 West Market Stnet LoullvUle, KeatuekJ 40202 (502)5114 - 36DO - - . - - - - LOANNUMBBR NOTEDATI PRINCIPALAMO'UNT LOANm.11 MATUIUTV DATE 25829823 Man,h 8. 2022 1694,336.22 66montb1 September 8, 2027 LOAN PURPOSZ: Purahue equipment BORROWER INFORMATION Tradition Leasing Systems L.L.C, 300 Growth Pkwy Ste A Angola. JN' 4670HJ326 DEFINITIONS, The fbll . owiag def'mitions apply when WJed in tfris Note . 11 Bon - ower 11 means Tradition Leasing Systems L . L . C .. 11 C 0 Dateral 11 means the Properl ; y that any pari ; y to - chis Agm,ment or the Related Documents may p 1 edp . morlpge . or give Lender a security interest in, regardlest of whml the Property is located and Jqllfd . Iess of when it was or will ho acquired . toptber with all replacements, substitutions, proceeds, and products ofthe Propm 1 ; y . 11 Fin1oeJ1] St1tem1nts 11 mean the balance sheet&, eaminp lhdemms, and other financial inftumlltion 1hat any party hu 1 ia. or will be glvmg to Lender. "Lender" ffllllllS Rcp11bllo Bank & Tnist Company whose address is 601 Wost Market Street, Lo11isville, Kontuoky 40202, ill IUCCCSIOII andaaigna, "Note" means this Commercial PromisaoryNote. 11 Obliptloo 1 11 means this Notll and all other Joans and lndcibtednels of Borrower to Lender, including but not limik : d to Lender's payments of insuranc : e or taxes . all amounts Lender JIIQ'I to pn,tect its in 1 a'e 8 t in the Collateral, ovmdnrfta in deposit accounts with Lender, and all other ladebtedne 111 , obligations, end liabilitiu of Borrower to Lender, whether matunsd or unmaturcd, liquldatcd or unU 4 uidated, direct or Indirect, absolute or contingent, joint or several, due or to become due, now existing or hereafter ariling . "Property" means the Bonowei's asse!S, regardless of what kind ofusets they are . "Related Doeumeot 1 11 means all promilllOJ')' notDs . seCIJl'ity agreementa, mortgages, deeds of 1 n 11 t ;. deeds to se 1111 dehit b \ J 1 ine 11 loan agreements . construction loan agreements, reaolullons, guaranties . environmental agreements, subordination agn=mnents, aaignments . and any other documentlll or agreements executed in connection with the : indebtedneSI evidenced hereby this Note whether now or hlreafter exiBllng . lnoludfng any modifications, extensions_ lllbatltution 1 or nmewals of any of 1 he fi>regoing . 1 be Related Doc 11 meats are hereby made a part ofthla Note by n,fenmce therelo, with the SIIIIJO force, and efl'ec : I as iftblly set forth bereh PROMISE TO PAY, For value received, receipt of which la henlby acknowledged . on or betbre September 8 . 2027 (the ''Maturity Date 11 ), the Borrowm - promi • to pay the principal amount of Six Hundred Ninety - four 1 boiisaod Three Hundred nirt ; y - aix and 22 / 100 Dollan ( $ 694 , 336 . 22 ) and all interest on the oulSlanding principal balBDCe and any other diarpa . inctludq servioe charges, to the order of Lender at Its otlice at 1 he address noted above or at such other place as Lender may deaisnatc in writing . The Borrower will make all Pll)'IDClntl in lawful money oftbe United States of America . PAYMENT SCHEDULE . Thia Note will be paid according to the following schedule : 6 S con,ecutive paymentll of principal anci interest m the amount of $ 11 , 869 . 30 beginning on April 8 , 2022 and continuing on the 111 UD 11 dllf of each month thereafter . The &mOWlt of the IIIOllthly payments shall bo detam : lned on the bais of a 66 month . mnortizatlon poriod beginning on the date of this Note . This will be followed by l parment of principal and interest in the amount of $ 11 , 869 . 63 on September 8 , 2027 , The unpaid principal baluu : e oftbill Note, together with all accrued inteJat and chugea owing In connection therewith, shalt bedue and payable on the Maturity Date . APPLICATION OF PAYMENTS . Unle 11 otherwise agn,ed or n : quircd by applicable law, payments will be app]ied fim to any Ŷ ccnled unpaid inlemst ; then to prm . cipal ; then to any late charges ; and then to any 11 npaid collecllon costs . Borrower will J 181 Lender at Lender's address shown &bow or at such other place as Lender may designate in writing . All written communications conccrnmg disputed amounta, include Ill)' chec : k or other payment instrument that indlclata diat the payment constitutes '"payment In fu 1 f' of the amount owed or that is d with othor c : ondltions or limitation 1 or u ftJll lllJsfllotlon of a disputed amount must be mailed or deliver to : Republic Bank & Trust Company, PO Box 950119 Louisville . KY 40295 - 0119 . lNTEREBT, lnterllt Rate and Seltedaled Payment Change, . Interest will begin to accruo on March 8 , 2022 . The ia . terat rate on ibis Note wiU be fixed at 4 . 350 % per annum . Compll Ŷ nee with Law, Nothing contained herein shall be consb'IJed u to require the Borrower to pay intemt at a greater nte than the maxbnum allowed b)' law . If, however, from any ciRillmstancea, Bono \ Wr pays interest at a greater rate than the maximum allowed by law, the obligation to be fulfilled will be mduclld to an amount computed al the highest nte of lmerest pemussible undor appllaable law c 02 1 . 1 . 1 . M w 4022 ƒ "'11!1 - 1)'1111111,U.C:CIDadi>aU11Ull•211JU'li.lT.4 ' - ' - ,Nole - DUGO, WWWAlll!pll1111_,....Lcam

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and i£ Jbr any saaon wb1110CWr 0 Lender ew:r ft'lCeMIS mtemt bl an amovnt wJlich would be deemed unlawJbl undtr applloablo law, 81Hlh imel'Clt llhall be lll1lomltimlly lqlplild 1o IIDOIDtl owed. fn Lnde/1IO!e dJIICfetic?o, or IS oUJenvile allowed by applicable law, Aemw Method. Jntmm on this Note ii calculated oa an Aehlal/M day buls. This •k:ullllion method results in • higher effective interest rate flian the JUDaria fntomt ra1e lllated in 1his Nole, Default Rate . The unpaid ba 11110 t ofthf 1 Joan lhall, wldle 111 Y Bwn t oCDefault exillll UDder this Note or any other 1 gn 1111 mem related to the loan . be mbject to a defiiult rate of Interest equal to ounent rate at default plus fbur percent ( 4 ' 6 ) or twelve )Jfflllnt ( 12 % ), whichever IIJrUter, LATE PAYMENT CHARGE. If any required payment II men than 1.0 days lale, then at Londol's option. Lender will - • a late payment charp of$50,00 or 5% oftl,e amount past due, whichever i1 . IUbject to • minimum dwp ofSS0,00. man OF SET .. OFF . To the extent pennitled by law, Bcmvwer agrees that Lender 1118 the right to • off tlQ>' amount due nl payal, 1 e under this NoCe . whether matured or umaetured, apilllt my amount owing by Lender to Borrower inotudiq lll . Y or . all of Bonvwm iaoants with Lcndu . This shall . include all lOCOldlts Boauww holds jointly with IIOlllllOll 8 el • aml all lOCOWU 1 kmowllt IIIQ' open . in 1 be ftature . S'IIOh right of d - off may be exerciled by Lendllf' apmst - Borrower or agalnlt IQ)' Ulignee for the benefit of cmllton . niaefver, or cxeeudon, JudlpDeut or attaolment credilor of Borrower . or apiDlt anyone elle claiming tJatough or against Banvwer or ncb l 8 ljgnee for 1 he benefit of cmlltors, reoeiwr, or em:utioD, judgment or attachm.mt «editor, notwitbltandh!J the fact that such right of lllt - otf bal not been cxcnmed by Lender prior arlling as a iesult of Lender exerollfna Leadet1 riaht 1D aet - ofr. to the Jllllklng, filing or illuance or . vice q,oa Lender < or of notice of, 111 lpment 1 hr lbB benefit of credfton, appointment or appJlcatioa for the appoinbnmrt of I ncelwr, or iauance or execution . subpoena or 01 'dm' or wunmt . Lender will not be liable for the dishooor of any check when the dishonor oeoun becauae Lender •• off a debt qainat Bonowm"a account . Bomnvor agrees to bold Lender humle 8 ' &om any ollbn BORROWER'S REPRESENTATIONS AND WARRANTIES . The lbaments made in thhl section wm ooatinue 111 d mnlin ID ofl'oat until all of the ObUgations are fWJy paid to Lender . EICh BorroWllr repretCDtl 111 d wmrants 1 D Leadlr 1 he followq : Balnut Eusteace •n• Operatlo• BornrMII' will keep Bmrower'1 exiDnce Jn Its c:mmJI oqanmlional fonn in ftlll fonle and efleot 1111len Lender gi't'III prior written IXJIIICllat CO Borrower's pn,posed cbanp, Borrower wil1 aalJ11W118 or comoiidde wh or mto aay other entity or leac, divide or eokr Info I plan of division, 118D or otherwi• dispoee of al or eubsmntlally all, of its prope,ty, lads and businolll without Lendor' Ŷ prior written c:cn11ent Borrower will comlnue i1I businets • curfflltly ooodlK,ted. Bor.rower will not dwlp its name . it, identification munber . or ill place of orpnlzatJon without Lender's prior wrltlen conlCllt . Bonower will mp its boob and records at the address in this Agreement . Bonuwer will pnxnpel,y notify Lender in writin 1 of any planned ohanp in Borrower' • principal place ofbulineu . Bonower will matntlln executive and manaaement per 1011 J 1 Cl wilh 111 batandal)y 1 be 11 me quallficatlom and exporlcnce 111 the piesent executive and m 111 qemem personnel, and Borrower will pn : imptly notify Lender In wrltina of any changes in 111 executive or management pcraonnel, Fkla Ŷ cial Information a Ŷ d rtNng . A, 1 matcrlal inducement to Lender making 1 be Loan . the Borrower represents and eovaum 1 I 1 ho followq ; AD Fimnial Statements pnwidad to Lender have been preJllnd and will continue to be prepered In D : Ordmoe with pnually acccipmd .: ountiq principle,, 00 rllistently appliBd, and fully and fairly paent the fiDlncfal COJ 1 dition of Borrower, and tbeN hu been no material advea,e dJan&e in Bom>wm's bUllae - , . or conditioa, either fiaancial or otharwa, lince the date of Borrower's Jalelt F"mlRDial Stltemcm. Borrower b• filed all i:dllral, itale, and local tax JOblml aud other reports and filinp required b)' law to be filed before the dlte oftbil Aareement .. t hu plid all tues . 11191111111 : nts . ad other chqes that are due IDd payable prior to 1 he date of this Apcment . Borrower has made tllllSOllflble puviliom for thue s of paymentl that are accrued but not yet payable . Borrow doel not know ot uy deficiency or additional - mot not diacloted in Borrowets boob and reoonb . Tu PinanGial St Ŷ temllllts reflect all of the uaeC 1 of the Borrower in fhe amounlll listed on the FinanoJal Stalllmentl . and IUCh usets are directly owned by tbc Borrowerunlea otherwi 111 8 laled . All financial statements or records 1 ubmitled to Lender via electronic means . ioo . ludlna, bllt not limited to, facsimile, open intemot oommunicatioa 1 or other tlllephoalc or electronic melbodl, Jn . cludlna . bul not Jimi 1 ed to, documents In Tagged Image Fonuat pjJQ (" 11 FP") and Portable Docusnent Fmmat ("PDF') lball be tmted • originals . ml will be : fbll 1 btncllq with full lepl force md effect . Parties waive Ŷ ay ript the)' may have 1 o object to mab treatment . Leode : r - ,, rely on 1111 mah iec : ords in good f'dh • comp]de IDd IIOCllralc .NlCOl'dl prucluced or maintained by oron behalf'of1he Party •bntfttms such fllCCXdL Title Ŷ ad Enn Ŷ nneu. 8onower hu good title to alJ of the Borrower'a IIICII. AD 11noumbzlncet OD ID,)' part oflhe Property diacload to Lender in writing prior io the date of this Nole, CompUaacc Gen 1 r Ŷ I Law . Bach 8 omJmsr is in eomplJa : nce with 111 d wfll oonduct ill bualDell and me its UIOls fn complianco with all Jaws, tegulatiOJII, ordinlnoel, dheotives, md orden of any lm : l of IO ¥ el'llll 1 Dlllll authority that ha 1 jurisdiction over the Borrower, the Borrower' • bu 1 lnea . or the Bonower's assell, Eavlrenmentll Lawl . Each Borrower 11 in complillnoe wilh all Ŷ pplioable Jawa and rules of fl : dera state, and Joc Ŷ I authoritlea amctlna the environment, as all have been or Ŷ re amended . No IJ 1 lption/No Ml 1 npNN 1 tldou . Thae ae no existing or pending suits or prooeodillp before Ŷ DY r : ourt . 1 overmmrnt apncy, arbitmtion panel . adminlstratfve trlbuoa 1 , orothlr body, or tbreatened epinlt Bonower that may re 111 lt in any material adverse c : banp In the Boaowen basmea . property, or financial condition, Ŷ ad all reprceentatiom 111 d W 1111 ' 11 mi 111 In tha Neu and the Relued Documents are true IDII correct and no malll'Jal teat . bu been Cllllitlm 02D044021Can9]i - . :U.C - ....UhcUll•20,:ll.27U7A C....W,_._,NDll•lllAON ,.2.rs

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DEFAULT . Upon the occurrenoe of any one of the 1 bllowina GWJ 1 ts (each, an 11 Bventof Default" or "default" or "event of default") . Lender' • oblipdons, if any, to make Ill)' advance • wlll, at Lender's option . innnediate 1 y 1 mminate ml Lclldor, at fte optiDD, may dedare 111 indebtednea ofBormww to Lender under this Note immedildely clue and payable without further notice of any kind notwithstandiq lll)'fhiog 1 D the contrary in this Note or any other qreemem : (a) Bomnwis failure to mike any PQ"mmlt on time or in the amount due ; (b) any dmiult by Borrower UDder the terms of this Note or Ill)' other Re 1 ated Documentl ; (c) any default by Bmmws under the terms of any other apemellt betwun Lendar and Borrower : (d) 1 hc death, dinolution, or termination of existenH of Bcnrower or any panintor . (o) Borrower is not paying Borrower's debts as 1111 cb debts become due ; (f) lhe cmmnencement of any proceedillJ under bankruptcy or ina>lveacy law 9 by or apinst Borrower or any gul . l'IDtm' or the appointment of a receiver ; (&) any dofault mufer the tenna of any other indebtedne Ŷ of Bonowm to any other creditor ; (h) any writ of attachment . pmiehment . exec : utlon, tu lion or 1 imilar Instrument 111 illued qajnst any collmal securina the loan . if any, or any of Borrower's pn,perty or any Judgment is enll : red 1131 inst Borrower or any guarantor ; (i) any part ofBonoweir buma 11 i 1 sold to or mqed with any other bullnus, individual . or entity ; 0 ) any MplUtlltldon or warranty made by Borrower to Lender in Ill)' of the Related Documents or any fin 11110 ial statement delivered to Lender prows lO have been : la'lle in any material respect • of the time when made or given ; (k) if any guarantor, or any other party to my Related DIKluments tcrmbwa, attempta to tenninale or defaults under any such R . clmd Doownmll ; ( 1 ) Lender . bu deemed itlelf lnsec : IJIII or thens hu been a material 1 dffl'le change of oond . ition of tha financfa 1 ptospects of Borrower or any collateral KCuring the obliptions owing to Lender by Borrower . Upon the occurrence of an ewnt of default, Lender may pursue any remedy mutable under any Related Docwnent, at IIW or in equity . GENERAL WAIVERS . To the cxtont pennlttad by IIIW . 1 he Bonower aevera 1 ly waives any required notice of presentment, demand, acceleradon 1 intent to accelera 1 e, protest . IDd any other notice and defonae due to extensions of time or other indulge . ace by Lender or to any substitution or releaae of collatenl . No fiu 1 ure or delay on 1 he part of Lender, and no mun e of dealing bclwHn BolroMr Ŷ nd Lender, shall operate u a waiver of suc : 11 power or right,, nor shall Ŷ ny sing 1 e or partial uercise of any power or right prec,Judo other or tlutbor exercise thenof or the exmroise oflll)' other power or right JOINT AND SEVERAL LIABILITY . The li Ŷ bW 1 ; yof all parties oblign,d in any manner under lhla Note Bhll 1 be joint Ind leYelll 1 , to the extent of their respeeli . ft obliption 1 . SEVERABILD'Y. If a c:ourt of competent jurisdiction dete.nnin• Ŷ ny tenn or provision of1his Note is in•aJid or prohibited by applicab1e Jaw, 1hat term. or provision wm be ine:ffllc:live to the extent required. Any term or provilian that haa been determined to be Jnvalld or prohibited wiH be aevered &om the tut of this Note without inl'81id Ŷ ting the :remainder of either the Ŷ Oected provision or this Note. TIMI IS OF THE ESSENCE. Time i1 of the euence in the perfonnuce of this Note. SURVIVAL . The rights and privileges of the Lender halJlXler lh Ŷ ll inure to the benefits at its ruccessors and assigns, and this Note shall be binding on all hein, executors, administmors, U&igns . and IUC : C : CSIOD ofBmrower . ASSJGNABJLJTY, Lender may usign, pledge or otberwiac 1 l'llllfa thia Note or any of Its rfghll and poWll'II under this Note without notice, with all or any of the obligations owing to Lender by Bmrowe . r 1 and in IUCb ewnt the 8 llignee shal 1 haw the same right Ŷ as if originally named herein in p]ac : e of Lender . Bomrwermll)' not mign thi 1 Note or any benefit aoc : tuing to it hereunder without the express written consent otthe Lender . ORAL AGREEMENTS DISCLAJMER, This Note reprnents 1ho flnal agReDlel1t between the p Ŷ rtiu Md may not be con.tr Ŷ dicted by evidence of prior, contemporaneous, or subeequent oral agn,emenCs of the p Ŷ rtieL There 11111 no unwritten oral lllfOCl1IOnl8 belwoen the putios. GOVERNING LAW. This Note la governed by the l Ŷ w.s oftbe state of Kentucky exeept to tho extent thllt fedmJ 1aw contrula. HEADING AND GENDER, Tm headinp preoedln& mxt in tbfl Noto are for genem 1 convenience io identifying 1111 ,jec : t matllllr, but have no 1 imiting Impact on the text which fi>llows any particu 1 ar heading . All word 1 used in thfl Noto lhall be c : onstrued to be of IUCb gender or number u the clrc 11 m 11 tancu mi : uire . AITORNEY'S FEES, COSTS, AND EXPENDS . Borrower qreu to pay all of Leader's costs . ft : es, and expBnH 11 arising out of or l'Dlated to the enforcement of flus Note or the rellltionship betwceD the partlu . Included in the feu th Ŷ t Lender may recover : liom Bonower are 1 ho 19810 J 11 ble attorney' • fi,q that Lender mcur 1 , includin& all fell lncwrcd in the coune of repn 1 aenting Lender before, during, or 11 \ v an,y law 1 ult . arbitnlion, or other proc:eeding and those incurred in appea1a, whether the issues arise out ofc:ontract, tort, banluuptgy, or Ŷ ny other Ŷ re Ŷ oflllw. Included in the coats and IIXpenNII which Lender may recover are all court, alternative dispute resolution or other co.11.ectfon c:oats, and Ŷ II oxpemes inoidental to perfecting Lender'1 security fntmeltl and liens. preserving the collatenl (including payment of t Ŷ xea ml inlunmoe) 1 recotd1 searches, and axpmm re1Dd to audn, inspection, and c:opytng. All costs 111d expenses Lender 11 entitled to ncover llhall Ŷ ccruc interut at "the hishut rate set forth hereunder or in any of1he Re1 Ŷ ted Documenlll. SIGNATURES. This inltrume.nt may be sJgned in multiple OOlll1teJpartS, each ofwltich Jh Ŷ II constitute en original Ŷ ml, taken together, shall comdtute a lingle apemcnt. and by olectronic trlnlmiuion. which electronic: lign Ŷ huu shall be COllll.dered original executed c:ounterpm18. RIGIITS OF LENDER . Lender may, with or without notice 1 D Ŷ ny perty and without dcting the obligatlom of an,y Borrower, surety, Ou Ŷ rantm, endorser, llllOODlmodation puty or any other party to this Agreement, (a) RDCW, extend or otherwfae po 11 pODe the time tbr payment of either principal of tbla Agreement or interest thereon &om time to time . , (b) release or dfachmp any one or moNl partie 1 liable on this Agreement, (c) swpnd the right to enforce tbi 1 Ag]eement with reapect to ID . )' pmon( 1 ) . including an,y present or : future guarantor of this Agreement . (d) c : hange, exoh 111 & 1 or mlea • any property in which Lender po_ . s Ŷ ny interest 111 curlng thia Aareement . (e) justifiably or othmwiae, Impair IIDY collallml securing this Agreement or 11119 end Che right 10 enforce apimt 1111 . Y suah coUmral, and (t) at Ŷ ny time it deem 1 it necermy or proper, call tbr and should it be made avai 1 ablc, accept,, as additional Ŷ curity, the 1 lgnatUJe( 1 ) ofan Ŷ dditiollll party or a rccurity inlmest fn property of&ny kind or dell&lription or both . Any reference to Maturity Date in this Apement will refer to the Maturi 1 ; Y Date or Ŷ uch l Ŷ 1 flr date • may be designated by Lender by written notice ftom Lender to Borrower (it being undenlood that in no event will Lender be Wlder any obligation to extend or n : new thJs Agreement beyond the initial or any extended Maturity Date), 02CIIM4!2ZCGrrwll - lyaDls.J.l.C DHl5b•:&02l.2'1P.l7.4 Cammnlll l'laf - , Nall, DIAIIOII

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COMPLETE AGREEMENT . Except u let fbrtb in thil Agreement, thJa Agreement and the odler Related Docwnenfl may be amended aoly by an iutrwnem : in writing 1 ' - explie . itly atatea that it amends this Aa,eement or BUob oCbor Related Doclllllellll and J 1 afped by Borrower llld acknowledpd by Lender, RBMEDDS . The indebteda 111 IVidenced by tms Agreement lhlll bo with all obJigatlona that m ; y J 3 ommw OJ' any guUllll'Or hu with Lendi,r, At the option of'Lender upon the ocourrenee of 1111 Bwat of Default h=uncler. each without demand or notice of 1111)' kind (which 11111 hereby expre•ly waived), Lender m17: (a) accelerate and melc:e bnmcdJllely due and payable the oulllaading pincipa1 balm hmeunder toaetber wflh any additional amount! ICCUred by the Related Documents, (b) ,:equh that 1he indebttdnns cvidenoed by dri1 Agreement, topther with all .,_., of inteNst and alJ other IIIIOUldl cu IUlder thia Agreement and the llllated Docamcntl. wiD from 1be dalB of 1he occumnca of an Bvm of Defiullt bear intmut It tht default m of intoreat 11t forth heNin, (c) requn 8on'Oftr 1u to :Laider rcmonable attomeyl' fees. oourt colll and expenses fnaurred by LeDdcr. in oonaoctlon with Lender's eft'orll to collect the indeb1ednc• evidcm:cd by this Agreement. and (d) cxerc1lo fi - om time to time 11111 of1he rights end ftlmedla available 1o Lender under thia Agreement or the Rebdcd Documents or under applicable Jaw . As ulCld in thll A&rcement, '"plll'llltor" means 11117 BUlll'llltor of the ablipfioas of Bonvwer 1 D Lender wtieaher exfsti 111 mi the date bmof or arising in 1 he ftrture, or IIDY penon or entity who pledpl particu 1 ar collatinl fbr the leOllrity of the obliptiom ofBonowetto Lander, whether or not 1 be debt itlllfll gmrana,ed . existing on 1 hc date hereof or lrillnl in tbe fulwe . PROHJBrrlON OF TRANSFBRRING MATERW, ASSETS AND ACCORATE FJNANCiAL STATEMENT& Al a material inducement to Lender making this Loan, Borroww COYelUIDtl and qrea 1 hat : (i) the most recently delivered flnam : Jal atnmenta to the Lender accurately reflect all of Its mpcotive IINtl In the IIIIOUlltl 111 d perocml 8 gca Hated on each of Its NlplQtive financial atatemeats ; (il) the 8 INtl Jislld on the fimmcial statements delivered to the Lender are owned by the Borrower and if Ŷ lldl Ulltl are owned by • truat or IUI 01 IIGl enllt ; y it i 1 ID noted ; and (iii) dmins the remainiaa tmn of this Loan, ao ma 1 erlaJ . Bats lhal 1 be tramfemd to anothar penon, . or trust without the prim wrttton consent of the Lender in Lender' • soJo and ab Ŷ o 1 ulB discretion . CROSS - DEFAULT . This Loan will be CWll - defalJtm with 111 obHptlDJ 11 that any Borrower IIIJdlor Guarantms have wl!h Lender . NOl'E DAT . I, Borrower agrees thai the Note Date fint 1 ppearin 11 on this Note fl the date of the Joan and that lnterelt will be JllliYBble ftom the Note Dafc deapite any other das set out in this Note or Ill)' document 1 ecuring this Note . TRANSll' . IRABLE RECORD . Bon'Ovm qree 11 that thi Ŷ Note is mtmJdad 1 o be and shall be treated II an eflsctive, ent'omiabie, and valid 'tnmlftrabll neon! . ADDfflONAL PROVJSIONS. Early Tmnlnatlon Fu : If Paymant of all 111 paid ptincipel . accrued and unpaid Interest and all otbel' fHB then outstanding is received within five (S) years of the oriJ,laatlon date Jt will reault in a prepayment fee on the following achedule : 3 . 00 % in ye • I, 3 . 00 % in year 2 . 2 . 00 % in year 3 , 2 . 00 % in yean 4 aad 1 . 00 % in 111 • 5 . The above parcentaps will be bucd oa the outnmdmg pr . incl . pa] amount at the time of prepaylDlllf, plm ID)' costs ]Jlld by the Bank tbr the Bmrowv UDder any fixed p,mnotional clo Ŷ Jq cost offer . AmRMAUVE COVENANTS Bol'l"OW 8 J' CO \ 'mlants and qree, with Lender that, ID long u this Ajpament n,maln 1 Jn etlect, Bcmowll II : Notice Ŷ of Cl1lm1 and Lllptle•. Promptly infonn Lendar in writffll of (1) all material adYene chanse• in Bonvwm'1 flaanclal condition, IJld (2) all existiag and all threatmed Htlplioo, claims, izmsstiptiona, adminlltaltJvc pn,ceedinp or linlilar 1Kltion1 af1'ec:ling Borrower or any Gul1'8olor which could materially dct 1h11 f1nanda1 conditioa of:BortoMr or the fiDancla1 condfflon of any Oumator. Financial lleconl Ŷ • Maintain ita books and . records in IKIOOrdancB with GAAP or other acceptable ICCOUotin& fonnlt . applied on a conlllltent basi 1 , and permit Lender to cumlne and audit Borrowe/ 1 boob and records at 111 reasonable tlmu . Fina Ŷ dal Sta1e Ŷ 1111a. Fumisb Lemler with such financial ltlRmcnts and other aellled iafonmdcm at audi f'ra(ueacln and in aucb detail u Lender m117 nascmahly aequest. Addkional Information. Furnish auch additional iafonnatlon and 11atem11nts, 1111 Lender ma, request from time to time. Lou Pniceeds . Use all Loan proceeds solely for Bonowan business opcntJons, unless specifically COJJSCD 1 ed to the contr Ŷ ry by Lender Jn writiD&, Tau, Cll1rp1 a Ŷ d Liem. Pay ad disahaip when due all of Its indebledma and obligatioas. inoluding without HmJtatton au Ŷ - e Ŷ menta . taxea, governmental cbupl. lcvla and liens, of every kind and naturo, imposed upon B01TOwer or its properties, inwme. or profits. prior to the dllle on which penalties would attach, and all lawful claims that, If unpaid, might 1HK:ome a lien or cbmp upon any of Bom,wa's properties, iru:ome, or profits. Provided however, BOJTOW'IJ' will not be roquircd to pay and dllchl!JI uy alCb aaeamcnt, tax. chirp, levy, lien or claim IO Iona u (]) the lep]ity oftbe - shall be CGdtelte4 in JQOcl faith by appropriate proceedlnas, and (2) BomJwer shill have alllblllbod on BorroMJI books adequate IUel \ lal with respect to IUCh COJIIU1ltd aueument, tu, elmp, levy, Um, or claim in ICCXlll'dllu:1 with GAAP or odler acccpflble IICCOUlltq method. Inapectloa. Pennit empk>)'eca or apll1I of Lender at any raa Ŷ onabJe time to iolpect any and all Collateral fbr the Loan. 0 :all0"'3lm B,mmt,u.c :,, - "'• 1111.271.17.4 a -- .., .,lfllll.JlUOD6

 4 

 

Addltlon Ŷ I A Ŷ ara 11 c : e 1 . Mab, execute and dcliftl' to Leader such promJssory notes . mortpps, deeds of trust . security epmnenta, assignment& . finanmag statements, instrumcntl, documenta and other agn,emmrts u Loader or ill attorneys may reasonably request to evidence and aeoUJe the Lo 1111 aod to perfect all Security Interon Lien Priority . Unlou otherwise pmvjomly discJoaed to Lender in writing . Borrower has not entwed Into or granted any Seourity Agreements . or permitted the filing or attaahment of any Secmity lntmeltl on or affecting any ofthe Collateral directly or indirectly seouriDg 19 J) 8 YRl 8 nt of Borrower's Loan and Note . that wuuld be prior or that may In lll,Y way be superior to Lender's Security lmmstl and rights In and to such Collateral . Perlomaance . Perfonn 111 d comply, in a timely JDllllll : r, with all tmms, condidona . and provisioaa set 1 brth In this Agreement . In 1 he Reimel I>ocundtl, IIDd in Ill other inslrament 8 mul agreements between Borrower and Lender . Borrowar lhaU notify Leader immodiatD]y in writing of any default In cmmeation with aey agreemant . Opention 1 . Maintain cxecutive and manapncnt personnel with aubstantilllly the same quallftoations and exporiencc u the preseDt executive and manapment pel'SOllllfll ; provide written notice to Lender of any change in executive and IDIIIUlgelllCDt pcracmnel ; oonduet its buslne 11 affairs in • reuonable and prudent manner . WAIVER OF JURY TRIAL . All partln to 6111 Note hereby lmowlnsJy and voluntarily waive, to the JbUut extent permitted by law, any rlaht ta trJal by Jury of any dispute, whether In eoatraet, tort . or otherwiac, arlllng out of, In eanneetion with, related to, or lachlental to the relatlon 1 blp atabHslled between them hi tbll Note or any other hlltn 111 e 11 t, doanuent or agreaa • t uecutecl or dellYered la connection with tllll NGte or .. e Related Docuant& By 1 l 1 nln 1 1 h 11 Note, Borrower a . eknowJedpa reading, nnderltaadiDa, and 8 'reelng to all lb proviliom and reeelpt hereof . Tradition Leuing Sy ::::z: By: T'mi E Evans Its: Manager LENDER: Republic Bllllk & T1111t Company By. Its: _ 02J004.aODCailplilnoe U.Cllftllh .111.:zml.:ffl.l7A eam. - 111..,,_,.Naeo.IJlAOOII . .... , .. ,

 5 

 

 

COMMEROALSECURITY AGREEMENT Republlc Bank & Trust Company 601 WatMarketStreet Loulsville, Kentueky 40292 ###-###-#### t -- ._ LOA _ 2 _ : _ _ 98 _ 23 BEll --- ---- A - = _ 2022 _ M _ TE BORROWER INFORMATION Tmditlon Leasing Sy1tem1 L.L.C. 300 Growth Pkwy Ste A Angola. IN 46703 - 51326 - ] COLLATERAL OWNER INFORMATION Tradition Leaaing Systems L.L.C. 300 Growth Pkwy Ste A Angola, JN ###-###-#### AGREEMF.NT. M Aareement" means this Commercial Securil.y Agreement. BORROWER. "Borrower'' means Tradition Leasing Systems LL.C.. DEBTOR. unebtor'' mew Tradition LeasJng Syatems L.L.C.. LENDER. "LendofN means Republic Bank & Trust Compllll)' whose addreas is 601 West Market Snet. Louisville, Kantucky 40202, Ill SUCCIJISOIS and assjgn11, SECURITY INl'EREST GRANT . Debtor, fn consideration of the Obligations, hmby agrees to all of the tenns ofthil Agreement and fmlher hereby specifically grants Lender a continuing securlty interest in the Collateral . Debtor : further grants Lender a securil . y interest i n the proceeds of said Collateral ; lhe proceedl of hazard insurance and eminent domain or condemnation awards invo 1 ving the Collaterat Ŷ JI pn,ducta of ; subst . itutiona, mplacements, and accesa : iona to such Colleteral or in 11 resls therein ; any and all deposils or other sums at any time cndite d b y or due ftom Lende r to Debtor ; and any and all instrmnents, documents, policies, and certificates of illlW 8 nce, securitiea, ,goods, accounts n,ceivable, chosea hl action, chattel paper, cash, property, end the proceeds thereof (whether or not the ume are Collateral or proceeds thereof hereunder), owned by Debtor or in which Debtor bu an interest which are now or at any time hereafter Jn possession or control of Lender, or In transit by mail or carrier to or from Lender, or in polSelSion of any third party acting on Lender's beh11f, without regard to whBther Lender mcived the 1 une in pledp, for safekeepmg, as agent or otherwise, or whether Lender hu conclitional]y re 1 eased the Hme . Debton grant or a continuing security mro 1 t in the CollateJ'al . secures to Lender the payment of all Obligations, inoluding all : renewals and extensions themof, whither heretofore . now, or hareafter existing or arising and howsoever incurred or evidenced, whether primary, sacondary, contingont, or 01 herwise . DESCRIP 110 N OF COLLATERAL The collat 8 nll coveied by this Agreement (the 11 Collatmln) is all of the Debtots propcrl ; y described below which the Debtor now owns or may hereafter acquire or crate and all proc : ecds and ]IIOducts thereof . whether tangible or intangible, Including proceeds of inlurance and which may include, but shall not be llmim .: I to, any ileml listed on any schcdu 1 c or list attached hereto, E 11 alpment . "Equipment'' shall eonsist of aJI goods of the Debtor that are not inventory, fium products, or consumer goods, Equipment Includes, but is not limited to, all equipment and fix . turn of every natun : and description whatsoever, now owned or hereafter acquired by Debtor, whmvcr located, Including all machinery, manut'acturing equipment, llhop equipmettt . : furnishings . fumiture, record keeping equipment . and vehicles . topthcr with all accessions . pBrts, embedded software, attaclunenbl, accessories, tools, and dies, or appurtenances thereto Intended for use in connection tbemvith, and all subltitutioas, betterments, and mplac:ements thereof and additions thereto. . Tltled Vehlele . 1 'Titled Vehicle" consists of 1111 )' and all vehiclc(s) and 1 U additions and accea 11 lon 1 to the fthlcle( 1 ), and any n,placmnents and substitutions of the whicle( 1 ) . It ala, includes all documen 11 of title related to the vehicle(s) as well • a 11 products, mils, and proceeds of the vehlcle(s) . · TITLED VBHlCLBS DBSCRIP110N: • 2020 Stoughton Dry Van, VIN 1DW1AS32SKSAl4069 • 2020StoughtonDryVaa, VIN 1DW1AS320LBA31704 • 2020 Stoughton Stoughton Dry Van, VIN' 1DW1AS322LBA31705 • 2020 Stoughton Dry Van, VIN 1DW1AS32SLSA31746 • 2020 Stoughton Dry Van. VIN 1DW1AS321KSA22329 • 2020 StoughtonD1y - V111, VIN IDWIA:5323LSA31745 • 2020 Stoughton Diy Van, VJN IDWIAS32XLSA31743 • 2020 Stoughton Dry Van, VIN 1DWIAS328LSA3174 - 2 • 2020 Stoughton Dey Van. VIN 1DWIA532SLSA31777 • 2020 Stoughton Dry Van. VIN 1DWIAS321LSA31744 Spedth : CoU Ŷ tenL"Specific" reftlrs to the specific property, together with all reJated rights, described below . C21»1 - 21121 LLCooModlkl72'4Jll 02021.177.U i:a,namdll •lluill' Apremanl DIAIIOI ... ... - ij111 - -

 6 

 

SPECIFIC COLLATBRAL DESCRIPTION : 2022 Hyundai Reefer Serial# 3 H 3 VS 32 K 4 NJ 686009 , ; and X 4 7300 WJSTI,TH & Chrome Serial # UAW 91690353 , whether 141 '/ of tho foregoing Is owned now or 1 cqui 111 d later ; au accem,m_ additions . replacemuta, and 111 bstitution 1 relating to uy of 1 he fbregoing ; all records of any kind relating to any of the foregoing . OBIJGATIONS. "Obliptionsn means ll!J)' and 111 ofBonuwer'1 or Debtuts obliptions to Lender, whether 'lbay arilC undat thi1Agreement or the Note, Loan Agn:emcnt, Ouaranty, or other evidence of debt exec11ted In connection with tlm Agreement, or under any other mortgage. truBt deed, deed of trust, 1ecurity eked. aecurity qrceinent note, lcue, fnllnunent, contract, document, ot otbBr similar writing heretofore, now, or bnafter executed by the Bonower or Debtor to Lender, moluding an;y reneMlS. extensions and modifications thereof, and including onl egreements and obligations arising by operation of law. The Obligations inolude au fn.terast and all of Lendu's COits, fees, and expeDffl recowrable purt1.1111t to this Agreement, any odler agreement between the partiea, or under applh:able law, iru:ludinJ all 111ah coats. &es, and expenses that m&J Ŷ rise afmr the filing of any petition by or against Borrower or Debtor under the Bankruptcy Code, irrespective of whether the ObliJaiions do not accrue beo111J11C of an automatic Illy. Without limiting the fmeaoing, the Obliption1 expreally Include the following: CROSS - COLLATERALIZATION. Debtor agrees that any 111curity intareat provided in Collatml under this Agreement or any Collateral provided in connection with any and all other indebtedness of Debtor to Lender, MICther or not such indebtedness Is related by cl• or claim and whether or not COJlmfflplated by the partiB1 at the time of executing each evidence of Indebtedness, shall Ŷ ct II Collalmll for all 181d. indebtedneo. This cron - coll Ŷ teralfzation pn,vision Ŷ hall not apply to any Coll Ŷ tml th Ŷ t ii/are household aoods or a principal dwelling. FUTURE ADVANCES AND AFfER - ACQlJJRED PROPERTY . Futun, advanc : es ma ; y be made at any time by the Lender under lhis Agreement to the extent alloMd by law . The • Mity interest grant contained In this Agnsem 111 t also applie 1 to any Collateral of the type(a) identified In thil Agreement that the Debtor acquira after this Agresment ill executed, except that no 100 Urity intmat atlacbell to after . acquired oonauner good Ŷ unless the Debtor acquires rights in such good& within 10 days of Lender giving value . In anticipation of fidure advanoes by Lender, the Dabtor authorizes Lender to file ID)' neceaary financing statements to protect Lendet • ,ecurity mterut . RELATED DOCUMENTS . "Related Documents" means all promlasmy notu . • curity agreement Ŷ • mortgagel, deeds of trust, deeds to Ŷ GUl'C debt, buaine Ŷ lo Ŷ n agreemeffllt construction 10111 qm,ments, resolutions, guanmtle&, environmental aareements, Ŷ ubordination agreements, assignments of leases and rents, and other documents or agreements executed in connection with this Agreement whether now or hereafter exisling, including any modificaticml, extomicm, substitution • or renewals of any of the foiegolng . Tho Related Documents an : hereby made a part of this Agreement by refemice thereto, with the • me fbJ'ce and effellt u if fully act Jbrth hen 1 in . GENERAL REPRESENTATIONS, WARRANTIES, AND COVENANTS . Debtor represem, warnnts, and covenllDtB the following : Debtor' • Exllteace and Orpnlndon . Debtor is fully fanned and in good standm& under all laws governing Debtor and Debcor'I busJneu . Debtor hu or will provkle Lender with doc 1 UD 011 tatfon reganting Debtor's llatc of organization or fonnatlon, and Debtor 1 brther warrants that Debtor will not chaqe Debtor's state of OJpnization or fimnltion without Lendei' 1 prior written cORllllt . Debtor will UIIII Lender with any changes to any documantl, filings . or other records re Ŷ ulting or required by ID)' change in the Debtor's stakl of organization or formation . The execution of this Agreement will not create any breach of any provision of the Debtor's orpnizatiorial docmnents . Authority . Debtor h 11 lhe power and authority to excicute this Asreoment and the Related Documents and to bind Debtor to the obligations created m this Agreement and the Related Documenta . The execution of this Agreement will not create any bleach of any other agreement to which the Debtor ii or may become a party . Debtor bu obtained Ŷ ll llcen 111 , pennits . and the like which Deblot Is miuired by Jaw to file or obtain, and all such taxes and Ae Ŷ for sueh licenses and permits required to be paid have been paid In Jbll . Debtor's Name . DeblOr will not conduct buline 11 under eny name other than lhat given . at the begi 1111 D 11 oflhl 1 Apament, nor change, nor reorpnl 7 . C the type of bullineu entity as ducribed, except upon lhe prior written approval of Lender, in " 41 ich event the Debtor agiws to execute any documentation of whauoever chamfer or nano requiml by Lender tbr filing or recording, at the Debtor' Ŷ expelllll. before such change OCC:1118, · B Ŷ sinua Addren. Debtor will bep all recmds of aocount, document Ŷ • evidence of tide, and 111 other documentation rcprdins It Ŷ business and the Collatmal at the address BpOC.itied at the beginning of this Aa;reement. unlelS notice thereof is given to Lender at leMt Mll (10) days prior to 1he change of any addrc11 fur 1he knping of such records. Title. Debtor hu or will acquire he and clear title to all of the Colllteral, unle Ŷ otherwise provided hmeln. All oftbe Collala'al exfllll and is or will be actual pmperlf of the Debtor. No Eneumbnneet or Tnnsfer of CollatenL Debtor will not allow or permit ID)' lien . security interest . adverse claim, charge, or encumbrance of any kind apinll the Collateral or any part thereof without Lender's prior written coment . Except as otherwise provided undu this , \ gleement, Debtor will not, without Lender's prior written consent . sell assign . transfer, lease . charter, encumber, hypothacate, or dilpOIIII of the Collateral or any part thereof or any interest 1 hereJn nor will Debtor offl,r 1 o aell, IISl : lgn, tramAv, leue, charter, encumber, hypothecate, or dispose oflhe Collaten . l or any part thereof or any inte . nNrt then : in . Priority . The aec : urity inteiest granted 1 o Lender llhall be a first security inteJut wa'lea Lender 1 pecifically agrees othuwi 11 , and Dcblor will def'ond Che 11111 C against the claims and demand& of all persons . Facilitation of Security Int.rut. Debtor will fully c:ooperale in plaoina, perfectina, and maintaining Lendet1 lien or aecurity in111111t agajn&t or m . lhe Collateral and Debtor agrees to take whatever actions niquested by Lender to perfect and continue Lender', seeurity interest in the Collateral . Debtor specifically authorl 7 . es tm : Lender to file the neceaary financing statementl to perfect the Lender's aecurity interest in the Collateral . Lonllon of Collatenl, All of the Collateral is located in the ltale where the Debtor i 1 located . 11 identified in this A,reement, unleu otherwise certirted to and agreed to by Lender, or, alternatively, i 1 in poaeuion of the Lendor . Debtor will not remove or change du, 0 IOOl 40 ZI a .. t - . , .. , .. ,U . C - 34 bdlkl 716 O 0 - 20 JlfflJU ean - Nill • 111111111 , . - .. DIMOI

 7 

 

Jooetlon of any Collaml without Lmldel'a pior written COIIICl1t ·111d will allow tho Lendisr to inspect the CoJlucral upon n:uonable nqueat. lh'e of Con.tenl. Debtor will um the Colla1enl only la tho corub,t ol b own bu1ineu, i11 acareflll nl proper 1DIIIU1C'lf. Doblor will not 1111 tho Cotlateral or permit it to be m1d fi>r any mlawftJJ purpoee. Good Condltlen nd Repair. Debtor will, at all 1lmes, maimain the Collatenl in good condltio.a. ad rtpalr Financial Information an d Fllln 1 - All financial inf'onnation and ltltment 1 delivered by Debtor to Lender have been prepared in accordanco with pneraDy accepled accounting principlN C 011 Dm 11 tly applied, and fully and fkirly pramt the finbafal coaditioa of Dllm' and there . baa been . no material lllveao dwJ&o in Debtor's busine - . Co . llateraJ, or con!fidon, ei 1 ber finanmal or otbmvisa, 11 U 11 Je Debtor la 9 I IWllllitW any financjaJ informllfion ta Leader . Debeor ha flied all ft,denJ . itatD and JoeaJ tax Mini and other Jeporta and ffllnp n : quired by law to be filed befi>re the date of this Ap'eement ad la pefd all taxe 1 , 1111111111 enta, and other olap 1 that 11111 due and paylblo prior to the date of Chi • Apement . Debtor h • mlldo reuonable provision . 1 br theae f ; Ypu of payments that 1 n aoorued but not yet payable . Debtor does not know of any deflcienoy or additional • essment not dlacbed in the Debton boob uid records . No LNlptlon . Then : arc no axilting or pending luitl or proceedinp . Including let - off m counmclaim . whlcla m 1 llreltcned or pending - ,.iml" Debtor which may 1111UH in any material aclvne cba&e fn Debtor's finanaial condition or mJaht malerlally affm lUQ' of the Colliden1. Debtor wi1l promptly DOdfy Lender m writiag of all thrmened and actual Jltlpdcm. pvemmentill proceedinp. deftrult, 111d cwiy other occumnce that may have a material advent effect on Debtor's bama , ftnanclll c:ondttlon, or fie Collateral. No Ml1npNH11ta1loa1, AD repreaentations 111d werrentlu in thil Aar=aent and the Related Doaumoma an, true and conect and no nuarlll ftlot 1 w boen omitled . . INSIJRANCE . The Debtor qrees 1 luit it wlll, at ita own eapmee, fully lnlare the Collldelal apimt all loa or dmn 111 1 br uy riak of wblilol : ffl Dlhn in IUCh amolllltl, with ah companies . and under auch poUcta • shall be atf 1 &oeor, to the Lendo . r . Lender will be named u loll pa ; yee . or at Lender's sequelt, 11 mortgagee . and, If requated by Lender, Ŷ U inSW 8 DCI JIOHdel lhall include a leaden lo • payable endonmnent, The Lender ls ar Ŷ nleda • curlty Interest fn tbe prooeeds of 1 Uch inlllll'UICe and may apply 1 udl proceed • as it may receive toward the payment of the Oblfption 1 , whither or not due, in IUOh order u the Lender may in ita aole discretion determine . The Debtor qrees to maintain, at its own expense, public liability 1111d damap lmarancc upon all ita other property, to provide asah policia ill such fbnn • the Lender may approve, IDd 1 D tbmJah the Lender with c : opiea of odaer evidence of aaoh po&lea and evidence of the paymen 1 s ofthe premiums lheteo : n . All policies of foannce shall provide ilr a minfmum 30 ¥ writlen DOtloe of canceDation to . Lmador . At the nqDUt of Lender, sw : h pollc 1 e 1 of Insurance lball be delivc : Rd to and held by Lender . Debtor qrees thal Lender is authorized to act BB attorney for Debtor In obtaining, acUlllti 111 t ding, and canceling such insunmce and enclonlng Ŷ ny drifts or btruments iaued or c : onm : cted with lllCh inturance . Debtor specifically authorm=s Lender to di 1 clo 11 t information obtained In coqjunetion with this Agreement and from pollcie 1 of Insurance tu proapeetive imure n ofthe Collateral . If the Debtor at any time fail, to obtain or tu maintain any oftbe lnaurance mquired abo or pay 1111 )' premium in whole or In pelt relatbti thmto, the Lander, without waiviaa 1 m 1 default hereunder, may make 11 UU payment or obtaia ruch pollola II the Leader, In ill aolo dilCl'edoa,, deem 1 aclvbable to protect 1 he Debtola pros,erty . AJI coata incuml by the Lader, including R : 8 IOJl 8 ble Ŷ Homeys' fees, court COltl, expcn 111 » and other chars - thnb)' inomred, llhaJI become a pert of the Obllptioo 1 1111 d shall be payable on demand . ADDfflONAL COLLATERAL . ln the event that Lender should, at any time . detennine that the Collll 1 fflll or Lender's security intarest In the Collaterll is hnpalred, lnlufllclent. or ha declined or may deoline :in value, or if Lender should deem that payment of the Obl ii inaecure, dine being of the Vef 1 es&ence . 1 bm Lendar may niquiie . and Debtor Ŷ peel to furnish, additional Collateral tbat la lll 1 llfiK : toty to Lender . Lender lhaU provide notice as provided for In this Aan,ement to Debtor n,prdiDg additioDII CoJla 1 nl . Lendm n : quest for additlonlll Collateral . shall not . trect Ill)' other aabeequent riaht ofLender to request additioaal Collateral J'JNANCING STATEMENT(S) AND LIENPERF.ECTION. Lander Ja authorized to file a conf'ormtng atatamcnt or lta1elnentl to perftct its ncurity interest in the Collateral, as provided in Rcvlled ArtiC1le SI, Unifbnn Commercial Code • Secured Tram111tion1. Debtor qn:os to provide auah information,, aupplements, and otm:r dccwnent1 u Lender may from time to time requins to 111pplement or amend nob financing atammert filinp, in onlar to comply with applicable ltBtB or Weal Jaw mid to preserve and proteat 1 hc Lender's ripts m 1 he CollaleraJ . The Debtor tbrdier & 1 ' 11111 du : Lender a power of lttmru : y to execufll ray aad au documents . necemry fbr the Lender 1 D perfect or maintain pmiletion of its aeoarlty Jnterest in the CoDateral, and to dump or cimrect any error on Ill)' fiMncing llallmenl or any other dooumem nec : eaaary for proper placmnent of a lien on any Coflnnl which ii subject to tbls Agreement . LANDLORD'S WAIVER . Upon request, Debtor shall finish to Lender, in a fimn and upon IUCh tenn 1 • are acceptable to Lender, a landlonf' • waiver of all liom with respect to any Collateml c : ovcred by tbil Apeement that is or may be located upon leued premiael . RELATJON 8 HIP TO OTHER AGREEMENTS . This A,peenHmt and the eecurity in 1 lnltl (and pledges and mignnwlls . as appHcable) herein gnn1ecl me in addklon to (and not In Mlltitution, noVldcm or dltc:halp of) •Y and all prJor m eomemporaneom leclltity q1em11em 1 aecurtty lnlmeat, pledges, ll8ignments. mortpps, llem, dab - . titlel, or other mlelll in filVor - of Lender or ualped to Lender by others .in connection with the Ob1iption1. All rights mt ianediea of Lender in all BIICb asreementl are cumulative. T AXJCS, LIENS, ETC. The Debtor 11gn1es to pay all tlxes, levie1,jwta;DIID1' Ulellml and oharp1 of Ill)' natwe whatsoever relatinJ tu 1hc Collatml or to the Dob 1 on busina 1 . If the Debtor fails to pay llleh taxu er otbDr dunp 1 , the Lender, at its aole cHacretion . mil)' pay suc : h _, .. on behalf of the Debtor ; and Ŷ ll llftl 11 > dilpemed by tho Lender, . includmg reasonable attomeyl' h, court oom, expenees, and otbar chaipl ielatlng tberao, lhall become apart of the Obliptioaa and lhall be payable OD demand . ENVIRONMENTAL HAZARDS . Debtor certffin that the Collllteral bu never been, and so lq u dd 1 AgiHment c : ontbmes to be a lien on the Collmnil, never wJII be uaed jn violation of any local, state or federal enviroamental lawa, statutu or regulatiom or UBed for tho generation, Slorap, manufacture, tnnll)Ortation . dfaposal, treatment, n,mue or 1 hreateoed 111 leue of any hu . ardoua l \ lbstmlcel ud Debtor will inunedlately notify Leader In writina of 111 \ f wertlon made by any - party to the contrary . Debtor mdemnlfiel and hold 1 Lender ll 1 d Lendel' 1 dlmtora, offlcem, empJoyees, ad ... - bamlea ftoai any JiabDlty or cxpena of whatsoever natun 1 1 Jnc : Judfn& INIODlble anonaeys' . l : es . buu : red Cl:lllll.mDl<'... -- ..,,...._LLC_,..k1'1211451•2Dl.ffl.o.J a..... - llClilr IIUDOI

 8 

 

dbeody CN' indiJeedy II a result of Dcbfon Jnw!Yemellt with Jirmdous or en'rircllmentllly hannftll IUbsbmca u may bo dmned or J11111latod • 9110b under my local, Mlltll or federal law or regatadan ar otberwilt reailC.lng &om a breach ofddl pn1Vlldou ofdail Apematt. PROTECl'ION OF COLLATERAL. Debtor agrees that Lender may. at Lendel'1 aote opti!XI, whether befon, or after any ma of detlult, and widiout prior notice to DBbtor. 'lab the fbllowJng actions to protect Lcadu'1 fnlllmt in the Colhdeta:I: (a) pay for the malntmmce, repair, improvement, or teltlng of ao Collatenlli (b) pl)' eny film& RIOOnling. registration, Huendna. certiffciation, or other files and cbaJps related to the Collateml ; or (c) tab any other action lo pl'IIIMI and protec,t the Collatm 1 or Lenden rlahts 1111 d remedies uader this Agreement, u Lender may deem neceuary or appropriate from time - lo time . Debtor Ill" • that Lender is not obHptod and 1 w no duly whatsoever lo take 1 hc fbrllOlna action 1 , Debtor fbrther qma to reimbune Lender pn,mptzy - upon demand for any paymellt made or BDY expmau lru : umsd by Lender punuant to this authorization . Paymma and expenditul'lll made by Lender under this ntborlzation all constitute additional Obliptiom . lhall be IBG 1 UOd by thia Agreement, and 81 u 111 bear huerelt 1 henon fiom the dab! incumd at the maximum rate of Interest, including 1111 )' defiwJt Nie, if om b pnmded . u at 1 brth In the 1 IOtea aecunid by tllil obliptlon . JNFORMATION AND REPORTING . TIit Dcblor 11 rees to - ,ply 1 D tbl Lender IUCb ruua,ciaJ 111 d other mformalion cmamin& its afJ'alJI 111d t1 - = lhltm of any of ill an • the Lender. fiom tlma to time. may ffllSOJllbly request. The Debtor Auther qrees 10 permit the1...ender,b and IFJla, lo hnc ICDW to die Collateral for tbe pwpoae otlmpectiq it, toaethet with Ŷ 11 oftbe Debtor's otllcr ph)'lical mer.. if any. md 10 permit the Leader. &om time to time. to verify Accoucl, if any, u well II to inspect, 00Jf1, and to examine the boob. recordti, and file, of the Debtor. DEPAULT. The occunmce of 1111,)' of the following eventl 1ha'II constitute a default of this Agreement: ( Ŷ ) the ncm,,p Ŷ yme whon due (whether by accelendion ofmahlrlly orotherwise). or any amount payable DII ID,Y of the Obllptionl or any oxtenslon or n,new Ŷ l 1hereof. (b) the fldlure to )Jll'fonn any apemen1 of the Debtor contalud herein or in any other aareement Deblor has or may haw with Lender; (o)1he publication of any ltlltement, repraentation, or wamnty. whether written or oral, by the Debtor to the Lender, which at any time u untrue Jn 1J1Y 111spect u oftbe date made; (d) the condftion that any DeblOt bocomel illsolvent or unable to pay debts II Ibey mature, or mikes an ISlipment for the benefit of the Dabtor's eredion, or IXIIIYGyJ IUbatanliaUy an of ill 11111111. or in dw evat of any proeeedinp lmtiluted by or apinJt 1111 Deht:or alleging lbat auc : h Debtor ill imolYCDt or unable to pay debts • the)' mabn ( . Gnlu lo pay being conohllive evidence of inabiJi 1 J 1 D pay) ; (e) Debtor mm • applloation fo r appo)ntment of aiecelvcr or any other 1 epl culfOdian, ot in die nent dult a pedtioa of any kiud i s filld under the Federal B 111 kruptcy Code by or apinst IUOh Debtor and the resallina proceeding JI not dilcharged w . ltlm thhty day 1 aftu filins ; (f) the eaby of any judgment aplnst asy Debtor, or the illue of any order of attachmert . execution, . sequestration, olaim ml delivery . or other order in the natuns of a writ levied against Collateral; (I) the death of an,y Debtor who II a natural penon, or of any priner of any Debtor that is a partnership; (h) the dillOlutlon . liquidation, smpentlon or normal busine - , termination of uismnce . busiolla &ilure, merpr, or c : onsolidldlon or 1 rmlfer or a 1 ubltanlial part of the property of any Debtor which is a c : orpomlon, limited liability company, (Stnel'lhlp, or other non - indivichal bulinea entity ; (j) the Collateral or any part of the Collateral declinel In value In eJCCU 11 of IIDffllll 1 wear, 'IHr, and depeoiation or becomes, Jn the jqmcnt of Lender, impaJmt, un11tilfae1my 1 or in1Ufl"1C1ient in dwaatw or value, including but not limited m the filing of a compctin& flnanoJna; statement; breach of warnnty that the Debtor ii the owner or the Collallral fteo and clear of any encumbrances (other than tho,e enoumbnulees discloled by Debtor or otberwise made known to Lader, 111d which were acceptable to Lender at the time); sale of the Collateral (exoept bi the ontinary C01U1C of buslnu&) without Lender's exprea written CODADt; failure 1D keep the Collliwal lnsmd as provided herein; faihlre to allow Lmder to Jompect the Collatetal upon demand or at reaaonabkt time; fiaihre to mike prompt payment of .... OD 1he Collateral; loa, lheft. IW'9Clmnd damap. or datnx:doo of tho Collateral; and. when Colla1eral includes inwnlOr)', accomdl, dlatteJ paper. or inltnnDmlll, fiilun: of accoum - debton tu pay tbe:lr obliptions in dge coum; or (j) the LeDder bi ,800d faith,, bo1ievu the Debton ablUty to KJJaY the Debtor'• indeblednas ,eeured by 1h11 Agteem..., any Collateral, or1he Lendeta abJl.ky to marl to any Collateral, b or IOOll will be lmpeind, time bug of the my essence. REMEDY . Upon the ocounmoe of cvat of default, Lender, . at its option . llhall be entitled to exercile any one or more of the remedies desorlbed In thfl Asmment . in all doaumenta evidencing the Obllgationa, . la 1111 ,)' other agreements executed by or dcllvmd by Debtor for benefit of Lender, in ID)' third - par(y 111 curity QflGDIGllt , mcmpp . pledp, or auaranty iel Ŷ ting to 1 be Obliptionl . in the Unifonn Commercial Code of the state o£ The Debtor qree, that, whenever a default exists, all Obligations may (notwitbnmding any provilion In any other aar - menl). at the BOle option and disomioa of the Lender and without domand or notice of any kind, be de&il Ŷ ml, and thereupon immediately shall beoomo due 111d payable; and the Lender may exe.rcise. ftom time 10 time, any rig1dl and . - nedln, lncludins the ri&ht 10 immediate po111111lon or the Collateral, available to It under applicable law. The Debtor agrees, in the me oC default, to auemble, at its own expeme. all Cou.teJal at a conwniem pa acceplable to the Londcr.'l'beLtlulCll' - 0. in lbe event of any deflUlt, mve the rlgbt to lake poaellion of and ranow the CoJlallral, with or without pn,c111 of Jaw, and in dofaw eo. may peagefblly eater 8D)' premf• where the Colhunl may be locallld for such pspose. Debtor Wlllftl any ript thlt Deblor may have, In such lnlltanee, to Ŷ judicial mering prior to such making. The Lendei lball have the riafat 1D bold any then fn or llpOII ll Ŷ id CoDateral .at the time ofrepo11111ioal not covered by 1he 1eeurity agreement undl return II danaaded In writins by Dr:btm.The Lender may ND, Jeue, or oeherwi11 dilpoae oftbe Collmral, by public or private proceedlnp. for cub or medk, without uswnplioll. of credit rllk.Unl11111 the Collawal k perishable or threltelll to decline ,peedily in value or of Ŷ type customarily sold on a JeCOgnh : ed marJmf . Lendet will • ad Debtor n : aonablo notice of the timo and pJace of any publio • kt or of the time after \ \ 1 tich 1 ny private 11 le or other dilpOlitlon will be m Ŷ dc . Any notifation of Intended dispolition of the Collateral by the Lender lhall be dHmed to bo : reasonable and proper tr IIIDt United Statea mail, JX)lll 8 e pmpald . electronfc mail, tkcumile_ ovemllht dell'Ym)' or other commercially reaonable meam to the Debtor at leut ten (I 0 ) days befbn 111 ch dllposltlon, and addressed to the Debtor either at the addreu shown heNin or at an ; v other add 11111 provided to Leader fa writing for fie purpo 1 e of providing DDtice . Proceeds receiwd by Lender ft - ma dillpllftlon of the ColllltWBI may be applied 1 Dward Lender's expen 1 e 1 and other oliligation 1 in 111 ch order or mllllllff u Lender ma, eleoL DelMDr shall be ntltled to any surplus if one n : sulfl after lawful app&lldon of the proceeds . Jftbe proceeds fi'om a • le oftbe Collalenll in inlufficiat to extil,gwb the Ob 1 Jgatiom . the l)lrties obtiptBd 1 hereon lhaJI be liable tbr Ŷ defJc : ienC 1 . Lender sh Ŷ ll have the ript, wllather lietbre or aftlr default . to co 11 eot and 111 CeipC for, compouad, compromfac, 111 d ,ettle, and slve releaBel, dillllluqe 9 , and acquittaDcel with iapec : t 10 , aa,y and 111 amomta O \ Wld by Ill)' person or amt)' with - ,eat to the Collateral . Lender may remedy any deAult and may waive ay default without waiving the de&ult Rmedied and without wai . vhlg Ill . )' other prior or 1 ablequmt default . The ria)ltl mi remedl 111 of the Lender me oumulatiw . ad 1 he exeroJae of any one or mon 1 of the ripll or remcdiel lhaU not be deemed 1111 eleotion ofripts or remedla or a waiver of 8 DJ other right or remedy . Upon or OJII044'ZI a.,111Act.,.._,U.C ffll4JV - :ao.:nm.u ('a .......... ...,. .DL40III .... .,. _,...,.._.,...

 9 

 

et any time afta - the 01 X 1 Um : nce of an Bwnt of Defau]t, Lender may request die appointment of' such a n 1 celver, who will be entitled to 1 reasonable fee for managing the Collateral Such reoeiver will IJaw the power to take poueuJon, control and c : me of the Collatml and to collect all acoounts multlng thereftom, Notwithstanding the appointment of 1 : reoeim', trustee or other custodian . Lender will be entitled to th 11 posseaion and control of any cash, or other lnltnDnents held by, or . payable or del 1 ¥ 0 n 1 ble undllr tho tcnm of this Apeement to Lender . Should Lender te 1110 J 1 ab)y boliew that the CoJlataal may have detoriorated in market value for Ill)' reuon, then Lender . may c : auae a 1 ubscquen 1 1 eapJni 1 &l to be completed for the benefit of Lender, the cost of whidl lhlll be paid by Debtor, Lender lhall not be Hmlted In number of subsequent ,eappraisals miufred . but in no imnt will Debtor be requiml to pay fbr more tban one au 1 - quont m . ppnisal in any two - yoar period, except in the event of a dofkult by Debtor or Borrower . EXEllCIS : E OJi' LENDICR . 'S RIGHTS, Any delay o . n the part of the Lender in exarclaing any power, privilege . or right hereunder, or UDder any other document executed by Debtor to the Lender in COMBction herewith . lhatl not operate as a waiver dlmot ; and no lf 111 le or partial IIXfflliN thereof or any otba - power, privilege, or right shall preclude othc : r or fbrther exerc 1 se thcrco £ The waivor by the Lender of any dofault oftbe Debtor lhall not coutitute II waivor ofeubsequent default, CONTINUING AGREEMENT . This is a continuing aareement and the security interest (and pledp and auignment, u applieabJe) hereby granted and all of the terms and provisions oftbil AaNe,ment llhall be deemed a continuing agreement and llhall mnain in full force and effilct mrtil the 0btiptionl are paid in full. In the event that Lender lhould take additional CollateraJ, or enter into other security qreements. mortgages, guarantees . asslgnmenta, or similar documents with respect 1 o the Obligations, or should Lender enmr into other such qrnments with respect to other obliptions of Debtor, auoh agteeJDB . Dts shall not dflcharge this Agtament . which shall be CODll : nled as cumulative and continuin 1 and not alternative and exclusive . Any • Hempted . mvocation or tenniDation shall only be e&ctive If explicitly confirmed in a signed writing issued by Lender t o such effii : ct and shall in no way impair or atlect any tnmuctions enteied into or rights created or liabilities inoumd or arising prior to such rovocation or tennination, u to which this Agiemnent shall be truly opCIJlltive until 1111111 are tep 1 id and dilChupd in full . Unllu otherwise n,qulred by applicable law, Lendor shall be under no obliption t o issue a termination slltement or similar docwnent unleu Debtor requull same in wridng, and providing : further, that all 0 bliption 1 have been repaid and discharged in fllll and there are no commitments to mike advances . incur any obliptions . orotherwise sive value . ABSENCE CJF CONDITIONS or LIABILITY . This Agieement is UllllODditionaL Lender shall not be required to exh 111 st D mnedie& against Debtor, other oollateral, gimanton, or any third party, or pursue any other rernedlea within Lender'I poMr befon : being entitled to cxcroJe its remedies bmeunder . Lender's righ 1 s to 1 he Collateral sball not be alteml by the lack of validity or enforceability of the Obligations apinst Debtor, llld this Agreement shall be fully enforceable imspect . iYO of any counterolaim which the Debtor may apert on the underlying debt and DDtwlthstandlng any stay, modifieation, discharge, or exkmsion of Debtor's Obligation arising by virtue of Debtor's insolvency, bankruptcy, or norganiz Ŷ lion, whether occun - iog with or without Lenden consent . NOTICES . Any notice or demand siven by Lender to l)c,btor in C 1 onnoation with this Apeement, the Collateral, or the Obligations . shall be deemed given and effective upon deposit In the United States mall, postage prepaid, eleotronio mail, flmbnJle, overnight deHmy . or other commercially nasonable mean 1 addreued to Dobtor 1 t the address dasignated at the bllginning of this Aanement, or 1 uch other address as Debtor may provido 1 o Lender In writing from time to timo for such purpOlles . Ac : tmil notice to Debtor lb . all al • be eff'ectlve no lllltter bow 111 ch notice is giwm or received . WAIVERS . Debtor waives notice of Lender'I acceptance of thi 1 Agreemem . defenses based on suretylhip, mul to the fbllost extent permitted by Jaw, any defCDICI arising II a n : sul of any llleation by Lender under the Bankruptcy Code 01 ' the Uniform Commercial Code, Debtor and any maker, lllllloner, parantor, surety, thinl")Jlrty pledgor, and other p 1 rty executing this Agreoment that i 1 liable in any capacity with n : spect to the 0 bUgatiom hereby waive demand, notice of intention to accelel'BID, noti • of acceleration, notice ofnonpeyment, pn : sartmcmt, protellt, notillCI of dishonor, and any othu similar notice wh 1 t&oever, Dobtor : further waives any defense arising by reason of a di 111 bility or other defens 11 of any third party or by reason of the cessation - &om any cause whmoever of the llablllt,y of' any third party, WAIVER OF JURY TRIAL . All partl • to this Acreement henby knowln,gl)' ind volantarlly waive, to the fullal cxtut permitted by l 8 W 1 any rlpt to tri Ŷ I by Jury of any dispute . whether In c : ontnet, tort, or otbenrise, 1 rllln 1 oat of, In eonnectlon with, nl 1 ted to, or Incidental to tbe relation 11 llp .. , . bllahed betwen them In thll Agreemat or any other Jn 1 tnunent, doaament or 11 nement uecuted or deJivered 111 eonnectlon with tbl 1 Asrfflnut or the Related DoeumentL JOINT AND SEVERAL IJABILrrY . The H Ŷ bility of all p Ŷ rtioa obligated in 1111 )' manner under this Agn,ement ahall be joint 1111 d aeven . \ to the extent of their n : apectfw obligations . SEVERABILITY, Whenever possible . - 11 provision of this Agreement shall be interpMted in suoh manner u to be effeCllive and valid Wider applicable Jaw : but, in the event any pn,vllion of 1 hi 1 Apeemmd lhall be prohibited by or invalid under 1 ppljgabl 11 law, suClb provision lhlll be ineffi :: aUve to 1 he ntont of such prohibition or mvalidi 1 y and shall be seYeied fi'om the rest of this Agreemont widu>ut lnwlidating the rem Ŷ inder of BUCh pnwi 1 ion or the iemainins provisions ofthil Apeemem . SURVIVAL . 'Ibe rights ud prMlogea of the Lender hereunder 1 h 18 inure to the beneflls of its SUIXIIIIISOl'I and aaips, and this Agreement shall be binding on all heirs, exoauton . adminisnlon . assigns . IDd Ŷ uaCCISOorlf Debtor . ASSIGNABJLITY . Lender may us . ip, pledp, or othenva tr Ŷ nsf'er 1 h 11 Agreement or an,y of ltl right Ŷ and pcJ \ fflB 1 IDdcr thil A . pement without notice, with all or 1 ny of the 0 bligation 1 , and 1 n· BUch ovent the anJanc,e shell h 1 M the 111 D 1 e rights as if or . iglnally named herein in place ofl . ender . Debtor may not usign this Agreement or any benefit Ŷ ccruing to it hmundu without 1 he expreu written c : ownt of the liender . A'ITORNEY'S 1 'EES . COSTS . AND EXPENSES . Debtor agrees to pay Ŷ II of Lender's cost,, feea, and expenses arising out ofor ielated to the enforcement of this Apement or the relationllhip betweon the parties . lnClluded in the fees that Londer may recover &am Debtor IZ'C tho reuonable ettomoy' • feos 1 bat l . ond&!r incurs, including all : li,ea Incurred hi the coune ofrepruentlns Lender befme, during, or lfler any lawnit . arbitration, 01' other proceading and those incuned in appeals, whether 1be isue1arlae out of contract, tort, bankruptcy, or any other area of law. 02004 - 2021 .,_,.,:W:d4b - IOJl.ffl.ll.l C - . - - S.C.""A& - iD1A• .... , ....

 10 

 

Included in the col 1 I and expenses wmch Lender ROOVer are all court . altumetiw dispute resolutioo or other collection coats . and all oxpcnaca inoidental to perfecting Lender's security inlmelCI and lieDa, preaervmg tho Collalenl (lncJudin& paymcm of taxes and Insurance), reoolds ID 8 l'Chos . and IIXp 8 Dltl 8 related to audits, inspection . mxl copying . All coB 1 I and expemes Lender Is Dlltitled to 18 COwr shall aocruo hdereat at the higbDst rate IDt fbrth in any of the R . clamd Documents . GOVERNING LAW . Thia Agn,oment has boen doliYffld in the State ofKmrtucky and shall be c : onstruDd Ja accordance with the Jaws oftblt stltD . READINGS AND GENDER . The headings pn : ocding text in this Agreement are for general cmmmiDllDD in identifying suqect Dllltler, but have no limiting impact on the 1 IIXt which followa any partlcular hc : adlna, All words used in tJris Agrec,rnent shall be construed to be of llUClh gender or number as the circumatanoos nquiro . COUNTERPARTS. Thia At=mmt may bo exeouled by the parties us1ng any number ofcopiel oftbe Aareement All executed copies tabn together will be U'l:Od as a sfngle Agreement. TIME IS OFTHE l!'BSBNCE. Time fa of the eaaence in the perfonnaoce of all ob]jptiom ofDebtor. INTERPRETATION AND CONSTRUCTION . Except u otherwi 8 e dafined in 1 his Agreement, all terms herein ahall have the meanlnp provided by the Uniform Commoroial Code III it has boen adopled in the state of Kentucky . Any mnbf 1 uitie 1 between thia Agreemont and any loan qrcement executed by the Debtor in cmtjunDtion with this Apomcnt shall be resolved using the provisions of the loan agreement, to 1 he extent neccaaary m elbnlnate any such ambiguity . RELEASE OF IJABIUTY. Debtor releases Lendu ftmn any Ifabillty which might otherwise exist for any aot oromisafcm of Lender n,Jatcd to 1hc collection of any dabt secured by this Agreement or the disposal of any Collateral, except for 1ho Lendets willful misconduct. ORAL AGREEMENTS DISCLAIMER, Thia Agreerrumt repn,IDDts the ftnal apeement betwee.n the parties and may not be conlradlcled by evidence of prior, contanponncous, or1ubsequent oral agreements ofdul partim. There m no unwritten ora1 qrecmom between the partiel. SIGNATURES. This U11tn1ment may be signed in muitiplc countorparta. each of whim Bhall constitute an original and.1aba together, lhall COllltitute asingle agnmnent, and by eloctronic tranllDission, which electronic aignaturea shall be considenld original executed countmparls. PROlDBITION OF OTllER LIENS . Grantnr shall not voluntarily create or otberwiaci permit to be crcaled or filed against the collaleral any lien (excllpt aoy securing lndebtcdnus to Lender), or any statutory or other lien or liens, charge or encumbrance of any nature . wbcthcr infllrior or auporior to the lien of this collalera 1 , without the prior written conlllnt ofl . ender . Should Borrower and/or Lender choose to file a Title Work end Lien Statement, Borrower ia requiRd to provide proof1hat tho lien in fiMlr of Lendor bu been filed within 10 buline• da,y1 of closing. Failure to do so could result in an Bvent of Default. 45 day a after oloaing for the final Title to be received by client in thDlr own name and RBT's lien to be perfected. By signing tbll Aareemea,t, Debtor acknowledges reading. undentandla1, and 11reelag to an Its provl1lon1 and receipt of a COPf ben:ot. Tramtionwa m z g s ntana - By: Tim B Evans Its:Manager LENDER: Republic Banlc & Trust Company I B ts y : : 0201N41121 a..,i;..,...,_..,u.c »uo - :am1m.o.J c:or..ill - 8 - li, Aptintnl DU1IGI

 11