SECURITY AGREEMENT
THIS SECURITY AGREEMENT, dated as of October 14, 2022 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this “Agreement”), is made by and among Generation Income Properties, L.P., a Delaware limited partnership (the “Grantor”), in favor of Brown Family Enterprises, a Florida limited liability company (the “Secured Party”).
WHEREAS, on the date hereof, the Grantor has entered into a Secured Promissory Note (as amended, supplemented or otherwise modified from time to time, the “Note”), with the Secured Party, pursuant to which the Secured Party, subject to the terms and conditions contained therein, is to make a loan to the Grantor; and
WHEREAS, under the terms of this Agreement, the Grantor desires to grant to the Secured Party a security interest in the Collateral, as defined herein, to secure any and all Secured Obligations, as defined herein.
NOW THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
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IN WITNESS WHEREOF, the undersigned Grantor and Secured Party have executed this Security Agreement as of the date first above written.
GRANTOR:
GENERATION INCOME PROPERTIES, L.P.
By: Generation Income Properties, Inc., a
Maryland corporation, its General Partner
By:/s/ David Sobelman
David Sobelman, President
SECURED PARTY:
BROWN FAMILY ENTERPRISES LLC
By: /s/ Christian Brown
Name: Christian HG Brown
Title: CEO
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