AMENDED AND RESTATED SECURITY AGREEMENT
THIS AMENDED AND RESTATED SECURITY AGREEMENT, dated as of July 21, 2023 (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, the Secured Party previously made a loan to the Grantor in the aggregate principal amount of $1,500,000.00, as evidenced by that certain Secured Promissory Note dated October 14, 2022 issued by the Grantor in favor of the Secured Party (the “Original Note”);
WHEREAS, the Original Note was secured by certain collateral as set forth in that certain Security Agreement dated October 14, 2022 by and between Grantor and Secured Party (the “Original Security Agreement”);
WHEREAS, the Secured Party is loaning to Grantor an additional amount of $4,000,000.00 (the “Additional Loan Amount”);
WHEREAS, on the date hereof, the Grantor has entered into an Amended and Restated Secured Promissory Note in the aggregate principal amount of $5,500,000.00 (as amended, supplemented or otherwise modified from time to time, the “Note”) in favor of the Secured Party evidencing Secured Party’s loan to the Grantor under the Original Note as well as Secured Party’s loan to the Grantor of the Additional Loan Amount; and
WHEREAS, under the terms of this Agreement, the Grantor desires to amend and restate the Original Security Agreement to extend the security interest in the Collateral, as defined herein, to the Additional Loan Amount.
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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[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the undersigned Grantor and Secured Party have executed this Amended and Restated 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 Brown
Title: Manager
[Signature Page to Amended and Restated Security Agreement]
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