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Loan No. 5018250534
<br /> COLLATERAL ASSIGNMENT OF AGREEMENTS AND CONTRACTS
<br /> THIS COLLATERAL ASSIGNMENT OF AGREEMENTS AND CONTRACTS (this "Assignment")
<br /> is entered into as of November 13, 2020, by CC ENTERPRISE PARK LLC, a North Carolina limited liability
<br /> company ("CCEP"), SANFORD-LEE COUNTY PARTNERSHIP FOR PROSPERITY, a North Carolina non-
<br /> profit corporation(d/b/a Sanford Area Growth Alliance)("SAGA.),SAMET PROPERTIES,LLC,a North Carolina
<br /> limited liability company ("Samet") and LEE COUNTY GROWTH III LLC, a North Carolina limited liability
<br /> company("Growth III",and together with CCEP,SAGA and Samet,individually and collectively,"Developer"),each
<br /> with an address of c/o Lee County Growth III, LLC,P.O. Drawer 9, Sanford, North Carolina 27331 (U.S. Mail) or
<br /> 603 Carthage Street, Suite 102, Sanford, North Carolina 27330 (Personal or Courier Deliveries), Attention: Kevin
<br /> Scanlon,to and in favor of CARTER BANK&TRUST,a Virginia banking corporation("Lender"),with an address
<br /> of 1001 S.Horner Boulevard, Sanford,North Carolina 27330,Attn: G.Todd Baker.
<br /> WHEREAS, Lender has or will be making certain extensions of credit(collectively,the"Loan")to Growth
<br /> III,an entity with common interests of Developer in the development of the Central Carolina Industrial Park,and such
<br /> Loan has been or will be evidenced by one or more promissory notes,loan agreements,guaranties and other documents
<br /> executed by Growth III and the other parties thereto and has or will be secured by, among other things, a Deed of
<br /> Trust, Assignment of Rents and Security Agreement executed by Growth III in favor of a trustee for the benefit of
<br /> Lender(the"Deed of Trust",and together with this Assignment and the promissory notes,loan agreements,guaranties
<br /> and other documents entered into in connection with the Loan,collectively,the"Loan Documents");
<br /> WHEREAS, the Deed of Trust encumbers certain real property located in Sanford, Lee County, North
<br /> Carolina,which is owned by Growth III(the"Real Property");
<br /> WHEREAS, Developer and LEE COUNTY, a North Carolina body politic corporation in nature (the
<br /> "County")and the CITY OF SANFORD,a North Carolina municipal corporation(the"City", and together with the
<br /> County, individually and collectively, the "Municipality"), have entered into that certain Memorandum of
<br /> Understanding dated as of June 11,2020(collectively,the"MOU")pursuant to which the Municipality has agreed to
<br /> assist in the development of the Real Property and the Central Carolina Industrial Park by executing a lease agreement
<br /> on the terms and conditions provided in the MOU upon completion of construction of the building on the Real Property
<br /> being financed with the proceeds of the Loan;
<br /> WHEREAS, as a condition to advancing the funds required by the Loan, Lender has required that Growth
<br /> III,and any other necessary parties,assign to Lender as additional security for the Loan certain contracts,agreements
<br /> and other matters as herein set forth;and
<br /> NOW, THEREFORE, to induce Lender to advance the sums to Growth III and otherwise perform as
<br /> required by the Loan and in consideration of the foregoing premises and for other good and valuable consideration,
<br /> the receipt and sufficiency of which are hereby acknowledged, Developer hereby covenants and agrees with and for
<br /> the benefit of Lender as set forth below:
<br /> Section 1. Assignment. As security for the payment and performance of the Loan and the Loan Documents,
<br /> Developer hereby grants a security interest in and assigns to Lender, its successors and assigns, all of its right, title
<br /> and interest in and to the MOU, together with: (i) any and all extensions, renewals, substitutions and modifications
<br /> thereof,and(ii)any and all proceeds and products therefrom(collectively,the"Agreements"). Developer shall obtain
<br /> and deliver to Lender, in form satisfactory to Lender, the written consent to this Assignment of such Agreements,
<br /> provided that failure to deliver such approval shall not render this Assignment void or ineffective. This Assignment
<br /> and the rights of Lender hereunder are supplemental to and in furtherance of all rights of Lender under the other Loan
<br /> Documents.
<br /> Section 2. Developer's Covenants and Agreements. Developer hereby covenants and warrants to Lender
<br /> WBD(US)50085467
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