PROMISSORY NOTE (MEZZANINE LOAN)Belpointe PREP, LLC • March 29th, 2024 • Real estate • New York
FOR VALUE RECEIVED, BP MEZZ 1991 MAIN, LLC, a Delaware limited liability company (whether one or more, “Borrower”), hereby promises to pay to the order of SOUTHERN REALTY TRUST HOLDINGS LLC, a Delaware limited liability company, having an address at 525 Okeechobee Blvd., Suite 1650, West Palm Beach, Florida 33401 (together with its successors and assigns and any subsequent holders of this Promissory Note, the “Lender”), as hereinafter provided, the principal sum of FIFTY SIX MILLION THREE HUNDRED SEVENTY-SEVEN THOUSAND FIVE HUNDRED FIFTY ONE AND NO/100 DOLLARS ($56,377,551.00) or so much thereof as may be advanced by Lender from time to time hereunder to or for the benefit or account of Borrower, together with interest thereon at the Note Rate (as hereinafter defined), and otherwise in strict accordance with the terms and provisions hereof.
