PROMISSORY NOTE $100,000.00 March 13, 2018 FOR VALUE RECEIVED, LIFE HOTEL COMPANY LLC, with an address do Mitchell Holdings, 801 Madison Avenue, New York, New York 10065 (the "Borrower") promises to pay to the order of RUSSELL ROSENTHAL, with an address at 1233 Beech Street, Unit 16, Atlantic Beach, New York 11509 ("Lender") in lawful money of the United States of America in immediately available funds at the address of Lender hereinabove set forth, or at such other locations as Lender may designate from time to time, the principal sum of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00), together with interest accruing on the outstanding principal balance from the date hereof, as provided below. 1. Rate of Interest. Amounts outstanding under this Note shall bear interest at a rate equal to TWELVE PERCENT (12%) pA• annum cumulative, but not compounded, to the extent not paid in any year, and computed on the basis of a year of 365 or 366 days, as applicable and actual days elapsed. 2. Payment Terms. (a) Payments. Borrower is the managing member of Life Hotel Pref LLC, a Delaware limited liability company ("Life Prer), and Life Pref is the sole member of Life Hotel One LLC, a Delaware limited liability company (the "Hotel Owner"), which owns the Life Hotel, located at 19 West 31sI Street, New York, New York (the "Hotel"). Amounts due Lender hereunder shall be paid by Borrower to Lender at such time as the Borrower receives a cash distribution from Life Pref (as distributed to Life Pref by Hotel Owner), from whatever source, (for the avoidance of doubt, such distributions shall be made after Hotel Owner's and Life Prefs payment of their respective then current expenses and obligations, including all debt service and other payments due any mortgagee of the Hotel and all preferred return and other payments due Preferred Member (hereinafter defined), but all payments to Lender shall be made by Borrower prior to Borrower's making any distri