EXHIBIT 4(o)

                             RENEWAL PROMISSORY NOTE
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$6,692,732                                                     November 13, 1997


Lender:      YASAWA   HOLDING,   N.V.  a  Netherlands   Antilles   Corporation
             (hereinafter, with any holder hereof, termed "Holder").

Borrower:    THE DELTONA CORPORATION, a Delaware corporation, DLIC, INC., a
             Florida corporation, DELTONA LAND & INVESTMENT CORP., a Florida
             corporation, THREE SEASONS CORPORATION, a Florida corporation,
             and DELTONA CONSTRUCTION COMPANY, INC. (formerly known as Deltona's
             Mackle-Built Construction Company, Inc.), a Florida corporation
             (collectively, "Maker").

     FOR VALUE RECEIVED, Maker, jointly and severally,  hereby promise(s) to pay
to the Order of Holder at its address as indicated hereinbelow, or wherever else
Holder may specify, the sum of Six Million Six Hundred Ninety Two Thousand Seven
Hundred Thirty Two and No/100 Dollars ($6,692,732.00),  with interest until paid
at the rate of 9.6 percent (9.6%) per annum.  Payments of interest and principal
shall be due as follows:

     (i)  Interest  will  accrue on the  remaining  debt at the rate of 9.6% per
annum.

     (ii)  Interest  on the  remaining  debt will be paid  monthly in cash or by
transferring  current contracts  receivable at 65% of face value, with recourse,
to Lender or Lender's designee, in accordance with Schedule A attached hereto.

     (iii) Principal will be paid in accordance with Schedule A attached hereto.
Payments shall be made in cash or by transferring  current contracts  receivable
at face value, with recourse, to Lender or Lender's designee.

         Maker also hereby agrees as follow:


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<PAGE>
     1. This Note constitutes a consolidation,  renewal and modification of, and
a substitution for those certain promissory notes listed on Exhibit "A" attached
hereto.  Each of the undersigned  hereby  acknowledges  and agrees that: (i) all
prior indebtedness  described above in this paragraph is owed in full to Holder;
(ii) none of the undersigned has any defenses, offsets, claims, counterclaims or
objections  involving,  arising from or relating to such prior  indebtedness  or
this Note; and (iii) the  undersigned  have requested that Holder enter into the
consolidation,  modification  and  substitution  of  promissory  notes,  and the
related transactions and arrangements, contemplated by or reflected in this Note
or any related or collateral documents.

     2. Payment of all amounts now or hereafter owed to Holder  hereunder is and
shall be secured by those certain  mortgages and security  agreements  listed on
Exhibit "B" attached  hereto,  as well as by any additional  security  interest,
referred to herein or otherwise arising in connection herewith.

     3. Both principal and interest  hereunder  shall be payable in lawful money
of  the  United  States  of  America  and  same  day  funds,  without  set  off,
counterclaim or deduction of any kind, or in contracts  receivable  belonging to
Maker,  Payments  hereunder  shall be applied first against  interest and lawful
charges accrued but unpaid and the remainder, if any, against principal.

     4. If Maker  should  fail to make a payment,  or any part of a payment,  of
principal  or interest  hereunder  within 10 days after such  payment is due and
payable hereunder, or if Maker (or any of them) should otherwise fail to perform
or observe any provision  hereof or should be deemed to have defaulted  pursuant
to this Note,  or the  mortgages  securing  this Note,  then  declare the entire
unpaid balance of this Note immediately due any payable. If Holder thus declares
the unpaid balance of this Note  immediately  due any payable,  then such amount
shall be due and payable  forthwith  without  presentment  or demand for payment
(which are hereby expressly waived by Maker).

     5. Maker may prepay the principal amount outstanding  hereunder in whole or
in part without penalty.

     6. If the  undersigned  are more than one,  they are jointly and  severally
liable as regards all obligations of Maker under this Note.

     7. Holder may, at any time,  pledge or assign this Note,  whereupon  Holder
shall be relieved of all duties it may have hereunder (including any duties with
respect to any collateral securing this Note).

     8. Maker (and each of them)  hereby  waives any  presentment  for  payment,
demand, notice of dishonor and protest of this Note.

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<PAGE>
     9.  Without  limiting  Holder's  right to bring any  action  or  proceeding
against  Maker or any of them, or against any property of Maker (or any of them)
or in which Maker (or any of them) has an interest (any "Property"), arising out
of or relating to this Note (an "Action") in the courts of other  jurisdictions,
Maker  hereby  irrevocably  submits  to the  non-exclusive  jurisdiction  of any
Florida state or Federal court  sitting in Miami,  any Maker hereby  irrevocably
agrees that any Action may be heard and  determined  in such Florida state court
or in such Federal court.  Maker:  (a) hereby  irrevocably  waives,  the fullest
extent it may  effectively  do so, the defense of an  inconvenient  forum to the
maintenance of any Action in any jurisdiction; and (b) hereby irrevocably agrees
that the  summons  and  complaint  or any  other  process  in any  Action in any
jurisdiction  may be served upon Maker by mailing it to the  undersigned  at the
address  specified at the end hereto (or, if no such address is  specified,  the
address shown on Holder's  records),  or by hand delivery to Maker through their
Resident Agent.

     10. This Note shall be binding upon any successor or assign of Maker (or of
any of them).  Any  successor  or assign of Holder  shall enjoy the same rights,
benefits and remedies under this Note as Holder would enjoy.

     11. Except as in otherwise  expressly  provided in this Note, any Notice of
other  communication  required  or  contemplated  under this Note may be sent to
Holder by hand  delivery or by mail (postage  prepaid),  addressed to Holder at:
Yasawa Holding,  c/o/ Zarf Trust Corporation N.V.,  Director,  Plaza Jojo Correa
1-5, PO Box 897, Willemstad, Curacao, Netherlands Antilles; or in such manner or
at such  address as Holder  shall give Maker  notice of in the fashion  provided
herein (any such  communication  or notice  becoming  effective when received by
Holder).  Except as is otherwise  expressly provided in this Note, any notice or
other communication required or contemplated under this Note may be delivered to
any of the  undersigned by hand delivery or by mail (postage  prepaid),  sent or
delivered, as regards each of the undersigned,  c/o The Deltona Corporation, 999
Brickell  Avenue,  Suite 700, Miami,  Florida 33131 (any such  communication  or
notice becoming  effective,  unless otherwise  expressly  provided in this Note,
immediately,  when hand-  delivered,  or two calendar days after it is placed in
the mail).

     12. Maker  represents and warrants to Holder (and,  while this Note remains
outstanding,  shall be deemed  continually  to represent  and warrant to Holder)
that:  (a) Maker has full power,  authority and legal right to execute,  deliver
and perform this Note and has taken all legal  actions (and made any filings and
obtained any authorizations by governmental or regulatory  authorities) that are
necessary to authorize the execution, delivery and performance of this Note; (b)
Maker  has  received  adequate  consideration  for  executing,   delivering  and
performing  this  Note;  (c) this  Note is valid  and  binding  upon  Maker  and
enforceable  in  accordance  with its terms;  (d) the  execution,  delivery  and
performance of this Note by Maker do not violate any internal rule of Maker, any
law or  regulation,  any judgment,  order or decree of any court,  arbitrator or
governmental authority, or any agreement

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<PAGE>
of any  nature  whatsoever  that is  binding  upon  Maker  or any of them or any
Property;  (e) there is no action, suit, proceeding or investigation of any kind
pending or threatened against Maker or any of them unknown to Holder, before any
court,   tribunal  or  administrative   agency  or  board  which,  if  adversely
determined, might materially adversely affect the properties,  assets, financial
condition or business of Maker or any of them or call into question the validity
or enforceability of this Notice.

     13. All payments  provided for in this Note shall be made free and clear of
any  deductions  for any  surcharges,  contributions,  penalties and interest or
other charges imposed at any time by any government or political  subdivision or
authority  thereof or  therein.  Maker shall pay (or  reimburse  Holder for) any
documentary stamp,  intangible or similar taxes imposed at any time with respect
to this Note, the indebtedness  evidenced hereby,  any agreement relating hereto
or any advance hereunder and any interest or penalty relating thereto.

     14. Maker shall pay all costs and expenses,  including  attorneys' fees, of
or incidental to the  enforcement,  compromise or settlement of any indebtedness
of Maker hereunder,  and including without  limitation all costs and expenses of
any amendment or waiver of,  addition to, or  rescheduling  of, this Note and of
any actual or attempted  sale,  exchange,  or collection of any of the Mortgages
and of the care of any of the Mortgages  (including the insuring  thereof).  Any
such costs and expenses  incurred by Holder  shall be added to its  indebtedness
hereunder. As used herein,  "attorneys' fees" shall include, without limitation,
attorneys' fees incurred by Holder in any judicial,  bankruptcy,  administrative
or other proceedings and in any appellate proceedings,  whether such proceedings
arise before or after entry of a final judgment.

     15. The rights and remedies expressly specified in this Note are cumulative
and not exclusive of any rights or remedies which Holder might  otherwise  have.
No delay or omission by Holder in exercising any right or remedy under this Note
shall operate as a waiver thereof or of any other right or remedy, nor shall any
single or partial  exercise thereof preclude any further exercise thereof or the
exercise of any other right or remedy. Holder shall not be liable for exercising
or failing to exercise any right or remedy.  No exercise by Holder of any one or
more of its rights or remedies  hereunder or under  applicable  law or any other
agreement  (including any right of rights of Holder to realize on any collateral
securing this Note) shall be deemed to be an election of remedies by Holder.

     16. The invalidity or  unenforceability of any provision of this Note shall
not be deemed to affect the validity or  enforceability  of any other  provision
hereof.   If  any   provision   of  this  Note  is  capable  of  more  than  one
interpretation,  it  shall be  interpreted,  if  possible,  so as to  render  it
enforceable.  In  order  to be  effective,  any  addition  to  this  Note or any
modification  or  waiver of any  provision  or  provisions  of this Note must be
expressly  consented to by Holder in writing. As used in this Note, the singular
includes the plural,  "it" and "its" include the masculine and feminine genders,
and "hereof", "hereunder",  "herewith", "herein" and "hereto" refer to this Note
in its entirety.

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<PAGE>
     17. This Note shall be governed by and construed in accordance with Florida
law, excluding Florida law regarding comity and the conflict of laws.

     18. Maker and each of them now and forever waives any rights it or they may
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have to a trial by jury with respect to any litigation or counterclaim  based on
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this Note or arising out of, under or in connection with this Note or any course
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of conduct,  course of dealing,  statements (whether oral or written) or actions
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of Maker or Holder.
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     Executed by the undersigned as of the date stated at the beginning hereof.

                                         THE DELTONA CORPORATION

                                         By:/s/Earle D. Cortright, Jr.
                                            -----------------------------------
                                             Earle D. Cortright, Jr., President

                                         DLIC, INC.

                                         By:/s/Earle D. Cortright, Jr.
                                            -----------------------------------
                                             Earle D. Cortright, Jr., President

                                         DELTONA LAND & INVESTMENT CORP.

                                         By:/s/Earle D. Cortright, Jr.
                                            -----------------------------------
                                             Earle D. Cortright, Jr., President

                                         THREE SEASONS CORPORATION

                                         By:/s/Earle D. Cortright, Jr.
                                            -----------------------------------
                                             Earle D. Cortright, Jr., President

                                         DELTONA CONSTRUCTION COMPANY, INC.

                                         By:/s/Earle D. Cortright, Jr.
                                            -----------------------------------
                                             Earle D. Cortright, Jr., President


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<PAGE>
                                   SCHEDULE A
                               REPAYMENT SCHEDULE

<PAGE>
<TABLE>
<CAPTION>
                      EXHIBIT A TO RENEWAL PROMISSORY NOTE
                      ------------------------------------
                                 EXISTING NOTES
                                 --------------

DATE      AMOUNT               PAYEE                      PURPOSE
<S>       <C>                  <C>                        <C>
12/2/92   $ 5,105,526.00       YASAWA HOLDINGS, N.V.      1st Yasawa Loan
02/01/94      437,500.00       YASAWA HOLDINGS, N.V.      2nd Yasawa Loan
02/08/94       77,366.41       YASAWA HOLDINGS, N.V.      Conversion of Schutts & Bowen legal fees to debt
05/12/94       31,000.00       YASAWA HOLDINGS, N.V.      New Loan
05/19/94       29,000.00       YASAWA HOLDINGS, N.V.      New Loan
05/27/94       26,000.00       YASAWA HOLDINGS, N.V.      New Loan
06/03/94       38,900.00       YASAWA HOLDINGS, N.V.      New Loan
06/16/94       26,100.00       YASAWA HOLDINGS, N.V.      New Loan
06/29/94       28,000.00       YASAWA HOLDINGS, N.V.      New Loan
7/14/94        70,310.00       YASAWA HOLDINGS, N.V.      New Loan
07/29/94      112,000.00       YASAWA HOLDINGS, N.V.      New Loan
08/03/94       65,000.00       YASAWA HOLDINGS, N.V.      New Loan
08/04/94       55,000.00       YASAWA HOLDINGS, N.V.      New Loan
08/25/94      115,823.59       YASAWA HOLDINGS, N.V.      New Loan
08/31/94      200,000.00       YASAWA HOLDINGS, N.V.      New Loan
09/21/94      100,000.00       YASAWA HOLDINGS, N.V.      New Loan
09/30/94      100,000.00       YASAWA HOLDINGS, N.V.      New Loan
10/13/94       50,000.00       YASAWA HOLDINGS, N.V.      New Loan
10/21/94       35,000.00       YASAWA HOLDINGS, N.V.      New Loan
11/17/94       80,000.00       YASAWA HOLDINGS, N.V.      New Loan
              350,000.00       YASAWA HOLDINGS, N.V.      New Loan (Landlord Settlement)
12/23/94       95,000.00       YASAWA HOLDINGS, N.V.      New Loan
02/02/95       60,000.00       YASAWA HOLDINGS, N.V.      New Loan
03/20/95       60,000.00       YASAWA HOLDINGS, N.V.      New Loan
03/23/95       30,000.00       YASAWA HOLDINGS, N.V.      New Loan
03/28/95      550,000.00       YASAWA HOLDINGS, N.V.      New Loan (1992 real estate taxes)
05/02/95      100,000.00       YASAWA HOLDINGS, N.V.      New Loan
05/23/95       75,000.00       YASAWA HOLDINGS, N.V.      New Loan  (Citrus Co)
05/30/95      175,000.00       YASAWA HOLDINGS, N.V.      New Loan (Mancilla & Weiner Settlements)
07/18/95       25,000.00       YASAWA HOLDINGS, N.V.      New Loan
07/28/95       25,000.00       YASAWA HOLDINGS, N.V.      New Loan
08/18/95       30,000.00       YASAWA HOLDINGS, N.V.      New Loan (Deposit - New office lease)
09/  /95      500,000.00       YASAWA HOLDINGS, N.V.      New Loan (LC Draw - Landlord)
09/27/95      200,000.00       YASAWA HOLDINGS, N.V.      New Loan (Garcia Settlement)
11/30/95       20,000.00       YASAWA HOLDINGS, N.V.      New Loan
12/15/95       40,000.00       YASAWA HOLDINGS, N.V.      New Loan
03/31/96      100,000.00       YASAWA HOLDINGS, N.V.      Swan Development
04/16/96    1,000,000.00       YASAWA HOLDINGS, N.V.      New Loan 1993 Real Estate Taxes
09/06/96      918,000.00       YASAWA HOLDINGS, N.V.      New Loan - Bobinger Settlement
09/06/96     (100,000.00)      YASAWA HOLDINGS, N.V.      Swan Development (Pay Back)
11/18/96       82,000.00       YASAWA HOLDINGS, N.V.      New Loan Bobinger Settlement
07/30/97      137,500.00       YASAWA HOLDINGS, N.V.      New Loan St. Augustine Shores 1994 Taxes
          ==============
TOTAL     $11,255,026.00
</TABLE>
<PAGE>
                                    EXHIBIT B

                  Mortgage and Security Agreement Securing Note
      (97new#3a -Consolidated Mortgage Modification and Spreader Agreement)