Document:

EXHIBIT 10.7

                        ENVIRONMENTAL INDEMNITY AGREEMENT

      THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this "Indemnity"), dated as of the
20th day of  December,  2004,  is made by AGU  ENTERTAINMENT  CORP.  ("AGU"),  A
DELAWARE CORPORATION,  THE TUBE MUSIC NETWORK, INC., A FLORIDA CORPORATION,  AND
PYRAMID  RECORDS  INTERNATIONAL,   INC.,  A  FLORIDA  CORPORATION   (hereinafter
individually  and  collectively  referred  to as "  Indemnitor"),  in  favor  of
MITCHELL  ENTERTAINMENT  COMPANY,  a Delaware  limited  liability  company,  its
successors and assigns, (hereinafter "Lender").

                                R E C I T A L S:

      Lender has agreed to make a loan to Indemnitor  in the original  principal
amount of Three Million and no/100 Dollars  ($3,000,000.00)  (the "Loan"),  upon
certain  terms  and  conditions,  which  Loan is to be  evidenced  by a  Secured
Convertible  Term Note of even date herewith  executed by Indemnitor,  as Maker,
for the  benefit of Lender,  as Holder (the  "Note"),  and secured by a Mortgage
Deed and Security  Agreement (the "Real Estate  Mortgage")  encumbering  certain
real property  located in Broward  County,  Florida,  and described as Exhibit A
attached hereto and incorporated herein (the "Property").

      Lender has agreed to make the Loan, provided, however, that as a condition
precedent  to the funding of the Loan,  Lender  requires  the  execution of this
Indemnity by Indemnitor.

      NOW  THEREFORE,  in  order  to  induce  Lender  to make  the  Loan,  which
Indemnitor  acknowledges  to be in the  best  interest  and to  the  benefit  of
Indemnitor, and in consideration of the matters described in the above Recitals,
and for other good and valuable  consideration,  the receipt and  sufficiency of
which are hereby acknowledged, Indemnitor agrees as follows:

                                    AGREEMENT

      1. Recitals. The Recitals are incorporated herein by this reference.

      2. Definitions.  As used in this Indemnity, the following terms shall have
the following meanings:

      "CERCLA" means the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980 (42 U.S.C.  ss. 9601 et seq.), as amended by the Superfund
Amendments and  Reauthorization Act of 1986, and as further amended from time to
time.

      "Environmental   Laws"  means  all  present  and  future  laws,  statutes,
ordinances, rules, regulations, authorizations, judgments, decrees, concessions,
grants,   franchises,   agreements  and  other  governmental   restrictions  and
requirements,  as they  may be  amended  from  time  to  time,  relating  to the
environment  or to any  Toxic  Materials  or  Indemnified  Activity,  including,
without limitation,  CERCLA, and all rules, regulations,  orders and decrees now
or hereafter  promulgated  thereunder,  together with all statutes and rules and
municipal ordinances dealing with similar environmental matters.

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      "Indemnified  Activity"  means  (A) any  actual,  proposed  or  threatened
location, use, manufacture,  storage,  holding,  existence,  presence,  release,
emission,  discharge,  generation,  processing,  abatement,  removal,  disposal,
handling or  transportation of any Toxic Materials from,  beneath,  into or onto
the Property or otherwise  relating to the Property or the Use of the  Property,
or any other activity or occurrence that caused or would cause any such event to
exist,  or  (B)  the  improper  installation,  maintenance  or  removal  of  any
underground  storage tank (an "UST") on, in, under,  or from the  Property.  For
purpose of this  definition,  "release"  means any spilling,  leaking,  pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping
or disposing into the  environment,  including  continuing  migration,  of Toxic
Materials into or through soil, surface water or groundwater; such term does not
include  actions  directly  relating  to  incorporation  in a lawful  manner  of
building materials into a permanent improvement to the Property. For purposes of
this  definition,   "Property"  shall  be  deemed  to  include  the  air,  soil,
groundwater and surface water thereof.

      "Indemnitee"  means Lender and its  respective  subsidiaries,  affiliates,
directors, officers, shareholders,  agents, attorneys, employees,  participants,
successors and assigns.

      "Loan Documents"  means the Real Estate  Mortgage,  the Note and any other
documents executed by Indemnitor and delivered in connection with the Loan.

      "Termination  Date"  means the date after  which  Indemnitor  ceases to be
either an owner or an operator of the Property,  as "owner" and  "operator"  are
defined in Section 101(20)(A) of CERCLA.

      "Toxic  Materials"  means,  at any time, (i) any "hazardous  substance" as
defined in ss.  101(14) of CERCLA (42 U.S.C.  ss.  9601(14)) (ii) any additional
substances  or materials  which at such time are  classified or considered to be
hazardous  or  toxic  under  any   Environmental   Laws;   (iii)   asbestos  and
asbestos-containing  materials;  and  (iv)  petroleum  and  petroleum  products,
including crude oil or any fraction  thereof,  natural gas, natural gas liquids,
liquefied natural gas, or synthetic gas usable for fuel, or any mixture thereof.

      "Use"  means  use,  ownership,  development,  construction,   maintenance,
management, operation or occupancy.

      3.  Covenants,  Representations  and Warranties of Indemnitor.  Indemnitor
covenants, represents and warrants as follows:

            (a) that (i) no Toxic Materials are or at any time shall be present,
generated,  manufactured,  treated, refined, reproduced,  processed, released or
disposed  of, in, on or  beneath  the  Property  or  transported  to or from the
Property; (ii) no activity is or at any time shall be undertaken with respect to
the Use of the  Property  which would  cause a  violation  of or support a claim
under any Environmental law; (iii) no UST or underground deposits are, or at any
time will be located on the  Property;  (iv) there are no surface or  subsurface
soil, water, mineral,  chemical or environmental  conditions which presently, or
with  the  passage  of time  will  (A)  require  reporting  to any  governmental
authority,  (B)  constitute  a nuisance,  a risk to human  health or safety or a
violation  of any  Environmental  Laws,  or (C)  otherwise  adversely  affect or
threaten to  adversely  affect the use and  operation  of the  Property;  (v) no
investigation,  administrative  order,  litigation or settlement with respect to
any Toxic  Material is threatened or in existence  with respect to the Property;
(vi) no notice has been served on Indemnitor from any entity,  governmental body
or  individual,  and  Indemnitor  has no  knowledge  or  reason to know that any
governmental  authority or employee or agent  thereof is or will be claiming any
violation  of  any   Environmental   Law,  or  requiring   compliance  with  any
Environmental Law, or demanding payment or contribution for environmental damage
or injury to any third  party or natural  resources;  and (vii)  Indemnitor  has
given no release  or waiver of  liability  that would  waive or impair any claim
based on Toxic Materials to a previous owner of the Property or to any party who
may be  potentially  responsible  for the  presence  of Toxic  Materials  on the
Property,  nor has Indemnitor  given any promises of  indemnification  regarding
Toxic Materials to any party;

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            (b) that the  Property is and will only be utilized  for  commercial
purposes; and

            (c) that Indemnitor has duly  investigated  the present and past Use
of the  Property  and has  made due  inquiry  for the  appropriate  governmental
agencies and offices  having  jurisdiction  over the Property and Indemnitor has
examined or been advised of the  Environmental  Laws that are  applicable to the
Property,  and will provide  Indemnitee with a summary of its investigations and
copies of all inquiries and responses.

      4. Indemnity.  Indemnitor shall exonerate, indemnify, defend (with counsel
reasonably  approved  by  the  Indemnitee(s)),   save  and  hold  harmless  each
Indemnitee  from and  against  any and all  claims,  losses,  fines,  penalties,
judgments,  damages,  costs or expenses (including  attorneys' fees,  consultant
fees,  expert fees) and all other  liabilities to any third party arising out of
or resulting from the following:

            (a) Any Indemnified  Activity on the Property that Indemnitor or its
agents have  caused,  permitted or  contributed  to, or the failure of anyone to
comply with all  applicable  Environmental  Laws relating to the Property or the
Use of the Property,  which Indemnified  Activity or failure to comply occurs or
exists on or prior to the Termination Date;

            (b) Any  investigation,  inquiry,  order,  hearing,  action or other
proceeding by or before any government agency in connection with any Indemnified
Activity  by  Indemnitor  or  by  anyone  under  Indemnitor's   control,   which
Indemnified  Activity occurs or allegedly  occurs on or prior to the Termination
Date, or in connection with any Indemnified  Activity which resulted directly or
indirectly from any Indemnified  Activity occurring or allegedly occurring prior
to the Termination Date;

            (c) Any costs relating to any cleanup, remediation or other response
action concerning a release or threatened release of Toxic Materials on, beneath
or from the Property, whether or not such cleanup, remediation or other response
action  is  pursuant  to an order of any  federal,  state or local  governmental
agency;

            (d) Any inaccuracy of the  representations  and  warranties  made in
Section 3 above; and

            (e) Any claim,  demand,  liability or cause of action, or any action
or other proceeding, whether meritorious or not, brought or asserted against any
Indemnitee  which directly or indirectly  relates to, arises from or is based on
any of the matters described in clauses (a) through (d) of this Section 4 or any
allegation of any such matters.

      5. Payment of Indemnitees' Expenses.

            (a) Indemnitor  shall pay to each  Indemnitee all costs and expenses
(including the  reasonable  fees and  disbursements  of the  Indemnitee's  legal
counsel and the reasonable  charges of the Indemnitee's  internal legal counsel)
incurred by any Indemnitee in connection  with this Indemnity or the enforcement
of the terms of this Indemnity.

            (b)  Indemnitor  shall  pay when due any  judgments  or  claims  for
damages,  penalties or otherwise  against any  Indemnitee,  and shall assume the
burden  and  expense of  defending  all suits,  administrative  proceedings  and
resolutions  of any  description  with all persons,  political  subdivisions  or
government agencies arising out of the occurrences  described in this Indemnity.
If any action is brought against any Indemnitee,  Indemnitor at the Indemnitee's
sole option and at Indemnitor's  expense,  shall defend against such action with
counsel  satisfactory to the Indemnitee and, with the Indemnitee's  sole consent
and approval, settle and compromise any such action. However, any Indemnitee may
elect to be  represented  by separate  counsel,  and if the Indemnitee so elects
such separate counsel, any settlement or compromise by Indemnitor shall likewise
be effected  only with the consent of the  Indemnitee.  Indemnitee  may elect to
join and participate in any settlements,  remedial actions, legal proceedings or
other actions included in connection with any claims under this Indemnity.

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            (c) In the event  that  payment  under  clauses  (a) and (b) of this
Section 5 is not made, Indemnitee,  at its sole discretion,  may proceed to file
suit against Indemnitor to compel such payment.

            (d) If amounts due to  Indemnitee  under clauses (a) and (b) of this
Section  5 are not paid  within  ten (10) days  after  Indemnitee  makes  demand
therefor,  then such amounts  shall bear  interest from the date of demand until
the date such  amounts are paid in full at the Default  Interest  (as defined in
the Note) rate.  The Default  Interest is intended to compensate  Indemnitee for
damages  Indemnitee  will  suffer  as a result  of  Indemnitor's  late  payment.
Indemnitor  agrees that such damages are  extremely  difficult  and practical to
ascertain,  but that the Default Interest shall be presumed to be reasonable and
to represent the actual amount of damages  sustained by Indemnitee  for any late
payment.  Any Default  Interest  which may accrue shall be  immediately  due and
payable.

      6.  Waiver.  Indemnitor  waives  any right to  require  that any action be
brought  against  Indemnitor  or any other person or that any  Indemnitee  first
pursue any other remedy under the Loan Documents or any of them. Each Indemnitee
may, at its option, proceed against Indemnitor [or Indemnitor] to collect monies
where due or obtain  performance under this Indemnity,  without first proceeding
against other  persons and without  first  resorting to the Note and Real Estate
Mortgage or any other remedy under any of the Loan Documents.

      7. Notices from Indemnitor. Indemnitor shall immediately advise Indemnitee
in  writing  of  (i)  any  governmental  or  regulatory  actions  instituted  or
threatened  under any of the  Environmental  Laws  affecting the Property or the
matters  indemnified  hereunder  including,  without  limitation,  any notice of
inspection,  abatement or noncompliance, and shall deliver to Lender within five
(5) days after  receipt or  origination  by  Indemnitor,  copies of any notices,
correspondence,  reports, analyses, licenses, approvals, orders or other written
materials  relating to the environmental  condition of the Property  immediately
upon receipt,  completion or delivery of such materials, (ii) all claims made or
threatened  by any third party against  Indemnitor  or the Property  relating to
damage, contribution, cost recovery, compensation, loss or injury resulting from
any Indemnified Activity, Toxic Material or UST, (iii) Indemnitor's discovery of
any occurrence or condition on any real property adjoining or in the vicinity of
the Property  that could cause the Property to be  classified  in a manner which
may support a claim under any Environmental Law, and (iv) Indemnitor's discovery
of any occurrence or condition on the Property or any real property adjoining or
in the vicinity of the Property  which could subject  Indemnitor or the Property
to any restrictions on  transferability  or Use of the Property under any of the
Environmental  Laws.  Indemnitor shall immediately deliver to any Indemnitee any
documentation  or records as such  Indemnitee may request in connection with all
such notices,  inquiries and  communications and shall advise such Indemnitee of
any subsequent developments.

      8.  Inspections.  In the event that (i) Indemnitor has notified  Lender of
the  occurrence  or  existence of any of the  conditions  described in Section 7
above, or (ii) Indemnitee reasonably believes that a past, present or threatened
release  of  Toxic  Materials,   or  past,   present,   or  threatened  improper
installation,  maintenance,  or removal of an UST, has occurred, is occurring or
will occur, or (iii) Indemnitee has commenced  foreclosure  proceedings  against
the Property,  then  Indemnitor  agrees that Indemnitee or its agents shall have
the right to enter the Property to perform a site inspection. Indemnitor further
agrees that  Indemnitee is required to give  Indemnitor  only  twenty-four  (24)
hours' prior notice,  except in an emergency  situation,  or if  Indemnitor  has
abandoned the Property,  or it is impracticable to give such notice,  in each of
which  cases  Indemnitee  shall  give such  notice as is  practicable  under the
circumstances, in Indemnitee's sole discretion.

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<PAGE>

      9. Remedial Work.

            (a) In the event any  investigation or monitoring of site conditions
or any  cleanup,  containment,  restoration,  removal  or  other  remedial  work
(collectively,  "Remedial  Work")  is  required  at the  Property  (i) under any
applicable  Environmental Law, (ii) by any judicial,  arbitral or administrative
order,  (iii) to comply with any agreements  affecting the Property,  or (iv) to
maintain the Property in a standard of environmental condition which presents no
risk to safety or  health,  prevents  the  release  of any  Toxic  Materials  to
adjacent  property  or the  presence  of any UST on or below  the  Property  and
otherwise is consistent with the prudent  ownership of property of the character
of the Property, Indemnitor shall perform or cause to be performed such Remedial
Work.  All Remedial Work shall be conducted (A) in a diligent and timely fashion
by licensed  contractors  employing only properly trained personnel acting under
the supervision of a consulting  environmental  certified professional engineer,
(B) pursuant to a detailed  written plan for the Remedial  Work  approved by any
public or private agencies or persons with a legal or contractual  right to such
approval, (C) with such insurance coverage pertaining to liabilities arising out
of the  Remedial  Work as is then  customarily  maintained  with respect to such
activities and (D) only following receipt of any required  permits,  licenses or
approvals.  Throughout the course of the Remedial Work,  Indemnitor shall submit
to Lender  promptly upon receipt or  preparation  copies of any and all reports,
studies, analyses, correspondence,  governmental comments or approvals, proposed
removal or other  Remedial Work  contracts and similar  information  prepared or
received by Indemnitor in connection  with the Remedial Work or Toxic  Materials
or UST's relating to the Property.

            (b)  Indemnitor  shall give  notice to Lender of any claim,  action,
administrative  proceeding (including formal proceedings) or other demand by any
governmental  agency or other third party involving any potential  Remedial Work
at the time  such  claim or other  demand  first  becomes  known to  Indemnitor.
Receipt  of any such  notice  by  Lender  shall  not be  deemed  to  create  any
obligation on the part of any  Indemnitee to defend or otherwise  respond to any
claim or demand.

      10. Indemnitee as Owner. If for any reason,  including without  limitation
the  foreclosure of the Real Estate  Mortgage or the exercise of any of Lender's
rights,  Lender (or any successor or assign of Lender)  becomes the fee owner of
the Property and any claim, action, notice, administrative proceeding (including
informal  proceedings)  or other  demand is made by any  governmental  agency or
other third  party with  respect to Remedial  Work at the  Property,  Indemnitor
shall cooperate with Indemnitee in any defense or other appropriate  response to
any such claim or other demand.  Indemnitor  shall have the right to participate
in the defense or other response to any such claim or demand; provided, however,
that  Indemnitee  shall have the right,  but not the  obligation,  to direct and
control the defense or response to any such claim or demand.  Indemnitor's  duty
to  cooperate  and right to  participate  in the defense or response to any such
claim or demand  shall not be deemed to limit or otherwise  modify  Indemnitor's
obligations under this Indemnity.  Lender shall give notice to Indemnitor of any
claim or demand governed by this Section 10; provided that Lender's liability to
Indemnitor's for Lender's failure to give such timely notice shall be limited to
the loss or damage  Indemnitor  may incur solely as a direct  result of Lender's
failure to give such notice.

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      11.  Subrogation of Indemnity Rights. If Indemnitor fails fully to perform
its  obligations  hereunder,  Indemnitee  shall be  subrogated  to any rights or
claims Indemnitor may have against any present, future or former owners, tenants
or other occupants or users of the Property, any portion thereof or any adjacent
or  proximate  properties,  relating to the  recovery of costs  incurred for the
performance of Remedial Work at the Property.

      12. Recourse.  Indemnitor's  liability  hereunder shall not be subject to,
limited by or affected in any way by any  non-recourse  provisions  contained in
any of the Loan  Documents.  Indemnitor  agrees  that the  indemnifications  are
separate,  independent of and in addition to Indemnitor's undertakings under the
Note, are not secured by the Real Estate  Mortgage and other security  documents
securing  the Loan,  and are not intended to be  discharged  or satisfied by any
foreclosure  of the liens  created  by the Real  Estate  Mortgage  or such other
security  documents.  Indemnitor agrees that a separate action may be brought to
enforce the provisions of this  Indemnity  which shall in no way be deemed to be
an  action  on the  Note,  whether  or not  Indemnitee  would be  entitled  to a
deficiency judgment following a judicial foreclosure of trustee's sale under the
Real Estate Mortgage.

      13. Successors and Assigns.  This Indemnity and the indemnities  contained
herein  shall be  continuing,  irrevocable  and  binding on  Indemnitor  and its
successors  and assigns,  and shall inure to the benefit of each  Indemnitee and
its successors and assigns.

      14. Survival of Covenants,  Representations,  Warranties and  Indemnities.
All  covenants,  representations,   warranties  and  indemnities  of  Indemnitor
contained  in this  Indemnity  shall not be merged into the Loan  Documents  and
shall  survive  the  execution  and  delivery  of the  Loan  Documents  and this
Indemnity,  and shall  further  survive  the  satisfaction  of the  indebtedness
evidenced and secured by the Loan Documents,  including  without  limitation any
foreclosure or conveyance in lieu of foreclosure.

      15. Notices.  Any notices  contemplated  hereunder shall, unless otherwise
specified, be in writing and shall be (i) hand delivered, effective upon receipt
(ii) sent by United States Express Mail or by private overnight courier service,
effective  upon receipt,  or (iii) served by certified  mail,  postage  prepaid,
return receipt requested,  effective upon receipt, and in each case addressed to
the party receiving such notice at the address set forth in this Section,  or to
such other address(es) or address(s) as such party may have furnished in writing
to the other party hereto. The initial addresses are as follows:

         If to Indemnitor:          AGU Entertainment Corp.
                                    3200 West Oakland Park Boulevard
                                    Lauderdale Lakes, Florida  33311
                                    Attention:  Chief Financial Officer
                                    Facsimile: (954) 714-8500

                  with a copy to:

                                    Bruce C. Rosetto, Esq.
                                    Blank Rome LLP
                                    1200 North Federal Highway, Suite 417
                                    Boca Raton, Florida  33432
                                    Facsimile:  (561)417-8186

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<PAGE>

         If to Lender:              Mitchell Entertainment Company
                                    7220 NW 36th Street, Suite 100
                                    Miami, Florida  33166
                                    Attention:  Jonathan E. Mitchell
                                    Facsimile:  (305) 591-9657

                  with a copy to:

                                    Mitchell Entertainment Company
                                    11601 Wilshire Boulevard, Suite 2400
                                    Los Angeles, California  90025
                                    Attention:  Jonathan E. Mitchell
                                    Facsimile:  (310) 473-0076

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<PAGE>

                                    Robert S. Barry, Jr., Esq.
                                    Loeb & Loeb LLP
                                    10100 Santa Monica Boulevard, Suite 2200
                                    Los Angeles, California  90067
                                    Facsimile:  (310) 282-2200

                                    Howard L. Friedberg, Esq.
                                    Katz, Barron etal
                                    2699 South Bayshore Drive, 7th Floor
                                    Miami, Florida 33133
                                    Facsimile (305) 285-9227

      16.  Governing Law. THIS INDEMNITY  SHALL BE GOVERNED AND CONTROLLED AS TO
INTERPRETATION,  ENFORCEMENT,  VALIDITY,  CONSTRUCTION,  EFFECT AND IN ALL OTHER
RESPECTS BY THE LAWS, STATUTES AND DECISIONS OF THE STATE OF FLORIDA. INDEMNITOR
HEREBY WAIVES AS A DEFENSE TO THE OBLIGATIONS  CONTAINED  HEREIN THE DEFENSES OF
SPLITTING  OF CAUSES OF ACTION,  RES  JUDICATA  AND STATUTE OF  LIMITATIONS  AND
HEREBY COVENANTS NOT TO RAISE THOSE DEFENSES.  EACH VIOLATION OF SECTION 4 SHALL
GIVE RISE TO A NEW RIGHT OF  ACTION,  SEPARATE  FROM ANY  PRECEDING  VIOLATIONS.
VENUE SHALL LIE IN BROWARD COUNTY, FLORIDA.

      17.  Counterparts.   This  Indemnity  may  be  executed  in  one  or  more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute but one and the same instrument.

      18. Severability. All provisions contained in this Indemnity are severable
and the invalidity or unenforceability of any provision not affect or impair the
validity or enforceability of the remaining provisions of this Indemnity.

      19. Headings. The descriptive headings of the paragraphs of this Indemnity
are  inserted  for  convenience  only  and do not  constitute  a  part  of  this
Indemnity.

      20. Relation to Real Estate Mortgage. The provisions of this Indemnity are
not intended to supersede the provisions of the Real Estate Mortgage  pertaining
to the matters addressed herein, but shall be construed as supplemental thereto.

      THE  INDEMNITOR  AND LENDER  HEREBY  MUTUALLY,  KNOWINGLY,  WILLINGLY  AND
VOLUNTARILY  WAIVE THEIR RIGHT TO TRIAL BY JURY AND NO PARTY,  NOR ANY ASSIGNEE,
SUCCESSOR,  HEIR,  OR  LEGAL  REPRESENTATIVE  OF THE  PARTIES  (ALL OF WHOM  ARE
HEREINAFTER  REFERRED  TO AS THE  "PARTIES")  SHALL  SEEK A  JURY  TRIAL  IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEEDING BASED UPON
OR ARISING OUT OF THIS INSTRUMENT,  OR ANY INSTRUMENT  EVIDENCING,  SECURING, OR
RELATING  TO  THE  LOAN  OR ANY  RELATED  AGREEMENT  OR  INSTRUMENT,  ANY  OTHER
COLLATERAL FOR THE LOAN OR ANY COURSE OF ACTION,  COURSE OF DEALING,  STATEMENTS
(WHETHER  VERBAL OR WRITTEN) OR ACTIONS  RELATING TO THE LOAN.  THE PARTIES ALSO
WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED,
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED.  THE PROVISIONS
OF THIS  PARAGRAPH  HAVE  BEEN  FULLY  NEGOTIATED  BY THE  PARTIES.  THE  WAIVER
CONTAINED HEREIN IS IRREVOCABLE,

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<PAGE>

CONSTITUTES A KNOWING AND VOLUNTARY WAIVER, AND SHALL BE SUBJECT TO NO
EXCEPTIONS.

                                       9
<PAGE>

      IN WITNESS  WHEREOF,  this instrument has been executed by the undersigned
as of the date first set forth above.

AGU Entertainment Corp., a Delaware corporation

By: /s/ David C. Levy
   -------------------------------------
Name:  David C. Levy
Title:  President and Secretary

The Tube Music Network, Inc., a Florida corporation

By: /s/ David C. Levy
   -------------------------------------
Title:  President and Secretary
Pyramid Records International, Inc., a Florida
corporation

By: /s/ David C. Levy
   -------------------------------------
Name:  David C. Levy
Title:  President and Secretary

                                       10
<PAGE>

                                    JOINDER

      The  undersigned  guarantors  hereby join in the execution and delivery of
this  Environmental  Indemnity  Agreement  to  evidence  (a) their  joinder  and
agreement  as an  "Indemnitor",  jointly  and  severally  with AGU and the other
"indemnitors" listed hereon, and (b) that this Environmental Indemnity Agreement
is a "Loan  Document"  under the  Guaranty  Agreement  given by the  undersigned
simultaneously herewith.

      IN WITNESS  WHEREOF,  this instrument has been executed by the undersigned
as of the date first set forth above.

-------------------------------------

/s/ Jill Valentino                           By: /s/ David C. Levy
-------------------------------------            ------------------------------
Jill Valentino                                   David C. Levy
-------------------------------------

/s/ Jill Valentino                           By: /s/ Donna Levy
-------------------------------------            ------------------------------
Jill Valentino                                   Donna Levy
-------------------------------------

                                             By: /s/ Michael Solomon
-------------------------------------            ------------------------------
                                                 Michael Solomon
-------------------------------------

                                             By:
-------------------------------------            ------------------------------
                                                 Luciana Solomon

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PREPARED  BY/RECORD AND RETURN TO: Conrad J. Boyle,  Esquire,  Mombach,  Boyle &
Hardin, P.A., 500 East Broward Boulevard,  Suite 1950, Fort Lauderdale,  Florida
33394.
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                      MORTGAGE DEED AND SECURITY AGREEMENT

      THIS MORTGAGE  DEED AND SECURITY  AGREEMENT is made and entered into as of
the 20th day of  December,  2004,  by and between  AGU  ENTERTAINMENT  CORP.,  a
Delaware  corporation,  whose address is 3200 West Oakland Park Blvd, Lauderdale
Lakes,  Florida  33311  ("Mortgagor")  and CHARLEY  ZECHES,  in her  capacity as
Trustee of LAKES  HOLDING  TRUST U/A dated July 27, 2001,  whose address is 3200
West Oakland Park  Boulevard,  Florida  33311-1245,  its  successors and assigns
("Mortgagee").

                              W I T N E S S E T H :

      WHEREAS, Mortgagor has, simultaneously herewith, executed and delivered to
Mortgagee a Promissory Note (the "Note") of even date herewith, in the principal
amount  of  Seven  Million  and  00/100  Dollars  ($7,000,000.00),   payable  in
accordance with the terms and provisions as particularly stated in said Note, on
or before the  maturity  date set forth in the Note,  which Note by reference is
made a part hereof to the extent as though set out in full herein.

      NOW THEREFORE,  to secure the  performance and observance of all covenants
and  conditions in the Note and in this Mortgage,  and in all other  instruments
securing  the Note,  and as security  for any and all other sums,  indebtedness,
obligations and liabilities of any and every kind, now or hereafter,  during the
term  hereof,  owing and to become due from  Mortgagor to  Mortgagee,  or to the
holder of the Note, or to the assignees  thereof,  howsoever the indebtedness is
created, incurred, evidenced or acquired and whether said indebtedness is direct
or indirect,  absolute or contingent,  sole or joint,  primary or secondary,  or
evidenced by promissory  notes,  open  accounts or otherwise;  and all renewals,
modifications  or  extensions  of all or any of the  foregoing,  and  for and in
consideration of the sum of Ten and 00/100 Dollars ($10.00) paid by Mortgagee to
Mortgagor  this date,  and for other  valuable  considerations,  the receipt and
sufficiency  of which are hereby  acknowledged,  Mortgagor  does  hereby  grant,
bargain,  sell, alien, remise,  release,  convey,  assign,  transfer,  mortgage,
hypothecate,  pledge, deliver, set over, warrant and confirm unto Mortgagee, its
successors and assigns forever, certain lands lying and being situate in Broward
County, Florida, more particularly described as follows:

                       SEE EXHIBIT "A" APPENDED HERETO AND
                      MADE A PART HEREOF (the "Property"),

      TOGETHER WITH all buildings,  structures and  improvements of every nature
whatsoever  now  or  hereafter  situated  on the  Property,  and  all  fixtures,
machinery,  appliances,  equipment,  furniture  and  property  of  every  nature
whatsoever,  now or  hereafter  owned by  Mortgagor  and  located  in or on,  or
attached to, or used, or intended to be used,  in connection  with the operation
of the Property, buildings,  structures, or other improvements, such as, without
limitation, all apparatus, machinery, appliances,  equipment, radiators, ranges,
refrigerators, awnings, shades, blinds, incinerating equipment, power equipment,
engines, pipes, pumps, tanks, motors, conduits, switchboards, lifting, cleaning,
fire prevention,  fire extinguishing,  ventilating and communications apparatus,
boilers, vacuum cleaning systems,  elevators,  escalators,  screens, storm doors
and  windows,   stoves,  wall  beds,  attached  cabinets,   partitions,   ducts,
compressors, rugs and carpets, draperies, furniture and furnishings;

      TOGETHER  WITH all  building  materials  and  equipment  now or  hereafter
delivered to the Property and intended to be installed  therein  including,  but
not limited to, lumber, plaster, cement, shingles, roofing, plumbing,  fixtures,
pipe, lath, wall-heaters,  screens, window frames, glass doors, flooring, paint,
lighting fixtures, and unattached refrigerating,  cooking, heating,  ventilating
and air  conditioning  ducts,  appliances  and equipment,  kitchen goods,  hotel
goods, restaurant goods, bar goods, tools, lawn equipment,  floor coverings, and
elevators;

      TOGETHER  WITH all right,  title and  interest of  Mortgagor in and to the
minerals,  soil, flowers, shrubs, crops, trees, timber, and other emblements now
or hereafter on the Property,  or under or above the same, or any part or parcel
thereof;

      TOGETHER  WITH  all  easements,  rights-of-way,   streets,  ways,  alleys,
passages,  sewer rights,  waters,  water courses,  water rights and powers,  and
sanitary and storm sewer systems,  now or hereafter owned by the Mortgagor which
are now or hereafter located by, over, and/or upon the Property, or any part and
parcel  thereof,  and which  water  system  includes  all water  mains,  service
laterals,  hydrants,  valves and appurtenances,  and which sewer system includes
all  sanitary   sewer  lines,   including   mains,   laterals,   manholes,   and
appurtenances;  and all paving for streets, roads, walkways or entrance ways now
or hereafter  owned by Mortgagor  and which are now or hereafter  located on the
Property,  or any part or  parcel  thereof,  and all  estates,  rights,  titles,
interests,  privileges,  liberties, tenements,  hereditaments, and appurtenances
whatsoever,  in  any  way  belonging,  relating  or  appertaining  to any of the
property  hereinabove  described,  or which  hereafter  shall in any way belong,
relate or be  appurtenant  thereto,  whether now owned or hereafter  acquired by
Mortgagor,  and the reversion and reversions,  remainder and remainders,  rents,
issues  and  profits  thereof,  and  all the  estate,  right,  title,  interest,
property, possession, claim and demand whatsoever, at law, as well as in equity,
of  Mortgagor  of,  in,  and to the same,  including,  but not  limited  to, all
judgments,  awards of damages and  settlements  hereafter  made  resulting  from
condemnation  proceedings or the taking of the Mortgaged  Property,  or any part
thereof, under the power of eminent domain, or for any damage (whether caused by
such taking or otherwise) to the Mortgaged Property,  or any part thereof, or to
any rights  appurtenant  thereto.  Also,  all  architectural  building plans and
specifications and all abstracts of title relating to the Mortgaged Property;

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<PAGE>

      TOGETHER WITH all of  Mortgagor's  right,  title and interest as lessor in
and to all leases or rental  arrangements of the Property,  or any part thereof,
heretofore  made  and  entered  into,  and  in  and  to  all  leases  or  rental
arrangements  hereafter  made and  entered  into by or on behalf  of  Mortgagor,
together with all rents and payments in lieu of rents, together with any and all
guarantees of such leases or rental  arrangements  and including all present and
future security deposits and advance rentals;

      TOGETHER WITH all of  Mortgagor's  right,  title and interest as seller in
and to all  agreements for the sale of the Property,  the Mortgaged  Property or
any part  thereof,  heretofore  made and  entered  into,  and in and to all sale
agreements  hereafter  made and  entered  into,  by or on behalf  of  Mortgagor,
together with all deposits and payments in connection  therewith,  together with
any and all guarantees of such agreements, together with any and all receivables
now or hereafter due Mortgagor with respect to such agreements;

      TOGETHER WITH all of Mortgagor's  right,  title and interest in and to all
unearned  premiums accrued,  accruing,  or to accrue under any and all insurance
policies now or hereafter provided pursuant to the terms of security agreements,
and all  proceeds or sums  payable for the loss of or damage to (a) the Property
or personal property, or (b) rents,  revenues,  income, profits or proceeds from
service agreements or contracts, leases, franchises,  concessions or licenses of
or on any part of the Property;

      TOGETHER WITH all contracts and contract  rights and accounts of Mortgagor
now or  hereafter  arising  from  contracts  now or  hereafter  entered  into in
connection  with  development,  construction  upon, or operation of the Property
(including,  without limitation,  all warranties or guaranties by third parties,
all deposits held by or on behalf of Mortgagor,  and all management,  franchise,
license  and  service  agreements  related  to the  business  now  or  hereafter
conducted by Mortgagor on the Property);

      TOGETHER WITH all accounts, contract rights, goods, inventory,  intangible
personal  property,   permits,  licenses,  liquor  licenses,  and  all  personal
property,  whether  actually or  constructively  attached to, connected with, or
associated with the Property;

      TOGETHER WITH all of the right,  title and interest of Mortgagor in and to
any trademarks,  trade names,  names of businesses,  or fictitious  names of any
kind used in conjunction  with the operation of any business or endeavor located
on the Property;

      TOGETHER WITH all of Mortgagor's interest in all utility security deposits
or bonds on the Property or any part or parcel thereof;

                                       3
<PAGE>

      TOGETHER  WITH all  instruments,  documents,  chattel  papers and  general
intangibles relating to or arising from the foregoing  collateral,  and all cash
and non-cash proceeds and products thereof; and

      TOGETHER  WITH  all  products,  proceeds,  additions,   improvements,  and
accessions  thereto and  replacements,  renewals,  accessions,  or substitutions
thereto, in and to any of the items hereinabove set forth.

      Mortgagor hereby grants to Mortgagee a security  interest in all fixtures,
rights in action and personal  property  described  herein.  This  Mortgage is a
self-operative  security  agreement with respect to such  property,  even though
Mortgagor   agrees  to  execute  and  deliver  on  demand  such  other  security
agreements,  financing statements and other instruments as Mortgagee may request
in order to perfect  its  security  interest  or to impose the lien  hereof more
specifically upon any of such property. Mortgagor additionally hereby authorizes
Mortgagee  to  record  and file from  time to time  such  financing  statements,
amendment  statements,  continuation  statements  and such other  instruments as
Mortgagee  shall  require,  in its sole  discretion,  in order  to  perfect  its
security  interest provided  hereunder.  Mortgagee shall have all the rights and
remedies  in  addition to those  specified  herein of a secured  party under the
Uniform  Commercial Code (the "Code").  Mortgagor  shall,  from time to time, on
request of Mortgagee, deliver to the Mortgagee an inventory of all such articles
of personal property in reasonable  detail.  Mortgagor  covenants and represents
that all such  personal  property  now is,  and that all  replacements  thereof,
substitutions  therefor  and  additions  thereto,   unless  Mortgagee  otherwise
consents,  will be free and clear of superior  liens,  encumbrances  or security
interests of others.  Furthermore,  in the event of default,  the parties  agree
that,  in the event the  Mortgagee  should elect to proceed with respect to said
properties  under the Code,  five (5) days notice of the sale  thereof  shall be
reasonable notice.

      Without the  necessity of any further act of Mortgagor or  Mortgagee,  the
lien of and  security  interest  created  by this  Mortgage  Deed  and  Security
Agreement  automatically  will extend to and  include:(i)  any and all renewals,
replacements,  substitutions,  accessions,  proceeds,  products,  additions  and
after-acquired  property of any nature whatsoever attached to, located in or on,
or used in the  operation  of the  Mortgaged  Property or any part  thereof (and
Mortgagor  covenants and warrants  that it will have good and absolute  title to
all of the aforesaid  after-acquired  property free of any lien or encumbrance),
and (ii) any and all monies, proceeds and other property that from time to time,
either by delivery to Mortgagor or by any  instrument  (including  this Mortgage
Deed and  Security  Agreement),  may be  subjected  to such  lien  and  security
interest by Mortgagor or by anyone on behalf of  Mortgagor,  or with the consent
of Mortgagor,  or which  otherwise may come into the  possession or otherwise be
subjected to the control of Mortgagee  or  Mortgagor  pursuant to this  Mortgage
Deed and Security Agreement or any associated loan document.

      Additionally,  Mortgagor  hereby  assigns to Mortgagee all of  Mortgagor's
rights  and  interests  as lessor in any leases now or  hereafter  existing  and
affecting the Property  described  herein  together  with all rents,  income and
profits  due and  becoming  due  therefrom,  which  leases  shall be subject and
subordinate  to this  Mortgage  in all  respects.  In the  event of any  default
occasioning  acceleration under this Mortgage or the Note,  Mortgagor authorizes

                                       4
<PAGE>

Mortgagee to demand and collect all rents  accruing from the Mortgaged  Property
and apply the same to the  outstanding  indebtedness  and any payments thus made
and  applied  shall not cure any  default  or impair  the  Mortgagee's  right to
proceed with any legal  action to collect its entire  mortgage  debt.  Mortgagor
hereby authorizes  Mortgagee to give notice in writing of this assignment at any
time to any  tenant  whose  lease is  assigned  to  Mortgagee  by virtue of this
provision.  Prior to the occurrence of an Event of Default, Mortgagor shall have
the right to collect  said rents;  provided  however,  that even before  default
occurs,  no advance rent (other than one (1) month's advance rent and a security
deposit) shall be collected. Mortgagor further agrees to take no other act which
would impair or destroy the rights and benefits of Mortgagee hereunder.

      The Property and all of the foregoing items are  collectively  referred to
as the "Mortgaged Property".

      TO HAVE  AND TO HOLD  the  same,  with the  tenements,  hereditaments  and
appurtenances thereunto belonging unto Mortgagee.

      PROVIDED,  HOWEVER,  that if Mortgagor  shall  promptly pay or cause to be
paid to  Mortgagee  all sums  payable  under the  Note,  at the times and in the
manner  stipulated  therein,  all without any  deductions or credit for taxes or
other similar charges paid by Mortgagor,  as well as all future advances and all
other  sums  and  indebtedness,  obligations  and  liabilities  for  which  this
instrument is security,  and shall keep,  perform and observe all other promises
in the Note and any renewals,  extensions,  or modifications  thereof,  and also
provided  that if Mortgagor  shall  promptly  keep,  perform and observe all the
covenants and  conditions  in this Mortgage Deed and Security  Agreement and any
extension or modifications  thereof,  and in all other instruments  securing the
Note, to be kept,  performed or observed by Mortgagor,  then this Mortgage,  and
all the properties,  interest, and rights hereby granted,  conveyed and assigned
shall cease and be void, but shall otherwise remain in full force and effect.

                                   ARTICLE ONE
                             COVENANTS OF MORTGAGOR

      Mortgagor covenants and agrees with Mortgagee as follows:

      1.01 Performance of Note,  Mortgage,  and other Loan Documents.  Mortgagor
shall  perform,  observe  and comply  with all  provisions  of the Note and will
promptly pay to Mortgagee the principal and interest  thereon and all other sums
required to be paid by Mortgagor  under the Note when payment  shall become due,
all  without  deduction  or credit for taxes or other  similar  charges  paid by
Mortgagor,  and Mortgagor shall perform,  observe and comply with all provisions
of this Mortgage,  together with all other documentation  executed in connection
herewith.

      1.02 Warranty of Title.  Mortgagor is indefeasibly seized of the Mortgaged
Property in fee simple; that Mortgagor has full power and lawful right to convey
the Mortgaged  Property in fee simple as aforesaid;  that it shall be lawful for
Mortgagee  at all times  hereafter  peaceably  and quietly to enter upon,  hold,
occupy and enjoy the Mortgaged  Property;  that the Mortgaged Property and every
part  thereof is free from all liens and  encumbrances  except  for the  current
year's taxes which are not yet due and owing,  and that Mortgagor will make such

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<PAGE>

other and further  assurances to perfect the title to the Mortgaged  Property in
Mortgagee as may  hereafter be required;  and that  Mortgagor  does hereby fully
warrant the title to the Mortgaged Property and will defend the same against the
lawful claims of all persons  whomsoever.  For purposes of this Article,  record
notice  of any  title  defect  shall  not in any  manner  constitute  notice  to
Mortgagee of such title defect.  Mortgagor acknowledges that Mortgagee is acting
in  reliance  upon  the  above  warranties  and   representations  of  Mortgagor
concerning title to the Mortgaged Property.

      1.03 Zoning.  All  applicable  zoning  laws,  ordinances  and  regulations
affecting  the  Mortgaged  Property  permit the current use and occupancy of the
Mortgaged Property and, if applicable, the intended use to be made by Mortgagor.

      1.04 Taxes and Liens, and Utility Charges.

            (a) Mortgagor shall pay promptly,  when and as due (and on or before
such date so as to obtain the  maximum  available  discount),  and  shall,  upon
Mortgagee's  request,  promptly exhibit to Mortgagee receipts for the payment of
all taxes,  assessments,  rates, dues,  charges,  fines and impositions of every
kind whatsoever now or hereafter imposed, levied or assessed upon or against the
Mortgaged Property or any part thereof,  or upon or against this Mortgage or the
indebtedness  or other sums secured  hereby,  or upon or against the interest of
Mortgagee in the Mortgaged  Property,  as well as all income taxes,  assessments
and other  governmental  charges  levied and  imposed  by the  United  States of
America or any state,  county,  municipality,  borough or other taxing authority
upon or against  Mortgagor or in respect of the  Mortgaged  Property or any part
thereof, and any charge which, if unpaid, would become a lien or charge upon the
Mortgaged  Property  before  they  become  delinquent  and before  any  interest
attaches or any penalty is incurred.

            (b)  Mortgagor   shall  not  permit  or  suffer  any   construction,
contractor's, mechanic's, laborer's, or materialmen's statutory or other lien to
be created or to remain a lien upon any of the Mortgaged Property, which lien is
not released or terminated within thirty (30) days of the filing thereof.

            (c) Notwithstanding any other provision of this Mortgage,  Mortgagor
shall  have the right to  contest  any  taxes,  liens and  charges  provided  it
proceeds with due diligence and gives  Mortgagee  adequate  assurance by bonding
such  disputed  liens or by  depositing  the amounts of such  disputed  taxes or
charges with Mortgagee,  which deposited amounts shall be returned to Mortgagor,
upon  resolution  of such  contest and  evidence  satisfactory  to  Mortgagee of
Mortgagor's compliance with any determination thereof.

            (d) In the event of the passage, after the date of this Mortgage, of
any law deducting from the value of the Mortgaged  Property,  for the purpose of
taxation, any lien thereon, or changing in any way the laws now in force for the
taxation  of  mortgages  or debts  secured  by  mortgages,  or the manner of the
collection of any such taxes, so as to affect this Mortgage, or imposing payment
of the whole or any portion of any taxes,  assessments or other similar  charges
against the Mortgaged Property upon Mortgagee,  the indebtedness  secured hereby
shall immediately  become due and payable at the option of Mortgagee;  provided,
however,  that if any such law shall impose a tax upon Mortgagee or increase any

                                       6
<PAGE>

tax now payable by Mortgagee, such election by Mortgagee shall be ineffective if
prior to the due date:  (i) Mortgagor is permitted by law and can become legally
obligated to pay such tax or the increased  portion  thereof (in addition to all
interest and charges payable  hereunder and under the Note); (ii) Mortgagor does
pay such tax or increased portion;  and (iii) Mortgagor agrees with Mortgagee in
writing to pay,  or  reimburse  Mortgagee  for the  payment  of, any such tax or
increased  portion  thereof  when  thereafter  levied or  assessed  against  the
Mortgaged  Property or any portion  thereof.  The obligations of Mortgagor under
such agreement shall be secured hereby.

      The Tax and Interest  Escrow  Account as defined in the Note shall be held
in accordance with the terms and provisions of Paragraph 1.06 below.

      1.05 Insurance.  Mortgagor  shall obtain,  deliver to and maintain for the
benefit of Mortgagee  (and without  cost to  Mortgagee)  during the term of this
Mortgage,  with all  premiums  paid  thereon and without  notice or demand,  the
following insurance with respect to the Mortgaged Property:

            (a) If and as  applicable,  Mortgagor  shall obtain,  deliver to and
maintain for the benefit of Mortgagee an "all risks"  permanent hazard insurance
policy along with a flood insurance  policy,  if the Mortgaged  Property is in a
designated  flood  plain  area.  The policy or  policies  must be from a company
satisfactory to Mortgagee, must cover all risks (with full replacement coverage)
required to be covered by Mortgagee (such as, but not limited to, fire, extended
coverage,  windstorm,  sprinkler leakage coverage, if applicable,  theft, boiler
explosion  coverage,  if  applicable,  building  ordinance or law coverage,  and
vandalism coverage) and must be in an amount satisfactory to Mortgagee and in no
event  less  than the  amount  due under  the Note and  sufficient  to avoid the
application  of any  co-insurance  provisions,  must  include  provisions  for a
minimum thirty (30) day prior written notice to Mortgagee of any intended policy
cancellation  or  non-renewal,  and must designate  Mortgagee as a mortgagee and
loss payee.

            (b) Mortgagor shall obtain, deliver to, and maintain for the benefit
of Mortgagee (general comprehensive public) liability insurance (i.e. commercial
general  liability  insurance)  against  claims  for  bodily  injury,  death and
property damage occurring in, on or about the Mortgaged Property in such amounts
as may be required by Mortgagee but not less than Two Million and 00/100 Dollars
($2,000,000.00)  in the case of  bodily  injury  or death  to one  person,  Five
Million and 00/100  Dollars  ($5,000,000.00)  in any one  occurrence  and in the
annual aggregate, and Two Million and 00/100 Dollars ($2,000,000.00) in the case
of  property  damage.  The  general  comprehensive  public  liability  insurance
policies must be from a company  reasonably  satisfactory  to Mortgagee and must
include  provisions for a minimum of thirty (30) days advance  written notice to
Mortgagee of any intended policy  cancellation or non-renewal and must designate
Mortgagee as a mortgagee and an additional named insured.

            (c) If  required  by  Mortgagee,  and  otherwise  applicable  to the
business of Mortgagor,  Mortgagor shall obtain,  deliver to and maintain for the
benefit of Mortgagee,  Workers'  Compensation  Insurance in the statutory amount
naming Mortgagor as owner of the Mortgaged Property.

                                       7
<PAGE>

            (d) Mortgagor shall obtain,  deliver to and maintain for the benefit
of Mortgagee insurance coverage (and changes to the above  requirements)  during
the term of this  Mortgage  in such  amounts and to protect  against  such other
insurable  hazards,  casualties and  contingencies as may, from time to time, be
required by Mortgagee.

            (e) Notwithstanding anything contained in this Mortgage or the other
loan  documents  to the  contrary,  each  insurance  policy  required  hereunder
(liability,  casualty or builder's risk  insurance)  shall include  coverage for
acts  of  terrorism.  If  the  applicable  insurance  policy  excludes  acts  of
terrorism,  Mortgagor  shall be  required to purchase  separate  insurance  that
covers  acts  of  terrorism,  which  insurance  shall  be in  form  and  content
acceptable to Mortgagee, in its sole discretion.

      All  policies of insurance  required  hereunder  shall:  (a) be written by
carriers  which are licensed or authorized to transact  business in the State of
Florida and are rated  "B+"-Class XI or better according to the latest published
Best Key Rating Guide,  and which shall  otherwise be acceptable to Mortgagee in
all other  respects;  (b) provide that the Mortgagee  shall receive a minimum of
thirty  (30) days prior  written  notice  from the issuer  before  cancellation,
modification, material change or non-renewal of the policy; (c) provide for full
replacement;  (d) be written without a deductible provision and for such amounts
as are sufficient to prevent Mortgagor from becoming excessively self-insured or
a co-insurer thereunder; (e) contain no exclusion for acts of terrorism; and (f)
provide that Mortgagee be protected as a lien holder,  regardless of any actions
of  Mortgagor.  Mortgagor  shall  pay  promptly  when due any  premiums  on such
insurance policies and on any renewals thereof.  The form of such policies,  the
companies  issuing  them and the amount of coverage  which is required  shall be
acceptable to Mortgagee. Each policy, including policies for any amounts carried
in excess of the  required  minimum and policies  not  specifically  required by
Mortgagee,  shall be maintained in full force and effect, shall be assigned, and
the original policies delivered to Mortgagee with premiums prepaid. All policies
shall be endorsed  with a standard  mortgagee  clause in favor of  Mortgagee  as
first mortgagee, not subject to contribution or assessment.  If the insurance or
any part thereof  shall expire or be withdrawn or become void or  inadequate  by
Mortgagor's breach of any condition  thereof,  or become void or insufficient by
reason of the failure or  impairment  of the capital of any company in which the
insurance  may then be carried,  or if for any reason  whatsoever  the insurance
shall be unsatisfactory to Mortgagee, Mortgagor shall place new insurance on the
Mortgaged Property,  satisfactory to Mortgagee.  The original policies, with the
premiums  paid,  shall be delivered to Mortgagee  upon the execution  hereof and
renewal policies with the premiums paid shall be delivered to Mortgagee at least
thirty (30) days before  expiration of the old  policies.  In the event of loss,
Mortgagor will give immediate notice thereof to Mortgagee and Mortgagee may make
proof  of loss if not  made  promptly  by  Mortgagor  and  Mortgagee  is  hereby
appointed  attorney-in-fact for Mortgagor,  which appointment is coupled with an
interest,  to make  said  proof  of loss  and give a  receipt  for any  proceeds
collected  under such  policies.  Each  insurance  company  concerned  is hereby
authorized  and  directed  to make  payment  under such  insurance,  directly to
Mortgagee.  All such  policies  herein  are  hereby  assigned  to  Mortgagee  as
additional  security  for the payment of the  indebtedness  hereby  secured.  If
Mortgagee becomes the owner of the Mortgaged  Property,  or any part thereof, by
foreclosure or otherwise,  such  policies,  including all rights and interest of
the Mortgagor thereunder, shall become the absolute property of Mortgagee.

                                       8
<PAGE>

      The address of the  Mortgagee  under any  mortgagee  and loss payee clause
shall be set forth as follows:

                         Lakes Holding Trust U/A dated July 27, 2001
                         521 East Las Olas Boulevard
                         Fort Lauderdale, Florida 33301
                         Attn: Charley Zeches

      After the  occurrence of an Event of Default,  at the option of Mortgagee,
Mortgagor shall pay to Mortgagee,  together with the regularly scheduled payment
due under  the Note,  a sum equal to  one-twelfth  (1/12) of the  annual  amount
necessary to pay all insurance  premiums so as to keep all required insurance on
the Mortgaged  Property in full force and effect.  All monies thus paid shall be
held by  Mortgagee  without  interest  and in  accordance  with  the  terms  and
provisions of Paragraph 1.06 below.

      1.06 Escrow Account.  Mortgagor shall pay to Mortgagee,  together with and
in addition to the payment of  principal  and  interest  payable  under the Note
secured hereby, an amount  reasonably  sufficient (as estimated by Mortgagee) to
provide Mortgagee with funds to pay such taxes, assessments,  insurance premiums
(insurance  premiums  to  be  paid  only  if  required  by  Mortgagee  and  upon
notification from Mortgagee),  and other charges next due so that Mortgagee will
have  sufficient  funds on hand to pay the same at least thirty (30) days before
whichever of the following dates first occurs: (a) the date on which they become
past due; (b) the date on which there is any discount  loss;  or (c) the date on
which  there is  additional  interest  or  penalty  charged.  In no event  shall
Mortgagee  be liable for any  interest on any amount paid to it under any escrow
requirement herein (unless required by applicable law) and the money so received
may be held in a special  escrow  account  properly  designated for the purposes
designated above or may be commingled with the general funds of Mortgagee.  Upon
demand of Mortgagee,  Mortgagor shall deliver to Mortgagee,  within fifteen (15)
days after such demand, such additional sums of money as are necessary to enable
Mortgagee to pay the above noted impositions,  premiums and charges when due. In
the case of a default by  Mortgagor  hereunder,  Mortgagee  may apply any amount
under  this  paragraph  remaining  to  Mortgagor's  credit to the  reduction  of
principal or interest or any other charge due and owing hereunder, at such times
and in such a manner as  Mortgagee  shall  determine,  in its sole and  absolute
discretion.  Upon payment in full of the indebtedness  secured by this Mortgage,
the amount of any unused escrow funds shall be paid over to the person or entity
entitled to receive the same.

      1.07  Condemnation.  If all  or  any  substantial  part  of the  Mortgaged
Property shall be damaged or permanently taken through  condemnation (which term
when  used in this  Mortgage  shall  include  any such  damage  or  taking  by a
governmental  authority,  and any transfer by private sale in lieu thereof), the
entire  indebtedness  secured hereby shall,  at the option of Mortgagee,  become
immediately due and payable.  Mortgagee  shall be entitled to all  compensation,
awards and other payments or relief therefor. All such compensation,  awards and

                                       9
<PAGE>

other payments or relief therefor are hereby assigned by Mortgagor to Mortgagee.
Mortgagee may release any monies so received by it without affecting the lien of
the Mortgage or may apply the same in such manner as Mortgagee shall  determine,
to the reduction of the  indebtedness  secured by this Mortgage and then, if any
surplus remains after such application, such surplus shall be paid to Mortgagor.
Mortgagor  agrees to execute  such  further  assignments  of any  compensations,
awards and other payments or relief for any such  condemnation  as Mortgagee may
require.

      Notwithstanding  the foregoing,  however,  Mortgagee shall, at its option,
have the right to appear in and defend any condemnation suit in its own name.

      1.08  Care  of   Property/Restoration   Upon  Casualty  or   Condemnation.

            (a) Mortgagor shall preserve and maintain the Mortgaged  Property in
good  condition  and repair.  Mortgagor  shall not remove or demolish,  alter or
change the use of any  building,  structure  or other  improvement  presently or
hereafter  on the  Mortgaged  Property  without  the prior  written  consent  of
Mortgagee. Mortgagor shall not permit, commit or suffer any waste, impairment or
deterioration  of the Mortgaged  Property or of any part  thereof,  and will not
take any action which will materially  increase the risk of fire or other hazard
to the Mortgaged Property or to any part thereof.

            (b) Except as  otherwise  provided  in this  Mortgage,  no  fixture,
personal  property or other part of the Mortgaged  Property  shall be removed or
materially demolished without the prior written consent of Mortgagee.  Mortgagor
may  sell or  otherwise  dispose  of,  free  from  the  lien  of this  Mortgage,
furniture,  furnishings,  equipment, tools, appliances,  machinery,  fixtures or
appurtenances,   subject  to  the  lien  hereof,  which  may  become  worn  out,
undesirable  or obsolete  only if they are  replaced  concurrently  with similar
items of at least  equal value  which  shall,  without  further  action,  become
subject to the lien of this Mortgage.

            (c) Mortgagee  may enter upon and inspect the Mortgaged  Property at
any reasonable time during the term of this Mortgage.

            (d) Mortgagor will promptly comply with all present and future laws,
ordinances,  rules and regulations of any governmental  authority  affecting the
Mortgaged  Property or any part  thereof.  Mortgagor  reserves and maintains the
right if Mortgagor  deems any item referred to in this  Paragraph  1.08(d) to be
illegal,  improperly  applied or otherwise  inconsistent with the legal right of
Mortgagor,  to contest  and/or  litigate  such item so long as the  validity  is
contested by Mortgagor  with  diligence  and in good faith and with  appropriate
deposits,  if  required,  paid  in  escrow  with  the  Clerk  of the  Court,  if
appropriate,  so that  accumulation of penalties are avoided or, if not avoided,
an additional deposit  sufficient to cover all such penalties.  In the event any
payment  of the  whole of any  amount  due shall be  necessary  to  prevent  any
foreclosure on the Mortgaged Property, then Mortgagor shall pay all such amounts
in sufficient time to prevent any such foreclosure.

            (e) If the  Mortgaged  Property  or any part  thereof  is damaged or
destroyed by fire,  by  condemnation,  or any other cause,  Mortgagor  will give
immediate written notice of the same to Mortgagee.

            (f) Each property  insurance  policy shall provide that the proceeds
of  insurance  paid on  account of any damage or  destruction  to the  Mortgaged
Property,  or any part  thereof,  shall  be paid to  Mortgagee.  Mortgagor  also
acknowledges that all proceeds of condemnation (i.e.,  compensation,  awards and
other payment or relief  therefor)  have been assigned by Mortgagor to Mortgagee

                                       10
<PAGE>

(such  proceeds of  insurance  and  condemnation  are  hereinafter  collectively
referred to as the  "Proceeds").  Mortgagor shall promptly  deliver to Mortgagee
any Proceeds  which are paid  directly to  Mortgagor  by the casualty  insurance
carrier or by any governmental or quasi-governmental  authority. In the event of
damage or destruction to the Mortgaged Property or any portion thereof,  whether
insured  or  uninsured,  or if any  part  of the  Mortgaged  Property  shall  be
physically  damaged through  condemnation,  Mortgagor shall, as set forth above,
give immediate  written notice thereof to Mortgagee and Mortgagee shall have the
option,  in its sole  and  absolute  discretion,  to apply  any  portion  of the
Proceeds to the payment of the  indebtedness  evidenced by the Note, or to allow
all or any  portion of the  Proceeds to be used for the  restoration,  repair or
replacement  of the  Mortgaged  Property or  applicable  part thereof under such
conditions as may be established by Mortgagee.

      1.09 After Acquired Property. The lien of this Mortgage will automatically
attach,  without further act, to all after acquired  personal  property owned by
Mortgagor  located in or on, or  attached  to, or used or intended to be used in
connection with, the Mortgaged Property or any part thereof.

      1.10 Expenses. Mortgagor shall pay, or reimburse Mortgagee, for all costs,
fees,  charges,  taxes (including,  without  limitation,  documentary stamp tax,
intangible  taxes  (recurring  and  nonrecurring))  and  expenses of every kind,
including the cost of an abstract of title to said lands, found to be convenient
or expedient in connection  with any suit for the  foreclosure of this Mortgage,
and also including  reasonable  attorney's fees incurred or expended at any time
by Mortgagee because of the failure of Mortgagor to pay the Note as agreed or of
Mortgagor  to perform,  comply with,  and abide by all or any of the  covenants,
conditions  and  stipulations  of this Mortgage  and/or the other loan documents
evidencing or securing the Note, and in the  foreclosure of this Mortgage and in
collecting the amount due under the Note secured  hereby,  with or without legal
proceedings,  and to  reimburse  Mortgagee  for every  payment made for any such
purpose  with  interest  from date of every such payment at the Default Rate (as
defined in the Note);  such payments and  obligations,  with interest thereon as
aforesaid,  shall be  secured  by the lien  hereof.  Any  judgment  obtained  by
Mortgagee  against  Mortgagor  as to any  amounts  due  under  the  Note or this
Mortgage shall also bear interest at the Default Rate.

      1.11 Books and Records.  Mortgagor will keep complete books and records of
account in accordance with generally accepted accounting principles consistently
applied ("GAAP") covering and relating to the Mortgaged Property and will permit
Mortgagee  or  Mortgagee's  agents,  accountants  and  attorneys  to inspect the
Mortgaged  Property and examine  Mortgagor's books and records as they relate to
the  Mortgaged  Property,  at  such  reasonable  times  as may be  requested  by
Mortgagee, and at Mortgagee's sole cost.

      1.12 Mortgagor as Lessor. Mortgagor shall faithfully perform the covenants
and  agreements  of  Mortgagor  as lessor  under any present  and future  leases
affecting all or any portion of the Mortgaged  Property,  and neither neglect to
do, nor permit to be done, anything which may diminish or impair their value, or
the rents provided for therein or thereunder.  Mortgagor  agrees:  (a) that said
leases shall remain in full force and effect  irrespective  of any merger of the
interest of the lessor and lessee  thereunder  and that it will not  transfer or
convey the title to the Mortgaged  Property or any portion thereof to any of the

                                       11
<PAGE>

lessees; (b) not to enter into any new lease agreement,  with respect to a 5,000
square foot or greater  portion of the  Property or with respect to a portion of
the Property which is less than 5,000 square feet, unless the rent payable under
such lease  agreement  represents the fair market value for the lease of a space
of similar size and character to the space rented under such lease  agreement or
terminate or materially modify or amend said leases or any of the terms thereof,
or grant any concessions in connection  therewith,  either orally or in writing,
or to accept a surrender  thereof  without the written  consent of the Mortgagee
and  that  any  attempted  execution  of  any  new  lease  or  any  termination,
modification,  or amendment of any lease or leases without such written  consent
shall be null and void;  (c) not to collect any  advance  rents other than first
and last month's  advance rent and a security  deposit;  (d) not to discount any
future  accruing rents,  except in the ordinary  course of business;  (e) not to
execute any other assignments of any lease or any interest therein or any of the
rents thereunder;  (f) to perform all of Mortgagor's covenants and agreements as
lessor  under said  leases  and not to suffer or permit to occur any  release of
liability  of the lessees,  or any rights of the lessees to withhold  payment of
rent;  and to give prompt  notice to  Mortgagee  of any notice of default on the
part of Mortgagor  with respect to said leases  received  from the lessees;  (g)
that none of the rights or remedies of Mortgagee  under this  Mortgage  shall be
delayed  or in  any  way  prejudiced  by  assignment;  (h)  notwithstanding  any
variation  of the terms of this  Mortgage or any  extension  of time for payment
hereunder or any release of part or parts of the lands conveyed  hereunder,  the
leases and benefits  thereby  assigned shall continue as additional  security in
accordance with the terms hereof;  (i) not to alter,  modify or change the terms
of any guarantees  with respect to the leases without the prior written  consent
of Mortgagee,  except in the ordinary course of business;  (j) not to consent to
any assignment of any lease or leases, or any subletting thereunder,  whether or
not in  accordance  with  their  terms,  without  the prior  written  consent of
Mortgagee,  except in the  ordinary  course  of  business;  (k) not to  request,
consent to,  agree to, or accept a  subordination  of any lease or leases to any
mortgage or other encumbrance now or hereafter affecting the Mortgaged Property,
except for this  Mortgage if  requested  by  Mortgagee;  (l) not to exercise any
right  of  election,  whether  specifically  set  forth  in any  such  lease  or
otherwise,  which would in any way diminish  the lessee's  liability or have the
effect of shortening the stated term of the lease, except in the ordinary course
of business; (m) not to sell, transfer,  assign, or remove any personal property
now or hereafter located on the Mortgaged  Property,  unless such action results
in  substitution or replacement  with similar items,  owned by Mortgagor and not
otherwise  encumbered,  of equal  value,  without the prior  written  consent of
Mortgagee;  and (n) not to enter into any new lease agreement with any operating
dry  cleaner  or  gasoline  service  station  or any  similar  type or  types of
establishment  without first obtaining the written  consent of Mortgagee,  which
may be withheld by  Mortgagee,  in its sole and absolute  discretion.  Mortgagor
shall procure and deliver to Mortgagee at the time of executing the Mortgage, or
at any time within thirty (30) days after notice and demand, estoppel letters or
certificates from each lessee, tenant or occupant in possession of the Mortgaged
Property,  as required by, and in form and substance  satisfactory to, Mortgagee
and deliver to Mortgagee a recorded  assignment of all the lessor's  interest in
such leases, in form and substance satisfactory to Mortgagee (in addition to the
assignment and mortgage  herein),  and proof of proper service of a copy of such
assignment  on each lessee,  either  personally  or by prepaid  certified  mail,
return receipt  requested.  All forms of lease,  rental or use  agreements  (and
amendments  thereto) for the Mortgaged Property,  or any part thereof,  shall be
submitted to  Mortgagee  for  approval  for lending  purposes  prior to becoming
binding  upon  Mortgagor,  unless  this  requirement  is  waived in  writing  by
Mortgagee.

      1.13 Environmental  Contamination/Hazardous  Wastes.  Mortgagor shall keep
and maintain the Mortgaged  Property in compliance  with, and shall not cause or
permit the Mortgaged Property to be in violation of, any federal, state or local
laws, ordinances or regulations,  including,  without limitation, those relating
to zoning,  building,  occupational safety and health,  industrial hygiene or to
the  environmental  conditions  on,  under  or  about  the  Mortgaged  Property,
including, but not limited to soil and ground water conditions.  Mortgagor shall
not use,  generate,  manufacture,  store or dispose  of, on,  under or about the
Mortgaged  Property or transport to or from the Mortgaged Property any flammable
explosives, radioactive materials, including, without limitation, any substances
defined as or included in the definition of "hazardous  substances,"  "hazardous
wastes,"  "hazardous  materials,"  and "toxic  substances"  under any applicable
federal or state laws or regulations (collectively, the "Hazardous Materials").

      Mortgagee,  at its sole option and at Mortgagor's  expense, may obtain, at
any time and from time to time  (but not more than once in any 12 month  period,
unless there exists reasonable  evidence of contamination of or at the Mortgaged
Property or in proximity thereof,  or the existence of Hazardous Materials at or
upon the Mortgaged  Property or in proximity  thereof) so long as any obligation
hereunder remains unsatisfied, an environmental assessment or audit certified to
Mortgagee from a reputable  environmental engineer of Mortgagee's choice for the
purpose of determining  whether the Mortgaged  Property has been or presently is
being  used  for the  handling,  storage,  transportation,  or  disposal  of any
Hazardous  Materials  and/or to determine the existence of any  contamination on
the Mortgaged  Property or violation of any  environmental  law at the Mortgaged
Property,  whether caused off-site or on-site and whether caused by Mortgagor or
a third party. Said  environmental  assessment or audit shall include a study of
the existing  surface and subsurface  conditions of the Property and an analysis
of the  soil,  including  sufficient  test  borings  to  determine  whether  any
contamination  exists.  Mortgagor  hereby  grants to  Mortgagee,  its agents and
contractors, an irrevocable license to enter upon the Mortgaged Property for the
purpose of conducting  any  environmental  testing  desired by Mortgagee,  which
license shall remain in place until this Mortgage has been  satisfied of record.
In the event  Mortgagee  requests such a report and said report  indicates  such
handling,  storage,  transportation,  or disposal of any Hazardous Materials, or
the existence of any contamination on the Mortgaged Property or violation of any
environmental law in connection with the Mortgaged  Property,  the same shall be
and  constitute,  at the option of  Mortgagee,  an Event of  Default  hereunder.
Mortgagee  may  require  that  all  violations  of law with  respect  to same be
corrected and that Mortgagor obtain all necessary  environmental  permits before
Mortgagee  shall  fund any  initial or  subsequent  advance  under the Note,  at
Mortgagee's sole option.

      Mortgagor shall  immediately  advise  Mortgagee in writing of: (a) any and
all enforcement,  cleanup,  removal or other  governmental or regulatory actions
instituted, completed or threatened pursuant to any applicable federal, state or
local  laws,  ordinances  or  regulations  relating to any  Hazardous  Materials
affecting the Property (the "Hazardous  Materials Laws"); (b) all claims made or
threatened  by any third party  against  Mortgagor or the  Property  relating to
damage, contribution,  cost recovery compensation, loss or injury resulting from
any Hazardous  Materials (the matters set forth in subsections (a) and (b) above
are collectively  referred to herein as the "Hazardous  Materials Claims");  and
(c) Mortgagor's discovery of any occurrence or condition on any immovable (real)
property  adjoining  or in the  vicinity  of the  Property  that could cause the
Property or any part thereof to be subject to any restrictions on the ownership,
occupancy,  transferability or use of the Property under any Hazardous Materials
Laws.

                                       12
<PAGE>

      Mortgagee  shall have the right to join and  participate in, as a party if
it so elects,  any legal proceedings or actions initiated in connection with any
Hazardous  Materials  Claims  and to have  its  reasonable  attorneys'  fees and
paralegal  charges and all costs  incurred in connection  with such  proceedings
paid by  Mortgagor.  Mortgagor  shall  be  solely  responsible  for,  and  shall
indemnify,  defend  and hold  Mortgagee,  its  directors,  officers,  employees,
agents, successors and assigns harmless from and against any loss, damage, cost,
expense or liability,  directly or indirectly  arising out of or attributable to
the use, generation,  storage, release, threatened release, discharge, disposal,
or presence of Hazardous  Materials on, under or about the Property,  including,
without limitation:  (a) all foreseeable consequential damages; (b) the costs of
any required or necessary repair, cleanup or detoxification of the Property, and
the preparation and  implementation  of any closure,  remedial or other required
plans;  and (c) all  reasonable  costs and  expenses  incurred by  Mortgagee  in
connection  with  subsections  (a)  and  (b),  including,  but not  limited  to,
reasonable attorneys' fees and paralegal charges.

      Without Mortgagee's prior written consent, which shall not be unreasonably
withheld,  Mortgagor  shall  not take any  remedial  action in  response  to the
presence of any Hazardous  Materials on, under,  or about the Property nor enter
into any settlement agreement, consent decree, or other compromise in respect to
any Hazardous  Material Claims,  which remedial action,  settlement,  consent or
compromise  might,  in  Mortgagee's  reasonable  judgment,  impair  the value of
Mortgagee's  security  hereunder;  provided,  however,  that  Mortgagee's  prior
consent  shall not be  necessary  in the event that the  presence  of  Hazardous
Materials on, or under, or about the Property  either poses an immediate  threat
to the health,  safety or welfare of any  individual or is of such a nature that
an immediate  remedial  response is  necessary  and it is not possible to obtain
Mortgagee's  consent  before  taking such  action,  provided  that in such event
Mortgagor shall notify  Mortgagee as soon as practicable of any action so taken.
Mortgagee  agrees not to withhold  its  consent,  where such consent is required
hereunder,  if either (a) a particular  remedial action is ordered by a court of
competent   jurisdiction,   or  (b)  Mortgagor  establishes  to  the  reasonable
satisfaction  of  Mortgagee  that  there is no  reasonable  alternative  to such
remedial  action which would result in less  impairment of Mortgagee's  security
hereunder.

      Mortgagor  hereby agrees to indemnify  Mortgagee and hold  Mortgagee,  its
directors,  officers, employees, agents, successors and assigns harmless (except
to the  extent  caused by the gross  negligence  or  willful  misconduct  of the
Mortgagee) from and against any and all claims,  losses,  damages,  liabilities,
fines, penalties,  charges,  administrative and judicial proceedings and orders,
judgments,  remedial action  requirements,  enforcement actions of any kind, and
all costs and expenses  incurred in  connection  therewith  (including,  but not
limited to, attorneys' fees,  paralegal charges and expenses),  arising directly
or indirectly, in whole or in part, out of (a) any Hazardous Materials Claims or
(b) the presence on or under the  Property of any  Hazardous  Materials,  or any
releases  or  discharges  of any  Hazardous  Materials  on,  under  or from  the
Property,  or (c) any activity  carried on or undertaken on or off the Property,
whether prior to or during the term of this  Mortgage,  and whether by Mortgagor
or  any   predecessor-in-title   or  any  employees,   agents,   contractors  or
subcontractors of Mortgagor or any predecessor-in-title, or any third persons at
any time occupying or present on the Property,  in connection with the handling,
treatment, removal, storage, decontamination, clean-up, transport or disposal of
any Hazardous Materials at any time located or present on or under the Property.
The foregoing indemnity shall further apply to any residual  contamination on or
under the Property, or affecting any natural resources, and to any contamination
of any property or natural  resources arising in connection with the generation,
use, handling,  storage,  transport or disposal of any such Hazardous Materials,
and irrespective of whether any of such activities were or will be undertaken in
accordance with applicable laws, regulations, codes and ordinances.

                                       13
<PAGE>

      Mortgagor agrees at all times to comply fully and in a timely manner,  and
to cause all tenants,  employees,  agents,  contractors  and  subcontractors  of
Mortgagor  and any other  persons  occupying  or present on the  Property  to so
comply,  with  all  applicable  federal,  state  and  local  laws,  regulations,
guidelines,  codes and ordinances  applicable to the use, generation,  handling,
storage,  treatment,  transport and disposal of any  Hazardous  Materials now or
hereafter  located or present on or under the Property,  and Mortgagor agrees to
indemnify,  defend  and hold  Mortgagee,  its  directors,  officers,  employees,
agents,  successors  and assigns,  harmless from and against any and all claims,
losses,  damages,  liabilities,  fines, penalties,  charges,  administrative and
judicial  proceedings  and  orders,  judgments,  remedial  action  requirements,
enforcement  actions  of any  kind,  and all  costs  and  expenses  incurred  in
connection therewith (including,  but not limited to reasonable attorneys' fees,
paralegal charges and expenses),  arising directly or indirectly, in whole or in
part,  from  any  failure  of  Mortgagor,   its  tenants,   employees,   agents,
contractors, subcontractors or other such persons, to comply with any such laws,
regulations, guidelines, codes or ordinances.

      The  obligations  of Mortgagor  to  indemnify,  defend and hold  Mortgagee
harmless  under this section shall survive any  foreclosure  of this Mortgage or
any transfer of the Property  whatsoever and repayment of the loan(s) secured by
this Mortgage.

      1.14 Mortgagee's Right to Perform Upon Defaults of Mortgagor. If Mortgagor
defaults in the payment of any tax, assessment, encumbrance or other imposition,
in its  obligation to furnish  insurance  hereunder,  or in the  performance  or
observance of any other covenant,  condition or term in this Mortgage, Mortgagee
may, at its option,  perform or observe the same  without  waiving any rights it
may have hereunder,  and all payments made (whether such payments are regular or
accelerated  payments)  and costs and expenses  incurred or paid by Mortgagee in
connection  therewith shall become due and payable  immediately.  The amounts so
incurred or paid by Mortgagee,  together  with  interest  thereon at the maximum
rate permitted by applicable law from the date incurred until paid by Mortgagor,
shall be added to the  indebtedness  and  secured by the lien of this  Mortgage.
Nothing contained herein shall be construed as requiring Mortgagee to advance or
expend  monies for any purposes  mentioned in this  paragraph,  or for any other
purpose. Mortgagee is hereby empowered to enter and to authorize others to enter
upon the Mortgaged Property or any part thereof for the purpose of performing or
observing  any such  defaulted  covenant,  condition or terms,  without  thereby
becoming  liable  to  Mortgagor  or  any  person  in  possession  holding  under
Mortgagor.

                                       14
<PAGE>

                                   ARTICLE TWO
                                    DEFAULTS

      2.01 Event of Default.  The term "Event of Default"  wherever used in this
Mortgage, shall mean any one or more of the following events:

            (a)  failure  by  Mortgagor  to pay  when  due any  installments  of
principal or interest as required  under the Note or any other default under the
terms and  provisions  of the Note or failure by Mortgagor to pay, when due, any
tax deposits, taxes, assessments,  liens, charges,  insurance premiums or to pay
said sums into the escrow account, if required hereunder; or

            (b) failure by Mortgagor to duly keep, perform and observe any other
covenant, condition or agreement in this Mortgage, any other instrument securing
the Note or any other  instrument  or loan  document  collateral  to the Note or
executed in connection with the sums secured hereby,  subject to the Cure Period
as set forth in the Note; or

            (c) the  commencement of levy,  execution or attachment  proceedings
against  Mortgagor,  or the  application  for or  appointment  of a  liquidator,
receiver,  custodian,  sequestrator,  conservator,  trustee,  or  other  similar
judicial officer; or

            (d) the insolvency in the bankruptcy or equity sense,  of Mortgagor;
or

            (e) the assignment for the benefit of creditors, or the admission in
writing of an  inability  to pay any debts  generally as they become due, or the
ordering, the winding-up or liquidation of its affairs, by Mortgagor; or

            (f)  the  commencement  of  a  case  against  Mortgagor,  under  any
insolvency,  bankruptcy,  creditor adjustment,  debtor rehabilitation or similar
laws,  state or federal,  or the  determination by any of them to request relief
under any insolvency,  bankruptcy, creditor adjustment, debtor rehabilitation or
similar proceeding, state or federal, including, without limitation, the consent
by any of  them  to the  appointment  of or  taking  possession  by a  receiver,
liquidator,  assignee, trustee, custodian,  sequestrator or similar official for
it or for any of its respective property or assets; or

            (g)  failure  to comply  with the  specific  prohibitions  contained
herein; or

            (h) if any warranty or representation of Mortgagor  contained herein
or  contained  in any of the  associated  loan  documents  prove to be untrue or
misleading in any material respect; or

            (i) if the  Mortgaged  Property  is subject to actual or  threatened
waste, or any part thereof, be removed, demolished or materially altered so that
the value of the Mortgaged Property is diminished; or

            (j) if any  federal  or state tax lien or claim of lien for labor or
material is filed of record against  Mortgagor or the Mortgaged  Property and is
not removed by payment or transfer of lien to bond within  thirty (30) days from
the date of recording; or

                                       15
<PAGE>

            (k) if foreclosure  proceedings  (whether  judicial or otherwise) be
instituted on any mortgage or any lien of any kind secured by any portion of the
Mortgaged Property; or

            (l) if Mortgagor  defaults under any other loan made by Mortgagee to
Mortgagor; or

            (m) the  incurrence of any additional  indebtedness,  secured by any
interest in the Property,  without the prior written consent of Mortgagee, which
consent shall be in the sole and absolute discretion of Mortgagee.

      2.02  Acceleration  of Maturity.  If default be made in the payment of the
principal sum or any installment  thereof or any interest thereon as provided in
the Note or if an Event of Default as defined  herein  occurs,  then, in any and
all such events,  the entire principal amount of the Note with all interest then
accrued thereon shall, at the option of Mortgagee and without notice  (Mortgagor
hereby  expressly  waives  notice of any such  default),  become  and be due and
payable.

      2.03  Mortgagee's  Right to Enter and Take  Possession,  Operate and Apply
Income.

            (a) If an Event of Default  shall  have  occurred,  Mortgagor,  upon
demand  of  Mortgagee,   shall  forthwith  surrender  to  Mortgagee  the  actual
possession and, if and to the extent permitted by law,  Mortgagee  itself, or by
such officers or agents as it may appoint,  may enter and take possession of all
of the  Mortgaged  Property,  and  may  exclude  Mortgagor  and its  agents  and
employees  wholly  therefrom,  and may have joint  access with  Mortgagor to the
books, papers and accounts of Mortgagor.

            (b) If  Mortgagor  shall for any reason fail to surrender or deliver
the Mortgaged Property or any part thereof after Mortgagee's  demand,  Mortgagee
may obtain a judgment or decree  conferring  on Mortgagee the right to immediate
possession or requiring Mortgagor to deliver immediate possession of all or part
of the Mortgaged Property to Mortgagee, to the entry of which judgment or decree
Mortgagor hereby specifically consents.  Mortgagor shall pay to Mortgagee,  upon
demand,  all costs  and  expenses  of  obtaining  such  judgment  or decree  and
reasonable  compensation  to Mortgagee,  its attorneys and agents,  and all such
costs,  expenses and  compensation  shall,  until paid,  accrue  interest at the
maximum rate permissible under applicable law and be secured by the lien of this
Mortgage.

            (c) Upon every such entering upon or taking of possession, Mortgagee
may, without  limitation,  hold,  store,  use,  operate,  manage and control the
Mortgaged Property and conduct the business thereof and, from time to time:

                           (i)      make all necessary  and proper  maintenance,
                                    repairs, renewals, replacements,  additions,
                                    betterments  and  improvements  thereto  and
                                    thereon and  purchase or  otherwise  acquire
                                    additional  fixtures,  personalty  and other
                                    property;

                           (ii)     insure  or  keep  the   Mortgaged   Property
                                    insured;

                                       16
<PAGE>

                           (iii)    manage and  operate the  Mortgaged  Property
                                    and  exercise  all the  rights and powers of
                                    Mortgagor  in its  name or  otherwise,  with
                                    respect to the same;

                           (iv)     enter  into   agreements   with   others  to
                                    exercise   the   powers    herein    granted
                                    Mortgagee; and

                           (v)      receive  reasonable   compensation  for  its
                                    service and  reimbursement  of its  expenses
                                    necessarily incurred;

all as Mortgagee from time to time may determine;  and, in connection therewith,
Mortgagor shall  indemnify,  defend and hold Mortgagee  harmless of and from any
and all claims, expenses, demands and/or liability arising therefrom.  Mortgagee
may collect and receive all the income,  revenues,  rents, issues and profits of
the same,  including  those past due as well as those accruing  thereafter;  and
shall apply the monies so received by  Mortgagee  in such  priority as Mortgagee
may  determine  to (1) the payment of accrued  interest on the Note,  (2) to the
payment of overdue  installments  of  principal,  (3) the deposits for taxes and
assessments  due, (4) fees,  charges,  expenses and interest paid and/or accrued
hereunder,  (5) to the cost of insurance,  taxes,  assessments  and other proper
charges upon the Mortgaged  Property or any part thereof  including  repairs and
maintenance thereof, and (6) reasonable compensation, expenses and disbursements
of Mortgagee, its agents, attorneys and other representatives.

      2.04  Appointment of Receiver.  In addition to  Mortgagee's  right to take
possession  of and operate the Property,  as set forth above,  either in lieu of
Mortgagee  taking the above set forth actions,  or before taking such action and
not in lieu of Mortgagee  ultimately taking such actions, or after Mortgagee has
already  proceeded  under the terms and  provisions  of  Paragraph  2.03 hereof,
Mortgagee shall be entitled to the appointment of a receiver, in accordance with
the following terms and provisions:

            (a) If at any time, in the  discretion of Mortgagee,  a receivership
may be necessary to protect the Mortgaged Property or the security of Mortgagee,
whether before or after maturity of the Note and any other indebtedness  secured
by this Mortgage,  or at the time of or after the institution of suit to collect
the Note and any other  indebtedness  secured  by this  Mortgage  or to  enforce
and/or foreclose this Mortgage, Mortgagee shall, as a matter of strict right and
regardless of the value of the security for the amounts due hereunder or secured
hereby or of the solvency of any party bound for the payment of the Note and any
other indebtedness secured hereunder,  have the right to the appointment,  on ex
parte  application  and  without  notice  to  Mortgagor,  by  any  court  having
jurisdiction,  of a receiver to take charge of,  manage,  preserve,  protect and
operate the Property and any business or businesses located thereon,  to collect
the rents, issues,  proceeds,  profits and income thereon, to make all necessary
and needed repairs,  to complete the construction of any improvements  which has
been undertaken but not completed,  and to pay all taxes and assessments against
the Mortgaged  Property and insurance  premiums for insurance  thereon and after
the payment of the expenses of the receivership, including reasonable attorney's

                                       17
<PAGE>

fees to  Mortgagee's  attorney,  and after  compensation  for  management of the
Mortgaged  Property,  to apply the net proceeds in reduction of all indebtedness
hereby  secured or in such manner as the court shall  direct.  All such expenses
shall be secured  by the lien of this  Mortgage  until  paid.  Mortgagor  hereby
specifically  waives the right to object to the  appointment  of a receiver  and
hereby  expressly  consents that such  appointment  shall be made as an admitted
equity and as a matter of absolute right of Mortgagee.

            (b) The  receiver or its agents  shall be entitled to enter upon and
take possession of any and all of the Mortgaged Property,  together with any and
all  businesses  conducted  thereon and all  business  assets used  therewith or
thereon,  or any part or parts thereof,  and to operate and conduct the business
or businesses, or complete construction of improvements,  to the same extent and
in the same manner as Mortgagor  might lawfully do. The receiver,  personally or
through its agents or attorneys,  may exclude  Mortgagor  and its  subsidiaries,
agents,  servants and employees  wholly from the Mortgaged  Property,  and have,
hold, use, operate, manage and control the same and each and every part thereof,
and in the name of Mortgagor, its subsidiaries, or agents, exercise all of their
rights  and  powers  and use all of the  then  existing  items of  security  and
collateral,  materials,  current supplies, stores and assets and, at the expense
of  Mortgagor,  maintain,  restore,  complete  construction  of, insure and keep
insured, the properties,  equipment,  and apparatus provided or required for use
in connection with such business or businesses,  and make all such necessary and
proper  repairs,  renewals  and  replacements  and all such useful  alterations,
additions, betterments and improvements as the receiver may deem judicious.

                  (c) Such  receivership  shall,  at the  option  of  Mortgagee,
continue  until full payment of the Note and all other sums hereby  secured,  or
until title to the  Property  shall have passed by  foreclosure  sale under this
Mortgage.

      2.05 Mortgagee's  Power of Enforcement.  If an Event of Default shall have
occurred,  Mortgagee may,  either with or without entry or taking  possession as
hereinabove provided or otherwise,  proceed by suit or suits at law or in equity
or by any other appropriate  proceeding or remedy: (a) to enforce payment of the
Note or the performance of any term hereof or any other right;  (b) to foreclose
this  Mortgage;  and (c) to pursue any other  remedy,  legal  and/or  equitable,
available to it herein granted and/or under applicable law.

      2.06 Suits to Protect the  Mortgaged  Property.  Mortgagee  shall have the
power and authority, but not the obligation, to institute and maintain any suits
and proceedings as Mortgagee may deem advisable (a) to prevent any impairment of
the  Mortgaged  Property by any acts which may be unlawful or any  violation  of
this  Mortgage,  (b) to  preserve  or  protect  its  interest  in the  Mortgaged
Property,  and  (c) to  restrain  the  enforcement  of or  compliance  with  any
legislation  or  other  governmental  enactment,  rule  or  order  that  may  be
unconstitutional  or otherwise invalid, if the enforcement of or compliance with
such  enactment,  rule or  order  might  impair  the  security  hereunder  or be
prejudicial to Mortgagee's  interest.  Mortgagor shall cooperate with respect to
any action taken by Mortgagee as set forth above.

      2.07 Foreclosure.

                                       18
<PAGE>

            (a) Mortgagee may institute  proceedings for the partial or complete
foreclosure of this Mortgage and Mortgagee  may,  pursuant to any final judgment
of foreclosure,  sell the Mortgaged Property as an entirety or in separate lots,
units, or parcels.

            (b) In  case  of a  foreclosure  sale  of all  or  any  part  of the
Mortgaged  Property,  the proceeds of sale shall be applied in  accordance  with
Section  2.13  hereof,  and  Mortgagee  shall be entitled  to seek a  deficiency
judgment against Mortgagor to enforce payment of any and all obligations secured
hereby then  remaining due and unpaid,  together with interest  thereon,  and to
recover a judgment against Mortgagor therefor.

            (c) Mortgagee is authorized  to foreclose  this Mortgage  subject to
the rights of any tenants of the  Mortgaged  Property,  or  Mortgagee  may elect
which tenants Mortgagee desires to name as parties defendant in such foreclosure
and failure to make any such tenants parties  defendant to any such  foreclosure
proceedings  and to  foreclose  their  rights  will not be, nor be  asserted  by
Mortgagor to be, a defense to any proceedings instituted by Mortgagee to collect
the unpaid  obligations  secured hereby or to collect any  deficiency  remaining
unpaid after the foreclosure sale of the Mortgaged Property.

      2.08 Credit of Mortgagee.  Upon any  foreclosure of all or any part of the
Mortgaged Property, Mortgagee may bid for and acquire the Mortgaged Property, or
any part thereof and, in lieu of paying cash therefor, may apply to the purchase
price any portion of or all of the unpaid  obligations  secured hereby,  in such
order as Mortgagee may elect.

      2.09 Sale. Any sale or sales made under or by virtue of this Article shall
operate to divest  all the  estate,  right,  title,  interest,  claim and demand
whatsoever  at law or in equity,  of Mortgagor and all persons,  except  tenants
pursuant  to  leases  approved  by  Mortgagee,  claiming  by,  through  or under
Mortgagor in and to the properties and rights so sold, whether sold to Mortgagee
or to others.

      2.10  Proofs  of  Claim.  In the  case  of any  receivership,  insolvency,
bankruptcy,  reorganization,   arrangement,  adjustment,  composition  or  other
judicial proceedings  affecting Mortgagor,  any endorser,  co-maker,  surety, or
guarantor  of  the  obligations  secured  hereby,  or any  of  their  respective
properties, Mortgagee, to the extent permitted by law, shall be entitled to file
such proofs of claim and other  documents  as may be  necessary  or advisable in
order to have its  claim  allowed  in such  proceedings  for the  entire  unpaid
obligations  at the date of the  institution  of such  proceedings,  and for any
additional amounts which may become due and payable after such date.

      2.11 Waiver of Redemption, Notice and Marshalling. Mortgagor hereby waives
and releases,  for itself and anyone claiming  through,  by, or under it, to the
maximum extent permitted by the laws of the State of Florida:

            (a) all  benefit  that might  accrue to  Mortgagor  by virtue of any
present or future  law  exempting  the  Mortgaged  Property,  or any part of the
proceeds  arising  from  any  sale  thereof,  from  attachment,  levy or sale on
execution,  or providing  for any  appraisement,  valuation,  stay of execution,
exemption from civil process, redemption or extension of time for payment;

                                       19
<PAGE>

            (b) all notices of default,  or Mortgagee's  actual  exercise of any
option or remedy under any loan documents, or otherwise; and

            (c) any right to have the Mortgaged Property marshalled.

      2.12 Automatic Stay. Mortgagor hereby agrees that, in consideration of the
recitals and mutual covenants  contained herein, and for other good and valuable
consideration,  the receipt and  sufficiency  of which are hereby  acknowledged,
Mortgagor does agree that in the event  Mortgagor or (if applicable) any partner
of Mortgagor shall (a) file with any bankruptcy court of competent  jurisdiction
or be the subject of any petition  under title 11 of the U.S.  Code, as amended;
(b) be the  subject  of any order for relief  issued  under such Title 11 of the
U.S.  Code, as amended;  (c) file or be the subject of any petition  seeking any
reorganization,    arrangement,    composition,    readjustment,    liquidation,
dissolution,  or similar relief under any present or future federal or state act
or law relating to bankruptcy, insolvency, or other relief for debtors; (d) have
sought  or  consented  to or  acquiesced  in the  appointment  of  any  trustee,
receiver,  conservator,  or  liquidator;  or (e) be the  subject  of any  order,
judgment, or decree entered by any court of competent  jurisdiction  approving a
petition  filed  against  such  party  for  any   reorganization,   arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under any
present  or  future  federal  or  state  act  or  law  relating  to  bankruptcy,
insolvency,  or relief for  debtors,  then and in any of such  events  Mortgagee
shall thereupon be entitled to relief from any automatic stay imposed by Section
362 of Title 11 of the U.S.  Code, as amended,  or otherwise,  on or against the
exercise of the rights and remedies otherwise available to Mortgagee as provided
in the Note, this Mortgage, and all associated loan documents,  and as otherwise
provided by law. Mortgagor hereby agrees not to object to Mortgagee  immediately
seeking  relief  from  the  automatic   stay,  to  allow  Mortgagee  to  proceed
immediately  to obtain a final  judgment of  foreclosure  of this  Mortgage,  to
complete a  foreclosure  sale and/or to proceed  against  and  realize  upon the
collateral for the indebtedness  secured hereby and to otherwise allow Mortgagee
to take all such  actions  as  Mortgagee  may  elect in its sole  discretion  in
pursuance of the other  rights and remedies  available in the event of a default
by Mortgagor under this Mortgage and all associated  loan  documents.  Mortgagor
hereby waives any protection afforded under 11 U.S.C., Section 362(a).

      2.13  Application  of  Proceeds.  The  proceeds  of any sale of all or any
portion of the Mortgaged  Property shall be applied by Mortgagee  first,  to the
payment of receiver's fees and expenses, if any, and to the payment of all costs
and expenses  (including,  without  limitation,  reasonable  attorneys  fees and
expenses)  incurred by Mortgagee,  together with interest thereon at the maximum
rate permitted  under  applicable  law from the date so incurred,  in connection
with any entry,  action or proceeding  under this Article and,  second,  in such
order as Mortgagee may elect, to the payment of the  obligations  secured hereby
until all of said obligations have been paid in full.

      2.14 Delay or Omission No Waiver.  No delay or omission of Mortgagee or of
any holder of the Note to exercise any right,  power or remedy accruing upon any
Event of Default  shall  exhaust or impair  any such  right,  power or remedy or
shall  be  construed  to waive  any  such  Event  of  Default  or to  constitute
acquiescence  therein.  Every right,  power and remedy given to Mortgagee may be
exercised  from  time  to  time  and as  often  as may be  deemed  expedient  by
Mortgagee.

                                       20
<PAGE>

      2.15 No Waiver of One Default to Affect Another. No waiver of any Event of
Default hereunder shall extend to or affect any subsequent or any other Event of
Default  then  existing,  or impair any rights,  powers or  remedies  consequent
thereon.  If Mortgagee  (a) grants  forbearance  or an extension of time for the
payment of any sums secured hereby;  (b) takes other or additional  security for
the payment  thereof;  (c) waives or does not exercise any right  granted in the
Note, this Mortgage or any other instrument  securing the Note; (d) releases any
part of the  Mortgaged  Property  from the lien of this  Mortgage  or any  other
instrument securing the Note; or (e) makes or consents to any agreement changing
the terms of this Mortgage or  subordinating  the lien or any charge hereof,  no
such act or omission  shall  release,  discharge,  modify,  change or affect the
original  liability under the Note, this Mortgage or otherwise of Mortgagor,  or
any  subsequent  purchaser of the Mortgaged  Property or any part thereof or any
maker, cosigner,  endorser,  surety or guarantor.  No such act or omission shall
preclude  Mortgagee from exercising any right, power or privilege herein granted
or  intended  to be  granted  in case of any  Event of  Default  nor,  except as
otherwise  expressly  provided  in an  instrument  or  instruments  executed  by
Mortgagee, shall the lien of this Mortgage be altered thereby.

      2.16 Sale,  Transfer  or Lease of  Mortgaged  Property.  Without the prior
written  consent of Mortgagee,  which consent shall be in  Mortgagee's  sole and
absolute  discretion,  Mortgagor  will abstain from and will not cause or permit
any sale,  exchange,  transfer or  conveyance,  directly or  indirectly,  of the
Mortgaged  Property or any part thereof or any interest therein,  voluntarily or
by operation of law (other than  foreclosure  under this  Mortgage),  whether by
sale, exchange, conveyance, merger, consolidation,  reorganization or otherwise.
Furthermore,  there  shall  be no  change  in the  operation  or  management  of
Mortgagor  or the  Mortgaged  Property  without  the prior  written  consent  of
Mortgagee,  which consent shall not be unreasonably  withheld.  Any violation of
the foregoing limitations,  at the option of Mortgagee, shall be deemed an Event
of Default hereunder.

      In the event of a permitted  sale,  or transfer  by  operation  of law, or
otherwise, of all or any part of the Mortgaged Property by Mortgagor, including,
without limitation,  any conveyances which may be permitted above,  Mortgagee is
hereby authorized and empowered to deal with any such transferee or successor in
interest with reference to the Mortgaged  Property or the  indebtedness  secured
hereby, or with reference to any of the terms or conditions hereof, as fully and
to the same extent as it might deal with the original parties hereto and without
in any way  releasing or  discharging  any of the  liabilities  or  undertakings
hereunder.  Furthermore,  any  permitted  sale or transfer  may be  conditioned,
without  limitation,  upon the payment of a transfer fee or a change in the loan
charges, interest rates and payment or repayment terms.

      2.17 Further Encumbrances.  No additional mortgage or encumbrance shall be
placed  upon the  Mortgaged  Property  without  the  prior  written  consent  of
Mortgagee,  which consent shall be in Mortgagee's sole and absolute  discretion.
Additionally,  in the event a Notice  Limiting Future Advances is filed limiting
the right of Mortgagee to effectuate  future  advances under this Mortgage,  the
filing of such notice shall be and constitute a default under this  Mortgage.  .
Notwithstanding  the foregoing,  Mortgagee consents to Mortgagor entering into a
junior  mortgage of even date with this  Mortgage  with  Mitchell  Entertainment
Company in the amount of $3,000,000.

                                       21
<PAGE>

      2.18 Remedies  Cumulative.  No right,  power or remedy  conferred  upon or
reserved  to  Mortgagee  by the Note,  this  Mortgage  or any  other  instrument
securing the Note is exclusive of any other right, power or remedy, but each and
every such right,  power and remedy shall be cumulative and concurrent and shall
be in addition to any other right, power and remedy given hereunder or under the
Note or any other instrument  securing the Note, or now or hereafter existing at
law, in equity or by statute.

                                  ARTICLE THREE
                            MISCELLANEOUS PROVISIONS

      3.01 Heirs, Successors,  and Assigns Included in Parties.  Whenever one of
the  parties  hereto  is  named or  referred  to  herein,  the  heirs,  personal
representatives,  successors and assigns of such party shall be included and all
covenants  and  agreements  contained  in  this  Mortgage,  by or on  behalf  of
Mortgagor or Mortgagee,  shall bind and inure to the benefit of their respective
heirs, personal representatives, successors and assigns, whether so expressed or
not.

      3.02 Addresses for Notices.

            (a) Any notice,  report,  demand or other  instrument  authorized or
required  to be given or  furnished  under  this  Mortgage  to  Mortgagor  or to
Mortgagee  shall be  deemed  given or  furnished  when  addressed  to the  party
intended  to receive  the same,  at the  address of such party on the first page
hereof, or at the address of the Mortgaged Property in the case of notice to the
Mortgagor,  and delivered to such address or deposited in the United States mail
as first class certified mail, return receipt  requested,  postage paid, whether
or not the same is actually received by such party.

            (b) Each  party may change  the  address  to which any such  notice,
report,  demand or other instrument is to be delivered or mailed,  by furnishing
written  notice of such change to the other party,  but no such notice of change
shall be effective unless and until received by such other party.

            (c) Notwithstanding anything in this instrument to the contrary, all
requirements  of notice shall be deemed  inapplicable  if Mortgagee is prevented
from giving  such  notice by  bankruptcy  or any other  applicable  law. In such
event, the cure period,  if any, shall then run from the occurrence of the event
or condition of default rather than from the date of notice.

      3.03  Headings.  The headings of the articles,  sections,  paragraphs  and
subdivisions  of this Mortgage are for convenience or reference only, are not to
be considered a part hereof,  and shall not limit or expand or otherwise  affect
any of the terms hereof.

      3.04 Invalid  Provisions to Affect No Others. In the event that any of the
covenants,  agreements, terms or provisions contained in the Note, this Mortgage
or any  other  instrument  securing  the  Note  shall  be  invalid,  illegal  or
unenforceable  in  any  respect,   the  validity  of  the  remaining  covenants,
agreements,  terms or provisions  contained herein and in the Note and any other
instrument  securing  the  Note  shall  be in no  way  affected,  prejudiced  or
disturbed thereby.

                                       22
<PAGE>

      3.05  Changes.  Neither this  Mortgage nor any term hereof may be changed,
waived,  discharged or terminated orally, or by any action or inaction, but only
by an  instrument  in  writing  signed  by  the  party  against  which  or  whom
enforcement  of the change,  waiver,  discharge or  termination  is sought.  Any
agreement  hereafter  made by Mortgagor and Mortgagee  relating to this Mortgage
shall be  superior  to the  rights  of the  holder  of any  intervening  lien or
encumbrance.

      3.06  Governing  Law.  This Mortgage is to be governed by and construed in
accordance with applicable law and Mortgagor  agrees that the sole and exclusive
forum  for  the  determination  of  any  action  relating  to the  validity  and
enforceability  of this  Mortgage  shall be either an  appropriate  court of the
State of Florida or that court of the United  States which  includes  within its
territorial jurisdiction the State of Florida.

      3.07 Usury.  It is the intention of the parties  hereto to comply with the
usury laws of applicable governmental authority(ies);  accordingly, it is agreed
that,  notwithstanding any provision to the contrary in the Note, this Mortgage,
or any of the other documents  securing  payment  thereof or otherwise  relating
hereto,  no such provision shall require the payment or permit the collection of
interest in excess of the maximum  permitted by law. In determining  the maximum
rate allowed,  Mortgagee may take advantage of any state or federal law, rule or
regulation  in effect  from time to time which may govern  the  maximum  rate of
interest  which may be charged.  If any excess of  interest  in such  respect is
provided for, or shall be adjudicated  to be so provided for, in the Note,  this
Mortgage, or in any of the other documents securing payment thereof or otherwise
relating hereto,  then in such event: (a) the provisions of this paragraph shall
govern  and   control;   (b)   neither   Mortgagor   nor  its  heirs,   personal
representatives, successors or assigns or any other party liable for the payment
thereof,  shall be  obligated  to pay the amount of such  interest to the extent
that it is in excess of the maximum amount permitted by law; (c) any such excess
which may have been  collected  shall be either  applied as a credit against the
then unpaid principal  amount of the Note or refunded to Mortgagor;  and (d) the
effective rate of interest shall be automatically  reduced to the maximum lawful
contract rate allowed under the applicable usury laws.

      3.08 Required Notices.  In addition to any notice  requirements  contained
elsewhere in this Mortgage,  Mortgagor  shall notify  Mortgagee  promptly of the
occurrence of any of the following:

            (a) a fire  or  other  casualty  causing  damage  to  the  Mortgaged
Property or any portion thereof;

            (b) receipt of notice of condemnation  of the Mortgaged  Property or
any portion thereof;

            (c)  receipt of notice  from any  government  or  quasi-governmental
authority  relating  to the  development,  structure,  use or  occupancy  of the
Mortgaged Property or any portion thereof; or

            (d) commencement of any litigation  affecting the Mortgaged Property
or any portion thereof.

                                       23
<PAGE>

      3.09 Protective Advances. It is the intent hereof to secure payment of the
indebtedness  represented by the Note, whether the entire amount shall have been
advanced  to the  Mortgagor  as of the date  hereof or at a later  date,  and to
secure  any  other  amount  or  amounts  that  may  be  added  to  the  mortgage
indebtedness  under the terms of this  instrument  for  protective  advances  or
otherwise. Nothing herein contained shall be deemed an obligation on the part of
Mortgagee to make any future advances.

      3.10  Modification  or Waiver.  Any indulgence or departure at any time by
Mortgagee,  its successors or assigns from any of the provisions  hereof,  or of
any  obligation  hereby  secured,  shall  not  modify  the same or waive  future
compliance  therewith  by  Mortgagor.  No  act  of  omission  or  commission  of
Mortgagee,  including,  without  limitation,  any failure to exercise any right,
remedy or recourse,  shall be deemed to be a waiver,  release or modification of
the same,  such waiver,  release or  modification  to be effected only through a
written document executed by Mortgagee and then only to the extent  specifically
recited therein.

      3.11  Mortgagor's Duty to Defend.  Mortgagor will defend,  at its own cost
and expense, and indemnify, defend and hold Mortgagee harmless from, any action,
proceeding or claim affecting the Mortgaged Property,  the indebtedness  secured
hereunder or any associated  loan document.  Costs and expenses will include all
reasonable attorneys' fees to and through all trial, appellate, supplemental and
bankruptcy proceedings. If Mortgagor neglects or refuses to act pursuant to this
paragraph,  Mortgagee,  at its option  (whether  electing  to declare the entire
indebtedness  secured hereby due and payable or not, or to pursue other remedies
for an Event of Default) may pay for all reasonable  attorneys'  fees, costs and
expenses  incurred in any such action(s).  All such payments,  bearing  interest
thereon  from the time of  payment  at the  maximum  contract  rate of  interest
permitted by law, shall be deemed a part of the indebtedness  secured  hereunder
and shall be immediately due and payable by Mortgagor to Mortgagee.

      3.12  Mortgagee's  Rights At Any Time,  With or Without  Consent.  Without
affecting  the  liability of  Mortgagor  or any other person  (except any person
expressly  released in writing) for payment of any indebtedness  secured hereby,
or for performance of any obligation contained herein, and without affecting the
rights of  Mortgagee  with respect to any  security  not  expressly  released in
writing,  Mortgagee  may,  at any time and from time to time,  either  before or
after the maturity of the Note, and without  notice or consent:  (a) release any
person liable for payment of all or any part of the secured  indebtedness or for
performance  of any  obligation;  (b) make any  agreement  extending the time of
payment of all or any part of the indebtedness  secured hereunder,  or modifying
or waiving any obligation, or subordinating, modifying or otherwise dealing with
the lien or charge hereof;  (c) exercise or refrain from exercising or waive any
right  Mortgagee may have;  (d) accept  additional  security of any kind; or (e)
release,  or otherwise  deal with any property,  real or personal,  securing the
indebtedness, including all or any part of the Mortgaged Property.

      3.13 Americans With Disabilities Act. Mortgagor covenants and agrees that,
during the term of the loan evidenced by the Note, the Mortgaged Property is and
will be in full compliance with the Americans with  Disabilities  Act ("ADA") of
November 26, 1990,  42 U.S.C.  Section  12191,  et seq., as amended from time to
time, and the  regulations  promulgated  pursuant  thereto and any other laws or
legal  requirements  regarding access and facilities for handicapped or disabled
persons.  Mortgagor  shall be solely  responsible  for all ADA and other related
compliance costs, including, without limitation,  attorneys' fees and litigation
costs, which responsibility shall survive the repayment of the loan evidenced by
the Note and foreclosure of the Mortgaged Property.

                                       24
<PAGE>

      3.14 Compliance with Law. Mortgagor warrants and represents that Mortgagor
has complied, and shall hereafter comply, with all valid laws, rules, ordinances
and regulations of the Federal, state and local government, and all agencies and
subdivisions  thereof which laws,  rules,  ordinances and  regulations  apply or
relate to the  Mortgaged  Property  and the use,  development  and  construction
thereof  and of  improvements  existing  or  contemplated  thereon  or as a part
thereof,  or the  improvements  now or  hereafter  located  thereon or on a part
thereof.

      3.15 Late  Charges.  The Note  provides  that the Note holder may charge a
late payment  equal to five percent (5%) of any payment not received  within ten
(10) days after its due date and, therefore, all such late payment charges shall
also be secured by this Mortgage.

      3.16 Time of the Essence. Mortgagor agrees that where, by the terms hereof
or of the Note,  a day is named or a time  fixed for the  payment  of any sum of
money or the performance of any agreement, that time is of the essence.

      3.17  Attorney's  Fees. As used in this Mortgage and all  associated  loan
documents,  attorney's fees shall include,  but not be limited to, fees incurred
in all matters of collection and enforcement,  construction and  interpretation,
before,  during and after  suit,  trial,  proceedings  and  appeals,  as well as
appearances  in  and  connected  with  appellate,   supplemental  or  bankruptcy
proceedings, or creditors' reorganization or arrangement proceedings.

      3.18 Venue.  Mortgagor  agrees that Broward County,  Florida,  at the sole
option of  Mortgagee,  is the  proper  venue  for any and all legal  proceedings
arising out of this Mortgage, the Note and any associated loan documents.

      3.19  Indemnification.  In no event shall Mortgagee's  rights hereunder or
under any associated loan documents grant Mortgagee the right to or be deemed to
indicate that Mortgagee is in control of the business,  management or properties
of  Mortgagor,  or has power over the daily  management  functions and operating
decisions  made by  Mortgagor.  Mortgagee  is a  lender  only and  shall  not be
considered a shareholder,  joint venturer or partner of Mortgagor. Mortgagor and
Mortgagee intend that the relationship created under the Note, this Mortgage and
all other  associated  loan  documents  be solely  that of debtor and  creditor,
mortgagor  and  mortgagee  or borrower and lender,  as the case may be.  Nothing
herein or in any of the associated  loan documents is intended to create a joint
venture,  partnership,  tenancy in common or joint tenancy  relationship between
Mortgagor  and  Mortgagee  nor grant to Mortgagee  any interest in the Mortgaged

                                       25
<PAGE>

Property  other than that of creditor or  mortgagee,  it being the intent of the
parties hereto that Mortgagee shall have no liability  whatsoever for any losses
generated  by or  incurred  with  respect to the  Mortgaged  Property  nor shall
Mortgagee  have any control over the day to day  management  or operation of the
Mortgaged Property. The terms and provisions of this Paragraph shall control and
supersede over every other provision and all other agreements  between Mortgagor
and Mortgagee.  Mortgagor hereby agrees to indemnify,  defend and hold Mortgagee
harmless  and defend  Mortgagee  against  any loss,  liability,  cost or expense
(including,  without limitation,  reasonable  attorneys' fees and disbursements)
and all claims,  actions,  procedures  and suits arising out of or in connection
with any  construction of the relationship of Mortgagor and Mortgagee as to that
of  joint  venturers,   partners,  tenants  in  common,  joint  tenants  or  any
relationship other than that of debtor and creditor or any assertion that such a
construction should be made. The foregoing indemnity shall survive the repayment
of the Note and the satisfaction of this Mortgage and shall continue for so long
as any liability for which the indemnity is given may exist or arise.

      3.20 Mortgage and/or Intangible Tax. Mortgagor shall, at its sole cost and
expense,  protect,  defend,  indemnify,  release and hold harmless the Mortgagee
from and  against  any and all losses  imposed  upon or  incurred by or asserted
against  Mortgagee  and  directly  or  indirectly  arising  out of or in any way
relating to any tax on the making  and/or  recording of this  Mortgage  Deed and
Security Agreement or any of the other loan documents.

                            INTENTIONALLY LEFT BLANK

                                       26
<PAGE>

      WAIVER  OF  TRIAL  BY  JURY.  MORTGAGOR  AND  MORTGAGEE  HEREBY  MUTUALLY,
KNOWINGLY,  WILLINGLY,  INTENTIONALLY AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL
BY JURY AND NO PARTY NOR ANY ASSIGNEE,  SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE
OF THE  PARTIES  (ALL OF WHOM ARE  HEREINAFTER  COLLECTIVELY  REFERRED TO AS THE
"PARTIES") SHALL SEEK A JURY TRIAL IN ANY LAWSUIT,  PROCEEDING,  COUNTERCLAIM OR
ANY OTHER  LITIGATION  PROCEEDING  BASED UPON OR ARISING OUT OF THIS MORTGAGE OR
ANY ASSOCIATED LOAN DOCUMENTS OR ANY INSTRUMENT EVIDENCING, SECURING OR RELATING
TO THE INDEBTEDNESS OR OTHER OBLIGATIONS SECURED HEREBY OR ANY RELATED AGREEMENT
OR INSTRUMENT,  ANY OTHER COLLATERAL FOR THE INDEBTEDNESS  SECURED HEREBY OR ANY
COURSE OF ACTION,  COURSE OF DEALING,  STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS  RELATING TO THE LOAN  EVIDENCED  BY THE NOTE OR TO THIS  MORTGAGE.  THE
PARTIES ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS
BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED. THE
PROVISIONS OF THIS  PARAGRAPH  HAVE BEEN FULLY  NEGOTIATED  BY THE PARTIES.  THE
WAIVER  CONTAINED  HEREIN IS  IRREVOCABLE,  CONSTITUTES  A KNOWING AND VOLUNTARY
WAIVER,  AND SHALL BE SUBJECT TO NO  EXCEPTIONS.  MORTGAGEE HAS IN NO WAY AGREED
WITH OR  REPRESENTED TO MORTGAGOR OR ANY OTHER PARTY THAT THE PROVISIONS OF THIS
PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

      IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the day and
year first above written.

Signed, sealed and delivered
in the presence of:                         AGU ENTERTAINMENT CORP., a Delaware
                                            corporation
/s/ Bruce C. Rosetto
--------------------------------
Print name: Bruce C. Rosetto                By: /s/ David Levy
           ---------------------               ---------------------------------
/s/ Innocencia Ramos                            David Levy, President
--------------------------------
Print name: Innocencia Ramos                                (Corporate Seal)
          -----------------------

                                       27

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