Document:

EX-10.99

 Exhibit 10.99 

AMENDED AND RESTATED PROMISSORY NOTE 
  

			
	 U.S. $ 21,875,000
	  	As of March 25, 2014

 FOR VALUE RECEIVED, FIRST FOUNDATION INC., a California corporation, having an address at
18101 Von Karman Ave., Suite 700, Irvine, California 92612 (“Maker”), hereby promises to pay to the order of NEXBANK SSB (“Payee”), at its address at 2515 McKinney Avenue, Suite 1100, Dallas, Texas 75201 or such
other address as it may designate in writing, the principal sum of TWENTY-ONE MILLION EIGHT HUNDRED SEVENTY-FIVE THOUSAND DOLLARS and NO/100 ($21,875,000), or, if less, the unpaid principal amount of the Loan, and interest from the date hereof on
the balance of principal from time to time outstanding, in United States currency, at the rates and at the times hereinafter described. 

On April 19, 2013 Maker executed and delivered a promissory note to Payee in the original principal amount of $7,500,000
(the “Original Note”) to evidence the making of a loan by Payee in that amount (the “Original Loan”) to Maker pursuant to that certain Loan Agreement dated as of April 19, 2013 (the “Original Loan
Agreement”). As of the date hereof, the outstanding principal balance of the Original Loan is $6,875,000. Concurrently herewith Maker and Payee are entering into a First Amendment to Loan Agreement (the “First Amendment”), which
provides for the making of an additional loan by Payee to Maker in the principal amount of $15,000,000 (the “Additional Loan”) on the terms contained in the Original Loan Agreement as amended by the First Amendment (and as so amended
“Loan Agreement”). This Amended and Restated Promissory Note (this “Note”) is issued by Maker to Payee to evidence the principal amount of the indebtedness of Maker to Payee outstanding on the date hereof, totaling
$21,875,000. The principal amount of this Note is equal to the sum of the unpaid principal balance of the Original Note and the amount of the Additional Loan.. 

Payment of this Note is governed by the Loan Agreement, the terms of which are incorporated herein by express reference as if
fully set forth herein. In the event of any conflict between any of the terms and provisions of this Note and the terms or provisions of the Loan Agreement, the terms and provisions of the Loan Agreement shall control. Capitalized terms used and not
otherwise defined herein shall have the respective meanings given to them in the Loan Agreement. 
  

	 	1.	           Principal and Interest. 

(a)        The maximum aggregate principal amount of this Note shall not exceed
TWENTY-ONE MILLION EIGHT HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($21,875,000). No principal amount repaid may be reborrowed. All principal, interest and other sums due under this Note shall be due and payable in full on the Maturity Date, to the
extent not previously paid. 
 (b)        Subject to Section 1(c) below, the
unpaid principal amount of this Note shall bear interest at the Note Rate, unless the Default Rate becomes applicable. Interest shall be calculated for the actual number of days elapsed on the basis of a 365-day year, including the first date of the
applicable period to, but not including, the date of repayment. The Loan shall bear interest at the Default Rate upon the occurrence and during the continuance of an Event of Default; provided, however, that, upon the cure or other cessation of the
Event of Default, interest shall thereafter accrue at the Note Rate. 

(c)        Principal shall be paid in monthly installments, each in the amount of one
hundred ninety-eight thousand eight hundred sixty-three dollars and sixty-four cents ($198,863.64), plus 

  
 1    

 
accrued but unpaid interest, commencing on April 1, 2014 and continuing on each Payment Date thereafter, until the Maturity Date or, if the Maturity Date of this Note is accelerated to any
earlier date by Lender pursuant to Section 16.1(a) of the Loan Agreement, then until such earlier date, when the principal amount of this Note then outstanding, and all accrued but unpaid interest thereon shall be due and payable in full. All
payments (whether of principal or of interest) shall be deemed credited to Borrower’s account only if received by 2:00 p.m. Dallas time on a Business Day; otherwise, such payment shall be deemed received on the next Business Day. 

(d)        Notwithstanding anything in this Note to the contrary, Maker shall have
the right, in its sole discretion, to prepay the unpaid principal balance of this Note at any time in whole or from time to time in part, without penalty, premium or other charge whatsoever, and on the terms and conditions set forth in
Section 4.4 of the Loan Agreement. 
 2.           Maximum
Lawful Rate. It is the intent of Maker and Payee to conform to and contract in strict compliance with applicable usury law from time to time in effect. In no way, nor in any event or contingency (including but not limited to prepayment,
default, demand for payment, or acceleration of the maturity of any obligation), shall the rate of interest taken, reserved, contacted for, charged or received under this Note and the other Loan Documents exceed the highest lawful interest rate
permitted under applicable law. If Lender shall ever receive anything of value which is characterized as interest under applicable law and which would apart from this provision be in excess of the highest lawful interest rate permitted under
applicable law, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loan in the inverse order of its maturity and not to the payment of
interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal. All interest paid or agreed to be paid to the holder hereof shall, to the extent
permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loan so that the amount of interest on account of such obligation does not exceed the maximum
permitted by applicable law. As used in this Section, the term “applicable law” shall mean the laws of the State of Texas or the federal laws of the United States, whichever laws allow the greater interest, as such laws now exist or
may be changed or amended or come into effect in the future. 

3.           Monthly Payments. Subject to any applicable
grace periods set forth in the Loan Agreement, all payments on account of the indebtedness evidenced by this Note shall be made to Payee not later than 2:00 p.m. Dallas, Texas time on the day when due, or if such day is other than a Business Day,
then on the next succeeding Business Day, in lawful money of the United States and shall be first applied to the payment of late charges, costs of collection or enforcement and other similar amounts due, if any, under this Note as and to the extent
provided in the Loan Agreement, then to accrued but unpaid interest payable hereunder and the remainder to reduce the principal amount of this Note then outstanding. 

4.           Maturity Date. The indebtedness evidenced
hereby shall mature on the Maturity Date, or if the Maturity Date of this Note is accelerated to any earlier date by Lender pursuant to Section 16.1(a) of the Loan Agreement, then on such earlier date. On the Maturity Date, or such earlier
date, as the case may be, the entire outstanding principal balance hereof, together with accrued and unpaid interest and all other sums evidenced by this Note, shall, if not sooner paid, become due and payable. 

 

	 	5.	           General Provisions. 

(a)        In the event (i) the principal balance hereof is not paid when due,
whether upon acceleration or the Maturity Date or (ii) an Event of Default occurs, then the principal balance 

  
 2    

 
hereof shall thereafter bear interest at the Default Rate until such date, if any, on which the Event of Default is cured or otherwise ceases, at which time any remaining principal balance shall
again bear interest at the Note Rate. In addition, for any installment (exclusive of the payment due upon the Maturity Date) which is not paid by the tenth (10th) day following the due date
thereof a late charge equal to five percent (5%) of the amount of such installment shall be due and payable to the holder of this Note on demand to cover the extra expense involved in handling delinquent payments. 

(b)        Maker agrees that the obligation evidenced by this Note is an exempt
transaction under the Truth-in-Lending Act, 15 U.S.C. § 1601, et seq. 

(c)        This Note and all provisions hereof shall be binding upon Maker and all
persons claiming under or through Maker, and shall inure to the benefit of Payee, together with its successors and Permitted Assigns. 

(d)        Time is of the essence as to all dates set forth herein. 

(e)        To the fullest extent permitted by applicable law, except as may be agreed
in writing by Payee or as may be set forth to the contrary in the Loan Agreement or the other Loan Documents, Maker’s liability shall not be in any manner affected by any indulgence, extension of time, or renewal, granted or consented to by
Payee. 
 (f)        To the fullest extent permitted by applicable Law, Maker
hereby waives and renounces for itself, its successors and assigns, all rights to the benefits of any statute of limitations and any moratorium, reinstatement, marshaling, forbearance, valuation, stay, extension, redemption, appraisement, or
exemption and homestead laws now provided, or which may hereafter be provided, by the laws of the United States and of any state thereof against the enforcement and collection of the obligations evidenced by this Note. 

(g)        If this Note is placed in the hands of attorneys for collection or is
collected through any legal proceedings, Maker promises and agrees to pay, in addition to the principal, interest and other sums due and payable hereon, all reasonable costs incurred by Lender to collect, or attempt to collect this Note, including
all reasonable attorneys’ fees and disbursements actually incurred by the Lender. 

(h)        To the fullest extent permitted by applicable law, except as otherwise
provided in the Loan Agreement or any of the other Loan Documents, (i) all parties now or hereafter liable with respect to this Note, whether Maker, principal, surety, guarantor, endorsee or otherwise hereby severally waive presentment for
payment, demand, notice of nonpayment or dishonor, protest and notice of protest, and (ii) no failure to accelerate the indebtedness evidenced hereby, acceptance of a past due installment following the expiration of any cure period provided by
this Note, any Loan Document or applicable law, or indulgences granted from time to time shall be construed (A) as a novation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration
or of the right of Payee thereafter to insist upon strict compliance with the terms of this Note, or (B) to prevent the exercise of such right of acceleration or any other right granted hereunder or by the laws of the State. 

(i)        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF TEXAS AND ANY APPLICABLE 

  
 3    

 
LAWS OF THE UNITED STATES OF AMERICA. 

(j)        This Note is in amendment, restatement, and renewal, but not
extinguishment, of that certain Promissory Note dated April 19, 2013, executed by Borrowers, payable to the order of Lender in the original principal amount of $7,500,000. 

(k)        THIS NOTE AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Signature page follows.] 

  
 4    

 Maker has delivered this Note as of the day and year first set forth above. 

 

									
		 		 	 MAKER:
	 	
				
		 		 	 FIRST FOUNDATION INC.,
	 	
		 		 	 a California corporation
	 	
				
		 		 	 By:    /s/ JOHN M.
MICHEL                  
	 	
		 		 	 Name:
	 	   John M. Michel
	 	
		 		 	 Title:
	 	  Executive Vice President

and Chief Financial Officer
	 	

  
  
  

 
  
  

 
  
  

Signature Page to 
 Amended and
Restated 
 Promissory Note5th Amended and Restated Revolving Line of Credit Promissory Note

 Exhibit 10.18 

FIFTH AMENDED AND RESTATED 

REVOLVING LINE OF CREDIT PROMISSORY NOTE 

THIS NOTE AMENDS AND RESTATES THAT CERTAIN REVOLVING LINE OF CREDIT PROMISSORY NOTE DATED NOVEMBER 1, 2004, IN THE ORIGINAL PRINCIPAL AMOUNT OF $5,000,000
GIVEN BY BORROWER IN FAVOR OF LENDER (THE “ORIGINAL NOTE”), AS AMENDED BY THAT CERTAIN AMENDED AND RESTATED REVOLVING LINE OF CREDIT PROMISSORY NOTE DATED JANUARY 31, 2007, IN THE ORIGINAL PRINCIPAL AMOUNT OF $5,000,000 GIVEN BY BORROWER
IN FAVOR OF LENDER (THE “FIRST AMENDED NOTE”), AND AS MODIFIED BY THOSE CERTAIN LETTER AGREEMENTS DATED FEBRUARY 20, 2008, FEBRUARY 28, 2008, MAY 19, 2008 AND AUGUST 12, 2008 (COLLECTIVELY, THE “LETTER AGREEMENTS”), AND AS
FURTHER AMENDED BY THAT CERTAIN SECOND AMENDED AND RESTATED REVOLVING LINE OF CREDIT PROMISSORY NOTE DATED NOVEMBER 6, 2008, IN THE ORIGINAL PRINCIPAL AMOUNT OF $5,000,000 GIVEN BY BORROWER IN FAVOR OF LENDER (THE “SECOND AMENDED NOTE”)
AND AS FURTHER AMENDED BY THAT CERTAIN THIRD AMENDED AND RESTATED REVOLVING LINE OF CREDIT PROMISSORY NOTE DATED MARCH 12, 2009, IN THE ORIGINAL PRINCIPAL AMOUNT OF $2,500,000 GIVEN BY BORROWER IN FAVOR OF LENDER (THE “THIRD AMENDED NOTE”)
AND AS FURTHER AMENDED BY THAT CERTAIN FOURTH AMENDED AND RESTATED REVOLVING LINE OF CREDIT PROMISSORY NOTE DATED DECEMBER 15, 2011, IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,500,000 GIVEN BY BORROWER IN FAVOR OF LENDER (THE “FOURTH AMENDED
NOTE”) (THE ORIGINAL NOTE, TOGETHER WITH THE FIRST AMENDED NOTE AND THE LETTER AGREEMENTS AND THE SECOND AMENDED NOTE, THIRD AMENDED NOTE AND FOURTH AMENDED NOTE SHALL BE COLLECTIVELY REFERRED TO HEREIN AS THE “EXISTING NOTE”). THIS
NOTE IS BEING EXECUTED BY BORROWER AND DELIVERED TO LENDER IN SUBSTITUTION FOR THE EXISTING NOTE AND NOT IN PAYMENT, SATISFACTION OR CANCELLATION OF THE OUTSTANDING INDEBTEDNESS EVIDENCE BY THE EXISTING NOTE NO ADDITIONAL DOCUMENTARY STAMP TAXES OR
NON-RECURRING INTANGIBLES TAXES ARE DUE IN CONNECTION WITH THE EXECUTION OF THIS NOTE. 
  

			
	U.S. $1,500,000	 	Tampa, Florida
		 	March 19, 2013 (the “Effective Date”)

  

	1.	Promise to Pay. 

 FOR VALUE RECEIVED, the undersigned, SADDLEBROOK RESORTS, INC., a
Florida corporation (the “Borrower”), promises to pay to the order of SUNTRUST BANK, a Georgia banking corporation (the “Lender”), in lawful money of the United States of America, in immediately available funds, at
the office of the Lender at 401 E. Jackson Street, 10th Floor, Tampa, Florida 33602, or at such other location as the Lender may designate from time to time, the principal amount of ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000),
or so much thereof as may be advanced under this note and remain outstanding from time to time, together with interest thereon, as described in this Fifth Amended and Restated Revolving Line of Credit Promissory Note (the “Note”).
This Note represents a renewal and amendment of that certain Fourth Amended and Restated Revolving Line of Credit Promissory Note dated December 15, 2011 executed by Borrower in favor of Lender and does not, and is not intended to, constitute a
novation of the indebtedness evidenced by such note. 

	2.	Revolving Line of Credit. 

 This Note evidences a revolving line of credit. Provided that
no Event of Default (as hereinafter defined) shall exist or be continuing, proceeds may be disbursed by the Lender to Borrower under this Note, repaid by Borrower and reborrowed by Borrower under this Note until the Maturity Date, but the maximum
total principal amount outstanding under this Note at any one time shall never exceed ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000). All revolving credit loans made pursuant to this Note and all payments and prepayments on
account of the principal and interest thereof may be recorded by the Lender on its internal loan account ledger, which account statements, absent manifest error, shall be conclusive and binding on Borrower, but failure of the Lender to make any such
recordation does not limit or otherwise affect the obligations of Borrower under this Note or any of the other Loan Documents. 
  

	3.	Maturity Date. 

 The “Maturity Date” for purposes of this Note is June 30,
2013. Notwithstanding any contrary provision of this Note (i) in Lender’s sole and absolute discretion, the Maturity Date may be extended by written agreement acceptable to Lender and Borrower; and (ii) if not so extended, all amounts
then outstanding under this Note, if not sooner paid, shall be due and payable in full on the Maturity Date. 
  

	4.	Loan Agreement; Loan Documents. 

 This Note is delivered pursuant and subject to the
terms of that certain Loan Agreement and Addendum to Loan Agreement dated November l, 2004, as amended by that certain (i) First Amendment to Loan Agreement dated January 31, 2007, by and between Borrower and Lender; (ii) Second
Amendment to Loan Agreement dated November 6, 2008, by and between Borrower and Lender; (iii) Third Amendment to Loan Agreement dated March 12, 2009, by and between Borrower and Lender; (iv) Fourth Amendment to Loan Agreement
dated May 10, 2010, by and between Borrower and Lender; (v) Fifth Amendment to Loan Agreement and First Amendment to Consolidated, Amended and Restated Promissory Note dated December 15, 2011, by and between Borrower and Lender; and
(vi) Sixth Amendment to Loan Agreement of even date by and between Borrower and Lender (collectively, as may be amended, restated, modified or supplemented and in effect from time to time, the “Loan Agreement”), and payment and
performance under this Note is secured by, among other things, the Mortgage, Collateral Assignment, Security Agreement and Guaranty executed and delivered pursuant to the Loan Agreement. Capitalized terms not otherwise defined herein shall have the
meanings assigned to such terms in the Loan Agreement. 
  

	5.	Interest Prior to Default. 

 Commencing from and after the Effective Date and through the
Maturity Date, interest on the Note shall accrue at a rate per year equal to the LIBOR Rate plus 450 basis points (4.50%). Interest shall be calculated on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.
The term “LIBOR Rate” shall have the meaning set forth in the Addendum A to Note (the “Addendum”) attached hereto. The Addendum is hereby incorporated herein by this reference and shall supplement the terms of this Note.
In the event of any conflict between the terms of this Note and the terms and provisions of the Addendum, the terms and provisions of the Addendum shall control. 
  

	6.	Default Rate of Interest. 

 From and after the Maturity Date or upon the occurrence and
during the continuance of an Event of Default, interest shall accrue on the balance of principal remaining unpaid during any such period at the maximum rate allowable by law. 

  
 - 2 - 

	7.	Payment Terms. 

 Payments of principal and interest due under this Note, if not sooner
declared to be due in accordance with the provisions of this Note, shall be due and payable as follows: 
 7.1 Payment of Interest.
Commencing on March 31, 2013, and continuing on the same day of each and every calendar month thereafter through the Maturity Date, payments of accrued and unpaid interest on the principal balance of this Note outstanding from time to time
shall be due and payable in full. 
 7.2 Payment of Principal. The unpaid principal balance of this Note, together with all accrued
and unpaid interest payable thereon, and any other amounts due and payable by Borrower under this Note or under any of the other Loan Documents, shall be due and payable in full on the Maturity Date. 

 

	8.	Late Payment Charge. 

 If any payment of interest or principal due under this Note prior
to the Maturity Date is not made within ten (10) days after such payment is due in accordance with this Note, then, in addition to the payment of the amount due, Borrower shall pay to the Lender a “late charge” in an amount equal to
five percent (5%) of the amount so overdue to defray part of the cost to the Lender of collection and handling such late payment. The imposition or collection of any late charge pursuant to this section does not constitute and shall not be
deemed to constitute a waiver by the Lender of any of its rights and remedies under this Note or any of the other Loan Documents. 
  

	9.	Maximum Amount of Interest. 

 Nothing herein, nor any transaction related hereto, shall
be construed to operate so as to require Borrower to pay interest at a greater rate than shall be lawful. Should any interest or other charges paid by Borrower in connection with the loan evidenced by this Note result in computation or earning of
interest in excess of the maximum contract rate of interest which is legally permitted under applicable Florida law or federal preemption statute, then any and all such excess is hereby waived by the Lender and shall be automatically credited
against and in reduction of the balance due hereunder, and any portion which exceeds such balance shall be paid by the Lender to Borrower. Anything contained herein to the contrary notwithstanding, if for any reason the effective rate of interest on
this Note should exceed the maximum lawful rate, the effective rate shall be deemed reduced to and shall be such maximum lawful rate. To the extent permitted by the law, all sums paid or agreed to be paid to the Lender for the use, forbearance or
detention of the indebtedness evidenced by this Note shall be amortized, prorated, allocated and spread throughout the full term of this Note. When determining the maximum legal contract rate of interest allowed to be contracted for by applicable
law as changed from time to time, unless otherwise prescribed by law, interest shall be calculated on the basis of a three hundred sixty (360) day year for actual days elapsed. 

 

	10.	Prepayment. 

 This Note may be prepaid in whole or in part at any time without penalty.

  

	11.	Event of Default; Remedies. 

 The Lender has the right to declare the total unpaid
principal balance and all accrued but unpaid interest payable under this Note to be immediately due and payable upon the occurrence of any one or more of the following events or conditions (each an “Event of Default”): 

  
 - 3 - 

 11.1 the failure by any Obligor (as defined below) to pay when due, whether by acceleration or
otherwise, any amount owed under this Note within ten (10) days after the date when due; 
 11.2 the occurrence of any event of default
under any agreement or loan document executed in conjunction with this Note or the Loan Agreement or the failure of any Obligor to perform any covenant, promise or obligation contained in this Note or the Loan Agreement or any other agreement to
which any Obligor and the Lender are parties; 
 11.3 the breach of any Obligor’s representations or warranties contained in this Note
or any other agreement with the Lender; 
 11.4 the failure of any Obligor to pay when due any amount owed to any creditor other than the
Lender under a written agreement calling for the payment of money; 
 11.5 the death, declaration of incompetency, dissolution, liquidation,
merger, consolidation, termination or suspension of usual business of any Obligor; 
 11.6 any person or entity, or any group of related
persons or entities, shall have or obtain legal or beneficial ownership of a majority of the outstanding voting securities or rights of any Obligor that is not a natural person, other than any person or entity, or any group of related persons or
entities that has such majority ownership as of the date of this Note; 
 11.7 the insolvency or inability to pay debts as they mature of
any Obligor, the application for the appointment of a receiver for any Obligor, the filing of a petition or the commencement of a proceeding by or against any Obligor under any provision of any applicable Bankruptcy Code or other insolvency law or
statute, or any assignment for the benefit of creditors by or against any Obligor; 
 11.8 the entry of a judgment or the issuance or
service of any attachment, levy or garnishment against any Obligor or the property of any Obligor or the repossession or seizure of property of any Obligor; 

11.9 a determination by the Lender that a material adverse change in the financial condition, operations, business or prospects of any Obligor
has occurred since the date of this Note; 
 11.10 any Obligor commits fraud or makes a material misrepresentation at any time in connection
with this Note or any Collateral; 
 11.11 any deterioration or impairment of the Collateral or any decline or depreciation in the value of
the Collateral which causes the Collateral in the judgment of the Lender to become unsatisfactory as to character or value; 
 11.12 the
sale or transfer by any Obligor of all or substantially all of such Obligor’s assets other than in the ordinary course of business; 

11.13 the termination of any guaranty of this Note by a guarantor; 

11.14 any event of default under the Loan Agreement; or 

11.15 any other act or circumstances leading the Lender to deem itself insecure. 

  
 - 4 - 

 The Lender shall not be obligated to fund this Note or make any advance under this Note if an
Event of Default exists or would exist if such funding occurred or such advance made. Upon the occurrence of an Event of Default, the Lender shall, at its option, have the remedies provided herein and by any other agreement between the Lender and
any Obligor or under applicable law, including, without limitation, declaring the entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, to be due and payable immediately without
presentment, demand, protest, or notice of any kind, except notice required by law. Upon the occurrence of an Event of Default under section 11.7 above, the entire outstanding principal balance, together with all interest thereon and any other
amounts due under this Note, shall automatically become due and payable without presentment, demand, protest, or notice of any kind except notice required by law, and the Lender’s obligation to make advances under this Note shall automatically
terminate without notice or further action by the Lender. To the extent permitted by law, upon default, the Lender will have the right, in addition to all other remedies provided herein, to set off the amount due under this Note or due under any
other obligation to the Lender against any and all accounts, whether checking or savings or otherwise, credits, money, stocks, bonds or other security or property of any nature whatsoever on deposit with, held by, owed by, or in the possession of,
the Lender to the credit of or for the account of any Obligor, without notice to or consent by any Obligor. 
  

	12.	Cumulative Remedies. 

 The remedies of the Lender under this Note are cumulative and
concurrent and may be pursued singularly, successively or together, at the sole discretion of the Lender, and may be exercised as often as occasion therefor may arise. No act of omission or commission of the Lender, including specifically any
failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only through a written instrument executed by the Lender, and then only to the extent specifically
recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to any subsequent event. 

 

	13.	Attorney’s Fee 

 Should it become necessary to collect this Note through an
attorney, Borrower shall pay all costs incurred by or accruing to the Lender in making such collection, including a reasonable attorney’s fee. Reasonable attorney’s fees shall include, without limitation, all fees incurred in all matters
of collection and enforcement, construction and interpretation, before, during and after trial proceedings and appeals, as well as appearances in, and connected with, any bankruptcy proceeding or creditors’ reorganization or similar proceeding.

  

	14.	Waivers. 

 Borrower, and all natural persons, entities, and other persons now or at any
time liable, whether primarily or secondarily, for the payment of the indebtedness evidenced by this Note, without in any way modifying, altering, releasing, affecting or limiting their respective liability or the lien of any security instrument,
for themselves, their respective heirs, legal, and personal representatives, successors and assigns, jointly and severally: (a) waive presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or protest, and diligence
in collection; (b) except as expressly provided in the Loan Documents, waive any and all notices in connection with the delivery and acceptance of this Note, and all notices in connection with the performance, default, or enforcement of the
payment of this Note; (c) waive any and all lack of diligence and delays in the enforcement of this Note; (d) agree that the liability of Borrower, each guarantor, endorser or obligor shall be unconditional and without regard to the
liability of any other person or entity for the payment of this Note and shall not in any manner be affected by any indulgence or forbearance granted or consented to by Lender to any of them with respect to this Note; (e)

  
 - 5 - 

 
consent to any and all extensions of time, renewals, waivers, or modifications that may be granted by Lender with respect to the payment or other provisions of this Note and to the release of any
security at any time given for the payment of this Note, or any part of this Note, with or without substitution, and to the release of any person or entity liable for the payment of this Note; (f) consent to the addition of any and all other
makers, endorsers, guarantors and other obligors for the payment of this Note and to the acceptance of any and all other security for the payment of this Note and agree that the addition of any such makers, endorsers, guarantors or other obligors,
or security shall not affect the liability of Borrower, any guarantor or any other person now or at any time liable for all or any part of the obligations evidenced by this Note; and (g) agree that Lender, in order to enforce payment of this
Note, shall not be required first to institute any suit or to exhaust any of its remedies against Borrower or any other person to become liable hereunder. 
  

	15.	Security. 

 This Note is secured by, among other things, the Mortgage, Collateral
Assignment, Security Agreement, Guaranty and all other Loan Documents. 
  

	16.	Other Provisions. 

 16.1 Definition of “Obligor.” As used herein, the
term “Obligor” shall individually and collectively refer to the Borrower and any person or entity that is primarily or secondarily liable on this Note and any person or entity that has conveyed or may hereafter convey any security
interest or lien to the Lender in any real or personal property to secure payment of this Note. 
 16.2 Set Off. Lender has the right
to set off any indebtedness or obligations of Borrower to the Lender under this Note in accordance with the terms of the Loan Agreement. 

16.3 Banking Days. If any payment of principal or interest is due or the Maturity Date falls on a Saturday, Sunday or on any other day
on which banks in Tampa, Florida are not open for business, then such payment shall be made on the immediately following business day. 

16.4 Payment Application. All payments received by the Lender under this Note shall be applied first to unpaid interest and other
charges payable by Borrower, and second to the principal balance hereof. 
 16.5 Successors and Assigns. This Note shall bind
Borrower and its, his or her heirs, personal representatives, successors and permitted assigns, and the benefits of this Note shall inure to the benefit of the Lender and its successors and assigns, including any holder of this Note. Notwithstanding
the foregoing, Borrower shall not assign Borrower’s rights or obligations under this Note without the Lender’s prior written consent. All references in this Note to Borrower or the Lender include their respective successors and assigns.

 16.6 Severability. In the event any provision of this Note is prohibited or invalid under applicable law, that provision shall be
ineffective to the extent of such prohibition or invalidity without invalidating the remainder of this Note. 
 16.7 Cross
Collateralization/Cross Default. Borrower hereby agrees (a) that the occurrence of an Event of Default under this Note shall be deemed a default under all other loans and loan commitments between Borrower and Lender or an affiliated entity
of Lender and (b) that the security for this Note provided for in Section 15 hereof shall serve as collateral and security for all other loans and loan commitments between Borrower and Lender or an affiliated entity of Lender. 

  
 - 6 - 

	17.	Submission to Jurisdiction; Venue. 

 The validity, construction, enforcement and
interpretation of this Note shall be governed by the substantive laws of the State of Florida, without application of its conflicts of law principles, and the United States of America. Any action, suit or proceeding arising out of this Note shall be
brought in the Thirteenth Judicial Circuit in and for Hillsborough County, Florida, or in the United States District Court for the Middle District of Florida, Tampa Division, and the Lender and Borrower irrevocably consent to and submit to the
jurisdiction of those courts, and irrevocably waive any objection which the Lender and Borrower, respectively, now or hereafter may have to the institution of any such suit, action or proceeding in those courts, and further irrevocably waive any
defense or claim that such suit, action or proceeding in any such court has been brought in an inconvenient forum or improper venue. 
  

	18.	Waiver of Jury Trial. 

 BORROWER AND THE LENDER KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS NOTE, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE, OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER BORROWER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER’S AND BORROWER’S ENTERING INTO THE LOAN EVIDENCED BY THIS NOTE. THIS
PROVISION IS BINDING UPON AND ALSO APPLIES TO ANY HOLDER OF THE NOTE. 
  

	19.	Patriot Act Notice. 

 Lender hereby notifies Borrower that pursuant to the requirements
of the USA PATRIOT Act (Title III of Pub. L. 107-56 signed into law October 26, 2001), Lender may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower
and other information that will allow Lender to identify the Borrower in accordance with the USA PATRIOT Act. 
  

	20.	Indemnification. 

 Borrower hereby indemnifies and agrees to hold Lender and its
officers, directors, employees, agents and affiliates harmless from and against all claims, damages, liabilities (including attorneys’ fees and legal expenses), causes of action, actions, suits and other legal proceedings (collectively, the
“Claims”) in any matter relating to or arising out of this Note or any loan document executed in connection with this Note, or any act, event or transaction related thereto or to the Collateral. Borrower shall immediately provide
Lender with written notice of any such Claim. Upon request of Lender, Borrower shall defend Lender from such Claims, and pay the attorneys’ fees, legal expenses and other costs incurred in connection therewith, or in the alternative, Lender
shall be entitled to employ its own legal counsel to defend such Claims at Borrower’s sole expense. 
  

	21.	Transfer of Loan. 

 Lender may, at any time, sell, transfer or assign the Note, the Loan
Agreement and all other Loan Documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated
public offering or private placement (the “Securities”). Lender may forward to each purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined) rating such
Securities (collectively, the “Investor”) and each prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Borrower, any 

  
 - 7 - 

 
loan to the Borrower, any guarantor or the property, whether furnished by Borrower, any guarantor or otherwise, as the Lender determines necessary or desirable. The term “Rating
Agency” shall mean each statistical rating agency that has assigned a rating to the Securities. 
 [SIGNATURE PAGE TO FOLLOW]

  
 - 8 - 

 IN WITNESS WHEREOF, the undersigned has caused this Fifth Amended and Restated Revolving Line of
Credit Promissory Note to be duly executed and delivered as of the day and year first above written. 
  

			
	SADDLEBROOK RESORTS, INC. 
		
	By:	 	 /s/ Thomas L. Dempsey

		 	Thomas L. Dempsey, Chief Executive Officer

 [SIGNATURE PAGE TO FIFTH AMENDED AND RESTATED REVOLVING LINE OF CREDIT PROMISSORY NOTE)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]