Document:

Unassociated Document

    

    Return
to:

    Prepared
by:

    Jack
B. Owen, Jr., P.A.

    4500
PGA Blvd., Ste. 304-B

    Palm
Beach Gardens, FL 33418

    File #
S09-909

    

    

    

    

    

    NOTE
AND MORTGAGE MODIFICATION

     

    THIS
AGREEMENT is made this 4th day of February, 2010, by and between NURMI PROPERTIES, LLC, a Delaware
corporation, as to an undivided 90% interest and ROBINETTE INVESTMENTS, LLC, a Florida
limited liability company, as to an undivided 10% interest (“Mortgagee”)
FLORIDA GAMING CENTERS, INC., a
Florida corporation, d/b/a MIAMI JAI-ALAI, d/b/a, W.J.A. REALTY and FLORIDA
GAMING CORPORATION, INC., a Delaware corporation and CITY NATIONAL BANK OF
FLORIDA, a Florida corporation; f/k/a CITY NATIONAL BANK OF MIAMI, a Florida
banking corporation as Trustee under its Land Trust #5003471, dated January 1,
1979, (“Borrower”) and CITY NATIONAL BANK OF FLORIDA, a Florida banking
corporation; f/k/a CITY NATIONAL BANK OF MIAMI, a Florida banking corporation as
Trustee under its Land Trust #5003471 dated January 1, 1979 and FLORIDA GAMING
CENTERS, INC., a Florida corporation, (“Mortgagor”)

     

    WITNESSETH:

     

    WHEREAS,
Mortgagor executed that certain Mortgage dated December 11, 2009, in favor
of NURMI PROPERTIES, LLC and
ROBINETTE INVESTMENTS, LLC, which mortgage was
recorded on December 18, 2009,
in Official Records Book
27120, Page 2922,
(“Mortgage”), of the Public Records of Miami-Dade County, Florida,
encumbering the property legally described as follows:

     

    See
the attached Exhibit A

     

    WHEREAS,
the Mortgage secured that certain Promissory Note (“Note”) from Borrower to
NURMI PROPERTIES, LLC, a
Delaware corporation and ROBINETTE INVESTMENTS, LLC, a Florida
limited liability company dated December 11, 2009, in the original principal
sum of FIVE HUNDRED THOUSAND
and NO/100 Dollars ($500,000.00);

     

    WHEREAS, the Promissory Note,
Mortgage, Collateral Assignment of Agreements Affecting Real Estate, Security
Agreement, Guaranty and all other collateral and loan documents executed in
connection with the Loan are collectively referred to in this Agreement as the
“Loan Documents”, and

    

    WHEREAS, Borrower has requested a
Future Advance in the sum of ONE HUNDRED FIFTY THOUSAND and 00/100
Dollars (U.S. $150,000.00);

    

    **Documentary
stamps are being paid on the future advance of $150,000.00.

    

    NOW,
THEREFORE, in consideration of TEN and 00/100 DOLLARS ($10.00) and other
valuable consideration, the receipt of which is hereby acknowledged, Mortgagor
and Mortgagee hereby agree as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
              1.  

            	
              Each
      of the Statements made in the Recitals of this Agreement is true and
      correct.

            

    

    

    
      	
              2.  

            	
              That
      Lender agrees to fund a Future Advance in the amount of ONE HUNDRED FIFTY THOUSAND and
      00/100 Dollars (U.S. $150,000.00) to
      Borrower.

            

    

    

    
      	
              3.  

            	
              That
      the terms, provisions, and covenants of the Note and Mortgage, are hereby
      modified to include and secure this Future Advance so that the total
      amount due under the Note and Mortgage is SIX HUNDRED FIFTY
      THOUSAND and
      00/100 Dollars (U.S. $650,000.00);
  and

            

    

    

    
      	
              4.  

            	
              Mortgagor
      certifies that the Loan Documents are in full force and effect and are
      valid and enforceable obligations and agreements of Mortgagor and in
      accordance with the terms and provisions thereof, and that there are no
      existing claims, defenses, and rights of set off that Mortgagor may have
      against Mortgagee or which may affect the enforceability by the Mortgagee
      of its security and its rights and remedies under the Note and the Loan
      Documents.

            

    

    

    
      	
              5.  

            	
              The
      Borrower and Mortgagor hereby reaffirm the Mortgage and Note as modified
      herein.

            

    

    

    
      	
              6.  

            	
              Borrower,
      Mortgagor and Mortgagee agree that the terms set forth in this Mortgage
      Modification do not represent a novation, and the terms of this Mortgage
      Modification do not affect the priority of the Mortgage.  The
      Note, Mortgage and the Loan Documents remain fully binding upon and valid
      and enforceable against Borrower and
Mortgagor.

            

    

    

    
      	
              7.  

            	
              All
      other terms and conditions of the Note and Mortgage shall remain
      unchanged.

            

    

    

    

    IN
WITNESS WHEREOF, Mortgagor has executed this Note and Mortgage
Modification.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	BORROWER:   	 	 	MORTGAGOR/BORROWER: 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	FLORIDA
      GAMING CORPORATION, a   	 	 	CITY
      NATIONAL BANK OF FLORIDA, a 	 
	      
                                  Delaware
      corporation 

                                	 	 	Florida
      banking corporation as Trustee 	 
	 	 	 	under
      its Land Trust #5003471, dated 	 
	
                                  By 

                                	 	 	January
      1, 1979 	 
	
                                  W.
      BENNETT COLLETT, CEO

                                	 	 	 	 	 
	
                                   

                                	 	 	By: 	
                                   

                                	 

                        

                        	
                                 

                              	 	 	Print
      Name:	
                                 

                              	 

                        
                          	
                                   

                                	 	 	Title: 	
                                   

                                	 
	 	 	 	 	 	 
	 	 	 	
                                  FLORIDA
      GAMING CENTERS, INC., a 

                                  Florida
      corporation 

                                	 
	 	 	 	 	 	 
	 	 	 	By:  	 	 
	 	 	 	
                                  W.
      BENNETT COLLETT, CEO 

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	 	 	 	      
                                                        MORTGAGEE:

                                                      	 
	 	 	 	 	 	 
	 	 	 	NURMI
      PROPERTIES, LLC, a Delaware	 
	      
                                                         

                                                      	 	 	      
                                                        limited
      liability company

                                                      	 
	
                                                         

                                                      	 	 	 	 	 
	
                                                         

                                                      	 	 	By: 	
                                                         

                                                      	 
	
                                                         

                                                      	 	 	 	
                                                        M.
      WHITMAN BEASLEY, JR. Manager

                                                      	 
	
                                                         

                                                      	 	 	 	
                                                         

                                                      	 
	 	 	 	 	 	 
	 	 	 	
                                                              
                                                          ROBINETTE
      INVESTMENTS, LLC, a

                                                          Florida
      limited liability company

                                                        

                                                      	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:  	 	 
	 	 	 	 	      
                                                        STEVEN
      L. CRAIG, Managing Member 

                                                      	 

                                              

                                              
                                                 

                                                
                                                  
                                                    
                                                      
                                                        
                                                          	
                                                                  STATE OF FLORIDA 

                                                                	
                                                                  )   

                                                                
	 	)
  ss.: 
	COUNTY OF PALM
      BEACH 	) 

                                                        

                                                      

                                                    

                                                  

                                                  
                                                     

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by _________________________, as
____________________ of CITY NATIONAL BANK OF FLORIDA, a
Florida banking corporation as Trustee under its Land Trust #5003471, dated
January 1, 1979, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.

     

    WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.

    

    ______________________________
Notary
Public

    Printed
Name: ___________________ 

    Commission
Expires: ______________

    

    
      
         

        
          
            
              
                
                  	
                          STATE OF FLORIDA 

                        	
                          )   

                        
	 	)
  ss.: 
	COUNTY OF PALM
      BEACH 	) 

                

              

            

          

          
             

          

        

      

    

    The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by W. BENNETT COLLETT, as
CEO of FLORIDA GAMING
CENTERS, INC., a Florida corporation and FLORIDA GAMING CORPORATION, a Delaware
corporation, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.

     

    WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.

    

    
      ______________________________
Notary
Public

      Printed
Name: ___________________ 

      Commission
Expires: ______________                                                          

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  	
                          STATE OF ___________ 

                        	
                          )   

                        
	 	)
  ss.: 
	COUNTY OF
      __________	) 

                

              

            

          

          
             

          

        

      

    

    The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by M WITHMAN BEASLEY, JR.,
as Manager of NURMI
PROPERTIES, LLC, a Delaware limited liability company, who is personally
known to me or who produced _______________________ as identification and who
did not take an oath.

     

    WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.

     

      ______________________________
Notary
Public

      Printed
Name: ___________________ 

      Commission
Expires: ______________                                                           

    

    

     

    
      
         

        
          
            
              
                
                  	
                          STATE OF FLORIDA 

                        	
                          )   

                        
	 	)
  ss.: 
	COUNTY OF PALM
      BEACH 	) 

                

              

            

          

          
             

          

        

      

    

    The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by STEVEN L. CRAIG, as
Managing Member of ROBINETTE INVESTMENTS, LLC, a Florida
limited liability company, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.

     

    WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.

     

    
      ______________________________
Notary
Public

      Printed
Name: ___________________ 

      Commission
Expires: ______________Unassociated Document

    FLORIDA
GAMING CORPORATION

    PROMISSORY
NOTE

    
       

      
        
          
            
              	$90,000.00	
                      Louisville, Kentucky

                    
	 	
                      February 4th,
    2010

                    

            

          

        

        
 

      

    

    Florida
Gaming Corporation, a Delaware corporation (the “Company”), the
principal office of which is located at 2669 Charlestown Road, New Albany,
Indiana 47150, for value received, hereby promises to pay to the order
of  H2C, Inc., whose address is 7 Partridge Run Warren, NJ 07059 (the
“Holder”), the
sum of Ninety Thousand Dollars ($90,000.00), and any unpaid accrued interest
hereon, on first (1st) day of
each month in  10 installments of equal amounts commencing March 1,
2010.  Payment for all amounts due hereunder shall be made by mail to
the Holder at the address of the Holder as set forth above.

     

    The
following is a statement of the rights of the Holder and the conditions to which
this Note is subject, and to which the Holder, by the acceptance of this
Note, agrees:

     

    1.           Interest.  The Company
shall pay interest at the rate often percent (10%) per annum (the “Initial Interest
Rate”) on the principal of this Note outstanding during the period
beginning on the date hereof and ending on the Maturity Date.  Accrued
interest under this Note shall be compounded annually.  Interest
payable under this Note shall be computed on the basis of a year of 365 days and
actual days elapsed occurring in the period for which
payable.  Interest shall be payable monthly with each monthly
installment of principle.  In the event that any installment of
principal plus accrued but unpaid interest is not paid when due, or upon any
other Event of Default (as defined below), interest at the same rate as the
Initial Interest Rate plus nineteen percent (19%) shall continue to accrue
on the balance of any unpaid principal until such balance is paid.

     

    All
payments made on this Note shall be applied, at the option of the Holder, first
to late charges and collection costs, if any, then to accrued interest and then
to principal.  After the Maturity Date or upon an Event of
Default, interest shall continue to accrue on this Note at the rate set forth
above and shall be payable on demand of the Holder.

     

    Notwithstanding
anything in this Note to the contrary, the interest rate charged hereon shall
not exceed the maximum rate allowable by applicable law.  If any
stated interest rate herein exceeds the maximum allowable rate, then the
interest rate shall be reduced to the maximum allowable rate, and any excess
payment of interest made by the Company at any time shall be applied to the
unpaid balance of any outstanding principal of this Note.

     

    2.           Events of
Default.  If any of the
events specified in this Section 2 shall occur (herein individually referred to
as an “Event of
Default”), the Holder of this Note may, so long as such condition exists,
declare the entire outstanding principal of this Note and unpaid accrued
interest thereon immediately due and payable by notice in writing to the
Company:

     

    (i)           the
institution by the Company of proceedings to be adjudicated as bankrupt
or insolvent, or the consent by it to institution of bankruptcy or
insolvency proceedings against it or the filing by it of a petition or answer
consenting to or seeking reorganization or release under the federal Bankruptcy
Act, or any other applicable federal or state law, or the consent by it to the
filing of any such petition or the appointment of a receiver, liquidator,
assignee, trustee or other similar official of the Company, or of any
substantial part of its property, or the making by it of an assignment for the
benefit of creditors;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (ii)           if,
within sixty (60) days after the commencement of an action against the Company
(and service of process in connection therewith on the Company) seeking any
bankruptcy, insolvency, reorganization, liquidation, dissolution or similar
relief under any present or future statute, law or regulation, such action shall
not have been resolved in favor of the Company or all orders or proceedings
thereunder affecting the operations or the business of the Company stayed, or if
the stay of any such order or proceeding shall thereafter be set aside, or if,
within sixty (60) days after the appointment without the consent or acquiescence
of the Company of any trustee, receiver or liquidator of the Company or of
all or any substantial part of the properties of the Company, such appointment
shall not have been vacated;

     

     (iii)           any
capital reorganization of the Company, any reclassification or recapitalization
of the capital shares of the Company or any transfer of all or substantially all
of the assets of the Company to any other person or any consolidation or merger
involving the Company;  or

     

    (iv)           any
voluntary or involuntary dissolution, liquidation or winding-up of the
Company.

     

    3.           Assignment and Binding
Effect.  The rights and
obligations of the Company and the Holder shall be binding upon and benefit the
successors, permitted assigns, heirs, administrators and transferees of the
parties. This Note may not be assigned by the Company or the Holder without the
prior written consent of the other party.

     

    4.           Waiver and
Amendment.  This Note may
not be amended, waived or modified except upon the written consent of the
Company and the Holder.

     

    5.           Prepayment.  This Note may be
prepaid at the election of the Company upon 10 days prior written notice to the
Holder.

     

    6.           Treatment of
Note.  To the extent
permitted by generally accepted accounting principals, the Company will treat,
account and report the Note as debt and not equity for accounting purposes and
with respect to any returns filed with federal, state or local tax
authorities.

     

    7.           Notices.  Any notice,
request or other communication required or permitted hereunder shall be in
writing and shall be deemed to have been duly given when (i) delivered by hand
(with written confirmation of receipt), or (ii) when received by the addressee,
if sent by a nationally recognized overnight delivery service (receipt
requested), in each case to the appropriate addresses set forth
herein.  Any party hereto may by notice so given change its address
for future notice hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    8.           Waivers.  The Company
hereby waives presentment, demand, protest and notice of dishonor and protest,
and also waives all other exemptions; and agrees that extension or extensions of
the time of payment of this Note or any installment or part thereof may be made
before, at or after maturity by agreement by the Holder.  Upon default
hereunder, the Holder shall have the right to offset the amount owed by the
Company against any amounts owed by the Holder in any capacity to the Company,
whether or not due, and the Holder shall be deemed to have exercised such right
of offset and to have made a charge against any such account or amounts
immediately upon the occurrence of an Event of Default hereunder even though
such charge is made or entered on the books of the Holder subsequent
thereto.  The Company shall pay to the Holder, upon demand, all costs
and expenses, including, without limitation, reasonable attorneys’ fees and
legal expenses, that may be incurred by the Holder in connection with the
enforcement of this Note.

     

    9.           Governing Law.  This Agreement
shall be governed by and construed in accordance with the laws of the State of
Delaware, excluding that body of law relating to conflict of laws.

     

    10.           Heading;
References.  All headings
used herein are used for convenience only and shall not be used to construe or
interpret this Note.  Except where otherwise indicated, all references
herein to Sections refer to Sections hereof.

     

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be issued this
4th       day of February, 2010

    

    FLORIDA
GAMING CORPORATION

    

    

    By:/s/ W. Bennett
Collett

    

    Title:  Chairman and
CEO

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