Document:

EX-10.1

 Exhibit 10.1 
 REVOLVING CREDIT LOAN AND SECURITY AGREEMENT 
 $2,500,000 REVOLVING CREDIT
LOAN 
 THIS REVOLVING CREDIT LOAN AND SECURITY AGREEMENT (the “Loan Agreement”) is made as of this 12th day of
April, 2013, among FIFTH THIRD BANK, an Ohio banking corporation, having a mailing address of 201 East Kennedy Boulevard, Suite 1800, Tampa, Florida 33602 (the “Bank”), DEER VALLEY FINANCIAL CORP., a Florida corporation
(“DVFC”), having its principal place of business at 205 Carriage Street, Guin, Alabama 35563, DEER VALLEY CORPORATION, a Florida corporation (“DVC”), having a mailing address of 3111 West Dr. MLK Boulevard, Suite 100,
Tampa, Florida 33607, and DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation authorized to do business in the State of Florida (“DVHI”), having its principal place of business at 205 Carriage Street, Guin, Alabama 35563, jointly
and severally (collectively the “Borrower”). 
 RECITALS: 

WHEREAS, Borrower has applied to Bank for a revolving line of credit not to exceed TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($2,500,000.00) (the “Loan”) to be evidenced by a revolving credit note (the “Note”) and secured by accounts receivable, inventory, equipment and all other tangible and intangible personal property of each Borrower. The Loan is
to be utilized for providing financing to CIS Financial Services, Inc. for extending home loans for sale of manufactured home units. The Bank has agreed to make the Loan providing certain conditions herein outlined are fully complied with.

 NOW, THEREFORE, in consideration of the premises and covenants hereinafter contained, the parties hereto agree as follows:

 SECTION I. RECITALS; DEFINITIONS 
 1.1 Recitals. The foregoing recitals are true and correct and incorporated herein by reference. 
 1.2 Defined Terms. As used in this Loan Agreement, the following terms shall have the following meanings: 
 “Accounts Receivable” shall mean all accounts receivable, book debts, notes, drafts, acceptances and other forms of obligations, now or hereafter owing to each Borrower, whether arising from the
sale of goods or rendition of services (including, without limitation, any such obligation that might be characterized as an account, contract right, or general intangible under the Uniform Commercial Code as, from time to time, in effect in the
State of Florida or Alabama), all of each Borrower’s rights in, to and under all purchase orders, now or hereafter received by each Borrower 

 
for goods or services, and all monies due or to become due to each Borrower under all contracts for the sale of goods or the performance of services (whether or not yet earned by performance) or
in connection with any other transaction (including, without limitation, the right to receive the proceeds of said purchase orders and contracts), and all collateral security and guarantees of any kind given by any obligor with respect to any of the
foregoing. 
 “Advance” shall mean the amount advanced by the Bank to any Borrower under the terms of this Loan
Agreement and the Note. 
 “Affiliate” shall mean any person, corporation, association or other business entity which
directly or indirectly controls, or is controlled by, or is under common control with the Borrower. 
 “CIS Financing
Agreement” means that certain Loan and Security Agreement between CIS Financial Services, Inc., an Alabama corporation “CIS”) and Deer Valley Financial Corp. dated April     , 2013. 

“Collateral” shall have the meaning provided for such term in Section 2.1(h) hereof. 

“Eligible Notes Receivable” shall mean, at any date of determination thereof, all Eligible Notes Receivable as defined in the
CIS Financing Agreement as follows: 
 (i) the CIS is the sole payee; 

(ii) the Pledged Note Receivable was made in connection with a Qualified Construction Loan; 

(iii) CIS has complied with the Procedures for Construction Loans in making the Qualified Construction Loan, unless an exception is
agreed to in writing by DVFC; 
 (iv) DVFC has a secured, first priority purchase money security interest in the Pledged Note
Receivable, the Manufactured Home Loan Mortgage, and all other Collateral; 
 (v) pursuant to the Manufactured Home Loan
Mortgage, CIS has a perfected, first priority security interest in the Designated Home Site, the Purchased Manufactured Home, and all other collateral described in the Manufactured Home Loan Mortgage; 

(vi) a cash down payment and/or other cash payments have been received from the Purchaser in an aggregate amount equal to at least three
and one half percent (3.5%) of the Purchase Price, or the Purchaser has equity in the Designated Home Site equal to at least three and one half percent (3.5%) of the Purchase Price; 

  
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 (vii) no monthly installment due with respect to the Pledged Note Receivable is more than
thirty (30) days contractually past due at the time of an Advance in respect of such Pledged Note Receivable, or more than sixty (60) days contractually past due thereafter; 

(viii) neither the Purchaser nor any other maker of the Pledged Note Receivable is an Affiliate of, or employed by CIS; 

(ix) the Purchaser or other obligor has no claim against CIS or any Affiliate of CIS, and no defense, set-off or counterclaim exists
with respect to the Pledged Note Receivable; 
 (x) the maximum outstanding principal balance of any Pledged Note Receivable
does not exceed $417,000.00; 
 (xi) the original of the Pledged Note Receivable and all related consumer loan documents have
been endorsed in the manner prescribed by DVFC and delivered to DVFC as provided in this Agreement, and the terms thereof and all instruments related thereto shall comply in all respects with all applicable federal and state statutes, ordinances,
rules and regulations; 
 (xii) the Designated Home Site and the Purchased Manufactured Home being financed by the Pledged Note
Receivable shall not be subject to any Lien (other than the first priority Lien created by the Construction Loan Mortgage related to such Pledged Note Receivable); 
 (xiii) the form of promissory note, mortgage, federal truth-in-lending disclosure statement, and all other loan documents and instruments corresponding to the Qualified Construction Loan giving rise to
such Pledged Note Receivable has been approved in advance by DVFC in writing; 
 (xiv) The Purchased Manufactured Home has not
been materially damaged by fire or other event or removed from the Designated Home Site; and 
 (xv) upon origination of the
Pledged Note Receivable, the CIS has identified a third party lender to purchase the Pledged Note Receivable and related loan documents once the facility is converted to a permanent loan facility, and thereafter such identified third party purchaser
does not indicate that it does not intend to purchase the Pledged Note Receivable upon conversion to permanent status. 

“Default Rate” shall mean five percent (5%) per annum above the contract rate as set forth in the Note, but not exceeding
18% per annum. 
 “Equipment” shall mean all of the equipment of each Borrower (within the meaning of the Uniform
Commercial Code, as from time to time in effect in the State of Florida or Alabama), now or hereafter owned or acquired, and wheresoever located, as well as all parts, accessions, and additions thereto, proceeds therefrom, and substitutions and
replacements therefor. 

  
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 “Events of Default” shall have the meaning ascribed to such term in Section 8
hereof. 
 “Generally Accepted Accounting Principles” shall mean generally accepted accounting principles, in effect
from time to time, applied on a consistent basis. 
 “General Intangibles” shall mean all of each Borrower’s
right, title and interest with respect to general intangibles (including payment intangibles, contract rights, rights to payment, rights arising under common law, statutes or regulations, choses or things in action, goodwill, patents, trade names,
trademarks, service marks, copyrights, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, infringement
claims, computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, money, deposit accounts, insurance premium rebates, tax refunds and tax refund claims), and any and all supporting obligations in
respect thereof, and any other personal property other than goods, accounts receivable, investment property, negotiable collateral and chattel paper (within the meaning of the Uniform Commercial Code, as from time to time in effect in the State of
Florida or Alabama). 
 “Inventory” shall mean all of the inventory of each Borrower (within the meaning of the
Uniform Commercial Code, as from time to time in effect in the State of Florida or Alabama), now or hereafter owned or acquired, and wheresoever located, including, without limitation, all finished goods held for sale or lease or to be furnished
under a contract of service, goods that are leased by Borrower as lessor, goods that are furnished by Borrower under a contract of service, and raw materials, work-in-process, or materials used or consumed in Borrower’s business including all
accessions, additions, attachments, improvements, substitutions and replacements thereto and therefore. 
 “Investment
Property” shall mean all of the investment property of each Borrower (within the meaning of the Uniform Commercial Code, as from time to time in effect in the State of Florida or Alabama). 

“Maturity Date” shall mean, unless sooner demanded by Bank after the occurrence of an Event of Default hereunder, June 30,
2015. 
 “Notes Receivable Borrowing Base” shall mean the “Individual Note Receivable Borrowing Base” as set
forth in the CIS Financing Statement, which is defined as an amount equal to the sum of 80% of Eligible Notes Receivable. The Bank has bargained for and Borrower agrees and acknowledges that the Collateral not included in the Notes Receivable Notes
Receivable Borrowing Base is a cushion of collateral value in excess of the secured advances under the Loan. 

  
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 “Obligations” means any and all indebtedness and other obligations under the Note,
all obligations under this Loan Agreement and any other Loan Documents, and all Rate Management Obligations, in effect from time to time between Borrowers and Lender, or its affiliates, whenever executed, including all amounts payable if the swap
transaction contemplated by the Rate Management Agreement were to be terminated. 
 “Permitted Liens” means:
(a) Liens consisting of deposits or pledges made in the ordinary course of business in connection with, or to secure payment of utility payments, bids, tenders, contracts (other than contracts for payment of money), obligations under
workers’ compensation, unemployment insurance or similar legislation or under surety or performance bonds, in each case arising in the ordinary course of business; (b) Liens arising out of or resulting from any judgment or awarded, the
time for the appeal or petition for rehearing of which shall not have expired, or in respect of which the Borrower is fully protected by insurance or in respect of which Borrower shall at any time in good faith be prosecuting an appeal or proceeding
for a review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured, and as to which appropriate reserves have been established on the books of Borrower. 

“Rate Management Agreement” means any agreement, device or arrangement providing for payments which are related to fluctuations
of interest rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection
agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to equity derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars and forwards), including without
limitation any ISDA Master Agreement between Borrowers and Lender or any affiliate of Fifth Third Bancorp, and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder, all
whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to time. 

“Rate Management Obligations” means any and all obligations of Borrowers to Lender or any affiliate of Fifth Third Bancorp,
whether absolute, contingent or otherwise and howsoever and whenever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefore), under or in
connection with (i) any and all Rate Management Agreements, and (ii) any and all cancellations, buy-backs, reversals, terminations or assignments of any Rate Management Agreement. 

  
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 SECTION 2. THE LOAN 

2.1 Revolving Loan. 
 (a) Advances. Subject to the Notes Receivable Borrowing Base limitations and subject to Bank’s receipt of a completed Notes Receivable Borrowing Base Certificate, Bank may, in its
discretion, make Advances to Borrower in accordance with the terms and conditions of this Loan Agreement, at any time and from time to time, on or after the date hereof until the Maturity Date, or until the occurrence of an event which with the
giving of notice or the passage of time, or both, shall constitute an Event of Default. Such Advances may be borrowed, re-paid and re-borrowed, provided, however, the aggregate outstanding principal amount of all Advances, together with the
aggregate face value of all issued and outstanding Letters of Credit as of such date, shall not exceed $2,500,000.00. 
 (b)
Interest. The Bank shall make appropriate debits and credits to the loan account of Borrower corresponding to each Advance to reflect the Advances to, prepayments, payments by and other disbursements for the account of Borrower. Each
such entry shall be prima facie evidence of the principal amount of Advances hereunder at any time outstanding. Each Advance shall bear interest from the date such Advance is made on the aggregate unpaid principal amount thereof until such principal
amount is paid or shall become due and payable (whether at the stated maturity or by acceleration) pursuant to the terms of and at a rate per annum as set in the Note. 
 (c) Calculation. Interest on principal outstanding from time to time shall be paid monthly, and shall be calculated on the basis of a 360-day year for the actual days elapsed. 

(d) Requests for Advances. Borrower shall request Advances under the Loan by (1) delivering to the Bank a copy of the
current Notes Receivable Borrowing Base from CIS; (2) written confirmation to the Bank that all of the requirements have been met to advance the loan funds to CIS under the terms of the CIS Financing Agreement; (3) giving oral notice
thereof to the Bank at above address, and (2) confirming such oral notice in writing, in form and substance satisfactory to the Bank, within two business days thereafter and delivering such written confirmation to the Bank, together with any
supporting information it may reasonably request, at the above address. 
 (e) Commitment. The giving of oral
notice as aforesaid shall irrevocably commit Borrower to accept the requested Advances under the Loan. In the event of any discrepancy between any oral notice and written confirmation, the oral notice shall govern as to any action taken by the Bank
prior to receipt of written confirmation. 
 (f) Unused Line Fee. On the 15th day following the end of each
calendar quarter during the term of the Loan, Borrower shall pay to Bank an unused line fee equal to 25 basis points (0.25%) per annum (computed on the bases of a year of 360 days and the actual number of day elapsed) times the result of:
(1) the amount of the Loan, less (2) the average daily balance of the Loan outstanding during the immediately preceding calendar quarter. 

  
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 (g) Limitation. In no event shall any interest charge, collected or reserved
hereunder exceed the maximum rate then permitted by applicable law. 
 (h) Collateral. From the date hereof as
security for the payment and the performance of the Loan, each Borrower extends, sells, assigns, conveys, mortgages, pledges, transfers, grants, and re-grants to the Bank a continuing, first priority security interest in and to all of its respective
rights, title and interest in, to and under all (1) Accounts Receivable; (2) Equipment; (3) Inventory; (4) General Intangibles; (5) books and records; (6) deposit accounts; (7) cash and cash equivalents;
(8) to the extent not included in the foregoing, all other tangible and intangible personal property of Borrower (within the meaning of the Uniform Commercial Code, as from time to time in effect in the State of Florida or Alabama);
(9) Investment Property; (10) all other property and money of the Borrower now or hereafter in the possession, custody or control of the Bank; and, (10) and collateral assignment all rights, Notes Receivable and collateral under the
terms of the CIS Financing Agreement; and as to each of the foregoing, the products and proceeds thereof, replacements and accessions thereto; all of which shall constitute the “Collateral”. 

(i) Mandatory Prepayments. 
 (1) Borrower shall prepay the principal balance of the Loan in an amount equal to the outstanding balance of amounts advanced with respect to each Eligible Note Receivable on the earlier of: (i) the
date that such Eligible Note Receivable is sold in accordance with the CIS Financing Agreement, or (ii) the date that is 120 days after the date that an initial Advance was made with respect to such Eligible Note Receivable. 

(2) If at any time and for any reason, an individual Eligible Note Receivable becomes ineligible as provided in the CIS Financing
Agreement, Borrower shall immediately notify Bank and Borrower shall, within two (2) Business Days of the date that such Pledged Note Receivable becomes ineligible, prepay the principal balance of the Loan in an amount equal to the amounts
advanced with respect to such ineligible Pledged Note Receivable. 
 (3) If at any time and for any reason, the outstanding
unpaid principal balance of the Loan exceeds the aggregate amount of the Notes Receivable Borrowing Base, then, within two (2) Business Days in which such excess over the Notes Receivable Borrowing Base first occurred, Borrower shall prepay the
principal balance of the Loan in an amount equal to the difference between the aggregate principal balance of the Loan and the amount of the Notes Receivable Borrowing Base. 
 2.2 Loan Origination Fee. Borrower agrees to pay Bank a non-refundable loan origination fee in the amount of $6,250.00 (the “Origination Fee”) which shall be

  
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due upon execution of this Agreement. Borrower and Bank recognize and agree that the Origination Fee (i) is not a charge for the use of money, but rather a purchase of the right to secure a
loan of money on the part of Borrower; and (ii) is a material inducement for Bank to make the Loan and for having Bank ready, willing and able to fund the Loan in accordance with the terms of this Agreement. Borrower’s payment of the
Origination Fee to Bank is and shall be in addition to all other payments (including without limitation principal and interest) now or hereafter payable to Bank pursuant to the terms and conditions of the Note or the other Loan Documents 

SECTION 3. REPRESENTATIONS AND WARRANTIES. 
 From the date hereof, each Borrower represents and warrants to the Bank as follows: 
 3.1 Organization, Standing, Corporate Powers. 
 (a)
Duly Organized. In respect of each Borrower, it (1) is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Florida or Alabama, as the case may be; (2) has all requisite power
and authority, corporate or otherwise, to conduct its business as now being conducted and to own its properties and assets; and (3) is duly qualified to do business in every jurisdiction wherein the failure to so qualify would have a material
adverse effect. 
 (b) Powers. It has all requisite power and authority, corporate or otherwise, to execute,
deliver, and to perform all of its obligations under this Loan Agreement and under other documents or agreements relating to the transactions contemplated herein to which it is a party. 

(c) Binding Obligation. This Loan Agreement and all corporate notes, guarantees, assignments, security agreements and all
other loan and security agreements executed in connection therewith are legal, valid and binding obligations of the Borrower and enforceable in accordance with their respective terms, subject to the enforcement of remedies to bankruptcy, insolvency
and other laws affecting creditors’ rights generally and to moratorium laws, from time to time in effect, and to general equitable principles which may limit the right to obtain the remedy of specific performance. 

3.2 Authorization of Borrowing. The execution, delivery and performance of this Loan Agreement and the borrowings
hereunder: (a) have been duly authorized by all requisite corporate action; (b) will not violate any provision of applicable law, any governmental rule or regulation, any order of any court or other agency of government to which either of
such parties is subject or the articles of incorporation or by-laws of the Borrower; or (c) do not violate any provision of any indenture, agreement or other instrument to which Borrower is a party or by which Borrower or its properties or
assets are bound and which is material to the conduct or operation of Borrower’s business and financial affairs, or conflict with, result in a breach of or constitute (with due notice or 

  
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lapse of time or both) a default under any provision of such indenture, agreement or other instruments, or result in the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon the property or assets of the Borrower, other than as provided herein. 
 3.3 Financial
Statements. Each Borrower has heretofore furnished to the Bank financial statements which fairly present the financial condition and the results of operations of each Borrower as of the date and for the period indicated, show all known
material liabilities, direct or contingent, as of the respective dates thereof, and were prepared in accordance with Generally Accepted Accounting Principles applied on a consistent basis. 

3.4 Adverse Change, etc. There has been no material adverse change in the business, properties or condition (financial or
otherwise) of any Borrower since the date of the most recent of the financial statements delivered to the Bank. 
 3.5
Litigation. There are no actions, suits or proceedings pending or, to the knowledge of any Borrower, overtly threatened against or affecting any of them, at law or in equity, or before or by any Federal, state, municipal or other
governmental court, tribunal, department, commission, board, bureau, agency or instrumentality, domestic or foreign, which involve any of the transactions herein contemplated or the possibility of any judgment or liability which would result in any
material adverse change in the business, operations, properties or assets or in the financial condition of any of them, or materially and adversely affect the ability of any of them to perform hereunder. No Borrower is in default with respect to
(a) any judgment, order, writ, injunction or decree; or (b) any rule or regulation of any court or Federal, state, municipal or other governmental court, tribunal, department, commission, board, bureau, agency or instrumentality, domestic
or foreign which would have a material adverse effect on its business, properties or condition (financial or otherwise). 
 3.6
Payments of Taxes. Each Borrower has filed or caused to be filed all Federal, state and local tax returns that are required to be filed and has paid or caused to be paid all taxes as shown on such returns or on any assessment received
by it, to the extent that such taxes have become due, except taxes the validity of which is being contested in good faith by appropriate proceedings and for which, in the exercise of reasonable business judgment, there have been set aside adequate
reserves with respect to any such tax or assessment so contested the tax or assessment so contested shall not materially affect its ability to perform hereunder. 
 3.7 Priority of Security Interest. Subject (a) to filing and recordation of the appropriate instruments in the appropriate offices of the proper jurisdiction or possession by the Bank
or its agent where perfection is based upon possession; (b) to the enforcement of remedies to bankruptcy, insolvency, and other laws affecting creditors’ rights generally and to moratorium laws, from time to time in effect; and (c) to
general equitable principles which may limit the right to obtain the remedy of specific performance, each of the security interests granted to the Bank as identified under 

  
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Section 2 of this Loan Agreement constitutes a valid first priority security interest or lien in and to the property covered thereby, granting all rights and remedies to a secured party
under the Uniform Commercial Code, as in effect in the State of Florida and Alabama, as the same may be modified or amended from time to time, except as otherwise permitted hereunder. 

3.8 Eligible Notes Receivable. All Eligible Notes Receivable included in the Notes Receivable Borrowing Base meet the
criteria for Eligible Notes Receivable. 
 3.9 Location of Collateral. All of the Collateral is used or held for
use by Borrower at the following locations: 205 Carriage Street, Guin, Alabama 35563, and 7668 Highway 278, Sulligent, Alabama 35586. 
 3.10 Loan Subordinations. Any related party notes payable by any Borrower, to any other Borrower or to owners of any Borrower, or to other related parties, now existing or hereafter made are
and shall be subordinated to the lien of the Loan granted herein. Each Borrower confirms that all related party debts are fully disclosed on the financial statements provided to the Bank and in the event the Bank so requires, such related parties
shall enter into subordination agreements to evidence the requirements of this Section. 
 SECTION 4. CONDITIONS OF
LENDING. 
 The obligation of the Bank to extend credit hereunder is subject to the following conditions: 

4.1 Representations and Warranties. At the date of each Advance, the representations and warranties set forth in
Section 3 hereof shall be true and correct on and as of such date, with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties relate
solely to an earlier date. 
 4.2 Certificates. On or before the date hereof, the Bank shall have received:
(a) from the Borrower: (1) a copy of its certificate of corporate status and Articles of Incorporation with all amendments, certified by the respective Secretary of State of Florida or Alabama, as the case may be, dated as of a recent
date; (2) the certificate of its secretary or assistant secretary, dated the date hereof and certifying that attached thereto is a true and complete copy of its Bylaws prior to the adoption of the resolutions by its Board of Directors
authorizing the execution, delivery and performance of this Loan Agreement; and certification that its articles of incorporation have not been amended since the date of the last amendment thereof, if any, indicated on the certificate of the
respective Secretary of State; and (b) such other documents as the Bank may reasonably request. 
 4.3 No
Default. At the date of each Advance, no Event of Default, or event which with the giving of notice or of the passage of time, or both, would constitute an 

  
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Event of Default, shall have occurred and be continuing, and the representations and warranties of each Borrower contained herein shall remain true and correct as of such date, except to the
extent that such representations and warranties relate to an earlier date. Each request for an Advance shall constitute the confirmation by each Borrower that at the date thereof the conditions contained in this Section shall have been satisfied.

 4.4 Other Conditions Precedent. On or before the date hereof, there shall have been delivered to the Bank all
of the financial statements, reports and other documents required by the Bank. 
 SECTION 5. CROSS-DEFAULT AND
CROSS-COLLATERALIZATION. 
 Any Event of Default under the terms of the Loan shall constitute and hereby is declared to be
an immediate and absolute default under the terms of all loans between Bank and any Borrower. Should an event of default occur under the terms of any of said loans, which event is subject to notice and cure periods, if any, failure to cure such
event of default within such curative period shall constitute an immediate default under this Loan and all such other loans owed by any Borrower to Bank. Each of the foregoing loans between Bank and any Borrower shall also be cross-collateralized,
whether such loans are now existing or hereafter entered into between Bank and Borrower at any time. 
 SECTION 6. AFFIRMATIVE
COVENANTS 
 From the date hereof and so long as the Loan shall be unpaid or unperformed, each Borrower will: 

6.1 Existence and Properties. To the extent that the same are necessary for the proper and advantageous conduct of
its business, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its corporate existence, rights, licenses and permits and comply with all laws and regulations applicable to it and conduct and operate
its business in substantially the manner in which it is presently conducted and operated. 
 6.2 Insurance.

 (a) Cause to be maintained at all times during the term of the Loan, general liability insurance with limits reasonably
satisfactory to or as reasonably required by, Bank. 
 (b) Cause the Collateral to be adequately insured at all times, by
financially sound and reputable insurers, in an amount not less than the value thereof. 
 (c) Cause the Bank to be a named
insured to the extent of its interest in respect the policies of insurance required by Section 6.2(a) and (b) hereinabove. 

  
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 6.3 Obligations, Taxes and Laws. Pay or cause to be paid all indebtedness and
obligations promptly and in accordance with their respective terms, including, without limitation, sales, use and personal property taxes as the same may be imposed upon any Borrower from time to time, and pay and discharge or cause to be paid and
discharged promptly all taxes, assessments, and governmental charges or levies imposed upon it or in respect of its property before the same shall become in default, as well as all lawful claims for labor, materials, and supplies or otherwise which,
if unpaid, might become a lien or charge upon such property or any part thereof, and timely comply with all applicable laws and governmental rules and regulations; provided, however, that the Borrower shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge, lien or claim, or timely comply with the laws and governmental rules so long as the validity thereof shall be contested by appropriate legal proceedings timely initiated and conducted
in good faith, and (a) in the case of an unpaid tax, assessment, governmental charge or levy, lien, encumbrance, charge or claim, such proceedings shall be effective to suspend the collection thereof from the Borrower and its property;
(b) neither such property nor any part thereof, nor any interest therein would be in any danger of being sold, forfeited or lost; (c) in the case of a law and governmental rule or regulation, neither any Borrower nor the Bank would be in
any danger of criminal liability for failure to comply therewith; (d) there shall have been established such reserve or other appropriate provision, if any, with respect thereto on the books of the entity involved, as shall be required by
Generally Accepted Accounting Principles with respect to any such tax, assessment, charge, lien, claim, encumbrance, law, rule or regulation, so contested. 
 6.4 Financial Statements and Reports. Each Borrower shall maintain systems of accounting established and administered in accordance with Generally Accepted Accounting Principles. Each
Borrower, as appropriate, will furnish to the Bank: 
 (a) Within one hundred twenty (120) days after the end of each
fiscal year, each of the Borrowers shall deliver to the Bank, consolidated, audited balance sheets and statements of income, retained earnings and changes in financial position for such year, all of which shall be accompanied by supporting schedules
and the unqualified opinion of independent certified public accountants of recognized standing reasonably acceptable to the Bank, and upon filing, all filings required in accordance with SEC regulations, if any. 

(b) Within forty-five (45) days after the end of each fiscal quarter-end, deliver to the Bank the following financial statements
certified by the President or Vice President of each of the Borrowers as accurate to the best of their knowledge upon due inquiry and investigation: (1) a Compliance Certificate executed by an authorized officer for each of the Borrowers
certifying that to the best of their knowledge, no Event of Default hereunder, nor any event which with notice or lapse of time, or both, would constitute such an Event of Default, has occurred or, if such Event of Default or event has occurred,
specifying the nature and extent thereof; and (2) internally prepared, consolidated, interim financial statements for each of the Borrowers; in such form and context as Bank may require. 

  
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 (c) Within fifteen (15) days of the end of each month, deliver to the Bank the
following a Borrowing Base Report of the total Eligible Notes Receivable from the CIS Note Receivable Borrowing Base, a current aging and delinquency report of all CIS Pledged Note Receivable and the outstanding balance of the CIS Loan, all in such
form and context as Bank may require. 
 (d) Promptly, from time to time, such other information regarding the operation,
business, affairs and financial condition of any Borrower as the Bank may reasonably request. 
 6.5 Litigation
Notice. Give the Bank prompt written notice of any action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency, the outcome of which might materially adversely affect the operations or
financial condition of any Borrower. 
 6.6 Notice of Default. Each Borrower shall give the Bank prompt written
notice of any Event of Default hereunder, or any event which, with the passage of time or the giving of notice or both, would become such an Event of Default hereunder. 
 6.7 Access to Premises and Inspections. At all reasonable times and as often as the Bank may reasonably request, permit or arrange for any authorized representative designed by the Bank to
visit and inspect the principal office and operations of each Borrower, any of the other offices or properties of any Borrower, including, without limitation, the Collateral, and its books, and to make extracts from such books and to discuss the
affairs, finances and accounts of each Borrower with its chief financial officer or such other person as may be designated by the chief executive or chief operating officer of any Borrower. 

6.8 Continued Assistance. Promptly, from time to time as the Bank may reasonably request, each Borrower shall perform such
acts and execute, acknowledge, deliver, file, register, deposit or record any and all further instruments, agreements and documents whether to continue, preserve, renew, record or perfect the Bank’s interests in the Collateral, as well as the
priority thereof. 
 6.9 Title to Collateral. Each Borrower shall own all of the property constituting the
security for the Loan. All such property shall be and remain free and clear of all mortgages, pledges, liens, charges and other encumbrances of any nature whatsoever, except as granted to the Bank hereby or otherwise permitted herein. 

  
 13 

 6.10 Financial Covenants. Until the Loan has been fully repaid to the Bank,
Borrower shall: 
 (a) Debt Service Coverage Ratio. Maintain a global Debt Service Coverage Ratio of not less than
1.20 to 1.00, measured on a rolling 4-quarter basis, commencing March 30, 2013. As used herein “Debt Service Coverage Ratio” shall be defined as (1) (A) Consolidated Net Income of Borrower, plus (B) Interest
Expense, plus (C) Depreciation & Amortization, minus (D) Distributions, minus (E) Extraordinary Income/Non-Recurring Income, divided by (2) (A) Actual Required Debt Payments including
Capital Leases (excluding principal due at maturity), plus (B) Interest Expense. 
 (b) Debt to Tangible Net
Worth Ratio. Maintain a global Debt to Tangible Net Worth Ratio of not more than 3.00 to 1.00, to be measured on a quarterly basis, commencing March 30, 2013. As used herein “Debt to Tangible Net Worth Ratio” shall be defined
as the consolidated: (1) (A) Total Liabilities of each Borrower, minus (B) Subordinated Debt, divided by (2) (A) Net Worth, plus (B) Subordinated Debt, plus (C) Intangibles, minus
(D) Related Party Receivables. 
 (c) Minimum Liquidity. Maintain a global, unencumbered liquidity of not
less than $1,500,000.00, to be measured on a quarterly basis, commencing March 30, 2013. 
 6.11 Deposit
Accounts. Each Borrower shall place on deposit with Bank all of its corporate deposit accounts (except for payroll accounts) making the Bank its primary depository relationship. 

SECTION 7. NEGATIVE COVENANTS 
 From the date hereof and so long as any of the Obligations shall be unpaid, the Borrower will not: 
 7.1 Negative Pledge. Either directly or indirectly, incur, create, assume or permit to exist any Liens with respect to any property securing the Loan or be bound by or subject to any
assessments and other similar governmental charges or claims except as provided in Section 6.3 of this Loan Agreement or Permitted Liens. 
 7.2 Sale or Disposition of Collateral. Sell, discount or otherwise dispose of any of the property securing the Loan or any part thereof except in the ordinary course of business, or incur
additional material borrowings or enter into material leases without the prior written consent of the Bank upon terms and conditions satisfactory to the Bank. 
 7.3 Organic Changes. Either directly or indirectly, (a) merge or consolidate any Borrower, with or into any other corporation; (b) sell (in bulk), lease or otherwise dispose of all
or substantially all of the property of any Borrower, unless the transferee or the lessee shall be acceptable to the Bank, which acceptance must in writing and issued by the Bank prior to any such sale, lease or other disposition, and such
transferee shall have assumed the Loan; or (c) without prior written consent of the Bank, sell, transfer, assign, or otherwise dispose, or permit the sale, transfer, assignment or disposition of the shares of any Borrower, directly or
indirectly, or take 

  
 14 

 
any action whatsoever, the result of which is that the interest of the current owners of each Borrower, is changed to the extent that such shareholders fail to retain their current ownership
interest as existing as of the date of this Loan Agreement. 
 7.4 Distributions. Make any distributions to
shareholders, whether dividends, debt repayment, stock re-purchase, advances or otherwise, whether directly or indirectly, without the prior written consent of the Bank other than stock dividends and distributions made pursuant to the Earnout
Agreement dated January 18, 2006, pursuant to which, payments may be paid to the former owners of the Borrower, as an earnout, based upon the net income before taxes of the Borrower. 

7.5 Changes in Management. Suffer or permit any change in the management of any Borrower as in effect on the date hereof,
without the prior written consent of the Bank, which consent shall not be unreasonably withheld. 
 7.6 Additional
Indebtedness. Incur, create, assume or permit to exist any additional indebtedness in excess of $200,000.00 in the aggregate, or indebtedness secured by the Collateral pledged to secure the Loan, other than the indebtedness to the Bank and
other indebtedness incurred in the normal course of business, without the prior written consent of Bank, except as may be permitted hereunder. 
 7.7 Settlements. Enter into any transaction that materially and adversely affects the collateral referenced herein or the Borrower’s ability to repay the Loan other than in the normal
course of business. 
 SECTION 8. EVENTS OF DEFAULT 

8.1 Events of Default. The occurrence of any of the following events shall constitute an event of default (an “Event
of Default”) hereunder: 
 (a) Any representation or warranty made in this Loan Agreement or in any report, certificate,
financial statement or other instrument furnished in connection herewith at any time shall prove to be false or misleading in any material respect as of the time when made; 
 (b) In the event any payment of principal, interest or other monetary Obligations are not made within ten (10) days after the date when due under the Loan; 

(c) Default with respect to any material obligation for borrowed money or otherwise of the Borrower if the effect of such default is to
accelerate the maturity of such indebtedness or to permit the holder or obligee thereof (or a trustee on behalf of such holder or obligee) to cause such indebtedness to become due prior to its stated maturity, or such material indebtedness shall not
be paid as and when due and payable (in each case, giving effect to any applicable grace periods); 

  
 15 

 (d) Default in the due observance or performance of any covenant, condition or agreement
contained in Sections 6 and 7 of this Loan Agreement; and such default shall not be cured within 15 days after the earlier of knowledge thereof by an officer of the Borrower, or after written notice of the default is delivered by the Bank, but if
the default is subject to cure and the cure is being diligently pursued by appropriate means at the end of such 15 days, then Borrower shall have an additional 15 days thereafter to complete the cure; 

(e) Default in the due observance or performance of any covenant, condition or agreement to be observed or performed pursuant to the
terms of this Loan Agreement, and such default shall not be cured within 15 days after the earlier of knowledge there of by an officer of the Borrower, or after written notice of the default is delivered by the Bank, but if the default is subject to
cure and the cure is being diligently pursued by appropriate means at the end of such 15 days, then Borrower shall have an additional 15 days thereafter to complete the cure; 
 (f) Any Borrower shall (1) make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or any
trustee or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall have been filed
any such petition or application, or any such proceeding shall have been commenced against any of them in which an order for relief is entered or which remains undismissed for a period thirty (30) days or more; any Borrower, by any act or
omission, shall indicate consent to, approval of or fail to timely object to, any such petition, application or proceeding or order for relief or for the appointment of a custodian, receiver or any trustee or shall suffer any such custodianship,
receivership or trusteeship to continue undischarged for a period of thirty (30) days or more; (2) generally not pay its debts as such debts become due or admit in writing its inability to pay its debts as they mature; (3) have
concealed, removed, or permitted to be concealed or removed, any part of its properties or assets, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent
under any bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid; or shall have suffered or
permitted, while solvent, any creditor to obtain a lien upon any Collateral, through legal proceedings or distraint, which is not vacated or “bonded off” within ten (10) days from the date thereof; or (4) be “insolvent”
as such term is defined in the Bankruptcy Code, 11 U.S.C. §101(31). 
 (g) Nonpayment by Borrowers of any Rate Management
Obligation when due or the breach by Borrowers of any term, provision or condition contained in any Rate Management Agreement. 

8.2 Default Rate. From and after the occurrence of an Event of Default, the Loan shall accrue interest at the Default Rate.

  
 16 

 SECTION 9. REMEDIES 

From and after the occurrence of an Event of Default: 
 9.1 Termination of Advances and Acceleration. Bank may, at its sole option cease making Advances under this Loan Agreement and/or declare the principal of and interest on the Loan and
all other Obligations due by Borrower hereunder to be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, anything in this Loan Agreement to the contrary notwithstanding,
and all amounts hereunder shall then be immediately due and payable. 
 9.2 Collateral. With respect to the
Collateral, Bank may: 
 (a) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or
transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable. It is not necessary that the Collateral be present at any such sale. Bank shall give notice of
the disposition of the Collateral as follows: 
 (1) Bank shall give Borrower notice in writing of the time and place of public
sale, or, if the sale is a private sale or some other disposition other than a public sale is to be made of the Collateral, the time on or after which the private sale or other disposition is to be made; and 

(2) The notice shall be personally delivered or mailed, postage prepaid, to Borrower as provided in Section 10 below, at least ten
(10) days before the earliest time of disposition set forth in the notice; no notice needs to be given prior to the disposition of any portion of the Collateral that is perishable or threatens to decline speedily in value or that is of a type
customarily sold on a recognized market; provided, however, that Bank may credit bid and purchase the Collateral at any public sale. 
 (b) Bank may seek the appointment of a receiver or keeper to take possession and operate, as applicable all or any portion of the Collateral, and to the maximum extent permitted by law, may seek the
appointment of such a receiver without the requirement of prior notice or a hearing; 
 (c) Bank shall have all other rights and
remedies available to it at law or in equity pursuant to any other loan documents execution in connection herewith. The rights and remedies of Bank hereunder shall be cumulative, and not exclusive. The exercise of one or more such remedies shall not
preclude or prevent Bank from, at the same time, or at any other time, resorting to or exercising the same or other rights, powers, privileges or remedies herein granted to it or to which it might otherwise legally resort. 

  
 17 

 9.3 Application of Proceeds Upon Disposition of Collateral. Apply, at
Bank’s option, the proceeds of any sale of the Collateral as well as all sums received or collected by Bank from or on account of such Collateral and/or additional or substitute collateral to (a) the payment of reasonable expenses incurred
or paid by Bank in connection with any sale, transfer or delivery of the Collateral and/or such additional or substitute collateral, and (b) the payment of the obligations or any part thereof, all in such order or manner as Bank in its sole
discretion may determine, irrespective of the date of maturity. All acts done or to be done by Bank in conformity with the powers herein granted are hereby ratified and confirmed by Borrower. Borrower agrees to pay to Bank any deficiency in the
event the proceeds of any foreclosure sale of the Collateral are insufficient to satisfy the Loan obligations in full and Bank shall have the right to sue Borrower for such deficiency. 

9.4 Right to Income. Unless such Event of Default is waived in writing by Bank, Bank may, at its sole discretion, collect,
receive and receipt for all income, interest, earnings or profits (including any dividends) now or hereafter payable upon or on account of the Collateral without any responsibility however for its failure to do so. The sums or property so collected
or received by Bank on account of the Collateral, and pursuant to this Section, shall be held and retained by Bank as further security for the Obligations and shall be deemed automatically to be Collateral under this Loan Agreement. 

9.5 Right to Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation
of any such rights, Bank is hereby authorized by Borrower at any time or from time to time, after the occurrence of an Event of Default, without notice to Borrower, or to any other person, any such notice being hereby expressly waived, to set off
and to appropriate and to apply any and all deposits (general or special, time or demand, including, but not limited to, indebtedness evidenced by certificates of deposit, in each case whether matured or unmatured) and any other Indebtedness at any
time held or owing by Bank, its branches, subsidiaries or affiliates, for the credit or the account of Borrower against and on account of the obligations and liabilities of Borrower to Bank under this Loan Agreement and any other loan document,
including, but not limited to, all claims of any nature or description arising out of or connected with this Loan Agreement or any other loan document, irrespective of whether or not: (a) Bank shall have made any demand hereunder; or
(b) Bank shall have declared the principal of and interest on the Loan and the Loan Agreement and other amounts due hereunder to be due and payable. 
 9.6 Bank’s Liability for Collateral. Borrower hereby agrees that so long as Bank complies with its obligations, if any, under the Uniform Commercial Code as in effect from time to time
in the State of Florida, Bank shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral, (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (c) any
diminution in the value thereof, (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other persons, and all risk of loss, damage, or destruction of the Collateral shall be borne by Borrower. 

  
 18 

 SECTION 10. NOTICES 

All notices, requests, demands or other communications to or from the parties hereto shall be deemed to have been duly given and made:
(a) in the case of a letter sent other than by mail, when the letter is delivered to the party to whom it is addressed; (b) in the case of a telegram or facsimile document, when the telegram or facsimile is sent; (c) in the case of a
letter sent by mail, three (3) days from the day on which the letter is deposited in a United States post office, certified mail, return receipt requested, and addressed as follows: 

 

			
	If to any Borrower:	  	DEER VALLEY HOMEBUILDERS, INC.
		  	Attention: Joel S. Logan, II, President
		  	205 Carriage Street
		  	Guin, Alabama 35563
		
	with a copy to:	  	BUSH ROSS, P.A.
		  	Attention: Brent A. Jones
		  	220 S. Franklin Street
		  	Tampa, Florida 33602
		
	If to the Bank:	  	FIFTH THIRD BANK
		  	Attention: Danny Riley, Vice President
		  	201 East Kennedy Blvd., Suite 1800
		  	Tampa, Florida 33602
		
	with a copy to:	  	FISHER & SAULS, P.A.
		  	Attention: Kenneth E. Thornton
		  	100 Second Avenue South, Suite 701
		  	St. Petersburg, Florida 33701

 SECTION 11. MISCELLANEOUS 
 11.1 Costs. The Borrower hereby agrees to pay to the Bank all costs and expenses of every kind and description incurred by the Bank in connection with the enforcement and protection in any
legal or equitable proceeding of the rights of the Bank in connection with this Loan Agreement, and in connection with any action or claim under this Loan Agreement, or in any wise related thereto, including, without limitation, the reasonable fees
and disbursements of counsel to the Bank. In the event of litigation arising out of or related to this agreement, the prevailing party shall be entitled to reasonable fees and costs of its counsel. 

11.2 Severability. The provisions of this Loan Agreement are severable, and if any provision hereof shall be held by any
court of competent jurisdiction to be unenforceable, such holding shall not affect or impair any other provision hereof. 

  
 19 

 11.3 GOVERNING LAW. THIS LOAN AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS. 
 11.4
Indemnity. Borrower agrees to indemnify and hold harmless Bank and each of its affiliates, employees, representatives, officers, directors, agents and attorneys (any of the foregoing shall be an “Indemnitee”) from and
against any and all claims, liabilities, losses, damages, actions, investigations, proceedings, attorneys’ fees and expenses (as such fees and expenses are incurred and irrespective of whether suit is brought) and demands by any party,
including the costs of investigating and defending such claims, actions, investigations or proceedings, and the costs of answering any discovery served in connection therewith, whether or not Borrower or the person seeking indemnification is the
prevailing party and whether or not the person seeking indemnification is a party to any such action or proceeding (a) resulting from any breach or alleged breach by Borrower of any representations or warranties made hereunder, or
(b) arising out of (1) the Loan or otherwise under this Loan Agreement, including the use of the proceeds of the Loan hereunder in any fashion by Borrower or the performance of its obligations under the loan documents by Borrower,
(2) allegations of any participation by Bank in the affairs of Borrower, or allegations that Bank has any joint liability with Borrower for any reason, or (3) any claims against Bank by any shareholder or other investor in or Bank to
Borrower, by any brokers or finders or investment advisers or investment bankers retained by Borrower or by any other third party, for any reason whatsoever, or (c) in connection with taxes (other than taxes imposed on the overall net income of
the Bank), fees, and other charges payable in connection with the Loan, or the execution, delivery, and enforcement of this Loan Agreement, the other loan documents, and any subsequent amendments thereto or waivers of any of the provisions thereof,
unless the person seeking indemnification under clause (a), (b) or (c) of this Section, is determined in such case to have acted or failed to act with gross negligence or willful misconduct by a non-appealable judicial order. 

11.5 Interpretation. To the extent not otherwise provided for hereby, the course of dealing by and between the Bank and the
Borrower shall control in the determination and interpretation of the rights of the parties hereto. Further, to the extent not otherwise provided for hereby nor by or inconsistent with the course of dealing by and between the parties hereto, the
usage of trade in transactions substantially similar to the transactions contemplated herein shall control in the determination and interpretation of the rights of the parties hereto. 

11.6 Revival and Reinstatement of Obligations. If the incurrence or payment of the obligations by Borrower or the transfer
to Bank of any property should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the bankruptcy code relating to fraudulent conveyances,
preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a “Voidable Transfer”), and if 

  
 20 

 
Bank is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the
amount thereof that Bank is required or elects to repay or restore, and as to all costs, expenses, and reasonable attorneys fees of Bank related thereto, the liability of Borrower automatically shall be revived, reinstated, and restored and shall
exist as though such Voidable Transfer had never been made. 
 11.7 Attorney-in-fact. The Borrower hereby
constitute any officer of the Bank as attorney-in-fact, with power to receive and open all mail addressed to them; to endorse their name on any notes, acceptances, checks, drafts, money orders or other evidences of payment or collateral that may
come into the Bank’s possession; to sign their name on any invoice or bill of lading relating to any Account Receivable, or on drafts against customers, to send requests for verification of Accounts Receivable to any account debtor and, to do
all other acts and things necessary to carry out this Loan Agreement; provided, however, the Bank agrees that it shall not exercise the powers conferred upon in this Section until the occurrence of an Event of Default, or an event which, with the
giving of notice or the passage of time, or both, would constitute an Event of Default. All acts of said attorney or designee are hereby ratified and approved by the Borrower and said attorney or designee shall not be liable for any acts of
commission or omission nor for any error of judgment or mistake of fact or law, unless said attorney or designee is determined in such case to have acted or failed to act with gross negligence or willful misconduct by an non-appealable judicial
order. This power, being coupled with an interest, is irrevocable so long as any obligations, monetary or otherwise, remain, due to the Bank from the Borrower. 
 11.8 Headings. The name of this Loan Agreement, as well as Section headings used herein, are for conveniences of reference only and are not to affect the construction of, or be taken into
consideration in interpreting this Loan Agreement. 
 11.9 Terms. Any term used herein shall be equally applicable
to both the singular and plural forms. 
 11.10 JURY TRIAL. BORROWER AND THE BANK HEREBY KNOWINGLY, VOLUNTARILY,
INTENTIONALLY, AND IRREVOCABLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LOAN AGREEMENT
AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
THE BANK ENTERING INTO THIS LOAN AGREEMENT. FURTHER, BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE BANK, NOR THE BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT, IN THE EVENT OF SUCH
LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL 

  
 21 

 
PROVISION. NO REPRESENTATIVE OR AGENT OF THE BANK, NOR BANK’S COUNSEL HAS THE AUTHORITY TO WAIVE, CONDITION, OR MODIFY THIS PROVISION. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
 [SIGNATURES BEGIN ON NEXT PAGE] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be executed and
delivered as of the day and year first above written. 
  

							
	WITNESSES:	 		 	“BORROWER”
			
		 		 	DEER VALLEY FINANCIAL CORP.,
		 		 	a Florida corporation
				
	  
	 		 	By:	 	 /s/ Steve Lawler

	 Signature of Witness
  
	 		 		 	 John Steven Lawler, as its
 Chief Financial Officer and Secretary

	  
	 		 		 
	 Print or type name of Witness

 
	 		 		 	 (CORPORATE SEAL)

	  
	 		 		 
	 Signature of Witness
  
	 		 		 	
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

  

							
		 		 	DEER VALLEY CORPORATION,
		 		 	a Florida corporation
				
	  
	 		 	By:	 	 /s/ Steve Lawler

	 Signature of Witness
  
	 		 		 	 John Steven Lawler, as its
 Chief Financial Officer and Secretary

	  
	 		 		 
	 Print or type name of Witness

 
	 		 		 	 (CORPORATE SEAL)

	  
	 		 		 
	 Signature of Witness
  
	 		 		 	
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

  

							
		 		 	DEER VALLEY HOMEBUILDERS, INC.,
		 		 	an Alabama corporation
				
	  
	 		 	By:	 	 /s/ Steve Lawler

	 Signature of Witness
  
	 		 		 	 John Steven Lawler, as its
 Chief Financial Officer and its Secretary

	  
	 		 		 
	 Print or type name of Witness

 
	 		 		 	 (CORPORATE SEAL)

	  
	 		 		 
	 Signature of Witness
  
	 		 		 	
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

  
 23 

 STATE OF ALABAMA 
 COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY FINANCIAL CORP., a Florida corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

 STATE OF ALABAMA 

COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

 STATE OF ALABAMA 

COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY CORPORATION, a Florida corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

  
 24 

							
		 		 	“BANK”
	WITNESSES:	 		 		 	
		 		 	FIFTH THIRD BANK,
		 		 	an Ohio banking corporation
				
	  
	 		 	By:	 	  

	 Signature of Witness
  
	 		 		 	Daniel Riley, as its Vice President
	  
	 		 		 	
	 Print or type name of Witness

 
	 		 		 	 (CORPORATE SEAL)

	  
	 		 		 
	 Signature of Witness
  
	 		 		 	
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

 STATE OF FLORIDA 

COUNTY OF HILLSBOROUGH 
 The
foregoing instrument was acknowledged before me this      day of April, 2013, by Daniel Riley, as Vice President of FIFTH THIRD BANK, an Ohio banking corporation, on behalf of the Bank. 

 

					
	         Personally known	 		 	  

	          Florida Driver’s License

         Other Identification Produced
          
                                         
       
          
                                         
       
	 		 	 Notary Public
  

	 		 	  

	 		 	 Print or type name of Notary

 

	 		 	     (SEAL)

  
 25EX-10.2

 Exhibit 10.2 
 REVOLVING CREDIT NOTE 
 (the “Note”) 

 

			
	 $2,500,000.00
	 	Effective Date: April 12, 2013

  
  

FOR VALUE RECEIVED, the undersigned borrowers, DEER VALLEY FINANCIAL CORP., a Florida corporation, DEER VALLEY CORPORATION,
a Florida corporation and DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation, jointly and severally (collectively the “Borrower”) promise to pay to the order of FIFTH THIRD BANK, an Ohio banking corporation (the
“Lender”), at 201 E. Kennedy Blvd., Suite 1800, Tampa, Florida 33602, or at such other place as Lender may from time to time designate in writing, with payment due as provided herein and in the Revolving Credit Loan and Security Agreement
of even date herewith (the “Credit Agreement”), the principal sum not to exceed $2,500,000.00, or so much thereof as has been disbursed for advances hereunder. 
 Interest.. 
 (A) The principal sum outstanding shall bear interest at a floating
rate per annum equal to 4.00% in excess of the LIBOR Rate (the “Interest Rate”). “LIBOR” shall mean a rate per annum (adjusted for the current maximum reserve rate required to be maintained by Lender) effective on any Interest
Rate Determination Date, which is equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that page of Bloomberg reporting service, or such similar service as determined by Lender, that displays
British Bankers’ Association interest settlement rates for deposits in U.S. Dollars, as of 11:00 a.m. (London, England time) two (2) business days prior to the Interest Rate Determination Date; provided, that if no such offered rate
appears on such page, the rate used for such Interest Period will be the per annum rate of interest determined by Lender to be the rate at which U.S. dollar deposits for the Interest Period are offered to Lender in the London Inter-Bank market as of
11:00 a.m. (London, England time), on the day that is two (2) business days prior to the Interest Rate Determination Date. The term “Interest Rate Determination Date” means the date this Note is closed and initially funded, and the
twenty-sixth (26th) day of each calendar month thereafter. “Interest Period” shall mean a period of one (1) month, provided, that (x) the initial Interest Period may be less than one month, depending on the initial funding
date, and (y) no Interest Period shall extend beyond the Maturity Date. 
 (B) In addition, notwithstanding anything herein
contained to the contrary, if, prior to or during any period with respect to the LIBOR Rate, any change in law, regulation or official directive, or in the interpretation thereof, by any governmental body charged with the administration thereof,
shall make it unlawful for Lender to fund or maintain its funding in eurodollars of any portion of the advance subject to the LIBOR Rate or otherwise to give effect to Lender’s obligations as contemplated hereby: (i) Lender may, by written
notice to Borrowers, declare Lender’s obligations in respect of 

 
the LIBOR Rate to be terminated forthwith, and (ii) the LIBOR Rate with respect to Lender shall forthwith cease to be in effect, and interest shall from and after such date be calculated at
the Prime Rate, and interest shall be paid on the first day of each calendar month. Borrowers hereby agree to reimburse and indemnify Lender from all increased costs or fees incurred by Lender subsequent to the date hereof relating to the offering
of rates of interest based upon the LIBOR Rate. Borrowers’ right to utilize LIBOR Rates as set forth in this Note shall be terminated automatically if Lender, by telephonic notice, shall notify Borrowers that 30-day LIBOR Rates are not readily
available in the London InterBank Offered Rate Market, or that, by reason of circumstances affecting such Market, adequate and reasonable methods do not exist for ascertaining the rate of interest applicable to such deposits. In such event, amounts
outstanding hereunder shall bear interest at a rate equal to Lender’s Prime Rate or such other rate of interest as may be agreed to between Lender and Borrowers. 
 (C) Notwithstanding any provision to the contrary in this Note, in no event shall the interest rate charged on this Note exceed the maximum rate of interest permitted under applicable state and/or federal
usury law. Any payment of interest that would be deemed unlawful under applicable law for any reason shall be deemed received on account of, and will automatically be applied to reduce, the principal sum outstanding and any other sums (other than
interest) due and payable to Lender under this Note, and the provisions hereof shall be deemed amended to provide for the highest rate of interest permitted under applicable law. All interest shall be computed on the basis of the actual number of
days elapsed over a year composed of 360 days. Interest shall accrue from the first date that funds are advanced to Borrowers until all sums due hereunder are paid in full 
 Payments. Principal and interest shall be due and payable as follows: 
 (a) To the
extent accrued, interest only, as stated above, shall be payable monthly commencing May     , 2013, and continuing on the same day of each month thereafter on the principal outstanding from time to time until the loan maturity
date at which time the outstanding indebtedness, whether principal, accrued interest or otherwise, shall be due and payable in full. 
 (b) The principal amount evidenced hereby may be borrowed (and to the extent any principal amount advanced hereunder is repaid by Borrower, such sum may be borrowed again) until this Note is terminated.
At no time, however, shall the principal balance outstanding hereunder exceed $2,500,000.00. 
 If any payment on this Note
becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding business day and interest thereon shall be payable at contract rate of interest
during such extension. 
 As provided in the Credit Agreement, the Note is to be utilized by Borrower on a revolving credit
basis to provide financing for CIS Home Loans. 

  
 2 

 This Loan facility matures on June 30, 2015. Upon the occurrence of any one or more of
the Events of Default specified in the Credit Agreement or in any other document or instrument delivered in connection therewith and following notice and the expiration of all cure periods (if any), all amounts then remaining unpaid on this Note may
be declared to be immediately due and payable. Advances under this Note shall be requested by Borrower and evidenced as a debit to Borrower’s loan account. 
 Borrower may repay all or part of the principal balance at any time without penalty. Such prepayment shall be accompanied by payment of any unpaid interest accrued to the time of such prepayment. All
payments made hereunder shall at Lender’s option first be applied to late charges, then to accrued interest, then to principal. Permitted partial prepayments shall not affect or vary the duty of Borrower to pay all obligations when due, and
they shall not affect or impair the right of Lender to pursue all remedies available to it hereunder, under the security instruments securing this indebtedness, or under any other loan documents or guaranty executed in connection herewith.

 In the event that any payment of principal or interest is not made within ten (10) days after the date when due
hereunder, it is hereby agreed that the Lender shall have the option of collecting five percent (5%) of the amount of each such delinquent payment; provided, however, such late fee shall not apply to the lump sum payment of the principal on the
Maturity Date or the lump sum payment of principal upon acceleration. Said late charge and/or interest shall be immediately due and payable in full on demand by the Lender. 
 The “Default Interest Rate” shall be five percent (5%) per annum above the contract interest rate set forth above, but not exceeding 18% per annum. Upon default, the Default Interest
Rate shall commence upon written notice to Borrower. Upon default, the Default Interest Rate shall commence upon written notice to Borrower. Upon a failure by Borrower to repay principal upon demand by Lender made not less than ten (10) days
after the date due hereunder, Lender may declare the entire principal and interest then remaining unpaid to be immediately due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the
“Default Interest Rate”. In addition to the rights described in this paragraph, Lender shall have the right to exercise all other rights or remedies provided by law or at equity and shall specifically have the right to recover all damages
resulting from such default including, without limitation, the right to recover the payment of all amounts owing to Lender. Exercise of any of these options shall be without notice to Borrower, notice of such exercise being hereby expressly waived.

 The terms and provisions of this Note are to be governed by and construed under the laws of the State of Florida and of the
United States of America, and the rules and regulations promulgated under the authority thereof. It is the intent of this Note that such laws shall be interpreted in such a manner that after default the maximum rate of interest charged under this
Note not exceed the rate allowed to be contracted for by applicable law as changed from time to time which is applicable to this Note (hereinafter called the “Maximum Rate”). 

  
 3 

 In no event shall Lender have the right to charge or collect, nor shall Borrower be required
or obligated to pay, interest or payments in the nature of interest, which would result in interest being charged or collected at a rate in excess of the Maximum Rate. In the event that any payment which is interest or in the nature of interest is
made by Borrower or received by Lender which would result in the rate of interest being charged or collected by the Lender being in excess of the Maximum Rate, then the portion of any such payment which causes the rate of interest being charged or
collected by Lender exceed the Maximum Rate (hereinafter called the “excess sum”) shall be credited as a payment of principal. If Borrower notifies Lender in writing that Borrower elects to have such excess sum returned to Borrower, such
excess sum shall be returned to Borrower. In the event that any such overcharge is discovered after this Note has been paid in full, then the amount of such excess sum shall be returned to Borrower together with interest thereon from the date such
excess sum was paid or collected at the same rate as was due Lender during such period under the terms of this Note. All excess sums credited to principal shall be credited as of the date paid to Lender. 

Time is of the essence hereunder. In the event that this Note is collected by law or through attorneys at law, or under advice therefrom,
Borrower and any other person liable for payment hereof, to the extent of such liability, hereby agree to pay all costs of collection, including reasonable attorneys’ fees and costs (including charges for paralegals and others working under the
direction or supervision of Lender’s attorneys) and all sales or use taxes thereon, whether or not suit is brought, and whether incurred in connection with collection, trial, appeal, bankruptcy or other creditor’s proceedings or otherwise.

 Borrower authorizes Lender, from time to time, to debit any account that Borrower may have with Lender in the name of
Borrower, for any payment of principal or interest past due hereunder for the amount of such payment of principal or interest. Exercise of this right shall be optional with Lender and the provisions of this paragraph shall not be construed as
releasing Borrower from the obligation to make payments of principal or interest according to the terms hereof. Borrower shall have no right of setoff against the Lender under this Note or any instrument securing this Note. 

The remedies of Lender as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively, or together,
at the sole discretion of Lender. No act of omission or commission of 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 document executed by 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 of release of, any
subsequent right, remedy or recourse as to a subsequent event. 
 Borrower, for itself and its successors and assigns, hereby:
(a) expressly waives any presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or protest, all other forms of notice whatsoever, and diligence in collection; 

  
 4 

 
(b) agrees that Lender, in order to enforce payment of this Note against them shall not be required first to institute any suit or to exhaust any of its remedies against any Borrower or any other
person or party or to attempt to realize on the collateral for this Note. 
 BORROWER AND ANY OTHER PERSON LIABLE FOR PAYMENT
HEREOF, BY EXECUTING THIS NOTE OR ANY OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A TRIAL BY JURY IN ANY ACTION WHETHER ARISING IN CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR LENDER’S EXTENDING CREDIT TO BORROWER AND NO WAIVER OR LIMITATION OF LENDER’S RIGHTS HEREUNDER SHALL BE EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER’S BEHALF. 

Borrower acknowledges that the above paragraph has been expressly bargained for by Lender as part of the loan evidenced hereby and that,
but for Borrower’s agreement and the agreement of any other person liable for payment hereof, Lender would not have extended the loan for the term and with the interest rate provided herein. 

If more than one party shall execute this Note, the term “Borrower”, as used herein, shall mean all parties signing this Note
and each of them, who shall be jointly and severally obligated hereunder. In this Note, whenever the context so requires, the neuter gender includes the feminine and/or masculine, as the case may be, and the singular number includes the plural.

 Cross-Default and Cross-Collateralization of Rate Management Agreements and Rate Management Obligations. “Rate
Management Agreement” means any agreement, device or arrangement providing for payments which are related to fluctuations of interest rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or
cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to equity
derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars and forwards), including without limitation any ISDA Master Agreement between Borrowers and Lender or any affiliate of Fifth Third Bancorp, and any
schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to time.
“Rate Management Obligations” means any and all obligations of Borrowers to Lender or any affiliate of Fifth Third Bancorp, whether absolute, contingent or otherwise and howsoever and whensoever (whether now or hereafter) created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefore), under or in connection with (i) any and all Rate Management Agreements, and (ii) any and all cancellations, buy-backs,
reversals, terminations or assignments of any Rate Management Agreement. If Borrowers enter into a Rate Management Agreement, Borrowers promise to promptly pay all Rate Management Obligations, and

  
 5 

 
perform all of the covenants and obligations under the Rate Management Agreements. Any default under the Rate Management Agreements or failure to pay the Rate Management Obligations when due
shall be a default under this Note. The payment and performance of this Note, the Rate Management Agreements and Rate Management Obligations are all secured by the Mortgage and other security agreements. 

IN WITNESS WHEREOF, Borrower has caused this Note to be executed in its name on the day and year first above written. 

THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD
PURPOSES. 
  

			
	“BORROWER”
	
	DEER VALLEY FINANCIAL CORP.,
	a Florida corporation
		
	By:	 	 /s/ Steve Lawler

		 	John Steven Lawler, as its
		 	Chief Financial Officer and Secretary
	
	 (CORPORATE SEAL)

	
	DEER VALLEY CORPORATION,
	a Florida corporation
		
	By:	 	 /s/ Steve Lawler

		 	John Steven Lawler, as its
		 	Chief Financial Officer and Secretary
	
	 (CORPORATE SEAL)

	
	DEER VALLEY HOMEBUILDERS, INC.,
	an Alabama corporation
		
	By:	 	 /s/ Steve Lawler

		 	John Steven Lawler, as its
		 	Chief Financial Officer and Secretary
	
	 (CORPORATE SEAL)

  
 6 

 STATE OF ALABAMA 
 COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY FINANCIAL CORP., a Florida corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

 STATE OF ALABAMA 

COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

 STATE OF ALABAMA 

COUNTY OF                      

The foregoing instrument was acknowledged before me this      day of April, 2013, by John Steven Lawler, as
Chief Financial Officer and Secretary of DEER VALLEY CORPORATION, a Florida corporation, on behalf of the corporation. 
  

					
	         Personally known	 		 	  

	          Driver’s License (St.:
         )
          Other Identification
Produced
          
                                        

          
                                        

	 		 	Notary Public
	 	 	  
  

	 		 	 Print or type name of Notary

 

	 		 	 (SEAL)

 This instrument was made, executed and delivered outside the State of Florida and no Florida Documentary Stamp Tax is
due hereon in accordance with F.A.C. 12B-4.053(35) 

  
 7

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