Document:

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                                                                 EXHIBIT 10.1(e)
                                 PROMISSORY NOTE

Facility:    FURNISHINGS AND EQUIPMENT LOAN

             CONSTRUCTION AND FF&E Loan

Amount:      $4,000,000.00

Date:        DECEMBER__, 2000

For Value Received, Mutiny on the Park, Ltd, a Florida limited partnership (the
"Owner") promises to pay to the order of Sonesta Coconut Grove, Inc., a Florida
corporation ("Payee") at its offices at 200 Clarendon Street, Boston,
Massachusetts 02116, Attention: Office of the Treasurer, or at such other place
as may be designated by the Payee, the principal amount of Four Million and
No/100 Dollars ($4,000,000.00), (or such other principal amount as may be
outstanding from time to time) together with interest from the date hereof on
the unpaid principal balance hereunder, computed daily at the interest rate
indicated below, payable in accordance with the provisions of the section
entitled ADVANCES AND PAYMENT SCHEDULE below.

INTEREST RATE

The interest rate shall be the prime or base rate quoted by Citibank, N.A, plus
seventy-five (75) basis points, adjusted on a monthly basis.

Interest will be payable in arrears at the rate set forth above and will be
calculated on the basis of a 360 day year.

Whenever there is a default under this note ("Note") the interest rate of
interest on the unpaid principal and interest shall, at the option of the Payee,
become the Default Rate (defined in the section entitled REMEDIES below).

Notwithstanding any other provision contained in this Note, the Payee does not
intend to charge and the Owner shall not be required to pay any amount of
interest or other fees or charges that is in excess of the maximum permitted by
applicable law. Any payment in excess of such maximum shall be refunded to the
Owner or credited against principal, at the option of the Payee.

ADVANCES AND PAYMENT SCHEDULE

All payments received hereunder shall be applied first to the payment of any
expenses or charges payable hereunder, then to interest due and payable, with
the balance being applied to principal, or in such other order as the Payee
shall determine at its option.

Advances under this Note and payments of interest hereunder and repayment of
principal shall be in accordance with the terms more particularly set forth in
the Loan Term Sheet attached as Exhibit 1.22 to that certain Management
Agreement dated December __, 2000 between Owner and Payee, a copy of the Loan
Term Sheet is attached hereto as Schedule A and incorporated herein by this
reference.

GENERAL PROVISIONS

WAIVERS. Owner (i) waives presentment, demand, notice of demand and notice of
acceleration of maturity, protest, notice of protest and notice of nonpayment,
notice of dishonor, and any other notice required to be given under the law to
Owner, in connection with the delivery, acceptance, performance, default or
enforcement of this Note, of any endorsement of this Note; (ii) agrees to pay,
on demand, all costs and expenses of collection of this Note and/or the
enforcement of Payee's rights with respect to realization upon any collateral
securing payment hereof (whether or not a lawsuit or other proceeding is
instituted),

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including, without limitation, reasonable attorneys' fees, including fees for
appellate work.

GOVERNING LAW. This Note is delivered in and shall be construed under the
internal laws and judicial decisions of the State of Florida and the laws of the
United States as the same might be applicable. In any litigation in connection
with or to enforce this Note, Owner irrevocably consents to and confers personal
jurisdiction on the courts of the State of Florida or the United States courts
located within the State of Florida, and expressly waives any objections as to
venue in any of such courts, and agrees that service of process may be made on
Owner by mailing a copy of the summons and complaint by registered or certified
mail, return receipt requested, to Owner. The term "Payee" as used in the Note
shall include Payee's successors, endorsees and assigns. The terms "Owner" as
used in this Note shall include the respective successors, assigns, heirs and
personal representatives thereto or thereof.

DEFAULT. This Note shall be in default upon the occurrence of: (a) a Default
under that certain Collateral Pledge and Escrow Agreement (the "Pledge") dated
as of the date hereof by Owner in favor of Payee, at any time from the date
hereof until termination of the Pledge pursuant to its terms, or (b) an Event of
Default under that certain Mortgage attached hereto as SCHEDULE B, at any time
after execution thereof by the parties until termination of the Mortgage
pursuant to its terms. With respect to Owner's obligations hereunder, time is of
the essence.

REMEDIES. Whenever there is a default under this Note, (a) the entire balance
outstanding hereunder shall, at the option of the Payee, become forthwith due
and payable, without presentment, notice, protest or demand of any kind for the
payment of the whole or any part hereof (all of which are expressly waived by
Owner), and/or (b) to the extent permitted by law, the rate of interest on the
unpaid principal shall, at the option of the Payee, be increased to the interest
rate provided for herein plus five (5) percentage points, the "Default Rate");
(c) Payee may exercise any rights available to Payee in connection with
collateral for the Loan. The provisions herein for a Default Rate or a
delinquency charge shall not be deemed to extend the time for any payment
hereunder or to constitute a "grace period" giving the Owner a right to cure any
default. If the Default Rate is a factor of unpaid interest, fees or charges
may, for purposes of computing and accruing interest on a daily basis after the
due date of the Note or any installment thereof, be deemed to be a part of the
principal balance under the Note, and interest shall accrue on a daily
compounded basis after such date at the rate provided in this Note until the
entire outstanding balance of principal and interest is paid in full. Failure at
any time to exercise any of the aforesaid options or any other rights of Payee
shall not constitute a waiver thereof, nor shall it be a bar to the exercise of
any of the aforesaid options or rights at a later date. All rights and remedies
of the Payee shall be cumulative and may be pursued singly, successively or
together, at the option of the Payee.

SEVERABILITY. In the event any one or more of the provisions of this Note shall
for any reason be held to be invalid, illegal or unenforceable, in whole or in
part or in any respect, or in the event that any one or more of the provisions
of this Note operate or would prospectively operate to invalidate this Note,
then and in any of those events, such provision or provisions only shall be
deemed null and void and shall not affect any other provision of this Note and
the remaining provisions of this Note shall remain operative and in full force
and effect and shall in no way be affected, prejudiced or disturbed thereby. In
the event that any provisions of this Note are inconsistent with the provisions
of any other agreements or documents executed in connection with this Note, such
other agreements or documents shall control.

PREPAYMENT. Owner may prepay the principal balance of this Note, in full at any
time or in part from time to time.

                                           Mutiny on the Park, Ltd,

                                           By:/s/
                                                 -------------------------------
                                           Name:
                                                --------------------------------
                                           Title:
                                                 -------------------------------

                                                                              94<Page>
                                                                 EXHIBIT 10.1(f)

                     COLLATERAL PLEDGE AND ESCROW AGREEMENT
                                  ($1,000,000)

     THIS COLLATERAL PLEDGE AND ESCROW AGREEMENT (the "Agreement") is made as of
this ___ day of December, 2000, by and among FLAGLER ON THE PARK, INC., a
Florida corporation ("FOTP"), FLAGLER MUTINY BAY, INC., a Florida corporation
("FMB"), SPECTRO REALTY, INC., a Delaware corporation ("Spectro") (FOTP, FMB and
Spectro are hereinafter referred to individually as a "Partner" and collectively
as the "Partners"), MUTINY ON THE PARK, LTD., a Florida limited partnership (the
"Debtor"), SONESTA COCONUT GROVE, INC., a Florida corporation (the "Secured
Party"), and GUNSTER, YOAKLEY & STEWART, P.A., a professional association (the
"Escrow Agent"), each with an address as set forth in Section 5 hereof.

     FOR AND IN CONSIDERATION of the sum of Ten ($10.00) Dollars each to the
other in hand paid, and for other good and valuable considerations, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree upon
the following terms and condition:

                                    T E R M S

     1. CREATION OF THE SECURITY INTEREST. To induce the Secured Party to extend
credit to the Debtor, which indebtedness is evidenced by a promissory note by
Debtor in the amount of One Million and No/100 Dollars (1,000,000.00) plus
interest thereon (the "Note"), which Note is attached hereto as EXHIBIT "B" and
incorporated herein by this reference, and to secure the prompt payment and
performance of Debtor's obligations under the Note and all reasonable costs,
fees, charges, expenses, including attorneys' fees incurred in enforcing the
Note (collectively the "Obligations"), the Partners (who hereby warrant and
represent to the Secured Party that they collectively own 100% of the
partnership interests in the Debtor as set forth in EXHIBIT A attached hereto)
hereby grant to Secured Party a continuing security interest in the collateral
described in paragraph 2 hereof (the "Collateral").

     2. COLLATERAL. The Collateral under this Agreement is the partnership
interests in the Debtor owned by each Partner and as more particularly set forth
in the attached hereto EXHIBIT "A" and incorporated herein by this reference
(the "Interests"). Each Partner has executed and delivered, in escrow, an
Assignment of Partner's Interest (individually an "Assignment" and collectively
the "Assignments"), which Assignments have been deposited with Escrow Agent
contemporaneously with the execution of this Agreement.

     3. DEFAULT. A default ("Default") under this Agreement shall exist upon the
occurrence of

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any one or more of the following: (a) any payment required to be made in
connection with the Note, the Obligations or this Agreement shall not be made
when due, and Debtor or the Partners shall fail to cure such default within
fifteen (15) days of receipt of written notice of the same; (b) the breach by
Debtor or the Partners of any other term, obligation or condition of this
Agreement or the Note, and the failure of Debtor or the Partners to remedy the
same within thirty (30) days of written notice by Secured Party advising of such
lack of compliance, provided, however, that if such default cannot be remedied
within such thirty (30) day period, Debtor or the Partners shall be permitted
additional time to effect such cure so long as the Debtor or the Partners shall
have promptly commenced and shall diligently prosecute such cure and the same is
capable of being cured; (c) the filing by Debtor or the Partners of any
voluntary petition seeking liquidation, reorganization, arrangement,
readjustment of debts or for any other relief under the U.S. Bankruptcy Code or
under any other act or law pertaining to insolvency or debtor relief, whether
state, federal or foreign, now or hereafter existing; or (d) the filing against
Debtor or the Partners of any involuntary petition seeking liquidation,
reorganization, arrangement, readjustment of debts or for any other relief under
the U.S. Bankruptcy Code or under any other act or law pertaining to insolvency
or debtor relief, whether state, federal or foreign, now or hereafter existing,
and the failure of the same to be dismissed within ninety (90) days of the
filling thereof.

     4. REMEDIES OF SECURED PARTY ON DEFAULT. Upon the occurrence of a Default
hereunder, the Secured Party shall have all rights and remedies at law or in
equity, including, without limitation those remedies provided by the Uniform
Commercial Code in the State of Florida which include (among others) the right
to sell the Collateral at public or private sale and to become the purchaser of
the Collateral at any such sale, free and clear of any claim, right or equity of
redemption, all of which are expressly waived and released by the Partners. For
purposes of any notice required to be given to dispose of all or any part of the
Collateral, seven (7) days' notice computed from the date of the giving of such
notice shall be reasonable and adequate.

     5. NOTICE. Any notice required to be given to any of the parties hereto
shall be effective when received and shall be made by: (a) first class postage
prepaid, registered or certified mail, return receipt requested, or (b)
overnight courier, provided delivery is evidenced by a written receipt, at the
following addresses or such other addresses as the parties may hereafter
designate in writing:

          To Secured Party:   SONESTA COCONUT GROVE, INC.
                              c/o Sonesta International Hotels Corporation
                              200 Clarendon Street
                              Boston, Massachusetts 02116
                              Attention:  Office of the Treasurer

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          To Partners:        FLAGLER ON THE PARK, INC.
                              2951 S. Bayshore Drive, Suite 217
                              Miami, Florida  33133
                              Attention: President

                              FLAGLER MUTINY BAY, INC.
                              2951 S. Bayshore Drive, Suite 217
                              Miami, Florida  33133
                              Attention: President

                              SPECTRO REALTY, INC.
                              C/O Stephen Rasch, Esq.
                              Loeb, Block & Partners
                              505 Park Ave., 9th Floor
                              New York, NY 10022

          To Debtor:          MUTINY ON THE PARK, LTD.
                              2951 S. Bayshore Drive, Suite 217
                              Miami, Florida  33133
                              Attention: General Partner

          To Escrow Agent:    Gunster, Yoakley & Stewart, P.A.
                              500 East Broward Boulevard, Suite 1400
                              Fort Lauderdale, FL 33394
                              Attention: Andrew S. Robins, Esq.

     6. RECEIPT OF COLLATERAL BY ESCROW AGENT. Escrow Agent hereby acknowledges
receipt of the Assignments, as Collateral. Escrow Agent further agrees to hold
the Assignments as Collateral hereunder and serve as Escrow Agent subject only
to the terms of this Agreement. No implied duties or obligations shall be read
into this Agreement against Escrow Agent.

     7. RELEASE AND DELIVERY OF ASSIGNMENT.

          7.1 The Escrow Agent shall release and deliver the Assignments to:

                   8.1.1 each Partner, with respect to its separate Assignment,

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                         immediately upon receipt of written notice from the
                         Secured Party (but signed by both the Secured Party and
                         the Partners) that the Note has been paid in full, that
                         any applicable preference periods under applicable
                         federal and state bankruptcy law have expired, that no
                         petition has been filed by or against the Partners or
                         the Debtor pursuant to applicable federal or state
                         bankruptcy law, and directing that the Assignments be
                         delivered to the Partners, or

                   8.1.2 each Partner, with respect to its separate Assignment,
                         on the tenth (10th) business day after receipt of
                         written notice (signed only by the Partners) that the
                         Note has been paid in full, that any applicable
                         preference periods under applicable federal and state
                         bankruptcy law have expired, that no petition has been
                         filed by or against the Partners or the Debtor pursuant
                         to applicable federal or state bankruptcy law, and
                         directing that the Assignments be delivered to the
                         Partners but only if (in the interim) the Secured Party
                         has not given the Escrow Agent written notice that any
                         of the foregoing conditions have not been satisfied, or

                   8.1.3 Secured Party immediately upon receipt of written
                         notice (signed by the Secured Party and Debtor) that
                         the Note is in Default and directing that the
                         Assignments be delivered to the Secured Party, or

                   7.1.4 Secured Party on the tenth (10th) business day after
                         the receipt of written notice (signed only by the
                         Secured Party) that the Note is in default and
                         directing that the Assignments be delivered to the
                         Secured Party but only (if in the interim) the Debtor
                         or the Partners have not given written notice to the
                         effect that the Note is not in Default.

               7.2  Upon delivery of the Assignments to Secured Party pursuant
                    to section 7.1.3 or 7.1.4 hereof, Secured Party (or its
                    permitted assignee(s) hereunder) shall accept the
                    Assignments, at which point the Assignments shall become
                    effective. If the Escrow Agent has received

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                    notice under subparagraph 7.1 above signed only by one
                    party, the Escrow Agent shall immediately notify the
                    non-signing parties, by both telephone and in writing, to
                    the effect that the other party has given written notice
                    directing that the Assignments be released from escrow on
                    the basis that the Note has been paid in full (and that any
                    applicable preference periods under applicable federal and
                    state bankruptcy law have expired and no petition has been
                    filed by or against the Partners or the Debtor pursuant to
                    applicable federal or state bankruptcy law), or a Default
                    exists under the Note, as the case may be.

               7.3  The Escrow Agent shall act as depository only and shall be
                    obligated to perform only the duties that are expressly set
                    forth herein. Escrow Agent shall not be under any obligation
                    to take any legal action in connection with the enforcement
                    of this Agreement. The Escrow Agent may act in reliance upon
                    any writing or instrument or signature which it, in good
                    faith, believes to be genuine, may assume the validity and
                    accuracy of any statements or assertions contained in such
                    writing or instrument, and may assume that any person
                    purporting to give any writing, notice, advice or
                    instruction in connection with the provisions hereof has
                    been duly authorized to do so. The Escrow Agent shall not be
                    liable in any manner for the sufficiency or correctness as
                    to form, manner of execution or validity of any written
                    instructions delivered to it, the sufficiency of the title
                    to the property to be conveyed, nor as to the identity,
                    authority, or rights of any person executing the same. The
                    duties of the Escrow Agent shall be limited to the
                    safekeeping of the Assignments and to disbursements of same
                    in accordance with the written instructions described
                    herein. The Escrow Agent undertakes to perform only such
                    duties as are expressly set forth herein, and no implied
                    duties or obligations shall be read into this Agreement
                    against the Escrow Agent. Upon the Escrow Agent's delivery
                    of the Assignments in accordance with the provisions hereof,
                    the escrow shall terminate, and the Escrow Agent shall
                    thereafter be released of all liability hereunder.

               8.1  The Escrow Agent may consult with counsel of its own choice
                    and shall have full and complete authorization and
                    protection for any action taken or suffered by it hereunder
                    in good faith and in accordance with the

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                    opinion of such counsel. The Escrow Agent shall otherwise
                    not be liable for any mistakes of fact or error of
                    judgement, or for any acts or omissions of any kind unless
                    caused by its willful misconduct or gross negligence, and
                    the parties hereto (jointly and severally) agree to
                    indemnify and hold the Escrow Agent harmless from any
                    claims, demands, causes of action, liability, damages,
                    judgements, including the cost of defending any action
                    against it, together with any reasonable attorney's fees
                    incurred therewith, in connection with Escrow Agent's
                    undertaking pursuant to the terms and conditions of this
                    Escrow Agreement, unless such act or omission is a result of
                    the willful misconduct or gross negligence of the Escrow
                    Agent. The Escrow Agent shall be vested with a lien on all
                    property deposited hereunder, for indemnification, for
                    attorneys' and accountants' fees, court costs, and any and
                    all expenses regarding any suit, interpleader or otherwise,
                    or any other expenses, fees or charges of any character or
                    nature which may be incurred by said Escrow Agent by reason
                    of disputes arising among the parties or by any one of them
                    to this escrow as to the correct interpretation of this
                    Agreement and instructions given to the Escrow Agent
                    hereunder, or otherwise, with the right of said Escrow
                    Agent, regardless of the instructions aforesaid, to hold the
                    Collateral and Assignment until and unless all of said
                    expenses, fees and charges shall be fully paid to the Escrow
                    Agent.

               8.2  In the event of disagreement about the interpretation of
                    this Agreement, or about the rights and obligations or the
                    propriety of any action contemplated by the Escrow Agent
                    hereunder, Escrow Agent may, at its sole discretion, file an
                    action in interpleader to resolve the said disagreement. The
                    parties hereby agree to jointly and severally indemnify and
                    hold Escrow Agent harmless from any fine, penalty, loss, or
                    liability arising out of or related to this Agreement, and
                    for all costs and expenses, including the fees and expenses
                    of counsel, incurred in connection with such Escrow Agent's
                    performance of the Escrow Agent's duties hereunder, except
                    in case of such Escrow Agent's own gross negligence or
                    willful misconduct; including reasonable attorney's fees, in
                    connection with the aforesaid interpleader action.

               8.1  The Escrow Agent may resign at any time upon the giving of
                    thirty (30)

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                    days written notice to the Secured Party, the Partners and
                    Debtor. Within said thirty (30) day period, the Secured
                    Party and Debtor shall have the sole right to appoint by a
                    writing signed by both parties, a successor Escrow Agent
                    upon notice to the Escrow Agent. Thereupon, the Assignment
                    may be transferred from the Escrow Agent to the successor
                    Escrow Agent. If a successor Escrow Agent is not appointed
                    by them within thirty (30) days after notice of
                    registration, the Escrow Agent may name a successor Escrow
                    Agent, and the Escrow Agent herein shall be fully relieved
                    of all liability under this Agreement to any and all
                    parties, upon the transfer of, and due accounting for, the
                    escrow deposits to the successor Escrow Agent designated
                    either by the Secured Party and Debtor or appointed by the
                    Escrow Agent.

               8.2  Nothing contained herein or any performance by the Escrow
                    Agent or any party hereunder shall impair or affect Escrow
                    Agent's ability and full right and authority to represent
                    the Debtor in connection with any matter (including, without
                    limitation, any interpleader action instituted by the Escrow
                    Agent arising from this Agreement), whether or not related
                    to the subject matter hereof, nor shall Escrow Agent's
                    agreement to act as Escrow Agent hereunder create any
                    impropriety or conflict of interest (or any appearance
                    thereof) in connection with Escrow Agent's representation of
                    the Debtor. For the purposes of avoidance of any doubt,
                    Secured Party hereby expressly waives any claim of conflict
                    of interest against Escrow Agent arising from its status as
                    escrow agent hereunder.

8.   MISCELLANEOUS.

               8.1  The terms "Secured Party," "Partners" and "Debtor," as used
                    in this Agreement shall include their respective
                    transferees, heirs, legal representatives, successors and
                    assigns. Secured Party shall have the right to assign this
                    Agreement (including, without limitation, any specific
                    rights herein) to any affiliate of the Secured Party or any
                    entity controlled by the Secured Party without the consent
                    of, or notice to, the Partners or Debtor.

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               8.2  If either the Secured Party, the Partners or the Debtor is
                    required to enforce or defend under this Agreement, all of
                    the costs incurred by the Secured Party, Partners or the
                    Debtor, as the case may be, including reasonable attorney's
                    fees, shall be paid by the non-prevailing party. All costs
                    and expenses of the Escrow Agent hereunder shall be paid by
                    both the Debtor and the Secured Party in equal amounts,
                    provided that if any of such costs and/or expenses of the
                    Escrow Agent are incurred as a result of actions of any
                    party hereto which are contrary to the terms of this
                    Agreement, such party shall be responsible for such costs
                    and/or expenses.

               8.3  Upon payment or other satisfaction in full of all
                    Obligations of the Debtor to the Secured Party and the
                    expiration of any applicable preference periods under
                    applicable federal and state bankruptcy law provided that no
                    petition has been filed by or against the Partners or the
                    Debtor pursuant to applicable federal or state bankruptcy
                    law, the security interest herein granted shall terminate
                    and Secured Party shall cause the transfer and delivery of
                    the Assignments held by Escrow Agent hereunder to each of
                    the Partners to whom each Assignment relates free and clear
                    of this Agreement and the security interest granted
                    hereunder.

               8.4  Wherever used herein, the singular shall include the plural
                    and the plural shall include the singular, and the use of
                    the masculine, feminine or neuter gender shall include the
                    use of any other gender where applicable.

               8.5  This Agreement may be executed in counterparts, each of
                    which shall be deemed an original, but all of which taken
                    together shall constitute one and the same instrument.

               8.6  If any term or provision of this Agreement or the
                    application thereof to any person or circumstances shall, to
                    any extent, be held invalid or unenforceable, the remainder
                    of this Agreement, or the application of such term or
                    provision to persons or circumstances other than those as to
                    which it is held invalid or unenforceable, shall not be
                    affected thereby, and such term and provision of this
                    Agreement shall be valid

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                    and be enforceable to the fullest extent provided by law.

               8.7  This Agreement, the Note, and all other documents to which
                    reference is made herein, constitute the entire and complete
                    Agreement of the parties hereto, and supersede any prior
                    agreements, arrangements or understandings relating to the
                    subject matter hereof, and may not be amended, modified,
                    superseded or canceled unless in writing and executed by the
                    Debtor, Secured Party, and Escrow Agent; or, in the case of
                    a party waiving compliance, executed by the waiving party
                    and shall be binding upon and inure to the benefit of, and
                    be enforceable by, the parties hereto and their respective
                    heirs-at-law, legatees, distributees, executors,
                    administrators, successors and assigns and other legal
                    representatives. Any agreement hereafter made shall be
                    ineffective to change, modify, waive, release, discharge,
                    terminate or effect an abandonment of this Agreement, in
                    whole or in part, unless such agreement is in writing and
                    signed by the party against whom enforcement of the change,
                    modification, waiver, release discharge, termination or the
                    effecting of the abandonment is sought.

               8.8  The parties hereto agree that they will execute and/or
                    endorse and deliver to the others any documents reasonably
                    requested by the others including but not limited to any
                    financing statement required to perfect Secured Party's
                    security interest and do all other things which are or may
                    become necessary to fully effectuate the intent of this
                    Agreement. Simultaneously with the execution of this
                    Agreement, the Debtor, the Partners and the Secured Party
                    shall execute a UCC-1 financing statement, which shall be
                    filed with the Florida Secretary of State and any other
                    office, as appropriate to perfect Secured Party's security
                    interest in the Collateral.

               8.9  This Agreement shall be governed by and in all respects
                    construed in accordance with the laws of the State of
                    Florida.

               8.10 The parties hereto agree that, in the event of a breach by
                    any party of any of the terms and conditions of this
                    Agreement, the calculation of money damages would be
                    impossible or difficult of determination. The parties hereby
                    specifically agree that in the event of any actual,

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                    pending or threatened breach of such terms and conditions,
                    each party shall have the right to seek any and all
                    equitable relief as it, in its sole discretion, may
                    determine, including, but not by way of limitation, the
                    right of a temporary or permanent order restraining any
                    action contrary to the provisions of this Agreement or to
                    the intention of the parties represented herein. Any party
                    against whom such action or proceeding is brought hereby
                    waives the claim or defense therein that such party bringing
                    any such action or proceeding is brought shall not urge in
                    any such action or proceeding the claim or defense that such
                    remedy at law exists.

     IN WITNESS WHEREOF, the parties hereto and the Escrow Agent have entered
into this Agreement on the date first set forth above.

                                       SECURED PARTY:

                                       SONESTA COCONUT GROVE, INC.

                                       By: /s/
                                              --------------------------
                                       Name:
                                              --------------------------
                                       Title:
                                              --------------------------

                                       DEBTOR:

                                       MUTINY ON THE PARK, LTD.

                                       By:  Flagler on the Park, Inc., its sole
                                            general partner

                                               By: /s/ Ricardo Dunin
                                                      -------------------------
                                                       Ricardo Dunin, President

                                       THE PARTNERS:

                                       FLAGLER ON THE PARK, INC.

                                       By: /s/ Ricardo Dunin
                                              ---------------------------------
                                               Ricardo Dunin, President

                                       FLAGLER MUTINY BAY, INC.

                                       By: /s/ Ricardo Dunin
                                              ---------------------------------
                                               Ricardo Dunin, President

                                                                             104
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                                       SPECTRO REALTY, INC.

                                       By: /s/
                                              --------------------------
                                       Name:
                                              --------------------------
                                       Title:
                                              --------------------------

                                       ESCROW AGENT:

                                       GUNSTER, YOAKLEY & STEWART, P.A.

                                       By: /s/
                                              --------------------------
                                       Name:
                                              --------------------------
                                       Title:
                                              --------------------------

                                                                             105
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                                   EXHIBIT "A"

          PARTNER                       PERCENTAGE INTEREST

          Flagler on the Park, Inc.     1% (General Partner)

          Flagler Mutiny Bay, Inc.      52.625% (Limited Partner)

          Spectro Realty, Inc.          46.375% (Limited Partner)

                                                                             106

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