Document:

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                                                                 EXHIBIT 10.1(c)
                             INTERCREDITOR AGREEMENT

     This INTERCREDITOR AGREEMENT (the "AGREEMENT") is entered into as of the
____ day of December, 2000 by and between RICARDO DUNIN BORKOWSKY ("DUNIN"),
SONESTA COCONUT GROVE, INC. ("SONESTA"), and MUTINY ON THE PARK, LTD. ("OWNER")

                                   RECITALS:

     A. Dunin has provided certain credit to Owner in the maximum aggregate
amount of Two Million Seven Hundred Thousand and No/100 ($2,700,000.00) Dollars
(the "RICARDO DUNIN LOAN"), which Ricardo Dunin Loan is secured by one or more
collateral assignments of the partnership interests in the Owner (the
"COLLATERAL"; the "SECOND PRIORITY ASSIGNMENT OF PARTNERSHIP INTERESTS").

     B. Sonesta has provided financing in the aggregate amount of up to Five
Million and No/100 ($5,000,000.00) Dollars to the Owner (the "SONESTA LOANS")
which are secured in part by two separate collateral assignments of the
partnership interests in the Owner (being the same as the "Collateral" described
in Recital A, above), the first of which secures the sum of up to One Million
and No/100 ($1,000,000.00) Dollars of principal to be funded by Sonesta,
together with interest accrued and unpaid thereon (the "FIRST PRIORITY
ASSIGNMENT OF PARTNERSHIP INTERESTS") and the second of which shall secure any
other amounts funded by Sonesta in connection with the Loans (the "THIRD
PRIORITY ASSIGNMENT OF PARTNERSHIP INTERESTS").

     NOW, THEREFORE, in order to clarify the relative priorities between Dunin
and Sonesta and the rights which each shall have with respect to the exercise of
rights against the Collateral, the parties hereto agree as follows:

     1. INCORPORATION BY REFERENCE. The matters set forth in the recitals to
this Agreement are affirmed and incorporated by this reference herein.

     2. CERTAIN DEFINITIONS. The First Priority Assignment of Partnership
Interests, the Second Priority Assignment of Partnership Interests and the Third
Priority Assignment of Partnership Interests are sometimes hereinafter referred
to individually as a "COLLATERAL ASSIGNMENT" and collectively as the "COLLATERAL
Assignments" and any holder of such Collateral Assignment is hereinafter
referred to as a "COLLATERAL ASSIGNEE". For the purpose of this Agreement the
First Priority Assignment of Partnership Interests shall be deemed to be
superior to the Second Priority Assignment of Partnership Interests and the
Third Priority Assignment of Partnership Interests and the Second Priority
Assignment of Partnership Interests shall be deemed to be superior to the Third
Priority Assignment of Partnership Interests. Such designations are for the
purpose of description only and shall not affect the rights of the holders of
such Collateral Assignments with respect to each other.

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     3. BENEFICIARIES OF THIS AGREEMENT. Nothing contained in this Agreement is
intended to affect or limit, in any way, the security interests that each of
Dunin and Sonesta has in any of the Collateral, insofar as the rights of Owner
and third parties are involved. Dunin and Sonesta specifically reserve all
respective rights, security interests, and rights to assert security interests
against Owner.

     4. NOTICE OF DEFAULT; RIGHT TO CURE. Sonesta and Dunin agree to provide
copies of any notices of default in connection with the Ricardo Dunin Loan and
the Sonesta Loans, respectively, contemporaneously with the delivery of such
notice to the Owner and further acknowledge that each shall have an opportunity
to cure such default for a period of fifteen (15) days following the expiration
of the Owner=s opportunity to cure such default, as set forth in the default
notice. Neither Dunin nor Sonesta shall take possession of, foreclose upon, or
exercise any other right or remedy with respect to the Collateral, judicially or
non-judicially, and with or without the consent of Owner, without first
providing the other party an opportunity to cure the default upon which such
actions are based.

     5. SUBORDINATION.

          a. Dunin and Sonesta hereby acknowledge, for themselves and any
assignee, successor or assign of their respective interests in the Collateral,
that the rights of each holder of an interest in the Collateral, relative to
competing or conflicting rights of other holders of an interest in the
Collateral, shall be governed by this Intercreditor Agreement.

          b. Dunin and Sonesta agree that upon a liquidation of the Collateral,
the proceeds of such liquidation shall be applied first to the obligations
(including interest on any such obligations, if applicable) secured by the First
Priority Assignment of Partnership Interests, thereafter to the extent of
remaining proceeds, to the obligations (including interest on any such
obligations, if applicable) secured by the Second Priority Assignment of
Partnership Interests, and thereafter to the extent of remaining proceeds, to
the obligations (including interest on any such obligations, if applicable)
secured by the Third Priority Assignment of Partnership Interests; provided,
however, that to the extent Dunin is personally obligated to Sonesta under a
written guaranty, the terms of that guaranty shall not be affected by, and shall
have precedence over, the foregoing provisions of this Section.

          c. Notwithstanding the right of a collateral assignee of an interest
in the Collateral to exercise its rights to foreclose such assignment pursuant
to the applicable loan documents:

               i.   such Collateral Assignee shall be required to first pay in
                    full the obligations secured by any superior lien with
                    respect to the Collateral,

               ii.  any junior lien with respect to the Collateral shall be
                    unaffected by the exercise of rights against the Collateral
                    by a senior lien holder and shall not be extinguished by
                    virtue of the exercise of such rights, and

               iii. An obligation of the Owner that is secured by a lien against
                    the Collateral

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                    shall not be impaired by the exercise of rights against the
                    Collateral by a superior lien holder.

          d. This Intercreditor Agreement shall be incorporated by reference in
each UCC-1 Financing Statement filed in connection with any of the Collateral
Assignments such that third parties shall be on notice of the priorities
established herein. Each of the terms and conditions of this Agreement shall
bind any purchaser of the Collateral through a judicial or non-judicial sale or
otherwise.

          e. In the event that title to the Collateral is acquired by a party
that is also the holder of legal or beneficial title to a Collateral Assignment,
the rights of such party as Collateral Assignee shall not merge into the
ownership interest in the Collateral or be extinguished or impaired as a result
thereof.

     6. DISTRIBUTIONS IN LIQUIDATION AND BANKRUPTCY. This Agreement shall be
enforceable both before and after the commencement, whether voluntary or
involuntary, of any case by or against Owner under the Federal Bankruptcy Code
or any state bankruptcy, insolvency or similar law, and all references herein to
Owner shall be deemed to apply to the owner of the partnership interests that
comprise the Collateral as a debtor-in-possession and to any trustee in
bankruptcy for the estate of the owner of such Collateral.

     7. NO COMMITMENT TO PROVIDE ADDITIONAL FINANCING. This Agreement shall not
be construed in any fashion as a commitment or agreement by any party hereto to
continue, extend or modify the financing arrangements with Owner.

     8. SUCCESSORS AND ASSIGNS. All of the terms, covenants, and conditions
herein contained shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns.

     9. NO CHALLENGE TO LIENS. Except as provided herein, no party hereto shall
contest the validity, perfection, priority, or enforceability of any lien or
security interest granted by Owner to the other party hereto, and each party
agrees to cooperate in the defense of any action contesting the validity,
perfection, priority, or enforceability of any such lien or security interest at
the cost of the party defending such action.

     10. REINSTATEMENT. If, after payment in full of the obligations to either
Dunin or Sonesta that are secured by the Collateral, Owner thereafter becomes
liable to either party on account of such obligations, or any payment made
thereon shall be required to be returned or refunded by virtue of a claim of
preference or fraudulent transfer or a comparable claim, this Agreement shall
thereupon in all respects become effective with respect to such subsequent or
reinstated obligations, without the necessity of any further act or agreement
between the parties.

     11. NOTICES. All notices to Dunin shall be addressed to Dunin at 2951 S.
Bayshore Drive, Suite 217, Miami, Florida 33133, or to such other place as may
be designated by written notice to Sonesta. All notices to Sonesta shall be
addressed to Sonesta at c/o Sonesta International Hotels Corporation, 200
Clarendon Street, Boston, Massachusetts 02116, Attention: Office of the
Treasurer, or to such other place as may be designated by written notice to
Owner. Notice shall be sufficient if given by (i) registered mail, postage

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prepaid, return receipt requested, or (ii) by overnight courier, provided
delivery is evidenced by a written receipt. Notices hereunder shall be addressed
to the party at its address as described above, and shall be effective when
received. Unless otherwise notified in writing, each party shall direct all sums
payable to the other party at its address for notice purposes.

     12. INTEGRATION. All of the understandings, agreements, representations,
and warranties contained herein are solely for the benefit of Dunin and Sonesta,
and there are no other parties (including without limitation Owner) who are
intended to be benefitted in any way by this Agreement.

     13. RELATIONSHIP OF PARTIES. The Parties are in no manner to be construed
to be partners or joint venturers or to have any other legal relationship other
than as expressly set forth in the written agreements between them. The parties
each agrees to execute all such documents and instruments and take all such
actions as either party hereto shall reasonably request to carry out the
purposes of this Agreement.

     14. MISCELLANEOUS. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida. Unless the context otherwise
requires, all terms used herein which are defined in the Uniform Commercial Code
as adopted in the State of Florida shall have the meanings therein stated. This
Agreement may be amended only in a writing signed by the party or parties to be
bound thereby. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes any and all
oral or written agreements or understandings between the parties pertaining to
such subject matter. If any party brings any action or proceeding to enforce,
protect, or establish any right or remedy provided for herein, the prevailing
party or parties shall be entitled to recover reasonable attorneys= fees and
costs. Unless otherwise provided for in this Agreement, all notices or demands
by any party relating to this Agreement shall be in writing and sent by regular
United States mail, postage prepaid, properly addressed to the other party at
the address shown above or to such other address as any party may from time to
time specify to the other in writing or otherwise actually delivered to the
other party. This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which taken together shall constitute one and
the same Agreement.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers or representatives, thereunto duly
authorized, as of the date first above written.

                                       /s/ RICARDO DUNIN BORKOWSKY
                                          --------------------------------------
                                       RICARDO DUNIN BORKOWSKY

                                       SONESTA COCONUT GROVE, INC.

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

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                                       MUTINY ON THE PARK, LTD.

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

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

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JOINDER OF SEAGULL INVESTMENTS HOLDINGS, LTD.:

Seagull Investments Holdings, LTD. ("SEAGULL"), as collateral assignee of the
Second Priority Assignment of Partnership Interests from Dunin pursuant to that
certain Collateral Pledge and Escrow Agreement dated as of ________________,
2000 by and among Seagull, Dunin and Escrow Agent, does hereby join into this
Agreement for the purpose of: (a) acknowledging the rights and obligations of
Dunin to Sonesta and Owner with respect to the Ricardo Dunin Loan and the Second
Priority Assignment of Partnership Interests as the same are set forth in this
Agreement, and (b) agreeing to be bound by the terms of this Agreement as they
relate to the Ricardo Dunin Loan and the Second Priority Assignment of
Partnership Interests in the event that Seagull receives an absolute assignment
of the Ricardo Dunin Loan and/or the Second Priority Assignment of Partnership
Interests.

SEAGULL INVESTMENTS HOLDINGS, LTD.

BY: /s/
       ----------------------------------------------
NAME:
     ------------------------------------------------
TITLE:
      -----------------------------------------------
                                                                              90<Page>
                                                                 EXHIBIT 10.1(d)

                                 PROMISSORY NOTE

Facility:    PRE-OPENING LOAN

Amount:      $1,000,000.00

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 One Million and
No/100 Dollars ($1,000,000.00), (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

This Facility shall bear no interest, except that in the event that the
principal amount that would otherwise have been repaid to Payee pursuant to the
terms of the paragraph entitled "Pre-Opening Loan" of the Loan Term Sheet
(defined below) is reduced as a result of payments for equipment lease charges
as permitted Expenses under Section 1.12(o) of the Management Agreement (defined
below), interest shall accrue at the prime or base rate quoted by Citibank, N.A,
plus seventy-five (75) basis points (the "Interest Rate"), adjusted on a monthly
basis, and shall be payable by Owner with respect to that portion of the
principal amount of the Facility that would have been repaid if the payments for
such equipment lease charges had not been made.

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.

The term "Loan Term Sheet" shall mean and refer to that certain loan term sheet
attached as Exhibit 1.22 to that certain Management Agreement dated December __,
2000 between Owner and Payee (the "Management Agreement"), a copy of the Loan
Term Sheet is attached hereto as Schedule A and incorporated herein by this
reference.

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 of the Loan Term Sheet.

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

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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), 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 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:
                                                --------------------------------

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