Document:

Guaranty Agreement

 Exhibit 10.3 
 This instrument prepared by: 
 MARK A. JACOBS, Esq 
 BERGMAN AND JACOBS, P.A. 
 2001 Hollywood Boulevard, Suite 200 
 Hollywood, Fl. 33020 
 GUARANTY AGREEMENT 
 IMPROVED PROPERTY LOCATED IN FLORIDA 
 THIS GUARANTY AGREEMENT is made this
     day of October, 2008, by: 
 THE PBSJ CORPORATION, a Florida corporation (“GUARANTOR,” and if more
than one, then, collectively and jointly and severally, the “GUARANTOR”) 
  

			
	 Mailing Address:
	 	 9095 S.W. 87th Avenue, Suite 777
 Miami, Fl. 33176

 AND 
 SUNTRUST
BANK 
 a State Bank organized under the laws of Georgia 
  

			
	 Mailing Address:
	 	 777 Brickell Avenue
 Miami, Fl.
33131

 (“LENDER,” such term to include subsequent holders, if any, of the Promissory Note(s) which this
Guaranty secures, unless the context requires otherwise), concerning the obligations of: POST, BUCKLEY, SCHUH & JERNIGAN, INC., a Florida corporation (“BORROWER”). 
 RECITALS OF FACT: 
 A. POST,
BUCKLEY, SCHUH & JERNIGAN, INC., a Florida corporation (“MORTGAGOR”) is the owner of certain real property located in the State of Florida which is legally described in Exhibit “A” attached hereto and
made a part hereof, the improvements thereon, and all personal property used in connection therewith (hereinafter collectively the “PROPERTY”). 
 B. LENDER previously provided to BORROWER financing and BORROWER provided to LENDER a mortgage on the PROPERTY and in connection therewith the BORROWER and MORTGAGOR
and GUARANTOR executed and delivered to LENDER loan documents, including but not limited to, the following: 
 i) that certain
Promissory Note dated March 19, 2001 in the original principal amount of $9,000,000.00. 
  

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 ii) a Mortgage, Security Agreement and Assignment of Leases, Rents, and Profits (“Mortgage”)
dated March 19, 2001, recorded March 21, 2001 in Official Records Book 6218 at Page 4333 of the Public Records of Orange County, Florida. 
 iii) an Assignment of Leases, Rents and Profits dated March 19, 2001, recorded March 21, 2001 in Official Records Book 6218 at Page 4368 of the Public Records of Orange County, Florida. 
 iv) a Guaranty Agreement dated March 19, 2001 from the GUARANTOR. 
 v) all other related loan documents. 
 C. The BORROWER has requested a future advance in the amount
of SEVEN MILLION TWO HUNDRED FORTY SIX THOUSAND ONE HUNDRED ELEVEN DOLLARS AND EIGHTY NINE CENTS ($7,246,111.89), pursuant to the terms of the Mortgage. 
 D. LENDER is providing to BORROWER the future advance which shall be secured by the PROPERTY and BORROWER, in connection therewith, has executed (i) the Future Advance Promissory Note
in the principal amount of $7,246,111.89, (ii) the Consolidated Renewal Promissory Note in the amount of $13,600,000.00 that consolidates and renews the Future Advance Promissory Note and the Promissory Note (hereinafter the “Note”)
and (iii) a Future Advance, Note and Mortgage Modification Agreement, and (iv) certain other documents creating liens, granting security interests, or otherwise evidencing or securing the loan (hereinafter the “Loan”) by
LENDER to BORROWER (all of which such documents, whether or not listed in the preceding sentence, are hereinafter collectively referred to as the “Loan Documents”). 
 E. LENDER has required a guaranty of the Loan by GUARANTOR and the LENDER would not make the Loan but for the guaranty of
GUARANTOR. 
 F. The GUARANTOR and the BORROWER’s business interest are closely intertwined or GUARANTOR has
a substantial ownership interest in BORROWER; accordingly, the GUARANTOR will substantially benefit from any credit extensions by the LENDER to the BORROWER. 
 G. In consideration of the substantial benefits flowing to GUARANTOR by virtue of the Loan, GUARANTOR has agreed to fully guarantee any and
all debts, obligations and liabilities of the BORROWER arising from the Note and the other Loan Documents, and GUARANTOR wishes to set forth its guaranty in writing for the benefit of LENDER. 
 NOW THEREFORE, in consideration of LENDER’s agreement to make the Loan to BORROWER; in consideration of the terms, covenants and
provisions of the Loan Documents; pursuant to the requirement of LENDER; and with the understanding and agreement on the part of GUARANTOR that the Loan and other financial accommodations granted by LENDER to BORROWER are
and will be of direct interest, benefit and advantage to GUARANTOR and that the Loan and other financial accommodations granted by LENDER to BORROWER would not be made or granted in the absence of this Guaranty, GUARANTOR
hereby agrees that the foregoing recitals are true and correct and incorporated herein by this reference, and further states and agrees as follows: 
  

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 1. Request to Make Loan. GUARANTOR hereby requests LENDER to make the Loan to
BORROWER and to extend credit, to permit credit to remain outstanding and to give financial accommodations to BORROWER, as BORROWER may desire and as LENDER may grant, from time to time, whether to the BORROWER
alone or to the BORROWER and others, and specifically to make the Loan described in the Loan Documents. 
 2. Guaranty.

 2.1. GUARANTOR hereby absolutely, unconditionally, irrevocably and jointly and severally guarantees, full and punctual payment and
performance when due, whether at stated maturity, by acceleration or otherwise, and at all times thereafter, of (a) all principal, interest and any other charges due on the Note as the same may be extended, renewed or modified; (b) all
obligations, covenants, and indebtedness arising under any of the Loan Documents, including all other Financial Contract Obligations, as defined in the Loan Documents, and (c) all expenses incurred by LENDER in the enforcement and
collection of any of the liabilities or other indebtedness now or hereafter owed by BORROWER to LENDER, the enforcement of all rights and remedies under the Loan Documents or any other security therefor or the enforcement of any
LENDER’s rights under this Guaranty Agreement or under any of the Loan Documents (all of the above are hereinafter collectively referred to as the “Liabilities”). 
 2.2. Upon the request of LENDER, GUARANTOR shall immediately pay or perform the Liabilities when they or any of them become due under the
terms of any of the Loan Documents. Any amounts received by LENDER from any sources and applied by LENDER towards the payment of the Liabilities shall be applied in such order of application as LENDER may from time to time elect
in its sole discretion. All Liabilities shall conclusively be presumed to have been created, extended, contracted, or incurred by LENDER in reliance upon this Guaranty and all dealings between BORROWER and LENDER shall likewise
be presumed to be in reliance upon this Guaranty. 
 2.3. It is the intention of the GUARANTOR and the LENDER that the
GUARANTOR’s obligations hereunder shall be in, but not in excess of, the maximum amount (the “Maximum Guaranty Liability”) permitted by applicable law governing bankruptcy, reorganization, arrangement, adjustment of debts,
relief of debtors, dissolution, insolvency or other similar laws applicable to the GUARANTOR (“Applicable Law”). To that end, but only if and to the extent such obligations would otherwise be subject to avoidance under Applicable
Law, the GUARANTOR’s obligations hereunder shall be reduced to the maximum amount which, after giving effect thereto, would not, under Applicable Law, render such obligations unenforceable or avoidable under Applicable Law. In no event,
however, shall the Maximum Guaranty Liability be reduced to an amount less than the amount the LENDER would be entitled to enforce under Applicable Law (e.g., 11 U.S.C. §548 (c)) by virtue of LENDER’s having given value to
the GUARANTOR in exchange for the Liabilities. This §2.3 is intended solely to preserve the rights of the LENDER hereunder to the maximum extent permitted by Applicable Law and neither the GUARANTOR nor any other person
shall have any right or claim under this §2.3 that would not otherwise be available under Applicable Law. 
  

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 3. Renewals, Extensions, and Releases. GUARANTOR hereby agrees and consents that, without
notice to or further consent by GUARANTOR, the obligations of BORROWER or any other party for the Liabilities may be renewed, extended, modified, accelerated or released by LENDER as LENDER may deem advisable in its sole
discretion and that any collateral which the LENDER may hold or in which the LENDER may have an interest may be exchanged, sold, released or surrendered by it, as it may deem advisable in its sole discretion, without impairing or
affecting the obligations of GUARANTOR hereunder in any way whatsoever. 
 4. Waivers. 
 4.1 GUARANTOR hereby waives each of the following: 
 (a) any and all notice of the acceptance of this Guaranty or of the creation, renewal or accrual of any Liabilities, present or future; 
 (b) the reliance of LENDER upon this Guaranty; 
 (c) notice of the existence or creation of any Loan
Document or of any of the Liabilities; 
 (d) protest, presentment, demand for payment, notice of default or nonpayment and notice of
dishonor to or upon GUARANTOR, BORROWER or any other party liable for any of the Liabilities; 
 (e) any and all other notices
or formalities to which GUARANTOR may otherwise be entitled, including notice of LENDER’s granting the BORROWER any indulgences or extensions of time on payment of any of the Liabilities; and 
 (f) promptness in making any claim or demand hereunder. 
 4.2 No delay or failure on the part of the LENDER in the exercise of any right or remedy against either BORROWER or GUARANTOR, or any other party against whom LENDER may have any right,
shall operate as a waiver thereof, and no single or partial exercise by LENDER of any right or remedy herein shall preclude other or further exercise thereof or the exercise of any other right or remedy whether contained herein or in the Note
or any of the other Loan Documents. No action of LENDER permitted hereunder shall in any way impair or affect this Guaranty. 
 4.3
GUARANTOR acknowledges and agrees that GUARANTOR shall be and remain absolutely and unconditionally liable for the full amount of all Liabilities notwithstanding any of the following, and expressly waives the right to assert any
defenses, set-off or counterclaims with respect thereto as to: 
 (a) Any or all of the Liabilities being or hereafter becoming invalid or
otherwise unenforceable for any reason whatsoever or being or hereafter becoming released or discharged, in whole or in part, whether pursuant to a proceeding under any bankruptcy or insolvency laws or otherwise wherein GUARANTOR,
BORROWER, any general partner thereof, or any other party to the Loan is involved; or 
  

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 (b) LENDER failing or delaying to properly perfect or continue the perfection of any security
interest in or lien on any property which secures any of the Liabilities, or to protect the property covered by such security interest or enforce its rights respecting such property or security interest; or 
 (c) LENDER failing to give notice of any disposition of any property serving as collateral for any Liabilities or failing to dispose of such
collateral in a commercially reasonable manner; or 
 (d) Any changes in the name, legal entity or structure of BORROWER, or any
termination, death or dissolution of BORROWER or GUARANTOR as may be applicable; or 
 (e) Any changes in
GUARANTOR’S status or relationship with BORROWER, whether by employment, GUARANTOR’S holdings in BORROWER, or otherwise; or 
 (f) Any other circumstance which might otherwise constitute a defense. 
 5. Guaranty of Payment.
GUARANTOR agrees that their liability hereunder is primary, absolute and unconditional without regard to the liability of any other party. This Guaranty shall be construed as an absolute, irrevocable and unconditional guaranty of payment and
performance (and not a guaranty of collection), without regard to the validity, regularity or enforceability of any of the Liabilities. 
 6.
Guaranty Effective Regardless of Collateral. This Guaranty is made and shall continue as to any and all Liabilities without regard to any liens or security interests in any collateral; the validity, effectiveness or enforcability of such
liens or security interests; or the existence or validity of any other guaranties or rights of LENDER against any other obligors. Any and all such collateral, security, guaranties, and rights against other obligors, if any, may from time to
time without notice to or consent of GUARANTOR, be granted, sold, released, surrendered, exchanged, settled, compromised, waived, subordinated or modified, with or without consideration, on such terms or conditions as may be acceptable to
LENDER, without in any manner affecting or impairing the liabilities of GUARANTOR. 
 7. Additional Credit. Credit or
financial accommodations may be granted or continued from time to time by LENDER to BORROWER regardless of BORROWER’s financial or other condition at the time of any such grant or continuation, without notice to or
the consent of GUARANTOR and without affecting GUARANTOR’S obligations hereunder. LENDER shall have no obligation to disclose or discuss with GUARANTOR its assessment of the financial condition of BORROWER.

 8. Rescission of Payments. If at any time payment of any of the Liabilities or any part thereof is rescinded or must otherwise be
restored or returned by LENDER upon the insolvency, bankruptcy or reorganization of BORROWER or under any other circumstances whatsoever, this Guaranty shall continue to be effective or shall (if previously terminated) be reinstated,
as the case may be, as if such payment had not been made. 
  

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 9. Subrogation. GUARANTOR will not exercise any rights which GUARANTOR may have
acquired by way of subrogation under this Guaranty, whether acquired by any payment made hereunder or otherwise, unless and until all of the Liabilities have been fully paid. If any payment is made by any person to GUARANTOR on account of
such subrogation rights at any time when all of the Liabilities have not been paid in full, then GUARANTOR will promptly pay any amount so paid to the LENDER to be applied to any of the Liabilities, whether matured or unmatured, in
such order and according to such priority as LENDER may in its sole discretion determine. 
 10. Collateral. As security for
this Guaranty and for any other obligations or liabilities (present or future, absolute or contingent, due or not due) of GUARANTOR to LENDER, GUARANTOR hereby grants to LENDER a continuing security interest and lien upon
all property of GUARANTOR now or at any time hereafter in the possession or custody of LENDER for any purpose (including property left in safekeeping or custody), and also upon any deposits or accounts with or any credit or claim of
the GUARANTOR against LENDER, existing now or at any time hereafter. LENDER is hereby irrevocably and unconditionally authorized and empowered, upon the occurrence of any Event of Default as defined in the Note, to appropriate,
seize, foreclose upon, and apply to the payment of the Liabilities, any and all funds, property, securities, deposits, claims or credit balances without demand, advertisement or notice, all of which are hereby expressly waived by GUARANTOR.
GUARANTOR agrees to preserve, protect and maintain such collateral and hereby permits LENDER to, any time, take any action it may deem reasonably necessary or appropriate for the care of preservation of such property or of any rights
of GUARANTOR therein. 
 11. Independent Obligations. The obligations of GUARANTOR are independent of the obligations of
BORROWER, and a separate action or actions for payment, damages or performance may be brought and prosecuted against GUARANTOR, whether or not an action is brought against BORROWER or the security for BORROWER’S
obligations, and whether or not BORROWER is joined in any such action or actions. GUARANTOR expressly waives any requirement that LENDER institute suit against BORROWER or any other persons, or exercise or exhaust its
remedies or rights against BORROWER or against any other person, other guarantors, or other collateral securing all or any part of the Liabilities, prior to enforcing any rights LENDER has under this Guaranty or otherwise.
LENDER may pursue all or any such remedies at one or more different times without in any way impairing its rights or remedies hereunder. GUARANTOR hereby further waives the benefit of any statute of limitations affecting their
liabilities hereunder or the enforcement hereof. 
 12. Transfer of Liabilities. LENDER may, without notice of any kind, sell,
assign or transfer all or any of the Liabilities. In any such event each and every immediate and successive assignee, transferee, or holder of all or any of the Liabilities shall have the full right to enforce this Guaranty by suit or otherwise, for
the benefit of such assignee, transferee or holder as fully as if such assignee, 

  

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transferee or holder were herein by name specifically given such right, powers and benefits. LENDER shall have an unimpaired right, prior and superior
to that of any such assignee, transferee or holder, to enforce this Guaranty for the benefit of LENDER, with regard to those Liabilities which LENDER has not sold, assigned or transferred. 
 13. Subordination of Indebtedness of BORROWER to GUARANTOR and Incurrence of Additional Debt. Any indebtedness of BORROWER to
GUARANTOR now or hereafter existing is hereby subordinated to the prior payment in full of the Liabilities. GUARANTOR agrees that, until the Liabilities have been paid in full, GUARANTOR will not seek, accept or retain for
GUARANTOR’S own account, any payment (whether for principal, interest or otherwise) from BORROWER on account of such subordinated debt. Any payments to GUARANTOR on account of such subordinated debt shall be collected and
received by GUARANTOR in trust for LENDER and shall be paid over to LENDER on account of the Liabilities without impairing or releasing the obligations of GUARANTOR hereunder. GUARANTOR hereby unconditionally and
irrevocably agrees that: 
 (a) GUARANTOR will not at any time assert against BORROWER (or BORROWER’s estate in the
event that BORROWER becomes the subject of any case or proceeding under any federal or state bankruptcy or insolvency laws) any right or claim to indemnification, reimbursement, contribution or payment for or with respect to any and all
amounts GUARANTOR may pay or be obligated to pay LENDER, including, without limitation, the Liabilities, and any and all obligations which GUARANTOR may perform, satisfy or discharge, under or with respect to the Guaranty, and

 (b) GUARANTOR waives and releases all such rights and claims to indemnification, reimbursement, contribution or payment which
GUARANTOR may have now or at any time against BORROWER (or BORROWER’S estate in the event that BORROWER becomes the subject of any case or proceeding under any federal or state bankruptcy or insolvency laws).

 14. Successors and Assigns. LENDER may assign this Guaranty Agreement and all or any of its rights, privileges, interests
and remedies hereunder to any other person or entity whatsoever without notice to or consent by GUARANTOR, and in such event the assignee shall be entitled to the benefits of this Guaranty Agreement and to exercise all rights, interests and
remedies as fully as LENDER. This Guaranty Agreement shall inure to the benefit of and may be relied upon and enforced by any successor or assignee of LENDER and by any transferee or subsequent holder of any of the Liabilities.

 15. Termination. The Guaranty, including without limitation the covenants in Section 16 hereof, shall terminate only when all
of the Liabilities have been paid in full, including all interest thereon, late charges and other charges and fees included within the Liabilities. When the conditions described above have been fully met, LENDER will, upon request, furnish to
GUARANTOR a written cancellation of this Guaranty. 
  

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 16. Environmental Provisions. 
 16.1 GUARANTOR acknowledges that the Mortgage signed by BORROWER contains substantial provisions relating to certain environmental
representations and warranties of BORROWER, environmental covenants of BORROWER, and BORROWER’s obligations to remedy certain environmental matters. Such provisions of the Mortgage are hereby incorporated into this Guaranty
as though fully set forth, and GUARANTOR agrees that GUARANTOR’S obligations include without limitation a guaranty of all obligations of the BORROWER and all liabilities of BORROWER under such provisions. 

16.2 Without limiting the generality of the foregoing, GUARANTOR shall defend and indemnify LENDER against any and all claims,
assertions, demands, judgments, penalties, fines, liabilities, costs, damages and expenses, including court costs and attorneys’ fees and expenses incurred by LENDER, whether prior to trial, at trial, or on appeal, in any action against
or involving LENDER resulting from any breach of the representations, warranties and covenants in the Mortgage, from the falsity of any representation, and from the discovery of any Hazardous Substance (as defined in the Mortgage) in, upon or
over or emanating from the Property. It is the intent of GUARANTOR and LENDER that LENDER shall have no liability or responsibility for damage or injury to human health, the environment or natural resources caused by, for
abatement and/or clean-up of, or otherwise with respect to Hazardous Substances by virtue of the interest of LENDER in the Property, or as result of LENDER exercising any of its remedies under any of the Loan Documents, including but
not limited to LENDER’s becoming the owner of the Property by foreclosure or conveyance in lieu of foreclosure. 
 17.
Financial Statements and Tax Returns. The GUARANTOR agrees to furnish to LENDER in a form acceptable to the LENDER on request, however not less than on an annual basis, not later than April 1st of each year,
financial statements, of the GUARANTOR. In addition, GUARANTOR shall furnish to the LENDER on an annual basis, within 30 days of filing, copies of all income tax returns filed by the GUARANTOR. 
 18. Execution in Counterparts. This Guaranty may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 19. Notices. Any notice required or permitted to be given hereunder must be in writing and given (a) by depositing same in the United States mail, addressed to the party to be notified, postage prepaid and
registered or certified with return receipt requested; (b) by delivering the same in person to such party; (c) by transmitting a facsimile copy to the correct facsimile phone number of the intended recipient; or (d) by depositing the
same into the custody of a national overnight commercial delivery service addressed to the party to be notified. In the event of mailing, notices shall be deemed effective three (3) days after posting; in the event of overnight delivery,
notices shall be deemed effective on the next business day following deposit with the delivery service; in the event of personal service or facsimile transmission, notices shall be deemed effective when received, except if facsimile transmission is
used, then a duplicate original must also be sent out by overnight courier service for next-day delivery. The addresses of the parties shall be as follows: 
  

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 LENDER: 
 SUNTRUST
BANK 
 777 Brickell Avenue 
 Miami, Fl. 33131 
 GUARANTORS: 
 The address shown on page 1 above. 
 From time to time either party may designate another or additional addresses for all purposes of this Guaranty by giving the other party no less than ten
(10) days’ advance notice of such change of address in accordance with the notice provisions hereof. 
 20. GUARANTOR, as
either stockholder(s) or affiliate(s) of BORROWER, and as such being “Insiders,” as defined in 11 U.S.C. § 101, agrees as follows: 
 (A) GUARANTOR irrevocably waives and agrees not to assert any claim (as defined in 11 U.S.C. § 101) that GUARANTOR may now or hereafter have against the BORROWER because of any payments or
transfers made by GUARANTOR, or any payment or transfer for which GUARANTOR is obligated to make, to LENDER under this Guaranty or under any other agreement with a creditor of the BORROWER. 
 (B) GUARANTOR’S obligations under this Guaranty include all amounts paid to LENDER by the BORROWER later recovered from
LENDER in a legal proceeding. 
 (C) GUARANTOR’S obligations under this Guaranty survive the payment in full of the Loan
until the payment has become final and no longer subject to being set aside or recovered in any legal proceeding. LENDER is not required to release any collateral securing GUARANTOR’S obligations until one (1) year after the
Loan is fully paid. 
 (D) GUARANTOR hereby expressly waives any express or implied right of subrogation or other right of
reimbursement from the BORROWER or the BORROWER’S estate and any other right to payment from the BORROWER or the BORROWER’s estate, arising out of or on account of any sums paid or agreed to be paid by
GUARANTOR under this Guaranty, whether any such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. 
 21. WAIVER OF TRIAL BY JURY: GUARANTOR AND LENDER HEREBY IRREVOCABLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER
MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY AGREEMENT , AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN 

  

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CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR LENDER EXTENDING CREDIT TO BORROWER. FURTHER, GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF LENDER, NOR THE LENDER’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT
OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. 
 22. Miscellaneous. This Guaranty shall be a
continuing guaranty and shall have been deemed to have been made under and shall, in all respects, including without limitation, matters of construction, validity and performance, be governed by and construed in accordance with the laws of the State
of Florida. GUARANTOR further agrees to execute all documents as may be requested by LENDER, from time to time, to reaffirm this Guaranty whether as a result of a future advance of funds to BORROWER under the Mortgage, a
transfer of the Loan Documents by LENDER, or otherwise. This Guaranty shall bind the successors and assigns of GUARANTOR (except that GUARANTOR may not assign its liabilities under this Guaranty without the prior written consent
of LENDER, which consent LENDER may in its sole direction withhold) and shall inure to the benefit of LENDER, its successors, transferees and assigns. In addition, GUARANTOR agrees that the covenants and agreements of
GUARANTOR set forth herein shall be deemed to be the joint and several liabilities of each person comprising GUARANTOR herein, if more than one, and if more than one person or entity has guaranteed this Loan, whether by separate
document or otherwise. Each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law. If any provision of this Guaranty is held invalid or unenforceable by final and unappealable judgment of
the court having jurisdiction over the matter and persons, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision, its application in other circumstances or the
remaining provisions of this Guaranty. GUARANTOR hereby agrees that venue as to this Guaranty shall be in the State of Florida, in the County where suit is filed on the Note and Mortgage, irrespective of GUARANTOR’s residence,
domicile or place of business, and GUARANTOR hereby submits to personal jurisdiction within the courts of such county. 
 23.
TRANSFER OF LOAN: The Lender may. at any time, sell, transfer or assign the Note, the Security Instrument and the other Loan Documents, and any and all servicing rights with respect thereto, or grant participations therein or issue
mortgage pass through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”). Lender may forward to each purchaser, transferee, assignee,
participant, investor in such Securities or any Rating Agency (as hereinafter defined) rating such securities (collectively the “Investor”) and each prospective Investor, all documents and information which Lender now has or may
hereafter acquire relating to the Debt and to Borrower, any Guarantor and the Property, whether furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable. The term “Rating Agency” shall mean each
statistical rating agency that has assigned a rating to the Securities. 
  

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 IN WITNESS WHEREOF, GUARANTOR has executed or caused this Guaranty to be executed. 
  

							
		 		 	GUARANTOR:
			
		 		 	THE PBSJ CORPORATION
		 		 	a Florida corporation
				
	 /s/ Candace M. Cochrane
	 		 	By:	 	 /s/ Donald J. Vrana

	Witness Signature	 		 		 	DONALD J. VRANA
	Print: Candace M. Cochrane	 		 	As its:	 	Senior Vice President and
		 		 		 	Chief Financial Officer
				
	 /s/ Heathes Madonna
	 		 		 	
	Witness Signature	 		 		 	
	Print: Heathes Madonna	 		 		 	

  

			
	STATE OF FLORIDA	 	)
	COUNTY OF HILLSBOROUGH	 	)

 The foregoing instrument was acknowledged before me this     day of
October, 2008, by DONALD J. VRANA, as Senior Vice President and Chief Financial Officer of THE PBSJ CORPORATION, a Florida Corporation, on behalf of the corporation. He/she (    ) is personally known to me or
(    ) has produced as identification a
                                        
. 
  

	
	 /s/ Monica M. Vazquez

	NOTARY PUBLIC, STATE OF FLORIDA
	Print Name: Monica M. Vazquez
	Commission Number: DD735464

  

 11Consolidated Promisory Note

 Exhibit 10.4 
 CONSOLIDATED RENEWAL 
 PROMISSORY NOTE 
 (“Promissory Note” or “Note”) 
  

							
	$13,600,000.00	 		 		 	HILLSBOROUGH,
		 		 		 	FLORIDA
		 		 		 	OCTOBER     , 2008

 FOR VALUE RECEIVED, the
undersigned, POST, BUCKLEY, SCHUH & JERNIGAN, INC., a Florida corporation, (“Maker” or “Borrower”), promises to pay to the order of SUNTRUST BANK, a State Bank organized under the laws of Georgia,
(“Lender”), the principal sum of THIRTEEN MILLION SIX HUNDRED THOUSAND DOLLARS ($13,600,000.00), together with interest thereon from date until paid according to the terms of this Note. Interest shall accrue at a variable rate equal to the
LIBOR (London Interbank Offered Rate) plus TWO HUNDRED TWENTY SEVEN (227) basis points (“LIBOR RATE”) which shall be quoted for a ONE MONTH period and adjusted on the first day of each calendar month thereafter (“Interest
Rate Determination Date”) based upon the LIBOR RATE quoted two business days prior to the 1st day of each calendar month. The LIBOR RATE shall
remain fixed during each month based upon the interest rate established on the applicable Interest Rate Determination Date. LIBOR shall mean that rate per annum effective on any Interest Rate Determination Date which is equal to the quotient of: i)
the rate per annum 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 the 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 the Lender to be the rate at which U.S. dollar deposits for the Interest Period, are offered to the Lender in the London Inter-Bank Market as of
11: 00 a.m. (London, England time), on the day which is two (2) Business Days prior to the Interest Rate Determination Date, divided by, (ii) a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency,
supplemental, special or other marginal reserves) expressed as a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which the Lender is subject with respect to any LIBOR loan pursuant to regulations issued by the Board of
Governors of the Federal Reserve System with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation D). This percentage will be adjusted automatically on and as of the effective date of any
change in any reserve percentage. Interest herein will be computed on the basis of a 360 day year and shall be calculated for the actual number of days elapsed. 
  

 1 

 Principal and Interest shall be payable in lawful money of the United States, at 777 Brickell Avenue,
Miami, Florida 33131, or at such other place as the holder hereof may designate in writing as follows: 
 Commencing the 1st day of December, 2008 and the 1st day of each month thereafter, until November 1, 2015 (“Maturity Date”), equal monthly principal payments in the amount of $56,666.67 together with accrued interest
based upon the unpaid and outstanding principal balance. 
 On November 1, 2015, the Maturity Date, this Promissory Note shall mature and
the entire unpaid principal balance together with accrued interest shall be due and payable in full. 
 The Maker and any endorsers,
sureties, guarantors and all others who are, or may become liable for the payment hereof severally: 
 a) waive presentment for payment,
demand, notice of demand, notice of non payment, or dishonor, protest and notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this
Promissory Note. 
 b) waive all applicable exemption rights, whether under the State Constitution, Homestead Laws or otherwise, and also
waive valuation and appraisement. 
 c) consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note
or other modifications hereof, from time to time or after the maturity date hereof, whether by acceleration or in due course, without notice, consent or consideration to any of the foregoing, 
 d) agree to any substitution, exchange, addition or release of any of the indebtedness evidenced by this Promissory Note, or the addition or release of
any party or person primarily or secondarily liable hereon. 
 e) agree that the holder shall not be required first to institute any suit, or
to exhaust its remedies against the undersigned maker or any other person or party liable hereunder or against the security in order to enforce the payment of this Note. 
 f) agree that notwithstanding the occurrence of any of the foregoing (except by the express written release by the holder or any such person), the undersigned shall be and remain jointly and severally directly and
primarily liable for all sums due under this Promissory Note. 
 In addition to the payments of principal and interest required to be paid
under the terms of this Promissory Note, if there shall be a default under the terms of this Promissory Note, the holder shall be entitled to recover from the Maker all of the holder’s costs of collection, including the holder’s reasonable
attorney’s fees, whether for services incurred in collection, litigation, bankruptcy proceedings, appeals or otherwise, and all other costs incurred in connection therewith. 
  

 2 

 All payments required to be paid under the terms of this Promissory Note shall first be applied to costs
that may be due from the maker to the holder, as aforesaid, and then shall be applied to interest due and owing and the remainder shall be applied to principal due and owing under the terms hereof. 
 This Promissory Note is secured by a Mortgage, Security Agreement and Assignment of Leases Rents and Profits (“Mortgage”) dated March 19,
2001, recorded March 21, 2001, in Official Records Book 6218 at Page 4333 of the Public Records of Orange County, Florida, and all future amendments and modifications thereto, including that certain Future Advance, Note and Mortgage
Modification Agreement of even date herewith. This Promissory Note is also secured by and subject to all of the terms and conditions of other instruments executed and delivered by the Maker to the Lender with the Mortgage as well as those of even
date herewith (all of such instruments shall be collectively referred to as the “Related Security Documents”) as security for and securing the indebtedness evidenced by this Promissory Note. This Promissory Note is to be construed and
enforced according to the laws of the State of Florida and reference is made to the Mortgage for rights as to the acceleration of the indebtedness evidenced by this Note. 
 In the event that any sums of money due under the terms of this Promissory Note shall not promptly and fully be paid when the same severally becomes due and payable, or in the event of any other default under the
terms of this Promissory Note or the Mortgage securing same, or if the Lender deems itself insecure, or upon any default in the payment of any sum due by Maker to Lender, under any other promissory note, security instrument or other written
obligation of any kind now existing or hereafter created, or upon the insolvency, bankruptcy, dissolution, death or incompetency of any Maker, endorser, or guarantor hereof, the entire principal indebtedness evidenced hereby, together with all
arrearage of interest hereon and other sums due hereunder and under said mortgage shall, at the option of the holder hereof, become due and payable immediately, without presentation, demand or further action of any kind and execution may forthwith
issue for the collection of same. 
 Provided that the holder has not exercised its right to accelerate the payment of this Promissory Note,
as hereinabove provided, a late charge of five (5%) percent of any payment required hereunder shall be imposed on each and every payment not received by the holder within TEN (10) days after it is due. The late charge is not a penalty, but
liquidated damages to defray administrative and related expenses due to such late payment. The late charge shall be immediately due and payable and shall be paid by the Maker to the holder without notice or demand; provided, however, under no
circumstances shall any such late charge be imposed which shall be in excess of the maximum legal interest rate chargeable under Florida law. 
 The Maker and any endorsers, sureties, guarantors, and all others who are or who may become liable for the payment hereof, severally expressly authorize and empower the holder, at its sole discretion, at any time after the occurrence of a
default hereunder, to appropriate and, in such order as the holder may elect, apply to the payment hereof or to the payment of any and all indebtedness, 

  

 3 

 
liabilities and obligations of such parties to the holder or any of the holder’s affiliates, whether now existing or hereafter created or arising or now
owned or howsoever after acquired by holder or any of the holder’s affiliates (whether such indebtedness, liabilities and obligations are or will be joint or several, direct or indirect, absolute or contingent, liquidated or unliquidated,
matured or unmatured, including but not limited to any letter of credit issued by the holder for the benefit of any such parties) any and all money, general or specific deposits or collateral of any such parties now or hereafter in the possession of
the holder, except that the holder’s right to appropriate and apply any and all money, general or specific deposits of the Maker, endorsers, sureties, and guarantors, shall not extend to any Individual Retirement Accounts and/or Keough accounts
that are in the possession of the holder. 
 The Maker and any endorsers, sureties, guarantors, and all others who are or who may become
liable for the payment hereof, severally, irrevocably and unconditionally: (a) agree that any suit, action or other legal proceeding arising out of or relating to this Promissory Note may be brought, at the option of the holder, in either a
court of record of the State of Florida in Miami-Dade County or in the United States District Court for the Southern District of Florida; (b) consent to the jurisdiction of each such Court in any such suit, action or proceeding; and
(c) waive any objection which it or they may have to the laying of venue of such suit, action or proceeding in any of such Courts. 
 Notwithstanding any provision herein or in any instrument now or hereafter securing this Promissory Note, the total liability for payments in the nature of interest shall not exceed the limits now imposed by the usury laws of Florida, and
any amount paid in excess thereof shall be applied to the unpaid principal balance. Such application shall be made to future installments of principal in the inverse order of their maturity and shall not change or modify the payments next due, but
shall accelerate the final maturity date. In the event of the acceleration of this Promissory Note, the total charges for interest and the nature of interest shall not exceed the maximum amount allowed by law and any excess portion of such charges
that may have been prepaid shall be refunded to the makers hereof at the time of acceleration. Such refund may be made by application of the amount involved against the sums due hereunder, but such crediting shall not cure or waive the default
occasioning acceleration. 
 Maker may prepay the loan, in whole or in part, at any time, without penalty. However, if Maker has entered into
a swap, an early termination of the swap agreement may result in either a net gain or a net cost to the Maker, depending upon market conditions at the time the swap agreement is terminated. 
 The Promissory Note holder may require that any partial prepayments (i) be made on the date monthly installments are due, and (ii) be in the
amount of one or more monthly installments which will be applied to principal. 
 Any partial prepayment shall be applied against the
principal amount outstanding and shall not postpone the due date of any subsequent monthly installments or change the amount of such installments, unless the Promissory Note holder shall otherwise agree in writing. 
 After maturity or default, this Promissory Note shall bear interest at the highest rate permitted under the then applicable law (“Default
Rate”), provided, however, in the event there is then no such highest rate applicable or in the event said highest rate is otherwise indeterminable, the parties agree that the applicable rate shall be EIGHTEEN (18.00%) PERCENT per annum,
further provided, however, in no event shall such rate exceed the highest rate permissible under the applicable law. 
  

 4 

 Post Judgment Interest Rate. The post judgment rate of interest for any judgment entered
pursuant to this note or any other loan document executed in connection herewith shall be the greater of: (i) the default rate set forth in this note; or, (ii) the rate established by the Comptroller of the State of Florida pursuant to
Section 55.03 (1), Florida Statutes. 
 This Promissory Note shall be construed, interpreted, enforced, and governed by and in
accordance with the laws of the State of Florida (excluding the principles thereof governing conflicts of law) and federal law in the event federal law permits a higher rate of interest than State law. 
 If any provision or portion of this Promissory Note is declared or found by a Court of competent jurisdiction to be unenforceable or null and void, such
provision or portion thereof shall be deemed stricken and severed from this Promissory Note and the remaining provisions and portions thereof shall continue in full force and effect. 
 TRANSFER OF LOAN: The Lender may. at any time, sell, transfer or assign the Note, the Security Instrument and the other Loan Documents, and
any and all servicing rights with respect thereto, or grant participations therein or issue mortgage pass through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the
“Securities”). Lender may forward to each purchaser, transferee, assignee, participant, investor in such Securities or any Rating Agency (as hereinafter defined) rating such securities (collectively the “Investor”) and
each prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Debt and to Borrower, any Guarantor and the Property, whether furnished by Borrower, any Guarantor or otherwise, as
Lender determines necessary or desirable. The term “Rating Agency” shall mean each statistical rating agency that has assigned a rating to the Securities. 
 LENDER AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER EXTENDING CREDIT TO MAKER. FURTHER, MAKER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF LENDER, NOR THE LENDER’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT,
IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. 
  

 5 

 THIS IS A CONSOLIDATED RENEWAL PROMISSORY NOTE THAT CONSOLIDATES AND RENEWS THAT CERTAIN FUTURE ADVANCE PROMISSORY
NOTE IN THE PRINCIPAL AMOUNT OF $7,246,111.89 AND THAT CERTAIN PROMISSORY NOTE DATED MARCH 19, 2001 IN THE ORIGINAL PRINCIPAL AMOUNT OF $9,000,000.00 HAVING A PRESENT PRINCIPAL BALANCE OF $6,353,888.11. THE PROPER FLORIDA DOCUMENTARY STAMP TAX HAS
BEEN PAID AND THE PROPER DOCUMENTARY STAMPS HAVE BEEN AFFIXED TO THE MORTGAGE RECORDED IN OFFICIAL RECORDS BOOK 6218 AT PAGE 4333 OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA AND THAT CERTAIN FUTURE ADVANCE, NOTE AND MORTGAGE MODIFICATION
AGREEMENT OF EVEN DATE HEREWITH, ALL OF WHICH SECURE THIS PROMISSORY NOTE. 
  

			
	POST, BUCKLEY, SCHUH & JERNIGAN, INC.
	a Florida corporation
		
	By:	 	 /s/ Donald J. Vrana

		 	DONALD J. VRANA
	As its:	 	Senior Vice President and
		 	Chief Financial Officer

  

			
	STATE OF FLORIDA	 	)
	COUNTY OF HILLSBOROUGH	 	)

 The foregoing instrument was acknowledged
before me this 28th day of October, 2008, by DONALD J. VRANA, as Senior Vice President and Chief Financial Officer of POST, BUCKLEY,
SCHUH & JERNIGAN, INC., a Florida Corporation, on behalf of the corporation. He/she (    ) is personally known to me or (    ) has produced as identification a
                                        
. 
  

	
	 /s/ Monica M. Vazquez

	NOTARY PUBLIC, STATE OF FLORIDA
	Print Name: Monica M. Vazquez
	Commission Number: DD735464

  

 6

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