Document:

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                                 MED/WASTE, INC.

                   JUNIOR SECURED CONVERTIBLE PROMISSORY NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE AACT@), OR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD,
ASSIGNED OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
WITH RESPECT THERETO UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR
UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY,
THAT SUCH REGISTRATION IS NOT REQUIRED. THE COMPANY'S SUBSCRIPTION AGREEMENT NTH
THE HOLDER CONTAINS ADDITIONAL PROVISIONS RESTRICTING THE TRANSFER OF THIS NOTE.
A COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE COMPANY'S OFFICE.

$______________                                               January 31, 2000

               FOR VALUE RECEIVED, MED/WASTE, INC., a Delaware corporation
("Company"), with its principal office at 6175 N.W. 153rd Street, Suite 324,
Miami Lakes, Florida 33014, promises to pay to the order of
______________________________________________ ("Holder"), the principal amount
of ________________________________________ Dollars ($_________) on December 31,
2002 (the AMaturity Date@), in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public or private debts. Interest shall be payable on the unpaid balance of said
principal amount from time to time outstanding at the rate of ten percent (10%)
per annum; provided, however, that for the period from and including the date of
the occurrence of any Event of Default as set forth in Section 3, to but not
including the date such Event of Default is cured or waived, the interest rate
shall be increased to fifteen percent (15%) per annum. Interest shall be payable
in arrears from the date of issuance or from the most recent Interest Payment
Date (as hereinafter defined) to which interest has been paid, quarterly on
April 1, July 1, October 1 and January 2 in each year, commencing the date
hereof (each as AInterest Payment Date@). The interest so payable on any
Interest Payment Date will be paid to the Holder in whose name this Note is
requested at the close of business fifteen (15) days prior to the respective
Interest Payment Date (a ARecord Date@). Interest shall be computed on the basis
of the actual number of days elapsed and the actual number of days in the
relevant period.

               If this Note is converted into shares of Common Stock $.001 par
value per share of the Company (ACommon Stock@) pursuant to Section 5 below. (a)
on or prior to a Record Date, interest shall be paid from the immediately prior
Interest Payment Date through the date of conversion

               This Note is issued pursuant to a subscription agreement between
the Company and the Holder ("Subscription Agreement") and is secured by a second
lien on certain collateral more specifically described in that certain Security
Agreement entered into by the Company for the benefit of the Holder, among
others ("Security Agreement"), both of which are available for inspection at the
Company's principal office. Reference herein to the Subscription Agreement and
the Security Agreement shall in no way impair the absolute and unconditional
obligation of the Company to pay both principal and interest hereon as provided
herein, subject to the subordination provided below.

               Certain rights and remedies of the Holder are described in the
Security Agreement which appoints an independent agent to be selected by the
Company in its reasonable discretion prior to the initial closing of the
Offering as agent ("Agent") for the Holder thereunder and hereunder to exercise

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the powers delegated to it including, without limitation, powers with respect to
the enforceability and collectability of all amounts due hereunder. Reference to
the Security Agreement is made for a complete description of the rights, powers
and obligations of the Agent, including the Agent's duty to act in certain
circumstances at the direction of the "Required Lenders," as such term is
defined therein

         1.       SUBORDINATION. Notwithstanding anything herein to the
contrary, the obligations of the Company created by this Note are subordinate in
right of payment to any amounts owing by the Company pursuant to that certain
Consolidating, Amended and Restated Loan Agreement dated December 31, 1998 by
and between Med/Waste, Inc., its subsidiaries, Union Planters Bank, N.A.,
BankAtlantic, F.S.B., The Provident Bank and Republic National Bank of Miami
creating a $35 million credit facility (the ACredit Facility@). So long as the
Credit Facility is not in default and there is no condition, event or act which,
with the giving of notice, passage of time or both, would constitute a default,
the Company may make regular Interest Payments; provided however no principal
payments may be made without the prior consent of the lenders of the Credit
Facility. The Company reserves the right to refinance the obligations under the
Credit Facility with new lenders in amounts not to exceed the maximum amount
permitted under the existing Credit Facility. The Notes without further action
on the part of the holders or the Company will be subordinate to such new credit
facility.

         2.       PREPAYMENT. Notwithstanding anything herein to the contrary,
this Note may be prepaid or called by the Company at any time in whole, or in
part, without penalty or premium, subject to the subordination in favor of the
lenders of the Credit Facility, provided that on the day that the redemption
notice is given by the Company to the registered holders (ANotice of
Repayment@), the average of the closing bid price per share of the Common Stock
wherever the Common Stock then trades, during twenty (20) trading days out of
the thirty (30) consecutive trading days ending five (5) trading days prior to
the date the redemption notice is sent, is at least two hundred (200%) percent
per share of the Conversion Price. Any notice to redeem ("Redemption Notice")
must be given to all Registered Holders no less than thirty (30) days nor more
than forty-five (45) days prior to the date set forth for redemption
("Redemption Date"). This Note shall be paid (and prepaid, if applicable) only
pro rata with certain additional notes of like tenor being issued
contemporaneously herewith, subject to each Holder=s conversion rights. The date
designated for repayment in the Notice of Payment shall be the APrepayment
Date@.

         3.       EVENTS OF DEFAULT.

                  (a)      Upon the occurrence of any of the following events
(herein called "Events of Default"):

                           (i)      The Company shall fail to pay the principal
of or interest on this Note when due;

                           (ii)     An Event of Default shall occur under the
Credit Facility giving effect to any applicable notice provisions or cure
periods set forth in the documents;

                           (iii)    (A) The Company shall commence any
proceeding or other action relating to it in bankruptcy or seek reorganization,
arrangement, readjustment of its debts, receivership, dissolution, liquidation,
winding-up, composition or any other relief under any bankruptcy law, or under
any other insolvency, reorganization, liquidation, dissolution, arrangement,
composition, readjustment of debt or any other similar act or law, of any
jurisdiction, domestic or foreign, now or hereafter existing; or (B) the Company
shall admit the material allegations of any petition or pleading in connection

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with any such proceeding; or (C) the Company shall apply for, or consent or
acquiesce to, the appointment of a receiver, conservator, trustee or similar
officer for it or for all or a substantial part of its property; or (D) the
Company shall make a general assignment for the benefit of creditors;

                           (iv)(A)      The commencement of any proceedings or
the taking of any other action against the Company in bankruptcy or seeking
reorganization, arrangement, readjustment of its debts, liquidation,
dissolution, arrangement, composition, or any other relief under any bankruptcy
law or any other similar act or law of any jurisdiction, domestic or foreign,
now or hereafter existing and the continuance of any of such events for sixty
(60) days undismissed, unbonded or undischarged; or (B) the appointment of a
receiver, conservator, trustee or similar officer for the Company for any of its
property and the continuance of any of such events for sixty (60) days
undismissed, unbonded or undischarged;

                           (v)      An "Event of Default" (as defined in the
Security Agreement) shall have occurred under the Security Agreement, after
giving effect to any applicable notice provisions and cure periods set forth in
the Security Agreement;

                           (vi)     The Company shall fail to perform any
obligation of the Company contained in the Subscription Agreement; provided,
however, that if such failure is capable of being cured, such failure is not
cured within fifteen (15) days after the Company's receipt of written notice of
same;

                           (vii)    The Company shall fail to comply with any
of its obligations under this Note, other than payment; provided, such failure
is not remedied within thirty (30) days after the Company's receipt of written
notice of same;

                           (viii)   The Company shall default with respect to
any indebtedness for borrowed money (other than under this Note) in a principal
amount in excess of $200,000 if either (a) the effect of such default is to
allow the creditor to accelerate the maturity of such indebtedness (giving
effect to any applicable grace periods) or (b) the holder of such indebtedness
declares the Company to be in default (giving effect to any applicable grace
periods); or

                           (ix)     Any judgment or judgments against the
Company or any attachment, levy or execution against any of its properties for
any amount in excess of $50,000 in the aggregate shall remain unpaid, or shall
not be released, discharged, dismissed, stayed or fully bonded for a period of
forty-five (45) days or more after its entry, issue or levy, as the case may be;

then, and in any such event, the Holder, at its option and without any written
notice to the Company, may declare the entire principal amount of this Note then
outstanding together with accrued unpaid interest thereon immediately due and
payable, and the same shall forthwith become immediately due and payable without
presentment, demand, protest, or other notice of any kind, all of which are
expressly waived. The Events of Default listed herein are solely for the purpose
of protecting the interests of the Holder of this Note. If the Note is not paid
in full upon acceleration, as required above, interest shall accrue on the
outstanding principal of and interest on this Note from and including the date
of the Event of Default to but not including the date of payment at a rate equal
to the lesser of fifteen percent (15%) per annum or the maximum interest rate
permitted by applicable law.

                  (b)      NON-WAIVER AND OTHER REMEDIES. No course of dealing
or delay on the part of the Holder of this Note in exercising any right
hereunder shall operate as a waiver or otherwise prejudice the right of the

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Holder of this Note. No remedy conferred hereby shall be exclusive of any other
remedy referred to herein or now or hereafter available at law, in equity, by
statute or otherwise.

                  (c)      COLLECTION COSTS; ATTORNEY'S FEES. In the event this
Note is turned over to an attorney for collection or Holder otherwise seeks
advice of an attorney in connection with the exercise of its rights hereunder
upon the occurrence of an Event of Default, the Company agrees to pay all
reasonable costs of collection, including reasonable attorney's fees and
expenses and all out of pocket expenses incurred in connection with such
collection efforts, which amounts may, at the Holders option, be added to the
principal hereof.

         4.       OBLIGATION TO PAY PRINCIPAL AND INTEREST: COVENANTS. No
provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the place, at the respective times, at the rates, and in the
currency herein prescribed.

                  4.1      AFFIRMATIVE COVENANTS. The Company covenants and
agrees that, while this Note is outstanding, it shall:

                           (a)      Pay all senior obligations accruing under
the Credit Facility;

                           (b)      Pay and discharge all taxes, assessments and
governmental charges or levies imposed upon it or upon its income and profits,
or upon any properties belonging to it before the same shall be in default;
provided, however, that the Company shall not be required to pay any such tax,
assessment, charge or levy that is being contested in good faith by proper
proceedings and adequate reserves for the accrual of same are maintained if
required by generally accepted accounting principles;

                           (c)      Preserve its corporate existence and
continue to engage in business of the same general type as conducted as of the
date hereof; and

                           (d)      Comply in all respects with all statutes,
laws, ordinances, orders, judgments, decrees, injunctions, rules, regulations,
permits, licenses, authorizations and requirements ("Requirement(s)") of all
governmental bodies, departments, commissions, boards, companies or associations
insuring the premises, courts, authorities, officials, or officers, that are
applicable to the Company; except where the failure to comply would not have a
material adverse effect on the Company; provided that nothing contained herein
shall prevent the Company from contesting the validity or the application of any
Requirements.

                  4.2      NEGATIVE COVENANTS. The Company covenants and agrees
that while this Note is outstanding it will not directly or indirectly:

                           (a)      Make or forgive any loans to any Insiders or
guarantee or otherwise in any way become or be responsible for indebtedness for
borrowed money, or for obligations, in either case of any of the Insiders,
contingently or otherwise, other than such guaranties existing as of the date
hereof and advancement of expenses in the ordinary course of business. For
purposes of this Note, AInsiders shall mean any officer, director or 5% or
greater shareholder;

                           (b)      Declare or pay any cash dividends or make
any interest payments in cash to the holders of any of its outstanding equity or
debt securities, other than such dividends accruing or payable on the Company=s
Series A Preferred Stock;

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                           (c)      Sell, transfer or dispose of any of its
assets other than in the ordinary course of its business and for fair value; or

                           (d)      Purchase, redeem, retire or otherwise
acquire for value any of its capital stock now or hereafter outstanding.

                           (e)      Increase the salary or other compensation or
benefits paid or provided to any officer or director of the Company except to
the extent that such increase (a) is commercially reasonable and in accordance
with industry standards and (b) is approved by a majority of the non-employee
members of the Board of Directors of such Borrower.

         5.       CONVERSION.

         5.1      RIGHT TO CONVERT. Each Holder may at any time and from time to
time, commencing thirty (30) days after the original issuance of the Note,
convert all or any amount of the principal amount of the Notes then owned by
such Holder into shares of Common Stock of the Company at a conversion price per
share of Common Stock equal to $.543 per share (the AConversion Price@).
Notwithstanding the giving by the Company of Notice of Repayment, the Holder may
exercise the Holder's conversion rights set forth in this Section 5 at any time
up to one (1) business day prior to the Repayment Date.

                  5.2      MECHANICS AND EFFECT OF CONVERSION INTEREST. In order
to convert the unpaid principal amount hereof into shares of Common Stock, the
Holder shall surrender this Note, with the form of Conversion Notice annexed to
this Note completed and executed, to the Company at its principal executive
office. The Company shall, as soon as practicable, but not later than five (5)
business days after the date of receipt of this Note, issue and deliver to a
location in the United States designated by the Holder (a) a certificate for the
number of shares of Common Stock to which the Holder shall be entitled as
aforesaid; and (b) a check payable to the order of the Holder in the amount of
interest accrued through the Conversion Date on the principal amount so
converted. Such conversion shall be deemed to have been made immediately prior
to the close of business on the date on which the written notice is received by
the Company in accordance herewith ("Conversion Date"), and the Holder shall be
treated for all purposes as the record holder of such shares of Common Stock as
of such Conversion Date.

                  5.3      ISSUANCE OF COMMON STOCK. All Common Stock which may
be issued upon conversion of the Note will, upon issuance, be duly issued, fully
paid and non-assessable and free from all taxes, liens, and charges with respect
to the issue thereof. At all times that any Notes are outstanding, the Company
shall have authorized and shall have reserved for the purpose of issuance upon
such conversion into Common Stock of all Notes, a sufficient number of shares of
Common Stock to provide for the conversion of all outstanding Notes at the then
effective Conversion Price. Without limiting the generality of the foregoing,
if, at any time, the Conversion Price is decreased or increased, the number of
shares of Common Stock authorized and reserved for issuance by the Company upon
the conversion of the Notes shall be proportionately increased or decreased, as
the case may be.

                  5.4      ADJUSTMENTS.

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                           (a)      If the outstanding shares of the Company's
Common Stock shall be subdivided or split into a greater number of shares, or a
dividend in Common Stock shall be paid in respect of Common Stock, the
Conversion Price in effect immediately prior to such subdivision or at the
record date of such dividend shall, simultaneously with the effectiveness of
such subdivision or split or immediately after the record date of such dividend,
be proportionately reduced. If the outstanding shares of Common Stock shall be
combined or reverse-split into a smaller number of shares, the Conversion Price
in effect immediately prior to such combination or reverse-split shall,
simultaneously with the effectiveness of such combination or reverse-split, be
proportionately increased. When any adjustment is required to be made in the
Conversion Price, the number of shares of Common Stock purchasable upon the
conversion of this Note shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the conversion of this
Note immediately prior to such adjustment, multiplied by the Conversion Price in
effect immediately prior to such adjustment, by (ii) the Conversion Price in
effect immediately after such adjustment.

                           (b)      If there shall occur any capital
reorganization or reclassification of the Company's Common Stock (other than a
change in par value or a subdivision or combination as provided for in
subsection (a) above), or the payment of a liquidating distribution, then, as
part of any such reorganization, reclassification or liquidating distribution,
lawful provision shall be made so that the Holder of this Note shall have the
right thereafter to receive upon the conversion hereof (to the extent, if any,
still convertible) the kind and amount of shares of stock or other securities or
property which such Holder would have been entitled to receive if, immediately
prior to any such reorganization, reclassification or liquidating distribution,
as the case may be, such Holder had held the number of shares of Common Stock
which were then purchasable upon the conversion of this Note. In any such case,
appropriate adjustment (as reasonably determined by the Board of Directors of
the Company) shall be made in the application of the provisions set forth herein
with respect to the fights and interests thereafter of the Holder of this Note
such that the provisions set forth in this Section 5.4 (including provisions
with respect to adjustment of the Conversion Price) shall thereafter be
applicable, as nearly as practicable, in relation to any shares of stock or
other securities or property thereafter deliverable upon the conversion of this
Note.

                           (c)      No adjustment in the per share Conversion
Price shall be required unless such adjustment would require an increase or
decrease in the Conversion Price of at least $0.01; provided, however, that any
adjustments which by reason of this paragraph are not required to be made shall
be carried forward and taken into account in any subsequent adjustment. All
calculations under this Section 5.4 shall be made to the nearest cent or to the
nearest 1/100th of a share, as the case may be. Anything in this Section 5.4, to
the contrary notwithstanding, the Company shall be entitled to make such
reductions in the per share Conversion Price, in addition to those required by
this Section 5.4, as in its discretion it shall deem to be advisable in order
that any stock dividend, subdivision of shares or distribution rights to
purchase stock or securities convertible or exchangeable for stock hereafter
made by the Company to its stockholders shall not be taxable.

                           (d)      Upon the happening of any event requiring an
adjustment of the Conversion Price hereunder, the Company shall forthwith give
written notice thereto to the Holder of this Note stating the adjusted
Conversion Price and the adjusted number of shares purchasable upon the
conversion hereof resulting from such event and setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is
based.

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                  5.5      FRACTIONAL SHARES. The Company shall not be required
to issue fractions of shares of Common Stock upon conversion. If any fractions
of a share would, but for this Section 5.5, be issuable upon any conversion, in
lieu of such fractional share the Company shall round up or down to the nearest
whole number of shares, with a fraction of 2 being rounded up.

         6.       REGISTRATION RIGHTS. The Holder shall have certain
registration rights with respect to the Common Stock issuable upon conversion of
the Note (ARegistrable Securities@) as hereinafter provided:

                  6.1      The Company agrees, at its sole cost and expense, to
file a registration statement on the appropriate form under the Securities Act
of 1933 (the A1933 Act@) with the Securities and Exchange Commission ("SEC")
covering all of the shares Stock issuable upon conversion of the Note and such
additional shares of Common Stock that may be issued pursuant to the
anti-dilution rights contained in the Note within sixty (60) days following the
Company=s eligibility to utilize Form S-3 for the registration of its
securities. The Company will use its best efforts to have such registration
statement declared effective as soon as possible thereafter. Notwithstanding
anything to the contrary contained herein, if such registration statement shall
not filed within such period, then the Conversion Price shall be reduced (and
concomitantly the number of shares of Common Stock issuable upon the conversion
of the Note shall increase) by the percentage resulting from multiplying three
(3%) percent by the number of months, or any part thereof, beyond said period
until the initial registration statement is filed.

                  6.2      If, at any time after six (6) months following the
date of the Final Closing, the Company shall file with the SEC a registration
statement under the 1933 Act registering any shares of Common Stock owned by any
person or entity, the Company, shall give written notice to each Holder thereof
prior to such filing.

                  6.3      Within fifteen (15) days after such notice from the
Company each Holder shall give written notice to the Company whether or not the
Holder desires to have all of the Holder's Common Stock included in the
registration statement. If a Holder fails to give such notice within such
period, such Holder shall not have the right to have such Holder's Registrable
Securities registered pursuant to such registration statement. If a Holder gives
such notice, then the Company shall include such Holder's Registrable Securities
in the registration statement at the Company=s sole cost and expense, subject to
the remaining terms of this Paragraph 6.

                  6.4      If the registration statement relates to an
underwritten offering, and the underwriter shall determine in writing that the
total number of shares of, Common Stock to be included in the offering,
including the Registrable Securities, shall exceed the amount which the
underwriter deems to be appropriate for the offering, the number of shares of
the Registrable Securities shall be reduced in the same proportion as the
remainder of the shares in the offering and each Holder's Registrable Securities
included in such registration statement will be reduced proportionately. For
this purpose, if other securities in the registration statement are derivative
securities, their underlying shares shall be included in the computation. The
Holders shall enter into such agreements as may be reasonably required by the
underwriters and the Holders shall pay to the underwriters commissions relating
to the sale of their respective Registrable Securities.

                  6.5      The Holders shall have two (2) opportunities to have
the Registrable Securities registered under this Paragraph 6.

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                  6.6      The Holder shall furnish in writing to the Company
such information as the Company shall reasonably require in connection with a
registration statement.

                  6.7      If and whenever the Company is required by the
provisions of this Paragraph 6 to use its best efforts to register any
Registrable Securities under the 1933 Act, the Company shall, as expeditiously
as possible under the circumstances:

                           (a)      Prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use its best efforts
to cause such registration statement to become effective as soon as possible and
remain effective.

                           (b)      Prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration
statement current and to comply with the provisions of the 1933 Act, and any
regulations promulgated thereunder, with respect to the sale or disposition of
all Registrable Securities covered by the registration statement required to
effect the distribution of the securities, but in no event shall Med/Waste, Inc.
be required to do so for a period of more than one (1) year following the
effective date of the registration statement.

                           (c)      Furnish to the sellers participating in the
offering, copies (in reasonable quantities) of summary, preliminary, final,
amended or supplemented prospectuses, in conformity with the requirements of the
1933 Act and any regulations promulgated thereunder, and other documents as
reasonably may be required in order to facilitate the disposition of the
securities, but only while the Company is required under the provisions hereof
to keep the registration statement current.

                           (d)      Use its best efforts to register or qualify
the Registrable Securities covered by such registration statement under such
other securities or blue sky laws of such jurisdictions of the United States as
the sellers participating in the offering shall reasonably request, and do any
and all other acts and things which may be reasonably necessary to enable each
participating Seller to consummate the disposition of the Registrable Securities
in such jurisdictions.

                           (e)      Upon request, deliver promptly to counsel of
each seller participating in the offering copies of all correspondence between
the SEC and Med/Waste, Inc., its counsel or auditors and all memoranda relating
to discussions with the SEC or its staff with respect to the registration
statement and permit each such Seller to do such investigation at such Seller's
sole cost and expense, upon reasonable advance notice, with respect to
information contained in or omitted from the registration statement as it deems
reasonably necessary. Each Seller agrees that it will use its best efforts not
to interfere unreasonably with Med/Waste, Inc.'s business when conducting any
such investigation and each Seller shall keep any such information received
pursuant to this Paragraph G confidential.

                           (f)      Pay all registration expenses incurred in
connection with a registration of Registrable Securities, whether or not such
registration statement shall become effective provided that each seller shall
pay all underwriting discounts, commissions and transfer taxes, and their own
counsel fees, if any, relating to the sale or disposition of such Seller's
Registrable Securities pursuant to a registration statement. As used herein,
"Registration Expenses" means any and all reasonable and customary expenses
incident to performance of or compliance with the registration rights set forth
herein, including, without limitation, (i) all SEC and stock exchange or
National Association of Securities Dealers, Inc. registration and filing fees,

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(ii) all fees and expenses of complying with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Securities but no
other expenses of the underwriters or their counsel), (iii) all printing,
messenger and delivery expenses, and (iv) the reasonable fees and disbursements
of counsel for the Company and the Company=s independent public accountants.

         7.       ISSUE OF NOTES. This Note is one of a duly authorized issue of
notes of the Company, designated the Junior Secured Convertible Notes is limited
in aggregate principal amount of $4,000,000. The Notes have been offered and
sold pursuant to the Company=s Confidential Private Placement Memorandum dated
December 15, 1999. The obligations under this Note shall rank equally with all
other Notes of the same designation.

         8.       REQUIRED CONSENT. The Company may not modify any of the terms
of this Note except in accordance with the provisions of Section 8.

                  8.1      A meeting of Holders of the Notes may be called at
any time and from time to time to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
the Notes to be made, given or taken by Holders of Notes or to modify, amend or
supplement the terms of the Notes as hereinafter provided. Notice of every
meeting of Holders of Notes, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given as provided for in the terms of the Notes, not less than ten (10)
nor more than sixty (60) days prior to the date fixed for the meeting. Such
meetings may be called at any time for any such purpose by the Company or by the
Holders of at least twenty-five (25%) percent in the aggregate principal amount
of the outstanding Notes. Upon receipt of any such request from Holders, the
Company shall call such meeting for such purposes by giving notice thereof.

               To be entitled to vote at any meeting of Holders of Notes, a
person shall be a registered Holder of outstanding Notes or a person duly
appointed by an instrument in writing as proxy for such a Holder. The persons
entitled to vote more than fifty (50%) percent in principal amount of the
outstanding Notes shall constitute a quorum. The Company may make such
reasonable and customary regulations as it shall deem advisable for any meeting
of Holders of Notes with respect to the appointment of proxies in respect of
Holders of Notes, the record date for determining the registered owners of Notes
who are entitled to vote at such meeting (which date shall be set forth in the
notice calling such meeting hereinabove referred to and which shall be not less
than fifteen (15) nor more than sixty (60) days prior to such meeting), the
adjournment and chairmanship of such meeting, the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate.

               At any meeting of Holders of Notes duly called and held as
specified above, upon the affirmative vote, in person or by proxy thereunto duly
authorized in writing, of the Holders of not less than sixty-six and two-thirds
(66b%) percent in aggregate principal amount of outstanding Notes, or with the
written consent of the Registered Holders of not less than sixty-six and
two-thirds (66b%) percent in aggregate principal amount of outstanding Notes,
the Company may modify, amend or supplement the terms of the Notes in any way,
and the Holders of Notes may make, take or give any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
the terms of the Notes to be made, given or taken by Holders of Notes; provided,
however, that no such action may, without the consent of Holders of Notes owning
eighty (80%) percent or more in the aggregate principal amount of outstanding

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Notes affected thereby, (a) change the due date for the payment of the principal
of or any installment of interest on any Note, (b) reduce the principal amount
of any Note, the portion of such principal amount which is payable upon
acceleration of the maturity of such Note or the interest rate thereon, (c)
change the coin or currency in which or the required places at which payment
with respect to interest or principal in respect of Notes is payable, or (d)
reduce the proportion of the principal amount of Notes, the vote or consent of
the Holders of which is necessary to modify, amend or supplement the terms and
conditions of the Notes or to make, take or give any request, demand,
authorization, direction, notice, consent, waiver or other' action provided
hereby or thereby to be made, taken or given.

               Any instrument given by or on behalf of any Holder of a Note in
connection with any consent to or vote for any such modification, amendment,
supplement, request, demand, authorization, direction, notice, consent, waiver
or other action will be irrevocable once given and will be conclusive and
binding on all subsequent Holders of such Note or any Note issued directly or
indirectly in exchange or substitution therefor or in lieu thereof Any such
modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action will be conclusive and binding on all
Holders of Notes, whether or not they have given such consent or cast such vote,
and whether or not notation of such modification, amendment, supplement,
request, demand, authorization, direction, notice, consent, waiver or other
action is made upon the Notes. Notice of any modification or amendment of,
supplement to, or request, demand, authorization, direction, notice, consent,
waiver or other action with respect to the Notes shall be given to each
registered Holder of Notes affected thereby, in all cases as provided herein.

               Notes executed and delivered after the effectiveness of any such
modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action shall bear a notation in the form
reasonably approved by the Company as to any matter provided for in such
modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action. New Notes modified to conform to any
such modification, amendment, supplement, request, demand, authorization,
direction, notice, consent, waiver or other action may be prepared by the
Company and executed and delivered in exchange for outstanding Notes.

                  8.2      LOST DOCUMENTS. Upon receipt by the Company of
evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Note or any Note exchanged for it, and (in the case of loss, theft or
destruction) of indemnity satisfactory to it, and upon reimbursement to the
Company of all reasonable expenses incidental thereto, and upon surrender and
cancellation of such Note, if mutilated, the Company will make and deliver in
lieu of such Note a new Note of like tenor and unpaid principal amount and dated
as of the original date of the Note.

                  8.3      BENEFIT. This Note shall be binding upon and inure to
the benefit of the parties hereto and their legal representatives, successors
and assigns.

                  8.4      NOTICES AND ADDRESSES. All notices, offers,
acceptances and any other acts under this Note (except payment) shall be in
writing, and shall be sufficiently given if delivered to the addressee in
person, by overnight courier service or similar receipted delivery, or, if
mailed, postage prepaid, by certified mail, return receipt requested, as
follows:

          To Holder:                   To Holder's address listed on
                                       the Subscription Agreement

                                       10
<PAGE>   11

          To the Company:              Med/Waste, Inc.
                                       6175 N.W. 153rd Street, Suite 324
                                       Miami Lakes, Florida 33014
                                       Attn: Carlos Campos, President

or to such other address as any of them, by notice to the others may designate
from time to time. Time shall be counted to, or from, as the case may be, the
date of delivery in person, one (1) business day if delivered by overnight
courier or three (3) business days after mailing.

                  8.5      GOVERNING LAW. This Note and any dispute,
disagreement, or issue of construction or interpretation arising hereunder
whether relating to its execution, its validity, the obligations provided
therein or performance shall be governed and interpreted according to the
internal law of the State of Florida.

                  8.6      JURISDICTION AND VENUE. The Company (a) agrees that
any suit, action or proceeding arising out of or relating to this Note shall be
instituted exclusively in the Eleventh Judicial Circuit Court in and for
Miami-Dade County, Florida or in the United States District Court for the
Southern District of Florida; (b) waives any objection to the venue of any such
suit, action or proceeding and the right to assert that such forum is not a
convenient forum, and (c) irrevocably consents to the jurisdiction of the
Eleventh Judicial Circuit Court in and for Miami-Dade County, Florida, and the
United States District Court for the Southern District of Florida in any such
suit, action or proceeding, and the Company further agrees to accept and
acknowledge service of any and all process that may be served in any such suit,
action or proceeding in the Eleventh Judicial Circuit Court in and for
Miami-Dade County, Florida, or in the United States District Court for the
Southern District of Florida.

                  8.7      SECTION HEADINGS. Section headings herein have been
inserted for reference only and shall not be deemed to limit or otherwise
affect, in any matter, or be deemed to interpret in whole or in part any of the
terms or provisions of this Note.

                  8.8      SURVIVAL OF AGREEMENTS. The agreements contained
herein shall survive the delivery of this Note.

               IN WITNESS WHEREOF, this Note has been executed and delivered on
the date specified above by the duly authorized representative of the Company.

                                 MED/WASTE, INC.

                                 By:/s/ CARLOS CAMPOS
                                    -------------------------------------------
                                        Carlos Campos
                                         President and Chief Executive Officer

                                       11
<PAGE>   12

                              NOTICE OF CONVERSION

            (To Be Completed and Signed Only Upon Conversion of Note)

              TO:    MED/WASTE, INC.
                     6175 N.W. 153rd Street
                     Suite 324
                     Miami Lakes, Florida 33014
                     Attn: Carlos Campos, President

              The undersigned, the Holder of the attached Note, hereby
surrenders such Note for conversion of $_________ in principal amount thereof at
the Conversion Price in effect upon your receipt of the foregoing Note into
shares of the Common Stock of MED/WASTE, INC. and requests that a certificate
for such shares be issued to the undersigned Holder at the address indicated
below.

              The undersigned hereby confirms to Med/Waste, Inc. the truth and
accuracy of the representations and warranties made by the undersigned in the
Subscription Agreement and accepted by the Company, as if such representations
and warranties were made on the date hereof.

Dated:
       --------------------------                ------------------------------
                                                 Name of Entity, if any

                                                 ------------------------------
                                                 Signature*

                                                 ------------------------------
                                                 Title, if applicable

                                                 ------------------------------
                                                 Print Name

                                                 ------------------------------
                                                 Address

                                                 ------------------------------

                                                 ------------------------------

---------------------------
*   Must conform in all respects to name of Holder as specified on the face
    of the Note.

                                       12
<PAGE>   13

                                   ASSIGNMENT

    (To be executed by the Holder to Effect a Transfer of the Attached Note)

         FOR VALUE RECEIVED, the undersigned does hereby sell, assign and
transfer unto ________________________________________________, with an address
of ______________________________________________________________________, all
right, title and interest of the undersigned in the attached Note of Med/Waste,
Inc. ("Company") and does hereby authorize the Company to transfer such right on
the books of the Company.

Dated:
       --------------------------                ------------------------------
                                                 Name of Entity, if any

                                                 ------------------------------
                                                 Signature*

                                                 ------------------------------
                                                 Title, if applicable

                                                 ------------------------------
                                                 Print Name

                                                 ------------------------------

                                       13
<PAGE>   14

---------------------------

*   Must conform in all respects to name of Holder as specified on the face
    of the Note.

                                       14
<PAGE>   15

        THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED ("1933 ACT") OR ANY STATE SECURITIES
        LAWS AND SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED, OR OTHERWISE
        TRANSFERRED, WHETHER OR NOT FOR CONSIDERATION, BY THE HOLDER EXCEPT UPON
        THE ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF ITS COUNSEL OR THE
        SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY
        TO COUNSEL FOR THE COMPANY, IN EITHER CASE, TO THE EFFECT THAT ANY SUCH
        TRANSFER SHALL NOT BE IN VIOLATION OF THE 1933 ACT AND APPLICABLE STATE
        SECURITIES LAWS.

                                       15<PAGE>   1

                                                                  EXHIBIT 10.2
                                                                  Page 1 of 4

                                 Saddlebrook
                          The Golf and Tennis Resort
                                P.O. Box 7046
                Wesley Chapel, Florida 34249 - (813) 973-1111

                    DEDICATION OF CONDOMINIUM APARTMENT TO
                 RENTAL POOL AND AGENCY APPOINTMENT AGREEMENT

  THIS AGREEMENT, made this     day of           , 198   , by and between
SADDLEBROOK RESORTS, INC., Wesley Chapel, Florida, hereinafter call "Agent," and

whose address is
hereinafter called "Owner":

  WHEREAS, the undersigned is the owner of a condominium apartment which is a
part of SADDLEBROOK RESORTS, the identification of which is hereinafter set
forth; and

  WHEREAS, in connection with the sales of the condominium apartments in
SADDLEBROOK RESORTS, a majority of the apartment purchasers have indicated a
desire to dedicate their apartments to a rental pool during such periods as the
Owners thereof shall not occupy the same whereby income from such operation may
be shared equitably after payments to the Agent of a percentage of the income
to cover the expenses of the operation and services of Agent; and

  WHEREAS, day-to-day management is required, and the Agent is prepared to
assume such responsibilities according to the terms and conditions hereinafter
set forth.

  NOW, THEREFORE, in consideration of the covenants and agreements hereinafter
set forth, and the mutual benefits to the respective parties, and the joining
by the one or more Owners of condominium apartment units in SADDLEBROOK
RESORTS, it is hereby agreed as follows:

  (1)  DEDICATION OF APARTMENT TO RENTAL POOL.  The Owner dedicates to the
rental pool his condominium apartment No.    , Bldg.    , which apartment is a

    type apartment unit, in accordance with the terms hereof.

  (2)  EXCLUSIVE AGENCY EMPLOYMENT:  Owner hereby employs Agent to manage the
rental of his unit number    for a period commencing on     , 198   , and
ending on the 31st day of December, 198  , with the understanding that the
Agency will be automatically renewed on an annual basis unless either party has
given written notification of termination prior to October 15th of any given
year.  If such notice is given, this agreement will terminate on December 31st
of the year in which such notice is received.

  (3)  RESERVATION OF OWNER'S OCCUPANCY.  Owner agrees and hereby dedicates his
apartment to the rental pool for rental occupancy for the total period of this
Agreement except for the period of time hereinafter set forth which the Owner
specifically reserves for his personal use, subject to the limitations set
forth in paragraph (4) of this Agreement.

    (a)  Owner reserves his apartment for

                            (see attached exhibit)

    (b)  Except when reserved by Owner for his personal use, Owner's apartment
shall be subject to rental to such tenants as may be provided by Agent for
terms of one or more days by oral or written lease or rental arrangement.

    (c)  Subject to the limitations set forth in paragraph 4 of this Agreement,
Owner may at any time, by written notice to Agent during the term of this
Agreement, withhold his unit from such renting, for his personal use, for not
more than the said limitations on Owner occupancy for the succeeding calendar
year.  Owner must notify Agent as to the dates to be set aside for his personal
use prior to October 15th of each year.  Owner understands that his failure to
provide timely notification to Agent could result in the inavailability of his
unit on desired dates.  If Owner provides no notification to Agent it will be
assumed that the Owner desires to reserve the same days for his personal use as
were reserved in the previous year.  Agent agrees to provide Owner with a
reminder notice regarding renewal options and reservation days by mail on or
before September 1st of each calendar year.

    (d)  Notwithstanding any other provision set forth in this Agreement, in
the event an Owner desires his own apartment other than at periods reserved by
the Owner pursuant to Paragraphs 2 (a) and (c) hereof, and if said apartment is
not occupied, or in the sole opinion of the Agent likely to be occupied, for
all or any part of the period for which Owner desires such occupancy, the Owner
may take the apartment out of the pool for such period and utilize the said
apartment himself. In such event, the Owner shall give Agent a minimum of
twenty-four (24) hours' written notice of such temporary removal of the
apartment from the pool.  In the event the apartment is occupied, or in the sole
opinion, of the Agent is likely to be occupied, for all or any part of the
period the Owner desires such additional occupancy, then the Owner shall have
no right to remove said unit from the rental pool.

    (e) In the event that the Owner desires to occupy his own apartment, other
than at a time reserved for Owner occupancy, during any period when it is
dedicated to the rental pool and does not wish to remove said apartment from
the rental pool, he may do so as a rental tenant and, as such, shall have
preference to occupy his condominium apartment unit if the same has not been
previously reserved by a tenant.  Owner shall pay the prevailing rental charges
as established by the Agent for said apartment.

  (4)  LIMITATIONS ON OWNER OCCUPANCY.  The parties acknowledge that in order

to have a successful rental pool operation, there must be a limitation on Owner
occupancy of the units so dedicated to the rental pool.  It is mutually agreed
that participating Owners in this rental pool are guaranteed the use of their
units for forty-five (45) days per calendar, with not more than twenty-one (21)
of such days to fall in the period beginning December 15th and ending April
15th.  Nothing herein contained shall be construed as prohibiting a
participating Owner from occupying his dedicated unit in excess of the above
limitations if his unit is available in the sole judgement of the Agent.  The
above provision concerning occupancy is a contractual agreement between Agent
and Owner.  The Tax Reform Act of 1976 contains special provisions concerning
the deductibility of expenses for vacation homes related to the Owner's personal
occupancy.  You should consult your tax advisor regarding this matter.

  (5)  TERMINATION OF AGREEMENT.  The parties to this Agreement, both the Owner
and the Agent, may terminate this Agreement by giving not less than six (6)
months' notice to the other party of his intentions to so terminate the
Agreement.

<PAGE>   2
                                                       EXHIBIT 10.2 Page 2 of 4

  (6)  OWNER'S RESPONSIBILITY.  Owner recognizes and agrees that his right to
participate in the rental pool depends upon his maintaining the interior of his
condominium apartment in a first-class occupancy condition, and Owner agrees,
so long as he is a party to this Agreement, that he will so maintain the
interior of his apartment.  Agent, in its sole discretion shall have the right
to take such steps as necessary to bring the interior of the apartment to such
condition, including but not limited to redecoration of walls and ceilings and
replacement or repairs of draperies, carpeting, furniture and equipment.  Costs
for such expenditures shall be charged against the Escrow Account more fully
described hereafter in paragraph 19, and if said account is insufficient, the
balance of such costs may be deducted from any amounts owning to Owner from his
share of the rental pool, provided, however, that in the event the proposed
expenditure would both exceed the amount in the Escrow Account and is over One
Hundred ($100.00) Dollars, Agent agrees to get Owner's permission prior to
making such expenditures, provided further that should Owner refuse to
authorize such expenditures, Agent may forthwith terminate this Agreement. In
the event Agent shall exercise its right to bring a rental unit into
first-class occupancy condition as provided in this paragraph 6, subject to the
Owner's right of approval, if applicable, and such expenditures exceed both the
amounts in the Escrow Account and owing to Owner from his share in the rental
pool, Owner agrees to promptly fully recompense Agent for the balance of said
expenditures.  In the event Owner fails to so recompense Agent, Agent may
forthwith terminate this Agreement as to such apartment unit, and upon due
notification to SADDLEBROOK RESORT CONDOMINIUM ASSOCIATION, INC., the said
Association will recompense Agent and exercise such remedies against Owner
and/or his apartment unit as are set forth in the Articles of Incorporation and
By-Laws of such Association pertaining to assessments.  Owner further agrees
that the Agent shall have the right to reasonable inspection of the interior
of the Owner's apartment in order to satisfy itself that the unit is being so
maintained, and Agent shall at all times have a passkey to Owner's apartment.
No apartment Owner shall alter any lock or install any new lock on any doors
leading into his apartment without the consent of the Agent, and if such
consent be given, the Agent shall be provided with a key.

  (7)  DEFINITION AND ALLOCATION OF NET RENTAL INCOME.  The parties agree that
net rental income for purposes of this Agreement is defined as follows:
Apartment and room rentals received, less marketing surcharge of a maximum of
7 1/2% of rentals received in each calendar year, a twelve and one-half percent
(12 1/2%) management fee to Agent, travel agents' commissions, reserve for bad
debt and credit card expenses.  The proceeds of the marketing surcharge will be
made available for promoting and advertising the Saddlebrook resort operations.
The remaining amount of net rental income, as defined, shall be distributed as
follows:

       (a)  Rental Pool Income; 45% to the rental pool, to be allocated among
the Owners in accordance with the formula for calculating shares of interest as
hereinafter set forth.

       (b)  Occupancy Fee; 10% of Net Rental Income to the Owner of a rented
apartment unit; prior to determination of the 10% occupancy fee a deduction
will be made for all minor repair and replacement charges of $25 or less.
Items in this category shall include but not be limited to common repair and
replacement charges applicable to all units such as replacing light bulbs, air
conditioner filter, and smoke detector batteries.  A participant's occupancy
fee is subject to the provisions of paragraphs 6 and 19.

       (c)  45% to Agent for its services as manager of the rental pool and the
hotel operation.

  (8)  CALCULATION OF SHARES IN RENTAL POOL.  The Owner's share in the monies
allocated to the rental pool shall be determined as follows:

       (a)  Unit Factor:

           A point allocation, attributable to the purchase price (furnished)
of each dedicated apartment unit, will be calculated quarterly so as to
determine the Owner's unit factor.  The computation of this factor will be
based upon the purchase price (furnished) of each apartment unit as of January
1 of each year for each type of apartment.  the unit factor will be the sum
total of the purchase price (furnished), as herein defined of all apartment
units dedicated during the quarter, divided into the purchase price (furnished)
as herein defined of the particular dedicated apartment unit.  The resulting
fraction shall be expressed as a decimal.

       (b)  Availability Factor:

            The summation of the number of days that all apartments are
dedicated to the rental pool in the quarter shall be the denominator.  The
number of days that the particular dedicated apartment is in the rental pool in
the quarter shall be the numerator.  The resulting fraction, expressed as a
decimal, shall be the availability factor for an apartment unit for that
calendar quarter.

       (c)  Participation Factor:

            The unit factor shall be multiplied by the availability factor, and
the resulting figure shall be the Owner's rental pool participation factor for
such quarter.

       (d)  Rental Pool Income:

             The total of the participation factors for each apartment unit in
the rental pool for the calendar quarter shall be divided into the total rental
pool income (45% of net rental income), as herein defined, available to the
rental pool participants, and the resulting figure times each Owner's
participation factor shall equal his income from the rental pool for the
calendar quarter.

  (9)  COMPLIMENTARY ROOMS. Owner acknowledges that in connection with rental
promotion activities, Agent will find it necessary and desirable to furnish
complimentary rooms from time to time.  Owner agrees that Agent may so furnish
complimentary rooms when Agent, in its sole discretion, deems it necessary or
desirable to do so and that in such event, Agent shall pay an amount
representative of ten percent (10%) of the normal unit rental for each
apartment unit or units which are used as complimentary rooms, and said ten
percent (10%) amount shall be paid pursuant to the terms of this Agreement to
the Owner of the respective apartment unit or units whose apartments have been
so utilized for complimentary occupancy.

  (10)  AGENT OBLIGATION FOR RENTAL EXPENSES.  Owner shall have no expenses for
rental operation as a deduction from net rentals except as provided in
paragraph 7, so long as SADDLEBROOK RESORTS, INC. is the Agent under the
Agreement, except the utilities and property taxes for his apartment, his
obligations for the common element expenses under the Declaration of
Condominium and the maintenance of his regular membership in SADDLEBROOK GOLF
AND TENNIS CLUB in good standing.

  (11)  PAYMENT OF RENTAL SHARES.  Payment of rental pool shares shall be made
on a quarterly basis within forty-five (45) days of the close of each calendar
quarter.  The Agent shall distribute to the participating Owners their
respective rental and occupancy fees as heretofore provided, based on their
respective participating factors for that calendar quarter accompanying such
distribution with adequate accounting data in support thereof, such payments to
be subject to all provisions of this Agreement.

  (12)  OWNER'S OBLIGATIONS.  In addition to and not in limitation of the
obligations at law of Owner as a lessor, Owner covenants as follows:

       (a)  Punctually and fully to perform Owner's obligation as a
condominium owner in SADDLEBROOK RESORTS, including payment of the periodic
charges and assessments attributable to condominium ownership.

<PAGE>   3

                                                        EXHIBIT 10.2 Page 3 of 4

    (b)  To keep Owner's apartment furnished to the extent and in the manner
reasonably required by Agent as necessary for rental purposes hereunder.  In
order to maintain the quality of the Owner's apartment comparable with other
rental units in SADDLEBROOK RESORTS, Agent is authorized to establish required
minimum quantity and style of furnishings and equipment for purposes of
efficient rental pool operations.

    (c)  Subject to Owner's rights of privacy during periods of Owner occupancy
of Owner's apartment, to permit Agent and tenants access to Owner's apartment
consistent with rental occupancy hereunder.

    (d)  Not to leave upon the premises valuable personal effects or matters of
a nature unsuitable for rental occupancy.

    (e)  To maintain during the term of the Agreement a regular membership in
SADDLEBROOK GOLF AND TENNIS CLUB for each non-connecting unit in the rental
pool and to authorize SADDLEBROOK to issue a guest card to tenants of Owner's
apartment authorizing the tenant during his tenancy to use the facilities of
SADDLEBROOK upon payment by the tenant of such costs and charges which the Club
may make for any and all services and facilities and upon tenant's complying
with all rules and regulations of the Club.  The Owner shall not be liable for
any charges or expenses of tenant in connection with his use of the Club
facilities and services, and if any credit is extended by SADDLEBROOK GOLF AND
TENNIS CLUB to tenant, the Club shall be responsible for the collection of the
indebtedness.

    (f) To authorize the Agent to utilize seasonal rates, to grant discounts in
room rates to individuals and/or groups and to utilize package plans.  All
package plan discounts will be allocated on a pro-rata basis to all cost
centers affected.

  (13)  EXTENSION OF RENTAL POOL.  It is recognized that Agent plans to expand
the present condominium development of the property it owns or acquires in
Pasco County, Florida, if there is good public acceptance of same.  In such
event, it is recognized that it may be economically desirable to extend the
rental pool hereunder on a common basis with other condominium projects and
with common agency management.  Agent therefore is specifically permitted to
undertake the duties as Agent under similar rental pool arrangements to this
one for other condominium apartments which are a part of SADDLEBROOK RESORTS
and, to the extent that such rental pool is on a common basis with the terms
hereof, to apply common administration to the rental pool so created on a
basis of equitable participation by condominium apartment units subjected to
the terms hereof or of similar agreements to this one.

  (14)  ACCOUNTING AND RECORDS.  Agent shall cause appropriate books and
records to be maintained for the rental pool, which books and records shall be
subject to examination by or on behalf of participating Owners at any and
all reasonable times.  In addition to quarterly distribution of accounting data
in connection with distribution of rental shares as per paragraph 11 hereof,
Agent will cause an annual summary to be distributed to each Owner in such form
as is useful for Owner's income, expense, tax, and depreciation records.

  (15)  TERMINATION.  Agent may terminate its designation hereunder upon giving
of six (6) months' written notice.  Such termination will not of itself
terminate the rental pool, and the Owners participating therein may designate a
replacement manager for the performance of Agent's duties hereunder effective
with such termination.  Terms of successor agent's appointment shall be as
agreed between Owners and such successor and, to the extent that such successor
agent does not thereby assume the Agent's duties hereunder, the same shall be
the obligation and expense of the participating Owners.  Upon expiration of the
term hereof, or as the same may be renewed or upon termination hereof by Agent
under the provisions of this paragraph, Agent will offer for sale to the
management of the rental pool Owner's participating in the rental pool at the
then amortized cost thereof, the innkeeper's supplies then in use by Agent in
the management of the rental pool hereunder, and if the same be purchased by
participants for continuing rental pool, the expense of such acquisition shall
require the Agent to acquire charge against the Owners electing to participate
therein, provided, however, that nothing herein shall require the Agent to
acquire innkeeper's supplies should Agent engage the services of an independent
operating firm as hereinafter provided.  Participating Owners may individually
withdraw from the rental pool upon six (6) months' written notice to Agent as
heretofore provided.  Such withdrawal by an individual Owner shall not terminate
the rental pool as between Agent  and other participating Owners.  In the
event of transfer by Owner of his condominium apartment in the SADDLEBROOK
project to a new owner, any such sale shall be subject to the current rental
reservations for a period of six months after closing, however, the successor
owner shall not otherwise be a participating member of the rental pool except
by joining as a party thereto by execution and delivery of a similar agreement
to this Agreement.

  (16)  INSURANCE.  Owner recognizes that the maintenance of fire and extended
coverage insurance upon the common property of the condominium project is an
ordinary and assessable cost of the condominium, exclusive of the agency
arrangements hereunder.  Additionally, Owner recognizes the maintenance of fire
and extended coverage insurance upon Owner's property located at Owner's
apartment unit in the condominium project is the Owner's own responsibility.
Recognizing that the conduct of the rental pool hereunder is for the common
benefit of the participants, Owner covenants that he will maintain such
additional insurance as he deems necessary with the subrogation waiver clause
provisions, and Owner hereby waives subrogation as to damage or destruction
of his property to the extent that the same may occur during or arise in
connection with rental occupancy thereof or the conduct of the rental pool
hereunder.  Agent will procure, as a rental pool expense chargeable to Agent's
share of the rental income, liability insurance protecting the rental pool, the
participants therein and the Agent as to liability for property damage, bodily
injury or death occurring or claimed to occur by reason of or connected with the
rental pool operations hereunder or the conditions of the rented property or
common property therewith.  Agent is further authorized, but only as Agent may
determine economically feasible, in the name of itself and the rental pool, to
procure burglary and theft insurance, use and occupancy insurance and fidelity
bond coverages.

  (17)  MAINTENANCE OF OWNER'S APARTMENT UNIT.  The Agent is not responsible
for repair, restoration, redecorating or other expenses arising by reason of
ordinary wear, tear, obsolescence and depreciation.  Owner recognizes such
expenditures as within Owner's responsibility and, to the extent connected with
rental pool participation, adequately compensated by the occupancy fee provided
for in paragraph 7(b) hereof.

  (18)  AGENT'S DELEGATION OF DUTIES TO AN INDEPENDENT OPERATOR.  The parties
agree that Agent has the right to delegate many of Agent's duties to an
independent operating corporation at Agent's discretion.  Such delegation may
include, but is not limited to, arranging for all advertising and promotion,
employing a general manager and other necessary personnel, maintaining the
books and records of the rental pool, staffing and operating a rental
reservation system and any and all other operations and employment of personnel
which are consistent with the operation and maintenance of a recreational
resort facility.  Owner shall have no liability for any charges made to Agent
for the services of such independent operator, and any and all cost for such
services shall be paid by Agent out of its portion of the gross rentals.

  (19)  ESCROW ACCOUNT.  Agent will establish an Escrow Account in which shall
be deposited quarterly Owner's ten percent (10%) occupancy (which equals 10% of
the net rental income) for use of its individual apartment in the rental pool,
such ten percent (10%) occupancy fee being heretofore more fully described in
paragraph 7(b).  The Escrow Account is established for the purpose of enabling
Agent to have funds on hand from which Agent, at its sole discretion, may
maintain in the interior of each apartment, including maintenance,
redecoration, repair and/or replacement of walls, ceilings, floors, carpeting,
furniture, fixtures and equipment, such redecoration, repairs and replacement
being necessitated by normal wear and use.  The parties acknowledge that
establishment of such account and the repair, replacement and redecoration is
necessary to keep all participating apartments in the rental pool up to
standards established for SADDLEBROOK.  Subject to limitations set forth in
paragraph 6, Agent, in its sole discretion, shall have the

                                     - 33 -
<PAGE>   4
                                                        EXHIBIT 10.2 Page 4 of 4

right to expend from said Escrow Account such funds as are therein set aside
for such redecoration, repairs and replacement.  Agent agrees that each
apartment in the rental pool shall be maintained in a condition with the
standards established for SADDLEBROOK as a resort hotel, and Owner agrees that
he will provide such additional funds as are necessary for this maintenance and
upkeep upon request of management.  Thereafter, Agent shall deposit the Owner's
occupancy fee into the Escrow Account until such time as the Owner shall have on
deposit in said Escrow Account twenty percent (20%) of the then existing value
of the standard furniture package for condominium apartment unit comparable to
Owner's unit.  Additional funds will be deposited from Owner's occupancy fees
from time to time in order to maintain Owner's interest in the Escrow Account
at the level as heretofore described.  The Escrow Account shall be an
interest-bearing account to the extent practicable, and interest shall be
credited to the respected apartment Owner's share of the funds in said account.
Agent shall annually report to the apartment Owner on all expenditures made from
said Escrow Account on his apartment and as to the balance remaining in
said Escrow Account together with any interest accrued thereon.  If an Owner's
Escrow Account, including interest, shall exceed the twenty percent (20%)
maximum, the excess will be refunded on an annual basis.  In the event the
Owner should sell his unit, the Escrow balance shall be returned to him within
forty-five (45) days from the transfer of ownership and the new owner shall be
required to deposit $500.00 into the Reserve Account if he elects to
participate in the SADDLEBROOK rental pool.

  (20)  NOTICES, ASSIGNMENT AND ENFORCEMENT.  Notices required or appropriate
hereunder may be given in writing, addressed to the recipient at the address
set forth above as to Agent, or set forth below as to Owner and deposited in
the United States mails, postage prepaid, and in such case shall be deemed
received on the fifth business day following such dispatch.  Either party, by
written notice, may provide a different address for the receipt of notice
hereunder. Because of the necessity of dependable performance by the parties
hereto of their respective undertakings, neither party may assign its rights or
obligations  hereunder to any other person or party except with written consent
of the other party hereto, other than as provided in paragraph 18 hereof.  This
Agreement is binding upon and for the benefit of the respective parties, their
heirs, representatives, successors and to the extent permitted hereby, their
respective assigns.  In the event an action is brought to enforce the terms
hereof, the prevailing party shall be entitled to recover the expenses of such
action, including reasonable attorney's fees therefor.

  (21)  CONDITIONS OF OCCUPANCY.  Agent may enter Owner's apartment, and Agent
may remove such personal effects as Agent determines appropriate to be moved,
storing the same for reinstallation at the end of the rental period, provided,
however, that nothing herein shall obligate Agent to so remove such personal
effects or create any liability against Agent for the failure to remove such
personal effects.  Agent will cause the apartment to be cleaned and prepared
for rental occupancy and so maintained during rental occupancy.  At the
termination of rental occupancy, Agent will remove linens and supplies utilized
for such occupancy and will replace linens and any personal effects of Owner,
leaving the premises for re-occupancy by Owner.

  (22)  MISCELLANEOUS MATTERS.

     (a)  This Agreement contains all the terms and conditions agreed to
between the parties, and any amendments or modifications shall be in writing
and executed with the same formality at this Agreement.

     (b)  Whenever used, the singular number shall include the plural, the
plural the singular, and the use of any gender shall include all genders.

     (c)  The parties agree that this Agreement shall be interpreted under the
laws of the State of Florida and that the invalidity of one or more parts of
the Agreement shall not affect the remaining parts of the Agreement.

<TABLE>
<S>                                                       <C>
Signed sealed and delivered in the presence of            SADDLEBROOK RESORTS, INC.

                                                          By
---------------------------------                         ----------------------------------
                          Witness                                       Agent

---------------------------------
As to Agent               Witness

X
---------------------------------                         ----------------------------------
                          Witness                                         Owner

X
---------------------------------                         ----------------------------------
                          Witness                                         Owner

                                                          ----------------------------------
                                                                          Address

                                                          ----------------------------------
                                                            Social Security Number of Owner
</TABLE>

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