Document:

Form of Purchase Money Note related to 2nd Amend

 

EXHIBIT 10.28

CONFIDENTIAL TREATMENT REQUESTED

PURCHASE MONEY NOTE

[ * ]

Dated of: April __, 2005

     FOR VALUE RECEIVED, BRHP, LLC, a Florida limited liability company and TERRY W. STILES, a
natural person (collectively, the “Borrower”), jointly and severally, promise to pay to
OFFICE DEPOT, INC., a Delaware corporation (the “Lender”) the principal sum of [ *
] (the “Principal Amount”) together with interest thereon as provided herein
(collectively, the “Indebtedness”).

1. Defined Terms. As used herein:

     (a) “Base Rate” shall mean a per annum rate of interest equal to the greater of: (i)
four percent (4%), and (ii) the LIBO Rate plus 125 basis points.

     (b) “Default Rate” shall mean the maximum rate of interest permitted by applicable
law.

     (c) “LIBO Rate” shall mean shall mean the rate for deposits in U.S. dollars for thirty
(30) day periods, which appears on the Telerate Access Service Page 3750 (or any successor thereto)
as the London Interbank Offering Rate as of 11:00 a.m., London time, on the day that is two (2)
Business Days prior to the date of this Note, rounded to the nearest 1/1000 of 1%.

     (d) “Maturity Date” shall mean December 30, 2005.

     (e) “Mortgage” shall mean that certain first priority Purchase Money Mortgage granted
by BRHP, LLC to the Lender as of the date hereof, as the same may be amended, modified, replaced
and/or extended from time to time, encumbering certain real property located in Palm Beach County,
Florida.

     (f) “Note” shall mean this Purchase Money Note, as the same may be amended, modified,
replaced and/or extended from time to time.

     (g) “Purchase Agreement” that certain Agreement for Purchase and Sale, dated as of
February ___, 2005 by and between Lender and Stiles Corporation (“Stiles”).

     (h) “Pledge Agreement” shall mean that certain Pledge and Security Agreement, dated as
of the date hereof, by and between Stiles and Lender, as the same may be amended, modified,
replaced and/or extended from time to time, pursuant to

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which Stiles’ pledged to Lender all of its right, title and interest in and to its membership
interest in BRHP, LLC.

2. Interest Rate. Prior to maturity, whether by passage of time or by Lender’s sooner
declaration that the entire Indebtedness is due in accordance with the terms hereof, the Principal
Amount of this Note, or so much thereof as may be outstanding from time to time, shall bear
interest at a per annum rate equal to the Base Rate. Following maturity, whether by acceleration
or otherwise, the Principal Amount of this Note, or so much thereof as may be outstanding from time
to time, shall bear interest at the Default Rate.

3. Payments.

     (a) Payments under this Note shall be due and payable, without notice or demand, as follows:

	 	(i)  	No payments of either principal or interest shall be due
prior to maturity; and
	 
	 	(ii)  	On the Maturity Date or sooner maturity of this Note, the
entire Principal Amount, together with all accrued interest thereon and all
other amounts due and payable hereunder shall be paid to Lender.

     (b) Borrower may, from time to time, prepay all or any portion of the Principal Amount,
provided that any such prepayment shall be accompanied by an amount representing all accrued
interest on the portion of the Principal Amount being prepaid, together with all other amounts then
due and payable under the Loan Documents (herein defined).

4. Nature of Note; Note Secured by Mortgage and Pledge Agreement. This Note is the PM Note
referred to in the Purchase Agreement. This Note and the Indebtedness evidenced hereby are secured
by, among other things, the Mortgage and the Pledge Agreement. In enforcing its rights under this
Note, the Mortgage and/or the Pledge Agreement (together with any other documents evidencing and/or
securing the Indebtedness, collectively, the “Loan Documents”) the Lender shall have the
right to enforce its remedies with respect to any of the Loan Documents, or any combination
thereof, and either simultaneously or in such order as the Lender shall deem to be in its best
interest.

5. Interest Rate Limitations. At no time shall the Borrower be obligated or be required to
pay interest at a rate which is in excess of the maximum interest rate permitted by applicable law,
or which could subject the Lender to liability as a result of being in excess of the maximum rate
which the Borrower is permitted by law to contract or agree to pay. If by the terms of this Note
the Borrower is at any time required or obligated to pay interest at a rate in excess of such
maximum rate, then (1) the rate of interest under this Note shall be deemed to be immediately
reduced to such maximum rate; (2) interest payable under this Note shall be computed at such
maximum rate; and (3) any prior interest payments made, pursuant to this Note, in excess of such
maximum

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rate shall be applied, and shall be deemed to have been payments made, in reduction of the
Principal Amount.

6. Default Rate

     If the entire Indebtedness is declared to be due and payable by the Lender pursuant to the
provisions of any Loan Document, or if the Indebtedness is not paid in full on the Maturity Date,
then the Borrower shall pay interest on the unpaid balance of this Note, from the date of such
acceleration of the Maturity Date (or the Maturity Date, if the Principal Amount has not been
previously accelerated), until the date on which the Indebtedness has been paid in full (whether
before or after judgment), at a rate per annum equal to the Default Rate provided, however, that
such interest rate shall in no event exceed the maximum interest rate which the Borrower may by law
pay.

7. Borrower’s Power And Authority. The Borrower, and the undersigned representative of the
Borrower, represent and warrant and covenant that the Borrower has full power, authority and legal
right to execute and deliver this Note and that the obligations of the Borrower under this Note
constitute valid and binding obligations of the Borrower.

8. Borrower’s Obligations Absolute And Unconditional. The Borrower represents, warrants,
and covenants that this Note and the Borrower’s obligations under this Note are and shall at all
times continue to be absolute and unconditional in all respects, and shall at all times be valid
and enforceable irrespective of any other agreements or circumstances of any nature whatsoever
which might otherwise constitute a defense to: (a) this Note and the obligations of the Borrower
under this Note, or (b) the obligations of any other person or party relating to this Note, or (c)
otherwise with respect to the Indebtedness.

9. No Oral Changes. This Note may not be modified, amended, changed or terminated orally,
except by an agreement in writing signed by the Borrower and the Lender. No waiver of any term,
covenant or provision of this Note shall be effective unless such waiver is given in writing by the
Lender and, in such case, shall only be effective in the specific instance in which given.

10. Applicable Law. This Note is and shall be deemed entered into in the State of Florida
and shall be governed by and construed in accordance with the laws of such state, without regard to
principles of conflicts of laws. No defense given or allowed by the laws of any state or country
shall be interposed in any action or proceeding on or with respect to this Note unless such defense
is either given or allowed by the laws of the State of Florida.

11. Borrower’s Consent To Jurisdiction And Venue. The Borrower agrees to submit to
personal jurisdiction in the State of Florida in any action or proceeding arising out of this Note.
In furtherance of such agreement, the Borrower hereby agrees and consents that, without limiting
other methods of obtaining jurisdiction, personal jurisdiction over the Borrower in any such action
or proceeding may be obtained within or without the jurisdiction of any court located in the State
of Florida. Any process or notice of motion

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or other application to any such court, in connection with any such action or proceeding, may be
served upon the Borrower by registered or certified mail to, or by personal service at, the last
known address of the Borrower, whether such address be within or without the jurisdiction of any
such court. The Borrower hereby agrees that the venue of any litigation arising in connection with
the indebtedness, or in respect of any of the obligations of the Borrower under this Note, may, to
the extent permitted by law, be in Palm Beach County, Florida.

12. Covenant To Cooperate. The Lender covenants and agrees that it shall reasonably
cooperate with the Borrower, at no cost, expense or liability to the Lender, in pursuing
development approvals for the Borrower’s contemplated development of the Property.

13. Default and Acceleration. If any payment under this Note is not paid when due, or upon
any default in the performance of any of the covenants or agreements of any mortgage and/or
security agreement securing this Note or the obligation represented hereby, including, without
limitation, the Mortgage, the Pledge Agreement and all other Loan Documents, the entire principal
amount outstanding and all accrued interest thereon shall, at the option of Lender, at once become
due and payable. Lender may exercise this option to accelerate during any default by Borrower
regardless of any prior forbearance by Lender. If suit is brought to collect this Note, Lender
shall be entitled to collect all reasonable costs and expenses of the suit, including, but not
limited to, reasonable attorney’s fees, costs and expenses incurred in such collections, including
attorneys’ fees, costs and expenses incurred in one or more appeals. If this Note is accelerated,
and whether or not a judgment has been entered, interest shall accrue on all sums outstanding
hereunder at the highest rate permitted by law until all sums due hereunder, including, without
limitation, any collection costs, principal and accrued interest and/or amounts under any judgment
rendered pursuant to this Note, are paid.

14. Waiver. Borrower and any and all endorsers and guarantors hereof, and all others who
may become liable for all or any part of this obligation, agree to be jointly and severally bound,
and jointly and severally waive and renounce any and all exemption rights and the benefits of all
valuation and appraisement privileges available to them pursuant to the Constitution or laws of the
United States or any state, territory, or jurisdiction as against this debt or any renewal or
extension thereof and jointly and severally waive presentment, demand, protest, notice of
non-payment and any and all lack of diligence or delays in collection of the amount agreed to be
paid under and by virtue of the obligation to pay provided for in this Note, any extension thereof
of time, release of any party liable for this obligation, release of any security for this Note,
exchange or substitution of any other security thereof, or any other indulgence or forbearance
whatsoever. Any such change, extension, release, indulgence or forbearance may be made without the
joinder of or notice to any such parties and without in any way affecting the personal liability of
any such party.

15. Notices. All notices, requests and other communications under this Note shall be in
writing and shall be delivered in person by hand delivery or overnight delivery service, by
facsimile or sent by certified mail, return receipt requested, addressed as set forth on
Exhibit “A” attached hereto or at such other address, and to the attention of such other

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person, as the parties shall give notice as herein provided. All such notices, requests and other
communications shall be deemed to have been sufficiently given for all purposes hereof upon receipt
at such address if delivered in person, by overnight delivery or by facsimile, or if mailed, upon
deposit of both the original and any required copies in a post office or official depository of the
United States Postal Service.

16. Usury. All agreements between Borrower and Lender, whether now existing or hereafter
arising and whether written or oral, are hereby expressly limited so that in no contingency or
event whatsoever, whether by reason of acceleration of the maturity hereof, or otherwise, shall the
amount paid, or agreed to be paid by Borrower to Lender for the use, forbearance, or detention of
the money to be loaned hereunder or otherwise or for the payment or performance of any covenant or
obligation contained herein or in any mortgage or security agreement, or in any other document
evidencing, securing or pertaining to the indebtedness evidenced by this Note, exceeds the maximum
amount permissible under applicable law.

17. Severability. If any term or provision of this Note or application thereof to any
person or circumstances shall, to any extent, be found by a court of competent jurisdiction to be
invalid or unenforceable, the remainder of this Note or the application of such term or provision
to persons or circumstances other than those as to which it is held invalid or unenforceable, shall
not be affected thereby and each term or provision of this Note shall be valid and be enforced to
the fullest extent permitted by law.

18. Cumulative Remedies. The remedies of Lender provided for herein or in any mortgage,
security agreement or in any other document evidencing, securing or pertaining to the indebtedness
evidenced by this Note shall be cumulative and concurrent, and may be pursued singularly,
successively or together, at the sole discretion of the party for whose benefit such remedy is
provided, and may be exercised as often as occasion therefor shall arise.

19. Waiver of Jury Trial. BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
THE RIGHT BORROWER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, AND/OR ANY DOCUMENT EXECUTED IN CONJUNCTION
THEREWITH, OR ANY COURSE OR CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR
ACTIONS OF OR BY MAKE OR HOLDER.

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     IN WITNESS WHEREOF, the Borrower has duly executed this Note the day and year first above
written.

	 	 	 
	 

	 	BRHP, LLC, a Florida limited liability

company
	 
	 	 
	

	 	By: STILES CORPORATION, its sole

member
	 
	 	 
	

	 	 
	

	 	Name:
	

	 	Title:
	 
	 	 
	

	 	 
	

	 	Mr. Terry W. Stiles, individually

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EXHIBIT “A”

NOTICE ADDRESSES

	 	 	 
	If intended for Borrower:

	 	c/o Stiles Corporation

300 S.E. 2nd Street

Ft. Lauderdale, FL 33301

Attn: Mr. Dennis F. O’Shea

Telephone No: (954) 627-9345

Facsimile No: (954) 627-9288
	 
	 	 
	with a copy to:

	 	Greenberg Traurig, LLP

200 Park Avenue

New York, New York 10166

Attn: David E. Bolen, Esq.

Telephone No: (212) 801-9315

Facsimile No: (212) 805-9315
	 
	 	 
	If intended for Lender:

	 	Office Depot, Inc.

2200 Old Germantown Road

Delray Beach, FL 33445

Attn: Mr. David Fannin,

Executive Vice President &

General Counsel

Telephone No: (561) 438-8171

Facsimile No: (561) 438-8165
	 
	 	 
	with a copy to:

	 	Proskauer Rose, LLP

2255 Glades Road

Boca Raton, Florida 33431

Attn: Christopher Wheeler, Esq.

Telephone No: (561) 995-4702

Facsimile No: (561) 241-7145

7Form of Purchase Money Mortgage

 

EXHIBIT 10.29

CONFIDENTIAL TREATMENT REQUESTED

Prepared By and Return to:

John M. Fox-Snider, Esq.

Proskauer Rose LLP

2255 Glades Road

Suite 340 West

Boca Raton, FL 33431-7383

PURCHASE MONEY MORTGAGE

     THIS PURCHASE MONEY MORTGAGE (this “Mortgage”) executed this ___day of April, 2005, by
BRHP, LLC, a Florida limited liability company, hereinafter called the “Mortgagor”, whose
address is ________________________, to OFFICE DEPOT, INC., a Delaware corporation, whose
address is 2200 Old Germantown Road, Delray Beach, Florida 33445, Attention: _____________________,
hereinafter called the “Mortgagee”.

(Wherever used herein the terms “Mortgagor” and
“Mortgagee” include all the parties to this instrument and
the heirs, legal representative and assigns of individuals, and the
successors and assigns of corporations; and the term “Note” includes
all the notes herein described if more than one together with all
modifications, extensions, renewal, and replacements thereof, if
any.)

W I T N E S S E T H:

     THAT for good and valuable considerations, and also in consideration of the aggregate sum
named in the note hereinafter described, the Mortgagor hereby mortgages, grants, bargains, sells,
aliens, remises, conveys and confirms unto the Mortgagee all the certain land and all buildings,
structures and improvements of every nature whatsoever now or hereafter located thereon
(collectively, the “Property”) of which the Mortgagor is now seized and in possession
situate in Palm Beach County, Florida, viz:

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SEE EXHIBIT “A” ATTACHED HERETO AND MADE A PART HEREOF

     TO HAVE AND TO HOLD the same, together with the tenements, hereditaments and appurtenances
thereto belonging, and the reversion or reversions, remainder and remainders, and the rents, issues
and profits thereof, unto the Mortgagee, in fee simple.

     TOGETHER WITH all right, title and interest of Mortgagor, if any, in and to the land lying in
the bed of any street, road or avenue, opened or proposed, in front of or adjoining the above
described Property to the center line thereof.

     TOGETHER WITH all machinery, apparatus, equipment, fittings, fixtures, appliances, and
articles of personal property of every kind and nature whatsoever, now or hereafter located in or
upon the Property or any part thereof, and used or useable in connection with any present or
future operation of said Property and the improvements located thereon and now owned or hereafter
acquired by Mortgagor. It is expressly understood that this Mortgage shall also constitute a
security agreement under the Florida Uniform Commercial Code, and that Mortgagee shall, at
Mortgagee’s option, and without limiting all other rights of Mortgagee as contained herein, be
entitled to exercise all rights and remedies as a secured creditor under the Florida Uniform
Commercial Code in the event of a default hereunder by Mortgagor. This Mortgage shall also serve
as a financing statement under the Florida Uniform Commercial Code, and is intended to be recorded
in the real estate records of Palm Beach County, Florida.

     TOGETHER WITH any and all awards or payments (to be disbursed and applied as hereinafter
provided), including interest thereon, and the right to receive the same, which may be made with
respect to the Property as a result of (a) the exercise of the right of eminent domain, (b) the
alteration of the grade of any street, or (c) any other injury to or decrease in the value of the
Property, to the extent of all amounts which may be secured by this Mortgage

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at the date of receipt of any such award or payment, and of the reasonable attorneys’ fees,
costs and disbursements incurred by Mortgagee in connection with the collection of such award or
payment. Mortgagor agrees to execute and deliver, from time to time, such further instruments as
may be requested by Mortgagee to confirm such assignment to Mortgagee of any such award or payment.

     AND the Mortgagor covenants with the Mortgagee that the Mortgagor is indefeasibly seized of
said Property in fee simple subject to the matters set forth on Exhibit B attached hereto
(collectively, the “Permitted Exceptions”); that the Mortgagor has good right and lawful authority
to convey said Property as aforesaid; that the Mortgagor will make such further assurances to
perfect the fee simple title to said Property in the Mortgagee as may reasonably be required; that
the Mortgagor hereby fully warrants the title to said Property, and subject to the Permitted
Exceptions and will defend the same against the lawful claims of all persons whomsoever.

     PROVIDED ALWAYS, that if said Mortgagor shall pay unto said Mortgagee the certain Purchase
Money Note of even date herewith given by Mortgagor and Terry W. Stiles in the principal amount of
[ * ] (the “Note”) and shall perform, comply with and abide by each and every the
agreements, stipulations, conditions and covenants thereof, and of this mortgage, then this
Mortgage and the estate hereby created, shall cease, determine and be null and void.

     AND the Mortgagor hereby further covenants and agrees to pay promptly when due the principal
and interest and other sums of money provided for in the Note and this Mortgage, or either; to pay
all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of
every nature on said Property; to permit, commit or suffer no waste, impairment or deterioration of
said Property or the improvements thereon at any time; to comply

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with, or cause to be complied with, all statutes, ordinances and requirements of any
governmental authority relating to the Property and the improvements thereon; to pay all costs,
charges, and expenses, including reasonable lawyer’s fees and title searches, reasonably incurred
or paid by the Mortgagee because of the failure of the Mortgagor to promptly and fully comply with
the agreements, stipulations, conditions and covenants of the Note and this Mortgage, or either; to
perform, comply with and abide by each and every of the agreements, stipulations, conditions and
covenants set forth in the Note and this Mortgage, or either. In the event the Mortgagor fails to
pay when due any tax, assessment, insurance premium or other sum of money payable by virtue of the
Note and this Mortgage, or either, the Mortgagee may pay the same, without waiving or affecting the
option to foreclose or any other right hereunder, and all such payments shall bear interest from
date thereof at the highest lawful rate then allowed by the laws of the State of Florida.

     IF any sum of money herein referred to be not promptly paid on the date the same becomes due,
or if each and every of the agreements, stipulations, conditions and covenants of the Note and this
Mortgage, or either, are not fully performed, complied with and abided by, then the entire sum
mentioned in the Note, and this Mortgage, or the entire balance unpaid thereon, shall forthwith or
thereafter, at the option of the Mortgagee, become and be due and payable, anything in the Note or
herein to the contrary notwithstanding. Failure by the Mortgagee to exercise any of the rights or
options herein provided shall not constitute a waiver of any rights or options under the Note or
this Mortgage accrued or thereafter accruing.

     The additional terms and conditions set forth in Exhibit “C” attached hereto are
hereby incorporated herein as if fully set forth herein.

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     IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day
and year first above written.

Signed, sealed and delivered

in the presence of:

	 	 	 
	

	 	BRHP, LLC, a Florida limited liability company
	 
	 	 
	

	 	By: STILES CORPORATION, a Florida

corporation, its sole member
	 
	 	 
	

	 	By:
	 

	 	 
	

	 	Name:
	 

	 	 
	

	 	Title:
	

	 	 
	

	 	 
	 
	 	 
	

	 	 

	 	 	 	 	 	 	 
	STATE OF FLORIDA

	 	 	)	 	 	 
	

	 	 	)	 	 	SS:
	COUNTY OF____________

	 	 	)	 	 	 

     The foregoing instrument was acknowledged before me this ____ day of ____,
2005 by
_____________________
as _____________________ of STILES CORPORATION, a Florida
corporation, sole member of BRHP, LLC, a Florida limited liability company, on behalf of the
corporation and the limited liability company. He/she/they personally appeared before me, is/are
personally known to me or produced _____________________as identification, and [did] [did not]
take an oath.

	 	 	 
	

	 	Notary:
	

	 	 
	[NOTARIAL SEAL]

	 	Print Name:
	

	 	 
	

	 	Notary Public, State of
	

	 	 
	

	 	My commission expires:
	

	 	 

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EXHIBIT “A”

(Legal Description)

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EXHIBIT “B”

(Permitted Exceptions)

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EXHIBIT “B”

(Additional Terms)

     1. Inspection. Mortgagee and any other person authorized by Mortgagee shall
have the right to enter and inspect the Property at all reasonable times.

     2. Mortgagee’s Right to Perform. In the event of any default in the
performance of any of Mortgagor’s covenants or agreements herein, Mortgagee may, at the
option of Mortgagee, perform the same and the cost expended by Mortgagee shall be added to
the outstanding principal amount secured by the Note.

     3. Due on Sale or Encumbrance. Should the title to the Property, or any part
thereof or any interest therein, be transferred to any person, firm or entity other than
Mortgagor, or should the ownership of the Property, or any part thereof, become vested in
any owner other than Mortgagor, or should any lien, mortgage or any other encumbrance,
voluntary or involuntary, be placed against the Property, or in any of the foregoing events,
the entire principal balance due under the Note, together with all accrued interest
thereunder, shall at the election of Mortgagee, be and become immediately due and payable in
full, subject to applicable law, and Mortgagee shall be entitled to pursue all remedies
provided for in this Mortgage or at law, including without limitation, foreclosure of this
Mortgage.

     4. Other Security. Mortgagee may resort for the payment of the indebtedness
secured hereby to any other security therefore held by Mortgagee in such order and manner as
Mortgagee may elect in its sole discretion. To the fullest extent permitted by applicable
law, Mortgagor waives any and all rights it may have to require marshalling of assets.

     5. Costs of Collection. In the event that Mortgagee shall incur or expend any
sums, including attorneys’ fees, whether in connection with any action or proceeding or not,
to sustain the lien of this Mortgage or its priority, or to protect or enforce any of its
rights hereunder, or to recover any indebtedness hereby secured, or for any title
examination or title insurance policy relating to the title to the Property, all such sums
shall on notice and demand be paid by Mortgagor, together with the interest thereon at the
rate applicable to the Note from and after Maturity, and shall be a lien on the Property,
prior to any right or title to, interest in, or claim upon the Property subordinate to the
lien of this Mortgage, and shall be deemed to be secured by this Mortgage and evidenced by
the Note; and that in any action or proceeding to foreclose this Mortgage, or to recover or
collect the debt secured thereby, the provisions of law respecting the recovery of costs,
disbursements and allowances shall prevail unaffected by this covenant.

     6. Eminent Domain. In connection with any taking by eminent domain, alteration
of the grade of any street, or any other condemnation by any public or quasi-public
authority or corporation, any award or payment may, at the option of Mortgagee, be retained
and applied by Mortgagee toward payment of the moneys secured by this

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Mortgage, or be paid over wholly or in part to Mortgagor for the purpose of altering,
restoring or rebuilding any part of the Property which may have been altered, damaged or
destroyed as a result of any such taking, alteration of grade, or other injury to the
Property, or for any other purpose or object satisfactory to Mortgagee.

     7. No Waiver. Any failure by Mortgagee to insist upon the strict performance
by Mortgagor of any of the terms and provisions hereof shall not be deemed to be a waiver of
any of the terms and provisions hereof, and Mortgagee, notwithstanding any such failure,
shall have the right thereafter to insist upon the strict performance by Mortgagor of any
and all of the terms and provisions of this Mortgage to be performed by Mortgagor.

     8. Subsequent Modifications. This Mortgage cannot be changed except by an
agreement in writing, signed by the party against whom enforcement of the change is sought.

     9. Compliance with Usury Laws. Nothing herein contained, nor in the Note
secured hereby or any instrument or transaction related thereto, shall be construed or so
operate as to require Mortgagor, maker, or any person liable for the payment of the loan
evidenced by the Note, to pay interest in an amount or at a rate greater than the maximum
allowed by law. Should any interest or other charges in the nature of the interest paid by
Mortgagor, maker, or any person liable for the payment of the loan made pursuant to said
Note, result in the computation or earning of interest in excess of the maximum rate or
amount of interest allowed by law, then any and all such excess shall be and the same is
hereby waived by Mortgagee and all such excess shall be automatically credited against and
in reduction of the principal balance, and any portion of said excess which exceeds the
principal balance shall be paid by the holder hereof to Mortgagor or other payor of such
excess, it being the intent of the parties hereto that under no circumstances shall
Mortgagor, maker or any person liable for the payment of the loan hereunder, be required to
pay interest in excess of the maximum rate or amount allowed by law.

     10. Attorneys’ Fees. Wherever provision is made herein for payment of
attorneys’ fees or expenses incurred by Mortgagee, said provision shall include, but not be
limited to, attorneys’ fees or expenses incurred in any and all judicial, bankruptcy,
reorganization, administrative, or other proceedings, including appellate proceedings,
whether such proceedings arise before or after entry of a final judgment.

     11. Waiver of Jury Trial. Mortgagor hereby waives any and all rights it may
have to a jury trial with respect to any litigation which may arise out of the Note and/or
this Mortgage and any counterclaim which Mortgagor may have in connection herewith.

     12. Default. Any of the following shall each be an Event of Default under this
Mortgage: (1) failure to pay any sum, whether principal, interest or otherwise, which is
due under the Note, this Mortgage and all other documents or instruments which evidences or
secures Mortgagor’s obligations under the Note and this Mortgage; or (2) failure to pay any
tax, assessment, utility charge, or other charge against the Property or any part thereof as
and when required by this Mortgage; (3) failure to keep in force the

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policies of insurance required by this Mortgage; (4) any unpermitted sale, transfer
(whether voluntary or by operation of law), conveyance or further encumbrancing of all or
any part of the Property or any interest therein, (5) Mortgagor’s failure to comply with a
requirement, order or notice of violation of a law, ordinance or regulation issued or
promulgated by any political subdivision or governmental department claiming jurisdiction
over the Property or any operation conducted on the Property or (6) if Mortgagor shall make
an assignment for the benefit of creditors, file a petition in bankruptcy, apply to or
petition any tribunal for the appointment of a custodian, receiver, intervenor or trustee
for such Mortgagor or a substantial part of such Mortgagor’s assets, or if Mortgagor shall
commence any proceeding under any bankruptcy, arrangement, readjustment of debt, dissolution
or liquidation law or statutes of any jurisdiction, whether now or hereafter in effect, or
if any Mortgagor shall by act or omission approve, consent to or acquiesce in the filing of
any such petition or application against such Mortgagor or the appointment of any such
custodian, receiver, intervenor or trustee or t he commencement of any such proceeding
against such Mortgagor or the entry of an order for relief with respect to such Mortgagor,
or if any such petition or application shall have been filed or proceeding commenced against
Mortgagor or in which an order for relief is entered, or if Mortgagor shall suffer any such
appointment of a custodian, receiver, intervenor or trustee; or (7) Mortgagor’s failure to
comply with any other covenant or condition set forth in this Mortgage, the Note, or any
other document or instrument which evidences or secures Mortgagor’s obligations under the
Note and this Mortgage.

     13. Mortgagee’s Remedies Upon Occurrence of an Event of Default. Upon the
occurrence of any Event of Default under this Mortgage, Mortgagee shall have the right to
(i) declare the entire principal balance under the Note immediately due and payable without
notice or demand and (ii) thereafter immediately enforce the lien of this Mortgage against
all of the Property by foreclosure as provided for under applicable Florida law and to cause
all of the Property to be sold for payment and satisfaction of any decree of foreclosure
without any right of the Mortgagor or of those claiming under Mortgagor to any marshalling
of liens, exonerations of security or other similar rights or remedies.

     14. Leases. Mortgagor will not enter into any leases or other occupancy
agreements without the prior written consent of Mortgagee.

4

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