Document:

Form of Revolving Credit Note

    Exhibit
      10.2

    
 

    REVOLVING
      CREDIT NOTE

    (the
      "Note")

    

    
      	
              $2,500,000.00

            	
              Dated:
                April ___, 2007

            

    

    
      
        

      

    

    

    FOR
      VALUE
      RECEIVED, the undersigned borrower, DEER
      VALLEY CORPORATION,
      a
      Florida corporation (the "Borrower") promises to pay to the order of
FIFTH
      THIRD BANK,
      a
      Michigan banking corporation (the "Lender"), at 201 E. Kennedy Blvd., Suite
      1800, Tampa, Florida 33602, or at such other place as Lender may from time
      to
      time designate in writing, with payment due as provided herein and in the
      Revolving Credit Loan and Security Agreement of even date herewith (the "Credit
      Agreement"), the principal sum not to exceed $2,500,000.00, or so much thereof
      as has been disbursed for advances hereunder.

    

    The
      Interest Rate shall be a variable rate at 260 basis points (2.60%) above the
      One-Month "LIBOR-Index Rate", and shall be adjusted every month on each Interest
      Rate Determination Date with all such interest rate terms defined as set forth
      in "ADDENDUM
      A"
      attached
      hereto and made a part hereof.

    

    Principal
      and interest shall be due and payable as follows:

    

    (a) To
      the
      extent accrued, interest only, as stated above, shall be payable monthly
      commencing May 1, 2007, and continuing on the same day of each month thereafter
      on the principal outstanding from time to time until the loan maturity date
      at
      which time the outstanding indebtedness, whether principal, accrued interest
      or
      otherwise, shall be due and payable in full.

    

    (b) The
      principal amount evidenced hereby may be borrowed (and to the extent any
      principal amount advanced hereunder is repaid by Borrower, such sum may be
      borrowed again) until this Note is terminated. At no time, however, shall the
      principal balance outstanding hereunder exceed $2,500,000.00.

    

    If
      any
      payment on this Note becomes due and payable on a Saturday, Sunday or legal
      holiday under the laws of the State of Florida, the maturity thereof shall
      be
      extended to the next succeeding business day and interest thereon shall be
      payable at contract rate of interest during such extension.

    

    As
      provided in the Credit Agreement, the Note is to be utilized by Borrower on
      a
      revolving credit basis for acquisition of complimentary businesses, short-term
      working capital needs as well as a Letter of Credit facility utilized to support
      letters of credit issued by Lender for the benefit of Borrower.

    

    This
      Loan
      facility matures one (1) year from the date hereof. If any letters of credit
      supported by this Loan facility are redeemed, the amount so redeemed is due
      on
      demand in accordance with the Credit Agreement. Upon the occurrence of any
      one
      or more of the Events of Default specified in the Credit Agreement or in any
      other document or instrument delivered in connection therewith and following
      notice and the expiration of all cure periods (if any), all amounts then
      remaining unpaid on this Note may be declared to be immediately due and payable.
      Advances under this Note shall be requested by Borrower and evidenced as a
      debit
      to Borrower's loan account.

    
      
        
          Initials:
            ______

        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Borrower
      may repay all or part of the principal balance at any time without penalty.
      Such
      prepayment shall be accompanied by payment of any unpaid interest accrued to
      the
      time of such prepayment. All payments made hereunder shall at Lender's option
      first be applied to late charges, then to accrued interest, then to principal.
      Permitted partial prepayments shall not affect or vary the duty of Borrower
      to
      pay all obligations when due, and they shall not affect or impair the right
      of
      Lender to pursue all remedies available to it hereunder, under the security
      instruments securing this indebtedness, or under any other loan documents or
      guaranty executed in connection herewith.

    

    The
      terms
      and provisions of this Note are to be governed by and construed under the laws
      of the State of Florida and of the United States of America, and the rules
      and
      regulations promulgated under the authority thereof. It is the intent of this
      Note that such laws shall be interpreted in such a manner that after default
      the
      maximum rate of interest allowed to be contracted for by applicable law as
      changed from time to time which is applicable to this Note (hereinafter called
      the "Maximum Rate") be as great as possible.

    

    In
      the
      event that any payment of principal or interest is not made within ten (10)
      days
      after the date when due hereunder, it is hereby agreed that the Lender shall
      have the option of collecting five percent (5%) of the amount of each such
      delinquent payment; provided, however, such late fee shall not apply to the
      lump
      sum payment of the principal on the Maturity Date or the lump sum payment of
      principal upon acceleration.. Said late charge and/or interest shall be
      immediately due and payable in full on demand by the Lender.

    

    In
      no
      event shall Lender have the right to charge or collect, nor shall Borrower
      be
      required or obligated to pay, interest or payments in the nature of interest,
      which would result in interest being charged or collected at a rate in excess
      of
      the Maximum Rate. In the event that any payment which is interest or in the
      nature of interest is made by Borrower or received by Lender which would result
      in the rate of interest being charged or collected by the Lender being in excess
      of the Maximum Rate, then the portion of any such payment which causes the
      rate
      of interest being charged or collected by Lender exceed the Maximum Rate
      (hereinafter called the "excess sum") shall be credited as a payment of
      principal. If Borrower notifies Lender in writing that Borrower elects to have
      such excess sum returned to Borrower, such excess sum shall be returned to
      Borrower. In the event that any such overcharge is discovered after this Note
      has been paid in full, then the amount of such excess sum shall be returned
      to
      Borrower together with interest thereon from the date such excess sum was paid
      or collected at the same rate as
      was
      due Lender during such period under the terms of this Note. All excess sums
      credited to principal shall be credited as of the date paid to
      Lender.

    
      
        
          Initials:
            ______

        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    The
      "Default Interest Rate" shall be five percent (5%) per annum above the contract
      interest rate set forth above, but not exceeding 18% per annum. Upon a failure
      by Borrower to repay principal upon demand by Lender made not less than ten
      (10)
      days after the date due hereunder, Lender may declare the entire principal
      and
      interest then remaining unpaid to be immediately due and payable without further
      notice or demand, and the entire unpaid principal balance shall bear interest
      at
      the "Default Interest Rate". In addition to the rights described in this
      paragraph, Lender shall have the right to exercise all other rights or remedies
      provided by law or at equity and shall specifically have the right to recover
      all damages resulting from such default including, without limitation, the
      right
      to recover the payment of all amounts owing to Lender. Exercise of any of these
      options shall be without notice to Borrower, notice of such exercise being
      hereby expressly waived.

    

    Time
      is
      of the essence hereunder. In the event that this Note is collected by law or
      through attorneys at law, or under advice therefrom, Borrower and any other
      person liable for payment hereof, to the extent of such liability, hereby agree
      to pay all costs of collection, including reasonable attorneys' fees and costs
      (including charges for paralegals and others working under the direction or
      supervision of Lender's attorneys) and all sales or use taxes thereon, whether
      or not suit is brought, and whether incurred in connection with collection,
      trial, appeal, bankruptcy or other creditor's proceedings or
      otherwise.

    

    Borrower
      authorizes Lender, from time to time, to debit any account that Borrower may
      have with Lender in the name of Borrower, for any payment of principal or
      interest past due hereunder for the amount of such payment of principal or
      interest. Exercise of this right shall be optional with Lender and the
      provisions of this paragraph shall not be construed as releasing Borrower from
      the obligation to make payments of principal or interest according to the terms
      hereof. Borrower shall have no right of setoff against the Lender under this
      Note or any instrument securing this Note.

    

    The
      remedies of Lender as provided herein shall be cumulative and concurrent, and
      may be pursued singularly, successively, or together, at the sole discretion
      of
      Lender. No act of omission or commission of Lender, including specifically
      any
      failure to exercise any right, remedy or recourse, shall be deemed to be a
      waiver or release of the same, such waiver or release to be effected only
      through a written document executed by Lender and then only to the extent
      specifically recited therein. A waiver or release with reference to any one
      event shall not be construed as continuing, as a bar to, or as a waiver of
      release of, any subsequent right, remedy or recourse as to a subsequent
      event.

    

    
      
        
          Initials:
            ______

        

        
        

      

      
        3

        
          

        

      

      
        
        

        
        

      

    

     

    Borrower,
      for itself and its successors and assigns, hereby: (a) expressly waives any
      presentment, demand for payment, notice of dishonor, protest, notice of
      nonpayment or protest, all other forms of notice whatsoever, and diligence
      in
      collection;

     

    (b)
      agrees that Lender, in order to enforce payment of this Note against them shall
      not be required first to institute any suit or to exhaust any of its remedies
      against any Borrower or any other person or party or to attempt to realize
      on
      the collateral for this Note.

    

    BORROWER
      AND ANY OTHER PERSON LIABLE FOR PAYMENT HEREOF, BY EXECUTING THIS NOTE OR ANY
      OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A TRIAL BY JURY
      IN
      ANY ACTION WHETHER ARISING IN CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN
      ANY
      WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER'S
      EXTENDING CREDIT TO BORROWER AND NO WAIVER OR LIMITATION OF LENDER'S RIGHTS
      HEREUNDER SHALL BE EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER'S
      BEHALF.

    

    Borrower
      acknowledges that the above paragraph has been expressly bargained for by Lender
      as part of the loan evidenced hereby and that, but for Borrower's agreement
      and
      the agreement of any other person liable for payment hereof, Lender would not
      have extended the loan for the term and with the interest rate provided
      herein.

    

    If
      more
      than one party shall execute this Note, the term "Borrower", as used herein,
      shall mean all parties signing this Note and each of them, who shall be jointly
      and severally obligated hereunder. In this Note, whenever the context so
      requires, the neuter gender includes the feminine and/or masculine, as the
      case
      may be, and the singular number includes the plural.

    

    IN
      WITNESS WHEREOF, Borrower has caused this Note to be executed in its name on
      the
      day and year first above written.

    

    THE
      UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL
      PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.

    

    

    
      	 	
              "BORROWER"

            
	 	 
	 	
              DEER
                VALLEY CORPORATION,

            
	 	
              a
                Florida corporation

            
	 	 
	 	 
	 	
              By:
                __________________________________

            
	 	
              Charles
                G. Masters, as its President

            
	 	 
	 	
              (CORPORATE
                SEAL)

            

    

     

    
      
        
          Initials:
            ______

        

        
        

      

      
        4

        
          

        

      

      
        
        

        
        

      

    

     

    Addendum
      A to Note

    LIBOR
      Index Rate

    

    SECTION
      1 

    

    Definitions.
      As used
      in this Addendum, the following terms shall have the meanings set forth below:
      

    

    "Bank"
      shall mean Fifth Third Bank and its successors and assigns. 

    

    "Borrower"
      shall collectively and individually refer to the maker of the attached note
      dated effective April ___, 2007 ("Note"). The terms of this Addendum are hereby
      incorporated into the Note and in the event of any conflict between the terms
      of
      the Note and the terms of this Addendum, the terms of this Addendum shall
      control. 

    

    "Business
      Day" shall mean, with respect to Interest Periods applicable to the LIBOR Rate,
      a day on which the Bank is open for business and on which dealings in U.S.
      dollar deposits are carried on in the London Inter-Bank Market. 

    

    "Interest
      Period" shall mean a period of one (1) month, provided that (i) the initial
      Interest Period may be less than one month, depending on the initial funding
      date and (ii) no Interest Period shall extend beyond the maturity date of the
      Note. 

    

    "Interest
      Rate Determination Date" shall mean the date the Note is initially funded and
      the first Business Day of each calendar month thereafter. 

    

    "LIBOR
      Rate" shall mean that rate per annum effective on any Interest Rate
      Determination Date which is equal to the quotient of: 

    

    (i)
      the
      rate per annum equal to the offered rate for deposits in U.S. dollars for a
      one
      (1) 

    month
      period, which rate appears on that page of Bloomberg reporting service, or
      such
      similar service as determined by the Bank, that displays British Bankers’
Association interest settlement rates for deposits in U.S. Dollars, as of 11:00
      A.M. (London, England time) two (2) Business Days prior to the Interest Rate
      Determination Date; provided, that
      if
      no such offered rate appears on such page, the rate used for such Interest
      Period will be the per annum rate of interest determined by the Bank to be
      the
      rate at which U.S. dollar deposits for the Interest Period, are offered to
      the
      Bank in the London Inter-Bank Market as of 11:00 A.M. (London, England time),
      on
      the day which is two (2) Business Days prior to the Interest Rate Determination
      Date, divided by 

    

    (ii)
      a
      percentage equal to 1.00 minus
      the
      maximum reserve percentages (including any emergency, supplemental, special
      or
      other marginal reserves) expressed as a decimal (rounded upward to the next
      1/100th of 1%) in effect on any day to which the Bank is subject
      with respect to any LIBOR loan pursuant to regulations issued by the Board
      of
      Governors of the Federal Reserve System with respect to eurocurrency funding
      (currently referred to as "eurocurrency liabilities" under Regulation D). This
      percentage will be adjusted automatically on and as of the effective date of
      any
      change in any reserve percentage. 

    
      
        
          Initials:
            ______

        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    "Prime
      Rate" shall mean the publicly announced prime lending rate of the Bank from
      time
      to time in effect, which rate may not be the lowest or best lending rate made
      available by the Bank or, if the Note is governed by Subtitle 10 of Title 12
      of
      the Commercial Law Article of the Annotated Code of Maryland, "Prime Rate"
      shall
      mean the Wall Street Journal Prime Rate, which is the Prime Rate published
      in
      the "Money Rates" section of the Wall
      Street Journal from
      time
      to time. 

    

    SECTION
      2 

    

    Interest.
      The
      Borrower shall pay interest upon the unpaid principal balance of the Note at
      the
      LIBOR Rate plus the margin provided in the Note (which principal balance shall
      not include the Letter of Credit Obligations until such Letter of Credit
      Obligations are drawn upon and honored by the Bank, and remain unreimbursed
      by
      Borrower). Interest shall be due and payable as provided in the Note and shall
      be calculated on the basis of a 360 day year and the actual number of days
      elapsed. The interest rate shall remain fixed during each month based upon
      the
      interest rate established pursuant to this Addendum on the applicable Interest
      Rate Determination Date. 

    

    SECTION
      3 

    

    Additional
      Costs.
      In the
      event that any applicable law or regulation or the interpretation or
      administration thereof by any governmental authority charged with the
      interpretation or administration thereof (whether or not having the force of
      law) (i) shall change the basis of taxation of payments to the Bank of any
      amounts payable by the Borrower hereunder (other than taxes imposed on the
      overall net income of the Bank) or (ii) shall impose, modify or deem applicable
      any reserve, special deposit or similar requirement against assets of, deposits
      with or for the account of, or credit extended by the Bank, or (iii) shall
      impose any other condition with respect to the Note, and the result of any
      of
      the foregoing is to increase the cost to the Bank of making or maintaining
      the
      Note or to reduce any amount receivable by the Bank hereunder, and the Bank
      determines that such increased costs or reduction in amount receivable was
      attributable to the LIBOR Rate basis used to establish the interest rate
      hereunder, then the Borrower shall from time to time, upon demand by the Bank,
      pay to the Bank additional amounts sufficient to compensate the Bank for such
      increased costs (the "Additional Costs"”). A detailed statement as to the amount
      of such Additional Costs, prepared in good faith and submitted to the Borrower
      by the Bank, shall be conclusive and binding in the absence of manifest error.
      

    

    
      
        
          Initials:
            ______

        

        
        

      

      
        6

        
          

        

      

      
        
        

        
        

      

    

    SECTION
      4 

    

    Unavailability
      Of Dollar Deposits.
      If the
      Bank determines in its sole discretion at any time (the "Determination Date")
      that it can no longer make, fund or maintain LIBOR based loans for any reason,
      including without limitation illegality, or the LIBOR Rate cannot be ascertained
      or does not accurately reflect the Bank's cost of funds, or the Bank would
      be
      subject to Additional Costs that cannot be recovered from the Borrower, then
      the
      Bank will notify the Borrower and thereafter will have no obligation to make,
      fund or maintain LIBOR based loans. Upon such Determination Date the Note will
      be converted to a variable rate loan based upon the Prime Rate. Thereafter
      the
      interest rate on the Note shall adjust simultaneously with any fluctuation
      in
      the Prime Rate. 

    

    
      	 	
              DEER
                VALLEY CORPORATION,

            
	 	
              a
                Florida corporation

            
	 	 
	 	 
	 	
              By:
                __________________________________

            
	 	
              Charles
                G. Masters, as its President

            
	 	 
	 	
              (CORPORATE
                SEAL)

            

    

     

    
 

    
      
        
        

      

      
        7Continuing Guaranty of Deer Valley Homebuilders, Inc.

EXHIBIT
    10.3
    CONTINUING
      GUARANTY

    DEER
      VALLEY HOMEBUILDERS, INC.

    

    For
      the
      purpose of inducing FIFTH
      THIRD BANK,
      a
      Michigan banking corporation, hereinafter referred to as the "Lender," to loan
      to DEER
      VALLEY CORPORATION,
      a
      Florida corporation, hereinafter referred to as the "Borrower," the maximum
      sum
      of $2,500,000.00, the undersigned, hereinafter referred to as "Guarantor,"
      whether one or more, jointly and severally if more than one, does hereby
      unconditionally guaranty to Lender that: (a) Borrower will duly and punctually
      pay or perform all indebtedness, obligations and liabilities, direct or
      indirect, matured or unmatured, primary or secondary, certain or contingent
      of
      Borrower to Lender now or hereafter owing or incurred (including without
      limitation costs and expenses incurred by Lender in attempting to collect or
      enforce any of the foregoing) which are chargeable to Borrower either by law
      or
      under the terms of Lender's arrangements with Borrower relative to the above
      mentioned loan, hereinafter collectively referred to as the "Obligations" and
      individually as an "Obligation"; and (b) if there are any agreements or
      instruments evidencing or executed and delivered in connection with any
      Obligation, including but not limited to a mortgage and/or security agreement,
      Borrower will perform in all other respects strictly in accordance with the
      terms thereof.

    

    1. The
      word
      "Indebtedness" is used herein in its most comprehensive sense, and includes
      any
      and all advances (including future advances and those advances made by Lender
      to
      protect, enlarge or preserve the priority, propriety, or amount of its lien
      against mechanic's liens, equitable liens, or statutory claimants, or
      otherwise), debts, obligations and liabilities of Borrower heretofore, now
      or
      hereafter made, incurred or created, whether voluntary or involuntary and
      however arising, whether due or not, absolute or contingent, liquidated,
      determined or undetermined, and whether Borrower may be liable individually
      or
      jointly with others, or whether recovery upon such indebtedness may be or
      hereafter become barred by any statute of limitations, or whether such
      indebtedness may be or hereafter become otherwise unenforceable. This is a
      Continuing Guaranty relating to said indebtedness, including that. arising
      under
      subsequent or successive transactions which shall either continue to increase
      the indebtedness or from time to time renew it after it has been
      satisfied.

    

    2. The
      obligations hereunder are independent of the Obligations of Borrower and a
      separate action or actions may be brought and prosecuted against Guarantor
      whether action is brought against Borrower or whether Borrower may be joined
      in
      any such action or actions; and Guarantor waives the benefit of any statute
      of
      limitations affecting its liability hereunder or the enforcement
      thereof.

    

    3. Guarantor
      authorizes Lender, without notice or demand and without affecting its liability
      hereunder, from time to time to:

    

    (a)
      Renew, amend, compromise, extend, accelerate or otherwise change the time for
      payment of, or otherwise change the terms of the indebtedness or any part
      thereof;

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      Take
      and hold security for the payment of this guaranty or the indebtedness
      guarantied, exchange, enforce, waive and release any such security;

    

    (c)
      Apply
      such security and direct the order or manner of sale thereof as Lender in its
      discretion may determine.

    

    4. Guarantor
      waives any right to require Lender to: (a) proceed against Borrower; (b) proceed
      against or exhaust any security held from Borrower; or (c) pursue any other
      remedy in Lender's power whatsoever. Guarantor waives any defense arising by
      reason of any disability or other defense of Borrower or by reason of the
      cessation from any cause whatsoever of the liability of Borrower, except the
      defense of payment, and until all indebtedness of Borrower to Lender shall
      have
      been paid in full, Guarantor shall have no right to subrogation, and waives
      any
      right to enforce any remedy which Lender now has or may hereafter have against
      Borrower, and waives any benefit of, and any right to participate in any
      security now or hereafter held by Lender. Guarantor waives all presentments,
      demands for performance, notices of nonperformance, protests, notices of
      dishonor, and notices of acceptance of this guaranty and of the existence,
      creation or incurring of new or additional indebtedness. Guarantor covenants
      to
      cause Borrower to maintain and preserve the enforceability of any instruments
      now or hereafter executed in favor of the Lender, and to take no action of
      any
      kind which might be the basis for a claim that Guarantor has any defense
      hereunder other than payment in full of all indebtedness of Borrower to Lender.
      Guarantor hereby indemnifies Lender against loss, cost or expense by reason
      of
      the assertion by Borrower of any defense of its obligations under any of the
      aforesaid instruments, or resulting from the attempted assertion by Guarantor
      of
      any defense hereunder based upon any such action or inaction of Borrower.
      Guarantor waives any right or claim of right to cause a marshaling of Borrower's
      assets or to require Lender to proceed against Guarantor in any particular
      order. No delay on the part of Lender in the exercise of any right, power or
      privilege under the documentation with Borrower or under this guaranty shall
      operate as a waiver of any such privilege, power or right.

    

    5. In
      addition to all liens upon, and rights of setoff against the monies, securities
      or other property of Guarantor given to Lender by law, Lender shall have a
      lien
      upon and a right of setoff against all monies, securities and other property
      of
      Guarantor now or hereafter in the possession of or on deposit with Lender,
      whether held in a general or special account of deposit, or for safekeeping
      or
      otherwise; and every such lien and right of setoff may be exercised without
      demand upon or notice to Guarantor. No act or conduct on the part of the Lender,
      or by any neglect to exercise such right of setoff or to enforce such lien,
      or
      by any delay in so doing, shall operate as a waiver of such right; and every
      right of setoff and lien shall continue in full force and effect until such
      right of setoff or lien is specifically waived or released by an instrument
      in
      writing executed by Lender.

    

    6. Any
      indebtedness of Borrower now or hereafter held by Guarantor is hereby
      subordinated to the indebtedness of Borrower to Lender. Guarantor also hereby
      waives any claim, right or remedy which Guarantor may now have or hereafter
      acquire against Borrower that arises hereunder and/or from the performance
      by
      Guarantor hereunder

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    including,
      without limitation, any claim, remedy or right of subrogation, reimbursement,
      exoneration, indemnification, or participation in any claim, right or remedy
      of
      Lender against Borrower or any security which Lender now has or hereafter
      acquires, whether or not such claim, right or remedy arises in equity, under
      contract, by statute, under common law or otherwise.

    

    7. Guarantor
      agrees to pay reasonable attorneys' fees, paralegals' fees and legal assistants'
      fees, and all other costs and expenses which may be incurred by Lender in the
      enforcement of Borrower's Obligations and/or of this guaranty.

    

    8. Upon
      the
      default of Borrower with respect to any of its Obligations or liabilities to
      Lender, or in case Borrower or Guarantor shall become insolvent or make an
      assignment for the benefit of creditors, or if a petition in bankruptcy or
      for
      corporate reorganization or for an arrangement shall be filed by or against
      Borrower or Guarantor, or in the event of an appointment of a receiver for
      Borrower or Guarantor or its properties, or in the event that a judgment is
      obtained or warrant of attachment issued against Borrower or Guarantor, all
      or
      any part of the Obligations and liabilities of the Borrower and/or Guarantor
      to
      Lender, whether direct or contingent, and of every kind and description, shall,
      without notice or demand, at the option of the Lender, become immediately due
      and payable and shall be satisfied by Guarantor.

    

    9. Guarantor
      guarantees any sums that a trustee or debtor might thereafter recover from
      the
      Lender pursuant to a bankruptcy proceeding.

    

    10. Guarantor
      acknowledges that Lender has been induced by this guaranty to make the loan
      to
      Borrower heretofore described, and this guaranty shall, without further
      reference or assignment, pass to and may be relied upon and enforced by, any
      successor, participant or assignee of Lender in and to any liabilities or
      Obligations of Borrower.

    

    11. Guarantor
      hereby waives any right to trial by jury in any litigation at any time arising
      with respect to any matter connected with this guaranty.

    

    12. This
      guaranty shall, for all purposes, be governed by and construed in accordance
      with, the laws of the State of Florida.

    

    Dated
      as
      of the _____ day of April, 2007.

    

    

        DEER
      VALLEY
      HOMEBUILDERS, INC.,

        an
      Alabama
      corporation

    

        By:
      __________________________________

        Joel
      Logan,
      as its President

    

    (CORPORATE
      SEAL)

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    STATE
      OF
      ___________________

    COUNTY
      OF
      _________________

    

    The
      foregoing instrument was acknowledged before me this ____ day of April, 2007,
      by
      Joel Logan, as President of DEER VALLEY HOMEBUILDERS, INC., an Alabama
      corporation, on behalf of the corporation.

    

    
      	
              ____
                Personally known 

            	
              _____________________________________

            
	
              ____
                Florida Driver's License

            	
              Notary
                Public

            
	
              ____
                Other Identification Produced

            	 
	
               _________________________

            	
              _____________________________________

            
	
               _________________________

            	
              Print
                or type name of Notary

            
	 	 
	 	(SEAL)

    

     

     

    
 

    
      
        
        

      

      
        4

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